The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-11-05
TWO CORPORATIONS
NOT In CONFLICT
LETTER FROM MADDOX TC
MANNING.
Atlanta Man Gives Support to
American Export and Import
Corporation.
The State, 31st.

The State, 31st.
When it was announced from
Washington a few days ago that
Robert F. Maddox Of Atlanta was in
teresting himself to form s12,000,-
600 corporation to assist exporting
Southern products, there was a lot
of speculation as to wha. effect, If
any, such an organization would have
upon the effort to organize the
American Products Exports and I'M
port corporation. Richard /. Man.
ming, chairman Of the organization
committee of the last named corpor-
alton, never had any misgivings, for
he felt sure that the two propositions
while similar in a general way, were
entirely dissimilar in essential de-
tails. This proves to be the fact,
from a letter received by Ex-Gover-
nor Manning from MIR. Maddox, who
is the president of the Atlanta Ma
tional bank.
Ex-Governor Manning had assur-
ances Immediately that there would
be no conflict between the cotton
exports" corporation and the pro-
posed corporation with which Mr..
Maddox's name was connected, but
the following letter from Mr.. Mad
dox confirms that statement snd
gives assurance that Mr.. Maddox and
his associates will support the organ
ization Of the cotton export corpora
ton, as the only one which can
handle cotton or other commodities:
No Conflict.
"Dear Governor:
81 beg to acknowledge receipt Of
your letter Of the 25th instant and
assure you that the proposed export
finance corporation under the Edge
act is not intended in any way to
conflict with the purpose of the
American Products Export and I'M
port corporation. On the contrary,
it will, if organized, be of material
help to your company.
Corporations organized under the
Edge act are specifically prohibited
from dealing in commodities.
"While the Southern delegates to
the convention of the American
Bankers association at Washington
unanimously approved the plan to
organize corporation under the
Edge act, the matter is still pending
ard nothing further has been done.
An organization committee was ap-
pointed, which will probably meet
next week in New Orleans to cons:d-
er the question.
II am in full sympathy with your
; efforts and hope you will succeed in
organizing your company, ard 'oe-
l;eva if the finance corporation is or
garized the two will work harmon
iously together and be Of mutual
benefit.
"Yours very truly,
Robert F. Maddox"
D.. Lee Davis Lodge, president Of
Limestone college, Gaffney, wires:
81 heartily indorse the movement
and VIII cooperate in every possible
WY with voice and pen. rejoice to
see our people using legitimate eco
romic means 70 help themselves IL
stead of making appeals for
future governmental assistance"
Georgia Endorsement.
John J. Wilkins, president Of the
Georgia National bank Of Athens,
says: ~ am in hearty sympathy
with the aims Of the export corpora
ton, and for such aid as l may be
able to give it will be my pleasure to
Go go"
B. E. Geer of Greeville, president
of the Judson mills and former state
fuel administrator: 81 en- very much
interested in the organization you
ere trying to perfect and am en-
closing you herewith my subscrip-
:icn for $500. l hope that YOU will
be encouraged and that the organi-
zation will be perfected very soon"
w. T. Kyzer, county agent at Or
angeburg: "The campaign for sub
scriptions in this county is moving
along about as we'll as newspaper re-
ports indicate for other counties. We,
have not stopped yet, and will not
until every farmer in the county has
L,J ., op,,ortun;tv to eynreSS him.