The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1919-04-17
HUGE CORPORATION
FOR COTTON EXPORT
COMMITTEE PLANS HUNDRED
MILLION DOLLAR CONCERN.
Move Result of Meeting
System Originally Suggested by W.
p. C. Harding to Become
Effective.

tee appointed at today's conference OF
producers, factors and bankers to take
up plans for organization Of a cotton
export corporation tonight decided on
a capitalization of S110, 100000 in
stead of S5O,O00,000 as originally
suggested by w. P. G. Harding, gov
ernor of the federal reserve board,
and selected a subcommittee to de-
velop the idea in detail.
The subcommittee was instructed
to make comprehensive study of
the functions and scope of the pro-
posed corporation and report to the
full committee, which then will COM
plete the organization and dispose of
the stock in the South for cash and
Liberty bonds it was announced. A
statement issued by the committee
declared lit is no part of the inten-
tion of the organization to demora-
lize or int terfere with existing business
properly conducted, but to use the
great power of the organization for
the creation of better and more eco
nomical marketing and distribution
facilities for cotton
The subcommittee includes Gov. R.
G.. Pleasant, of louisiana; Senator
Robert l.. Owen, Oklahoma, former
Senator Percy, mississippi; w. B..
Thompson, New Orleans; George W.
Rogers, Little Rock, Ark; John F.
Scott, Houston, Texas; DR.. H. @.
Alexander, Matthews, N. c.; R. M.
Maddox, Atlanta; L. B. Jackson, At
lanta; F. M. Crump, Memphis; E. w.
Dabbs, Mayesville, S. c.; and M. c.
Allgood, Montgomery, Ala.
Committee at Work.
The committee which began it's
work on adjournment of the confer
ence was instructed to notify Gov. R.
G. Pleasant, of Louisiana, chairman
of the convention who also heads the
committee when it's work is complet-
ed so he can call another conference
to act on it's programme for organiza-
ton of the corporation.
It was originally understood that
the committee would report at the
acreage reduction conference to be
held at New Orleans next month. bu.
it was decided to receive the report at
another meeting to be called for that
purpose in order not to confuse the
two movements.
Mr.. Harding and Senator Robert L.
Owen, of Oklahoma, who addressed
the conference at the morning sess-
ion on the. export proposal remained
il. Memphis until late tonight to as
sist the committee in it's preliminary
work.
Mr.. Harding at the afternoon ses-
sion read telegram from the coun-
sci of the federal trade commission
giving his opinion that the plan as
previously outlined to him by the re-
sereve board head would violate no
law. J. S. Wannamaker, president of
the South Carolina Cotton AssOcia-
tion, then read telegram from Gov
ernor Allen, of Kansas, attacking the
legality of the cotton reduction move
ment and of the plan for an organiza-
tion of an export corporation.
Governor, Brough, of Arkansas, in
a brief address indorsed the project
and scored what he termed "an at
tempt by the governor of another
State to wave the bloody shirt"
''It ill-behooves the governor of
State, the price of whose wheat has
been fixed by the United States gov
ernment at $2.26 bushel, which will
be paid partly by the consumers OF
the South, to criticise the South for a
movement which is not only in the
interest of it's own salvation but OF
the entire country" Governor Brough
said.
Would Be Permanent.
Mr.. Harding in his address, after
explaining his proposal in detail de-
clared the export corporation should
not be considered an emergency
measure but should be organized with
the intention Of becoming perma,
nent institution for the benefit Of the
three basic factors of the cotton in
dustry-the producer, buyer and
banker-this should have sufficient
capitalization to be impressive
throughout the world. He said the
corporation should own ships and
that it's stock should be exchanged
for liberty bonds to the people in the
South only.
Senator Owen declared that "prob.