The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-05-21
The Cotton Corporation
South Carolina Planters Will Be
Called Upon to Take Their
Pro Rata Share

Columbia, May 19-South Carolina
farmers, merchants and business men
generally will shortly be called upon
to take their pro rata share of the
stock of the big 500, 100000 cotton
: exporting, marketing and financing
corporation, plans for which were ap-
proved at the big cotton convention
! held at New Orleans last week. This
corporation, on men declare, vii!
solve the cotton problem in the
! South and will enable the cotton pro-
ducers Of the South to sell their cot
| ton each year at a reasonable profit.
A campaign for the sale OF stock in
the new corporation will be waged ay
the South Carolina. Cotton Association
and first efforts Will be to sell the
stock to the cotton growers them
selves In fact. plans for the cor
poration provide that the majority of
the stock must always be in hands
Of the cotton planters. The banks and
/ business men Of the State and of the
cotton belt generally will, Of COURSE,
be expected to assist in the fornla-
ton Of the corporation but the cot
ton people themselves will always
control it
To prevent the corporation from
coming under control Of outside in
terests the constitution provides that
the sale Of stock shall be limited 10
bona f1de resident individuals. part
nersl1ips, firms and corporations or
other associations of cotton growing
States
The corporation under its constitu
ton will not engage in buying and
selling cotton on it's own account. The
par value of the capital stock will be
$50 and it may be bought with Lib
erty bonds. It is figured that many
farmers viii trade all Of their Lib
erty bonds for stock in the corpora
ton. The bonds will be bought at
par.
The authorized capital stock of the
corporation is fixed at 100000 900,
all in common stock. The corpora
ton. however is authorized to begin
business when the amount Of capital
stock subscribed reaches $50000,000
and when S25,0o0,0 900 shall have been
paid in.
The powers of the corporation are
far reaching. They include:
To purchase and sell or discount
and negotiate or pledge notes. drafts.
checks, bills of exchange. acceptanccs.
telegraph and cable transfers or other
evidences of debt.
To purchase, sell, pledge or other
wise deal in bonds, notes and ceTtifi
Gates Of the United States and Of for
eign governments, obligations issued
by foreign banks and syndicates ard !
to make loans on the security of such I
foreign obligations.
To accept bills or drafts drawn uD
On it.
To purchase and sell exchange.
To borrow money upon the Secilr
ty Of shipping documents or upon the
security of warehouse receipts con-
;eyi,,g security title in cases where
he commodities represented by such
receipts are being. assembled for the
purpose of export.
The charter also gives the corpora
ton power to act in any State. terri
-ory or possession of the United
states, or any foreign country as
agent. trustee. broker or consignec OF
others in buying, warehousing. selling
and procuring insurance upon ana
otherwise dealing in cotton Of al
GRADES and many goods manufacturer
from cotton and cotton seed. inc!li.l
ing oils. cotton yarns. and cot.on
goods, where such goods are being
exported or assembled for export
IT is the opinion of many Of the
best business men in the South that
the stock in the corpration will be
worth more than par shortly after the