The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-10-12
EXPORT CONCERN
MOVES FORWARD
WHOLEHEARTED ENDORSEMENT
OF PLAN ORDER OF DAY
Efforts TO Organize Alabama, Geor-
gia and Mississippi Meeting
With Success.

ganizing Of the Cotton Exports cor
poration in Georgia, Alabama and
Mississippi, is expected to return to-
day. News at his Office yesterday
was to the effect that his mission had
been even more successful than he
had anticipated, and that al obstacles
are being met and overcome in all
of the states.
Governor Manning's office is in re-
ceipt of numerous messages of en-
enlargement. Among some that have
come in are the following extracts
from letters and telegrsms:
Victor Montgomery, S2artanburg
fnancier and manufacturer: Il in
dcrse the movement ard think it will
be q great benefit to both farmer
and manufacturer. If low grades
can be sold for export, will be very
stimulating to both goods and cot
ton"
w. L. Daniel, Saluda farmer and
public citizen: 81 am interested in
the plan for handling cotton through
the corporation being organized to
do business on credit with central
Europe. I have confidence in such
a scheme, and I fervently hope that
it is the entering wedge that will di-
vorce the cotton farmer of the South
from the raids annually planned and
executed by the Northern bears
w. P. G. Harding, governor of the
federal banking board, stated to a
committee of the American Cotton
association that the federal reserve
system is prepared for such credit
expansion as. may be necessary to
move the crops and called attention
to the desirabiiity Of the formation
of an export corporation by South
ern cotton interess.
Do Everything in Power.
B. C. Matthews of Newberry,
chairman of the banking committee
of the South Carolina Cotton a5so-
citation: "You may rely upon me to
do everything in my power to be of
assistance in the formation of the
proposed corporation.
A New York banking house says:
''It is obviously much better to take
into exchange European bonds, guar
anteed by the governments, than to
allow this excessive cotton (the un-
saleable low grades) to break the
market by superabundance or to re-
main in the hands of the growers or
the present owners without SALE
Fred S. Munsell, state director of
the New York Life Insurance COM
pany, in directing his agents to pro-
mote the sale of the stock says: "Low
grade cotton is now drug on the
market. The mills of central Europe
want this grade of cotton and that
is the only market for it. AS long as
this low grade cotton is idle here it
will depress the market on higher
~ des, and is always a menace to
fair trading. The stock in this cor
poration is a real investment in a
real business venture that will pay
real dividends, outside of the great
service which the corporation will
do. l feel that this is the perma-
nent basis of the salvation of the
South in the marketing of cotton
Call to Underwriters.
Frank E. Broadnax, president of
the South Carolina Life Underwriters
association, has mailed the following
appeal for service to every life in
surance man in the state, and he feels
that they will respond readily to the
opportunity to serve the state:
do you want to do something to
prevent business stagnation in South
Carolina?
''Feeling that you do, l, as pres-
dent of your life association, pledged
your support to the American Pro-
ducts Export and, Import corporation
to assist them il the sale of their
stock, either for cash. Liberty bonds
| or cotton.
"The formation of this corpora
ton is the only solution to the stabll-
itv of business in all lines in the
South for the next ~ months. II
the cotton producing South does not
rise up and seek market for its
! greatest commodity and export its
! own product to countries which are