The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-10-05
PURCHASE STOCK
in NEW CONCERN
INTEREST SHOWN IN COTTON
EXPORT CORPORATION
Plans to Deal Direct With Euro
pean Buye-s-Want Fair Price
for Producer.

for Producer.
The State, End.
Subscriptions in the form OF cash,
cotton and Liberty bonds to the cap
ital stock of the American Products,
Exports and Imports corporation
have already beens received by the
organization committee of the con-
Germ, it was stated yesterday by the
committee.
This exporting corporation, which
is to have an initial capital Of Sl0,-
100000, is being organized for the
purpose of selling cotton direct 'to
foreign buyers. especially in central
Europe, and is an outgrowth OF the
American Cotton association, which
for months has been preaching the
gospel of sfreedom from Wall street
SPECTATORS
One subscription was received by
wire from Senator Nat B. Dial.
Richard I. Manning, chairman OF
the committee having in charge the
organization and promotion Of the
corporation, said yesterday that much
interest was being taken in it, that
the people were aroused over its
possibilities and that already sub
scriptions were coming in. The ex-
porting corporation, he said, was an
outgrowth of the American Cotton
association, which for months has
been considering some means by
which cotton producers might steer
clear of spectators and obtain a
price for cotton based upon supply
and demand.
The corporation yesterday issued
prospectus, in which are set forth its
objects and purposes.
The first effort of the corporation,
says the prospectus, will be to export
cotton to central Europe.
Excerpts From Prospectus.
Other excerpts from the prospec-
tus are as follows:
tsCentral Europe has many cotton
mills which are idle for the reason
that the owners have not the money
to buy cotton, and have not the re-
ouisite credit, but if time is ex-
tended until the cotton can be man
ufactured the mills have good secur-
itv to offer until the manufactured
goods may be sold and payment for
the cotton made.
ssIn some cases the government OF
the country, as well as the banks Will
guarantee the payments. They re-
ouire lower grades, but also require
some of the better grades. The or
ganization of a corporation to meet
this situation has been suggested by
leading men of the nation.
sW. P. G. Harding, governor of the
federal reserve board, the head of
the federal reserve bank Of the
whole United tSates, wires under
date of August 25, 1926, as fol
lows:
".Central Europe has the spinning
and weaving capacity, the mills and
the labor, but lacks raw material.
The South has the raw cotton. II a
corporation could be formed under
the Edge act taking cotton in pay
ment for stock, there would be op-
portunity for direct dealings between
Southern producers and European
mills. A movement of this kind would
put new life in the market, for II
would stimulate buying by domestic
and British mills. The degree of
risk appears to depend upon the sta
bility of governments in central
Europe, and if capital, which is not
interested in cotton growing, does not
care to assume this risk, it must be
borne by producers themselves. If
anything is to be done, do not think
the cotton situation can be improved
by calamity talk, which can only lead
to further depression, but believe il
can be saved if there is injected a
get together. spirit Of courage, self
reliance and determination, followed
by prompt action along practical and
constructive lines. People who can
help themselves are assured Of the
most dependable and effective help.
Courage breeds confidence and moth
ing succeeds like success
''Many similar expressions from the
most successful men have been re-
ceived, and the plan has the indorse-
ment of the sound business men, cot
ton growers and leaders of the South.
Will Be of Good Benefit.
4Lo& CTR