The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1921-08-20
Export and Import
Corporation
Statement by President R. J.
Manning of What Has Been
Accomplished

Columbia, Aug. 1S.-The Amerl-
can Products Export e Import Cor
)oration, with offices in Columbia.
has since it began operations last
wear. handled over fifty thousand
bales Of cotton, over two-tfIrds or
which has been exported, and 1t
has paid out to the cotton produc-
ers of the state $500, 600. This Is
according to a statement issued by
Former Governor r. I. Manning.
president Of the corporation, issued
TODAY.
Governor Manning's statement
shows the following outstanding
facts concerning the corporation:
stock of cotton equal to that sub
scr;bed to the capital stock OF the
corporation, and the Liberty bonds
subscribed to the capital stock,
have been kept intact; the cash
paid in capital, s133,529.23, has
been used as working capital; the
corporation has established GOOD
lines Of credit; has paid to cotton
growers $1,S00,000; has paid Off all
organization expenses, amounting
to $50 100; has paid operating eN-
penses and netted a satisfactory
profit to July ], 1921; has made
good foreign selling connections
and numerous domestic buying con-
nectionS.
The corporation pays market
statement, though it does not take
advantage Of competition to get
lower than market prices, its aim
being to help the producer as much
as possible, often being the only
buyers in the market and in such
ways helping local cotton markets.
The statement from the corpora
tion's president follows:
The following statement was
made today by r. I. Manning,
President, of the American Pro-
ducts Export & Import Corp.
This corporation has handled
over fifty thousand bales Of cotton;
over two-thirds Of all the cotton
sold has been exported and the
balance has been sold for domestic
consumption.
\ stock Of cotton equal to that
subscribed to the capital stock Of
the Corporation and the Liberty
Bonds subscribed 10 the capital
have been kept intact. The cash
paid in on subscriptions to the cap
ital stock, amounting to $133, 529.-
23, has been used as a working
capital. We have established good
lines Of credit We have paid out
70 cotton growers in South Caro-
lima, over $780, 100000. We have
laid off all operating expenses
and show a satisfactory profit to
July lst. We have made good for
cign connections and have our rep
resentativcs abroad.
Mr.. Joseph Walker, our vice
president and manager, is now on
the continent of Europe in the in
terest of this Corporation, getting
in personal touch with manufac-
turing establishments and others in
the cotton business as we'll as our
own Representatives; and doubtless,
his trip will resul5 in increasing our
business.
We have representative az a
number Of points as buyers. We
are increasing the number Of places
where we have buyers. We do not
buy from these representatives,
but, we pay them a flat commits
sion Of so much per bale and in
struct them to pay the market price
for cotton We cannot pay more
than the market price for cotton,
but we do pay the market price
regardless of whether we have
competition or not. In other words.
we realize that the growers Of cot
ton are entitled to e,le market price.
That is, we do not buy as cheaply
as We can, but. pay to the farmer
what the cotton is worth. accord
ing to the daily market.
We have been in the market
every day paying the market price
every day since we have been in
business. We have done this
whether other buyers were in the
market or not. This has been or
distinct benefit to the farmers. We
have been told by many from diff
ferent communities. that our being
in the market and paying the mar
ket price has resulted in their
getting from one to two cents a
pound or $500 to $1,000 a bale
more for their cotton than they
would have gotten otherwise from
the local buyers. There have been
many periods when we were the
only buyers in the market. Had we
not been in the market, sellers
would have had to sacrifice their
cotton in order to sell at all.
Our business is growing month
by month. both in the foreign field
and in this country.
We began operations when every
thing was exceedingly dull and
money exceedingly tight. We have
felt that the interest Of our stock
holders required us to move eau
tiously and safely, but. at the same
time, to throw all the vigor into
the business that was consistent