New Britain herald., 1929-12-12
Greatest Cooperative Marketing
 Agency In History Being Formed
 To Aid Southern Cotton Growers
S30,0 100000 Organization Is Approved by Planters and Farm Board - May - Be Able to Market 1880 Crop.

Memphis, Tenn, Dec 12 LP-The ground word laid, delegation oi six men today began the task of fashioning the structureof what is planned 10 be the largest coopera- tive marketing organization ever at tempted "a $30,OoO,O00 central agency to finance the handling of cotton in 5 southern and western states.
 Decision to create the centralized organization was reached at q con- ference here between members of fhe federal farm board and direct ors of cooperative and growers as- sociations in the cotton belt states of the south and west. Final ac- ton in approval of plans submitted by the farm board was taken late yesterday after two days of eXccu- tive meetings attended by AleXan- der Legge, chairman. aand Carl Williams aand James C. Stone Of Kentucky, members of the federal farm board.
 The work Of organization was passed 10 committee made Up of $. l.. Morley. of Oklahoma, chair man, N. C. Williamson, of Lousi- ana; Harry Williams, Texas: L. B. Blalock, North Carolina; Allen Eorthington. Alabama; and A. IT.. Stone, Mississippi. Selection of a legal adviser will be one of the first matters to be taken up by this group.
 - Another general committee of T will serve as the directorate of the agency, which, under the plan adopted at the conference, must be in operation and it's first general meeting held prior to July l.
 Plan Loans to Growers
 With the support of the farm board the organization contemplate tes q loan fund for it's stockholding members or their subsidiaries to finance the movement of crops to market or "any proper activity nc cessary to the free delivery, hand ., ling or marketing of cotton or cot ton seed or their by-products.'
 AS approved by the conference the agency will come into existence through the transforming of the American Cotton Growers Exchange, now operating as a mutual organi- ration, not an incorporated company of non-profit, cooperative charac- ter, under a charter to conform to the Capper-E Eolstead act of 1922. and with an authorized capital of s30.000,000. Subscription to the capital stock will be open to state, regional or district cooperative mar heting associations.
 MT. Legge and Mir. Stone left shortly after the meeting adjourned 10 return to Washington. Mir. Will Hams, member of the board for the cotton growing states. remained here overnight 10 confer with members of the organization com- mittee.
 He declared the board well pleas cd with the results of the two day conference.
 Hope to Market 193O Crop
 The new corporation will be in operation. he said. in time to mar llct as much of the 1880 crop as il can obtain.
 The corporation will be empower ed to buy or lease storage facilities; provide marketing facilities and sales services for both cotton and it's by-products; to buy. sell or develop cotton seed for planting and to buy. sell or manufacture cotton seed products and in cooperation with it's stockholders and to conduct cduCa- 5tional work among it's members as to the value of cooperative marketing. 4a The location of the central head Guarters of the corporation will be selected later. Memphis, Dallas, and Atlanta were among the cities men tioned. In addition to the central offices regional bureaus will be es- tablished for the southeastern states. for the Mississippi valley, the south west and the far west.