Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1919-05-25

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fected on April &c at the Hotel Bilt-
more in New York, of what promises
to be one of the largest cotton ware
housing companies in the world to
operate a chain of warehouses in
the south and north, starting with a
capital of S2O,O00,O00 and backed by
leading manufacturers, cotton mer-
chants and bankers. 1t is the cul-
mination of movement inaugurated
by the buying and storage committee
of The National Association of Cot
ton Manufacturers, of which Randall
N. Durfee treasurer Of the Border
City Manufacturing company, Fall
River, Mass, is chairman, and is
designated to meet an urgent demand
for fireproof warehouses, licensed I'M
der federal laws, and issuing nego-
table receipts that will be accept
ed as collateral by domestic and for
eign banks. It is proposed to start
with an initial capacity of 100000
bales. of which about 100000 bales
will be in existing warehouses that
will be purchased, the ultimate capa-
city to be about 100000 bales.
The Preliminary Organization.
The members of the organization
committee represented at Saturdays
meeting in person or by proxy were
as follows: Bernie L. Anderson, Neil
P. Anderson & Co. Forth Worth, Tex
J. Il. Broadbent, Meritas Mills, Col
umbus. Ga; W. Irving Billiard Mer-
chants National Bank, Boston, Mass;
A. J. Dossett, Texas City Compress
and Concentration Co.. Waco. Tex;
w. B. Drake. Jr., Merchants National
Bank. Raleigh, N. c.; Randall N. Dur
fee. Border City Manufacturing Co.,
Fall River. Mass. Charles H. Ely,
Monks and Johnson, Boston, Mass;
James Inglis, American Blower COM
panv, Detroit Mich; ]. E. Latham,
Latham Bradshaw Cotton Co., Green's
boro, N. c.; O. w. Messimer. Imbrie
and company, New York; W. D. Mes
bit, Warrant Warehouse Co.,, Bir-
mingham, Ala; l.. K Salisbury, Delta
Planting Co., Memphis. Tenn; Wade
Cothran, Cooper and Griffin. Green
vile, S. c.: W. G. Turner, Memphis
Terminal Corp, Memphis. Tenn;
Morton C. futile, Aberthaw Con-
struction Co., Boston, Mass; Rufus
r. Wilson. secretary, National Asso-
citation of Cotton Manufacturers. Bos-
ton. In addition. members of the
committee will be selected to repres-
ent the following important cotton
centers; Houston and Dallas. Texas:
Oklahoma City, Okla; Pine Bluff and
Little Rock, Ark; Montgomery and
Birmingham, Ala; and Brunswick
Ga. The committee effected tenn
porary organization with Randall NJ
Durfee of Fall River as chairman and
Rufus r. Wilson as secretary. The
treasurer of the committee is w. B.
Drake, Jr. of the Merchants Ma
tional Bark. Raleigh. N C. The COM
.mittee authorized the engagement
of engineers to make survey of
the plans and the plants to be tax
en- over and prepare a report for sub
mission to underwriters. 1t is under
stood that Monks and Johnson, of
Boston, are to do this work. 1t is also
understood that Colonel William
Hayward, lately returned firm France
will serve as legal adviser to the
corporation. w. G. Turner, who is
one of the most experienced cotton
warehouse men in the south, is prom
inently mentioned as being slated
for the operating head of the new
company. 1t is also reported that the
plans contemplate negotiations for
the Memphis Terminal Corporation
warehouses and also those of the
Warrant Warehouse company, Mobile,
Ala; A subcommittee on underwrit-
'nng was elected as follows: Rufus r.
Wilson. chairman; w. B. Drake, Jr.,
Randall N. Durfee Charles H. Ely,
and Morton C. futile. Plans for un-
derwriting the company are said to be
well under way. In addition to the
$20,000,000 of common stock the fin
ancing will involve $15,000.000 of
first mortgage 50-year gold bonds
bearing six per cent interest The
plans of the corporation as explained
in preliminary prospectus are, in
large part, as follows:
Plans of Corporation.