The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-09-24
Voices His Hearty Approval
American Association in
Their Undertakings
EXPORTS NOW PROBLEM
UP FOR CONSIDERATION
Committees Appointed to Ad-
vance Formation Of Export
Financing Corporation

Columbia, Sept 21.-Following a
conference in Atlanta between w. P.
G. Harding, governor of the federal
reserve bank system, and j. Skottowe
Wannamaker, president of the Amer
lean Cotton Association, special COM
mittees have been appointed by the
American Cotton Association to push
forward the organization Of the ex-
port financing corporation with all
possible speed, according to an an
nouncement made at the Offices Of the
American Cotton Association in this
city.
Mr. Wannamaker has issued call
to the president of every bankers as
sociation in the cotton belt urging
that special conferences of the bank
'ers of each State be held at the ear
liest possible date for the purpose Of
discussing the aims, object and pur-
poses of the American Cotton Asso-
citation and to arrange means by
which said bankers can be of the ut
most assistance in financing the cot
! ton crop of the South and to help
maintain the minimum price rec
,nm ended at the convention held by
the American Cotton Association at
New Orleans recently.
Mr.. Wannamaker said that the
bankers can be. Of the greatest as
sistance by fixing maximum loan
lalue: per pound when secured by fed
aral, State or bonded warehouse re-
,eipts, and that they could be Of fur
her assistance in the organization Of
the export corporation. He said their
assistance would be needed also in the
fullest practica BILE exploitation Of the
new export facilities provided in the
Edge bill and other recent legislation.
Governor Harding, in Atlanta, lent
his very hearty sendorSement-sto to tae
work of the American Cotton Asso-
citation, saying:
81 cannot emphasize too strongly my
approval of the great work which
has been accomplished by the An1eri-
can Cotton Association. I heartily
commend the wonderful service it is
rendering. / most strongly urge the
Importance Of locally owned and con-
trolled warehouses in every county in
the cotton belt. A tremendous amount
Of work has been done by the Amer
lean Cotton Association for the pur-
pose Of emphasizing the vital import
ance of the erection of these ware
houses and of the:.' control and
ownership by the farmers, merchants,
bankers and business men OF the
South. I am more and more con-
vincei that if the South desires to
obtain a fair price for cotton 1t
should put itself in POSITION to finance
the marketing of it both at home and
abroad. Our people have for years
been accustomed to financing the
growing. crop. and Of recent years
| they have learned hoy 10 hold their
cotton after it has been ginned and
baled. over period Of temporary dis
tress They ought to so one step fur
ther and finance it until it gets into
| the hands of the Spinners."
President Wannamaker said yester-
day that kilograms and letters were
being received from all over the cot
ton belt indicating that the South is
solidly behind the American Cotton
! Association Warehouse corporations
are being formed all over the belt,
he said. Several of these are located
in South Carolina
| In South Carolina it was stated tha.
the campaign was progressing most
satisfactorily. State Manager B. +.
Mcleod spent the latter part OF last
week in the Piedmont section and re-
ports that practically everybody who
is solicited is joining the association
! in that section.