The Aberdeen weekly. [volume] (Aberdeen, Miss.) 1878-1933, 1921-06-17
EXCHANGE GOVERNED
BY ELEVEN DIRECTORS
Plan to Put Cotton at zoe per
Pound and Keep IL There

| staples aDOye ana mellow OASIS price
to be at regular commercial differ
ences agreed on by buyer and
seller.
2. We do hereby agree that To-
cal spot cotton exchanges shall be
established as speedily as possible
in each compress town or city in
the following cotton states: Okla
homa, Texas. Louisiana, Arkansas.
Tennessee. Mississippi, Alabama,
Florida, Georgia, South Carolina
and North Carolina.
These exchanges shall be busi-
ness institutions governed by To-
cal board of seven to eleven direc-
| tors. composed of not less than two
prominent local bankers whose
moral and business regulations
shall be at stake for the successful
operation of each institution.
B. Each exchange shall have
four departments. viz: Acreage.
storage. selling and finance. The
Board of Directors are hereby given
full power to make such local by
laws as are necessary to properly
govern its exchange. Such bylaws
are not to be in conflict with any
general bylaws made for the pur-
pose of governing fhe Central Ex-
change to be hereinafter named.
4. The Board of Directors of
each exchange shall meet with its
neighboring exchange directors who
shall divide up all the territory so
that all persons eligible shall be
properly canyassed and listed in
favor of the exchanges cause, or
can be placed as an enemy of the
cotton farmer and in favor of the |
New York Spot Cotton Trust. Also |
all cotton firms, politicians. law
yers. bankers, buyers and shippers
shall be listed for or against the |
exchange. All parties attempting
to take neutral ground shall be
classed with the trust.
5. The tosEost raiser of each |
bale listed and raised in each ex-
changes territory shall pay $1.0O /
per bale expense money to be cred
tied to the exchange in whose ter
ritory the bale was raised regard
less of where said bale is marketed.
After all expense of running each
local exchange is paid at the end
of each cotton year, August l, and
there is surplus in the treasury, it
shall be paid. in dividends, back
to the cotton raiser or his assigns,
the said dividend to be paid on the
basis of cotton raised in that ex-
change territory during that cotton
year.
6. Full option is given the ex-
change to sell the cotton at the
price named in article l.
z. There shall be a central ex-
change located in Memphis. This
exchange shall be governed by II
directors. selected by a majority
vote of all exchanges in each state
named in article 2. Each State
Commissioner and
Governor shall be ex-officio men,
bers of this board of directors and
shall be expected to help in all
ways possible to propagate the work
of this exchange. Also the local
exchanges in his respective state.
Fhe expenses of the central ex-
change shall be borne by each ex-
change in each state in proportionJ
to the number of bales of cotton
each local exchange markets bears
10 the total marketed by all ex-
changes in the states.
8. This central exchange shall
De court to decide all disputes
and contentious between state ex-
changes. Also between all other
interest that may run
counter to the carrying out of the
purpose and intent of all these or
1t shall have power
o harmonic and bring into work
ng order all other cotton organi-
.ations having for their object the
helping to better the price of the
armers cotton and helping to re-
ease him from the clutches of New
FORK Bear Trust.
9. This central exchange shall
ldNO POUGl ~ A44hC 1lc Oh ny
avs in harmony with the state ex-
hange laws. Also help dispose of
II the cotton in the hands of all
he exchanges in all the states.
70 published reports are to be
iyen out. All statistics are to be-
ong strictly to the exchange for
be use of its members only.
When three-fourths of all the conn.,
'ress towns have been organized
With three-fourths the farmers as
then this plan of market
ng cotton shall be declared by the
central Committee to be in full
orce and effect in all the eleven
tates named in article 2.
10. The directors of all the ex-
hanges in all the states shall meet
q conference with the directors of
be Central Exchange in December
o determine the number of acres
o be planted the next year. II