The herald and news. [volume] (Newberry S.C.) 1903-1937, 1919-09-23
NEWBERRY TO ORGANIZE
COTTON CORPORATION
Charter Applied for-Capital $780,
900 With Privilege $500, ,O00.-
To Buy Distress Cotton"

Friday what Newberry was going to
do about forming a cotton holding
corporation. At the time the paper
came off the press ceytain gentlemen
who are interested in the welfare of
the farmers and at the same time in
terested in the best interests Of the
people of this section were busy
formulating plans for the organiza-
ton of a corporation along the lines
necessary to secure the holding of
cotton 50 that the minimum price
fixed or suggested by the cotton as
sociation recently held at New Or
leans might be made effective.
There is no use to fix or suggest
minimum price unless some provis-
ion is made to care for and help the
fellow who is not able to hold his
cotton. -,
=, A meeting was held Thursday af-
ternoon at which it was decided to
apply for charter and form cor
poratien to buy cotton that had to
be sold and hold it off the market
until the minimum suggested had
been reached by the spinners and the
exporters. And to pay one-fourth
cent pound above the market in or
der to induce the seller to let the
corporation have the cotton in the
event he was forced to sell.
Application has already been sent
to the secretary Of State asking for
a commission to open books of sub
scription to the capital stock. The.
corporators are: Jos. L. Keitt, w.
C. Brown, H. o. Long, w. H. Long,
C.. E. Summer, John M. Kinard, H.
L. Parr, and B. C. Matthews. The
shares will be placed at ten dollars
each and it is expected that the farm
ers themselves, the producers, will
take largely of the stock. If the plan
is carried out throughout the cotton
belt there is no doubt that the mini
mum price suggested will be reached.
As soon as this is reached the cor
poration will remain out Of the mar
ket: It is not the purpose to become
cotton purchasing corporation ex-
cept in so far as it may be necessary
to protect the producer and secure
the minimum price suggested by the
cotton association.
Ample warehouse arrangements
will be made. If the present and es-
tablished warehouses can not take
care of the cotton bought by the cor
poration warehouses will be; built.
If every county in the cotton belt
will form a similar association or
CORPORATION and there is cooperation
the situation is well in the hands of
the producers. No doubt the mills
will be glad to have stabilized
price for cotton and then they will
know what they are doing. And it
will be to the advantage Of the mills
to have such a corporation as the
one here suggested because then the
mills can buy the cotton they need
and will know that they can get 1t
and what price they will have to pay.
And then the farmer and producer
will know how to make his plans be-
cause he will know what he can get
for his produce.
Notice of the opening of the books
of subscription to the capital stock
Of the new corporation will probably
be given in the papers this week and
the stock should be quickly subscribed
and the corporation can get in the
market at once.
1t will be the plan to have buy
er on each market in the county and
so long as cotton is below the mini
mum to pay one fourth Of cent the
pound more for it than any other
buyer. Every one who is forced to
sell cotton should be willing to sell
it for this much above the market
price.
Cooperation and sticking to the
plan is the key to the success of it.
The more money the farmer gets for
his cotton the more he will have TO
spend. The minimum price for Sep
tember is Sc cents. Cotton at this
writing is selling around % 1-2
cents. The corporation would rather
the farmer would not sell and thus
make the increase it is expected to
get for himself, but if he will sell
and must sell so long as the market