Arizona republican., 1920-11-11

brought into the participation of ac- cfptsnce and syndicating of credit. Atp banks so participating and syndi- ct-nE will have pro rata deposits of t1e volume Of capitol deposited in the e&st as a basis Of credit.
 ID this way the organization should tse able to protect the whole movement uf 'the cotton until it is finally sold aFc on a legitimate financial basis it tss tied itself into New York financial Circlcs where it can take advantage of volume money rates and all the other advantages of volume finance.
 The organization itself has been nRmed the American Egyptian Cotton company and is being incorporated un- der the laws of the state of Delaware. IAis incorporation was made in Dela- ~-aEe for two reasons:
 New York financial men are fa- niiiar with and close to Deleware cor pCrations.
 1 Arizona corporations laws allow a corporation to borrow only two-thirds % it's authorized capitalization.
 Directors Suggested
 The form of the organization pro- NidNs for not less than five nor more than fifteen directors. It is the pur- pose to have the strongest and highest personnel or directorate that can be ottained in Salt River valley. With that idea the following are suggested ss che initial directors:
 e G. Jones W. Fl. Thomson. R. F.. Moore. SnelsOn Chesney, L. Fl. Van SssanciSerpn. Charles r. solomon. Leon ard Nets. J F. Lewis. C. II. Bigbee t;serge l.. Frecstone. C. R. Gordon. A,aN g. Cottreil Carl Holmes. K. B. Ai,Vrs. Warren IT. Parker.
 I'd is further provided that the shares a.N F.. r4l value but figured in s10 units for EurposcS or issue. Par value of any stock immediately after it's issue means ncrhing but proportionate interest in a%zVts or the compsny and in case of EQlidation each share participates in f.s due proportion in the assets as set iCrth in tho balance sheet.
 To give the company permanency and to insure a continuance of good rianagemcnt the stock is placed in the hArds of voting trustees who shall vote Inc stock and the trust for such stock covers a period of years sufficient to give continuity of good management to flc organization. The voting trustees iSspe to each investor a voting trust certificate or certificate in place of his stock certificate which are negotiable Ti-r- voting trust committee of five members is suggested as Snelson Ches- WI NtW 1ofk AltNs W. IT, InOm- Sin Of tho Phoenix National bank; C. Ct Jones of the Tempe National bank Ia H. Van Spanckeren of the First Ma tfnal bank of Mesa: Max B. Cottrell r.Sncher.
 Also Executive Committee
 There is also created an executive c4rnmittee consisting of five members utose personnel is suggested in the be. gtnning as follows:
 ~. e. Jones of the Tempe Nationa bank. W H. Thomson of the Phoeni, Ntional bank. R. F.. Moore of tn, Valley bank. Charles F. Solomon O t& National Bank of Arizona: K. B Aticrs. rancher.
 This is the general plan of articles os Incorporation. Details make sucl Der provisions as are usual in sucl organization. While it is good t ea into such detail in final analysis tf whole thing resolves itself to tn fff as to whether the cotton grower ok Salt River valley have faith in tn irecgrity and ability of the men name a Dove As the institution has impor a tnt financial functions and is to D Seutinized by New York financial cir ca it must have on it's control men c ftancial record and ability.
 tsach grower is contributing credit paSsihility in the proportion he expect