The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1921-08-19
CONCERN
GROWS STEADILY
DISCUSSES WORK OF
CORPORATION -TWO-THIRDS
OF OVER FIFTY THOUSAND
BALES DEALT WITH BY CON-
Germ EXPORTED.

Columbia, Aug. 18.-More than
$4,000 bales of cotton has been han
died by. the American Products Ex-
port and Import corporation, accord
ing to R. I. Manning, president Of
the concern. More than two-thirds of
all the cotton sold has been exported,
according to Mr.. Manning, and the
balance has been disposed of for do
mestic consumption.
Joseph Walker, vice president and
manager of the corporation, is now
in Europe in the interest of the con-
Germ and is getting in personaltouch
with manufacturing plants and 9TH
er concerns engaged in the cotton
business as well as with the corpora
TONS own representatives, and Mr..
Manning is of the opinion that his
trip will result in increasing the
volume of business.
The stockholders of the corpora
tion Of whom there are 1000 are
mainly from South Carolina and
North Carolina. Mr.. Manning says
that stock of cotton equal to that
subscribed to the capital stock of
the corporation and the Liberty
bonds subscribed, has been kept in
tact. The cash paid in subscriptions
to capital stock, amounting to $133-
529, has been used as working cap
ital.
eve have established good lines
of credit" said Mr.. Manning yes
terday. "We have paid out to cot
ton growers in South Carolina over
$1,800,000 for cotton and have also
paid off all organization expenses
amounting to $2O,7OO, have paid all
operating expenses and shown a sat-
isfactory profit to July. We have
made some good foreign connections
and have our representatives abroad
"At a number of points," contin-
ued Mr.. Manning, "we have repre-
sentatives as buyers and we are in
creasing the number Of places where
we have buyers. We do not buy cot
ton from these representatives, but
pay them a fiat commission of so
much per bale and instruct them to
pay the market price for cotton, and
to pay this market price whether or
not there is competition. We do not
buy cotton as cheaply as we can,
but pay the Trainer what cotton is
worth, according to the daily mar
|ket. ....~
"The fact that we have been in
the market every day paying the
market price has been of distinct
benefit to the growers" says Mr..
Manning. eve have been told by
many from different communities
that our presence in the market and
our paying the market price has re-
suited in their getting from one to
two cents more per pound for their
product than would otherwise have
been the case. There have been
periods when we were the only buy
ers in the market, thus preventing a
sacrifice of cotton by the sellers"
Mr.. Manning says the business is
growing month by month, both in
the foreign field and in this country.
This export corporation began opera
tions, Mr.. Manning says, when every
thing was dull and money exceed
inly tight. The interest of the
stockholders required cautious move
ments and at the same time the
throwing Of all the vigor into the
business that was consistent with
safety. The results achieved, he says
justify the course followed.
This export corporation cooperates
with the cotton Growers Cooperative
Marketing association of this state,
Mr. Mannino aova