The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1890-01-22
THE FARMERS LOAN AND TRUST CoM-
PANY
Interview With Colonel j. T. Robert
SON on the Subject of tho Orsani-
zatiOn Of the Bank -. What .se
ThiukS.

ZatiOn Of the Bank ..- What ese
Thinks.
! The organization of the Farmers Loan and
Trust Company at Abbeville having excited
interest in the pubic mind, and it being
known that Colonel Robertson has been hero
! tolorc Il prominent figure in the movement,
we sought him last Monday, and after telling
him that we had heard IL report to the effect
that he had withdrawn from both the Dire
torshlp of the Bank and membership OF The
Alliance, lie said:
| have not withdrawn from the Alliance but
| uid resign my place on the Board ol lNr' C.
tors, and | have no hcsitancy in explaining
! my reasons therefor. The Bank, ii II niiu any
existence ut all, was the creature OF the farlh-
! erS Alliance ot Abbeville county. IL was con-
ccived by some OF us. that many oil our needy
brethren could give good security Tor II rct-
Sonablc amount OF money, but as thcir secu-
| rity was not Of the Kind which was uccepIl-
| BILE TO the National Bank, we could organize Il
! bank which would not be under the reSlrlc.
| tions placed on IL National Bank, and could
therefore make 1t easier lor our people W pof'
row money on a low rate of interest.
4 charter was obtained; canvasSers appoint
| ed, and with small eilGrt stock TO the amount
OF So, ,U0U was subscribed. Under our charter
0OU was the minimum subscription on
which we cOu d organize, and then onc-flitll,
or twenty per cent. could he called Tor. y
| meeting OF the stockholders was held on FRI
day, The at WHICH
was represented by the Alliance. 1t was then
| thought that twenty per cent, or one-iilh, oi
| this sum, would be Insufficient to do n sue
| cessful and useful banking business for our
people. \ motion was m;idc to allow out
siders Tor others than members OF the All
ance) to subscribe to the capital stock To the
amount of $4,000, when committee Was APP
pointed to secure outside subscriptions. That
committee reported s. 800 additional. Upon
this action u heated discussion arose, and
many thought-(asi 1t proved to be)-ihc wedge
that would sever us in twain. 1T Afterwards
appeared that the main object Of the reso:u-
tion was to get outside stock so as TO put MI
| Park er in the Directory, and thus qualify him
for the office OF President of the Bank.
will be compelled TO refer TO myself When
| this discussion had risen to almost lever heat
Mr.. John +. Bradley came TO me and said:
"Do you know the cause OF all THIS coniu'
sion?"
| MY answer was. NO; what does it mean?'
He answered: at is II contest between you
and Mr.. Parker for the preSIdency;i", ,,o,o,,
desires to have Mr. Parker President, Will
not be in the way at all. have never sought
The office. have grave doubts about my
physical condition, and IL would be q great
relief to me, if the Directors will find some
one else to fill the place"
Mr. Bradley failed to make the statement to
the meeting. | then asked Dr. sanders ha ol
did. Quiet was restored. Mr. Parker was
elected. He aud eight Alliance men, among
the number, completed the Directorshlp. The
next Wednesday Was appointed for a meeting
of tive Directors to elect the officers and To
make the organization complete.
At this meeting of the Directors Mr.. Parker
cined, and Mr.. Parker was unanimously
elected. Mr.. j. f. Todd was elected Vice
President. When nomnatons for Cashier
were in order, Mr.. A. NJ. Aiken was nomi-
handed in, Mr.. Shields name was mention
ed and Mr.. Julius DuPrc was put in nomi-
nation. In discussing the merits of the yari-
Gus candidates the following questions were
Where docs Mr.. Aiken live? Answer
C0keSbury.
What is his occupation? Answer-A nier-
chant until last Friday, when he sold his
stock.
Does he belong to the Alliance? Answer
Yes.
Since when? Answer-Last saturday.
Where did he join? ~hmswer-Stony Point.
Why did he 90 rs stony Point, instead OF 10
the Alliance in.ynoSe Jurisdiction he lives?
Mr.. DettFTt was highly recommended, and
received votes. Mr.. Aiken received the
largest vote, and was declared elected.
A resolution was then offered TO make the
election unanimous. l could not agree to his
unanimous election. 1t seemed 10 me that ne
had teen "cut and dricd"-and dressed in Al.
lance untorm-very hastily for the occasion.
l have heard that IL is the intention OF the
outside stock holders to make radical changes
In the bylaws so us to suit IL to the OUTSIDE
SuosSliocis, oiHSc t"e ciiiSSo h",S D1eL ~. ~
by outsiders. One point being that outsiders
intend 10 allow any Stockh holder who has paid
in full to vote five times the strength OF one
who has paid only the first lnstalment. An.
other point have heard Is, that the privilege
TO stOckh OF borrowing eighty per cen.
Of their paid in stock is to be discontinued.
At present. the organization OF the Farmers
Loan and Trust Company does not promise to
answer the purposes which the order had In
view, and therefore II would not surprise Inc
If many members of the Alliance should sim.
ply refuse 10 pay their subscriptions, and
would advise the brethren not to pay until
the drift Of the bank is more clearly shown.
For the above reasons Withdrew from the
directory, as | was convinced that all of the
Alliance features had been eliminated from
the bank.
Mr.. Parker, President elect of The Bank. was
absent in Columbia when wc called 1T his Of
flee 10 see If lie would make any expression
us 10 the intention Of the officers and direc-
tors Of The Bank.