Historical Newspapers of South Carolina

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The Southern Cotton Co. | ! i.f;V* Charter of the Mammoth Corporation, to be Passed j upon by Executive Committee of the Southern Cotton Association at Meeting in Atlanta Tomorrow. Charlotte Observer. , A meeting of the executive committee of the Southern Cot ton Association will be held in Atlanta, Ga.,next Thursday, for the purpose of discussing the I draft of the charier of the South- . ern Cotton Company, submitted I for ratification hv a sneeial com- < ?J L ~ raittee consisting of Messrs J. I'. < Allison, of Concord; Chairman < E. D. Smith, of South Carolina; 1 S. A. Witherspoon, ot Mississip- I pi, and J. A. Maxwell, of Louisiana. The organization or this < $100,000,000 corporation for < the purpose of purchasing, sell t ing and warehousing cotton was 1 recommended by the national i executive committee at it? meet- < ing in Hot Springs, Ark., sever- ? al months ago. A special com t mittee, consisting ot the abovementioned members of the South s ern Cotton Association, was ap ( pointed to take the matter under 1 advisement and draft a charter. 5 Owing to the tact that wide | interest is being manifested all over the South in this monster corporation of farmers, the charter in full is given, the copy being furnished bv President C. C. Moore, of the North Carolina division of the Southern Cotton Association. The charter fob lows : Section 1.?The object, pur pose and business of this corporation shall be the purchasing, selling and warehousing of cotton. Section 2.?The authorized capital stock of this c irporation shall be one hundred million dollars, and it shall be audioriz ed to begin business when .+ 10, 000.000 ot its capital stock shall have been subscribed and paid in. The shares of sfock shall be of die par value of +5 each, and shall be paid for either in cash, or in cotton at the minimum price fixed by the board of directors. Section 3 ?The company shall devote its entire capital to the purchase ot cot'oti at the minimum price fixed by the board ol directors, and shall purchase all cotton offered tor sale at said , price, without regard t > wli t may be considered the market price, ? xcepling such part of its1 capital as its board of directors may deem wise to invest in the construction, purchase, or leasing of warehouse.-' and in d< fravine1! the expenses ol the business of! the company. Section 4?The company is I authorized t<> borrow money on such terms as its hoard of directors may deem wise and author ' ize, and to pledge its cotton and other assets as security for such loans, and to purchase cotton at said minimum price with the' money so borrowed. Section 5 ?Thf company shall Sell all of its cotton, or any part thereof, whenever and as fa-?t. as it may be a' le to obtain the price paid therefor, plus the expenses incidental to the transaction. Section 0.?The control and management of said corporation shall be vested in a board of 38 directors, seven ot whom shall be elected by the stockholder/ living in the State of Texas; three by the stockholders living in the Stato ot Arkansas; four by the stockholders living in the State of Louisiana; two bv the stockholders living in the State of Oklahoma; two by the stockholders living in the State of I Tennessee; lour by the stockholders livir g in the State of ( Missis ippi; four by the stock- 1 holders living in the S ate of.' Alabama; lour by the stock holders living in the State of Jeorgia; three by tbe stockhold ! * t. I ?rs living in the State of South Carolina, hi d three by tlte stock 1 Holders living in the State of North Carolina. 1 Section 7.?The oflicers of said 1 jompar.y shall be a president, a rice-president. a secretary and a reasurer, who shall be elected ' ay the board of directors, and t whose terms of ollice, duties, I )bligations, and compensation 1 ihall be fixed and determined by i ;he board of directors. Section 8 ?The president, secretary and treasurer, and the i lirectors elected by the stock- , Holders in each State shall con- i ilitute a b'?ard invested with the i power and authority to manage, lon'rol and direct the affairs of lie p.nmniinv in cniil it. . ? ? v J' " T ' 0(?< V4 K_/ l/CV W | 111 ' | ill matters subject to and in pur j, iuance of the provisions of this ] j charter, and subject to the control and direction of the general board of directors. Section 0.?The board of di- | rectors shall prepire, adopt and diss itll by-laws for the manage J ment of this corporation and for ] he transaction of its business, ] subject to the provisions of this j charter. '! Section 10.?All the cotton, ] hinds and a-sets ot said corpor- ( I'ion shall lie kept and retained || tii the State and localities in ; which 1 he gam3 were contributed j >r raised, as nearly as possible, h uid funds not tie removed anil'; ised in the purchase of cotton in < it her States or localities than < hose in \shicli they were rais j 3d, or contributed, unless so or i< iered by the president and his idvisory hoard, and then only . for such h ngth of time as in the judgment of the hoard the necessity or reason for such removal may exist. Section 11.?K ich of the ofli-j cers and agents of this corpora | tion sh *M be required to execute a lioiul with good and sufficient securities to tie approved as the by laws require, conditional lor ! the faithtul discharge of their duties, and to a penalty amply sufficient to cover all funds that may come into t he hands of such officer or agent. Section 12.?An advisory hoard shall ho nenvi/tial fr?r liv I the by-laws of the company, which shall fix number, memhership duties of said board. Section 13.? 1 ho company is authorized to lend such of its capital as it may not need for the purchase of cotton on such terms and with such securities a* may bo fixed by the by-laws. ltcad?The News. Happenings in the Hustling Town of Jefferson. From Carolina Citizen. I Rev. Judson Blackmon began a meeting of several days at the Baptist church Monday night.? His congregations are usually large and his sermons are ably and earnestly delivered W* * Rev- W. S. Walters preached his farewell sermon Sunday at the Jefferson Baot'st church.? He attended the meeting of the Chesterfield Association at Cedar ( Creek church before returning to his home. * * The 13th of November may be an unlucky day. It will, at least, he a sorry day for the sinners in ind moil lid Jefferson Rpv Tom Leitch, the evangelist, will open i meeting in the Jefferson Melhxlist church on the 13th. *** , H A report is current on the street s 5 that 25 gallons of whisKey came to Jefferson Saturday on the train from McBee and as a consequence there was a good deal of drink- 1 ng in town during the day. ** * < Ingrain and Phifer lost a fine mule at their shingle mill near 1 Jefferson Monday. A one eyed ? digger cut a tree down on the mule, killing him instantly. * * * ( Mr. J. L Sowell has purchased die residence of Mr C. W. Uollv i iiul will move his family to del- I person next mouth. Death of an Aunt of Col. . Leroy Springs. Charlotte Observer: Miss K izabeth H. Baxter, an aunt of Mr. B. D. Springs and Mrs. John M. Scott, of this city; Mr. E. B. Springs, of New York, and Col. Leroy Springs, of Lancaster, S. ! J., died at her home in Shreve- < port, La., one day this week.? She was 87 years old. Miss Baxter was a very at'rac Live w on hi. She had traveled ill oyer the country and was well educated, well informed and cultured. She had a number o friends in this section ot the Muntry. Injured by Kail from Wagon. Waxhaw Enterprise: Mrs. W. L. Bulk, of this township, met with a very painful accident last . Wednesday evening. She was! returning from Monroe in the! wagon with her husband, and in! some way was accidentally thrown out of the wagon upon! the ground, with the result that the small bone of her left arm whs iraciurea jiisr anove the | wrist. Dr. Sapp was called and I pave her the necessary surgical attention. , M i , White Man Killed by a Ne- ' gro. Spar'a. Ga , Nov. 4.?Edward Minion, a young member of one of the moat prominent families here, was shot and killed today by Jeff Lundy, a rie^ro desper a io, from whom Billion tried to collect rentals. The officers with doiiS are in pursuit of Lundy, who escaped. M. U I, hSS Our Mr. Hood has just arrived from the markets with one of the nicest lots of MULES, 7^|pp|v MARES A that has been on the market this season. They are all well broken and among them some extra nice matched teams of mules, mares and horses. Come one, come all. They are here and must be sold. We need the money and are going to sell for the high dollar. Gregory-Hood Live Stock Co nil) UKUHN UU11 UN. In the face of the above fact, we make below some prices that should appeal to the pocketbook ot everyone. * . 3,000 yards 10 cents Outing at 7 1-2 cents. 25 pieces Jeans at 12 1-2, 15, 18, 22 1-2, 33 1-3 cents, worth 25 per cent, more money. 25 pieces Cantton Flanel at 7 1-2, 8 1-3, 10, 12 1-2 cents yard. 3,000 yards heaviest weight Sheeting, 15 yards for $1.00. 5 pieces all wool 54 inch Ladies' Cloth, 48 cents the yard. 10 pieces 54 inch Broadcloth worth $1.25, for only 95 cts the yd. 10 1-2 pieces 30 inch wide $1.25. Silks all shades at 98 cents the yard. ARE YOU GOING To buy a Suit, Jacket or Overcoat? If so, see ours and save from $1.00 to $5.00. Solid case Wright's Health Underwear, the $1.00 kind, at 75 cents garment. One case Ladies 25 cents Vests to go at 19 cents. Few dozen Ladies red wool Vests to close out at 48 cents garment. w e aro sini headquarters for Shoe bargains. Big Stock Trunks, Bags and Valises, to go at CUT prices. Come to see us whether you buy or not. You are welcome. Yours to Please, Furiderburk Company Send Us Your Job Printing -