OCR Interpretation

The herald and news. (Newberry S.C.) 1903-1937, September 25, 1906, Image 3

Image and text provided by University of South Carolina; Columbia, SC

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn86063758/1906-09-25/ed-1/seq-3/

What is OCR?

Thumbnail for THREE

at This State is Expected to do*iIn
Organizing Big Corporation.
Columbia, Sept. 19-The special
inmittee of the South Carolina divi
on of the cotton association appoint
to pave the way for raising this
ate's quota of the $60,000,000 neces
ary to control the market, today is
sued the following addrese:
At a called meeting of the county
presidents of the South Carolina divi
*sion of the Southern Cotton associa
_tion, held in Coldmbia on September
17th, the conditions and prospects of
the association were freely discussed.
Each county president was asked to
re0ort on conditions and prospects in
his county, and the average of the
reports made was that the state would
produce 00 per cent of last year's
.crop. The ten cents minimum, -as
established by the Hot Spring conven
T* tion, was unanimously endorsed. The
egndition of the association in South
Carolina was far from satisfactory,
but it was the general belief that a
campaign pushing the better organi
zation of the state would result in a
more thorough organization than we
have had in the past. It was believed
that South Carolina farmers are will
ig to stand by the ten eent mini
mum, and that but littl cotton will be
placed on the market under that price.
The most important matter for con
sideration present to the meeting was
the organization of a holding com
pany for retiring cotton offered fov
sale under the miniinum price, as was
recommended by the executive- com
mittee in session at Hot Springs,
Ai kansas. The undersigned commit
tee was appointed to make this report
to the press of the proceedings of the
meeting, and were appointed a per
manent committee to get pp South
Carolina's part. of the capital stock of
the company.
At IHot Springs, Arkansas, a coin
mittee consisting of E. D. Smith, S.
A. Witherspoon. .T. P. Allison, J.-C.
Hickey and F. L. Maxwell were ap
pointed to secure from the state of
Mississippi a charter for the forma
tion of a cotton holding company,
having a capital stock of $100.000,000
with the privilege of beginning opera
tions when $10,000,000* are paid in.
Steps are being taken to secure this
charter and lhy-laws for the operation
and governing the company will be
pushed. Farmers will be asked to
subscribe stock to this company to the
amount of at least $5 per bale on cot
ton produced by them. And the
general public can take stock to any
amount at $5 a share. This sabscrip
tion can be paid in money, or at the
option of the subscriber, in,.cotton at
ten cents per pound. This money to
be used for the purchase of cotton of
fered for sale below the minimum
price. The idea of local government
of the company will be. carried out as
far as practicable; for instane, the
money collected in each county should
be deposited in the banks of that
eounty, and as for as possible used
for retiring cotton in that coumty of
fered for sale under the miiitmunm
price. .The counties are to he organ
ized into a state company and the dit
ferent state companies into a nation
al company; with a central office for
each state company '1( one central
office for the natioi.. 'omipany. Tt
was the sense of this .ueeting that if
this company was ready to begin ope
rations at an early date, that the
price of cotton could readily be car
riedl a cent higher, or up tq the ten
cents minimum asked. If this com
pany should go on the market at
present and buy cotton at nine cents
per pound and the price should ad
vance within thirt.y (lays to ten cents,
there would b)e ii profit of $5 per bale
to the stock holders of said company;
givig the stockholders a one hun
dred per cent dividend on the money
No subscription made to the com
pany is to be binding until the full
ten million dollar hona fide subiscrip
tions shall have been secured. And
it wvas the sense of this meeting that
the company shall not begin operation
until the jen million dollars ahall have
been paidl in full and deposited in
the county banks where collected. Of
ceurse, it is distinetly~ understood that
each and every one of the subscribers
for stock who pays in the money, or
cotton, gets a sertificate for'the num
ber of shares subscribed for. That
the liabilities of each subscriber to
this stock be limited by the charter
to the amount subscribed. The under
signed committee after fully discuss
ing this plan, heartily approve and
endorse and believe that such a plan
will, be necessairy to fix and maintain
a staple price for cotton. It unhesita
tingly recommends it to the people of
the state, believing it to be practi
cal and feasible..
Francis H. Weston.
* Wade Stackhouse.
R. M. Pegues.
W. D. Bryan..
* . f. Uyat;t.
Walter Gre.gg.
* 'W., 4.doore,
New and Correct Styles
At Matchless Values.
More than a score of yea
ized then that a successful
estly and conservatively rt
lic's store, and to make our
berry and' surrounding cor
support, and today we poi
complished by honest met]
very grateful to our.patrc
you in the future. as in the
terests first and best.
- --oopvG etoo
The DahOWm= FPsW'
are~f our besAt adeties
rs ago we began merchai
business must be built-u
in. It has ever been our
interest and yours identi
Unty, quick to appreciate
nt with pride to our busin
iods in the face of any I
ns for the support they I
past, our primary aim wi
We Have Spared Neithe
Means nor Time in the Se
ections of Our Fall Clothina
They are the Best the Seaso
Has Brought Forth, Mad
From the best English on
American Woolens and Cu
By Tailors Of Recognizei
Ability. In Fabric, Fit an
Finish They Are Equal I
Biggest Assortment in Newberr:
Our fine shoes needi
tising, the people ha
-the Hanan Shoes an
Shoes for men are thl
* ey and brains canm
know where to get tU
Queen Quality and Zieg]
tuty and a joy for ever. (
Mer chandise- we sell 40
fitting Shirts we sell bes
ear, H'osiery, we sell bes
s And Sweater Coats. Bigest inE
Every Department Replete
S With Seasonable Merchandise
idizing in Newberry. We real
pon a strong foundation, hon
xim to make our store :he pub:
cal. The good people -)f New
honest endeavor, rallied to our
ess. It shows what can be ac
cind of competition. We feel
riave given us, and we pledge
il always. be to serve your in
E of Newberry.
ao special adver
ye learned that
d Korrect Shape
e best that mon
ake. The ladies
lieir shoes. They)
ler Bros.' Shoes
3omfort and Style Combined.
3 are Qtuick Steppers
inch sea Island at . . . 5 c.
1 0 cents Outing, all shades . 8 1-3 c.
: 10 cents Cheviots, all shades at 8 1-3 c.
d Check Homespun at - - 5 c.
Heavy Homespun and Jeans in Newberry.

xml | txt