The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1893-01-11
THE FARMERS BANK.
Its Satisfactory shOwing-A Year or
PrOsperity-StOckh Meet To-
Day-POssible New DirectGrs-The

Its Satisfactory ShOwing-A Year OF
PrOsperify-StOckh holders Meet To.
Day-POssible New DirectGrs-The
Sale OF Shares.
The statement OF the condition Of the Far.
mers' Bank that appears elsewhere is 9
good one, which must be gratifying TO the Of
ficers, anu satisfactory to It's shareholders.
The Bank is now paying out the semi-an'
nual dividend Of three per cent. and has q
reserve fund of S. $50 of surplus and undivid.
ed profits--nearly ten per cent. OF the capital
stock.
The annual meeting takes place to-day,
when directors are To be elected.
or late q considerable number OF shares
owned by persons In the country have been
sold to citizens In the village. A single share
Of stock is not desirable where the owner
must borrow on It, and IT Is quite likely thai
a number OF additional shares may De put On
the market to-day. The demand for the stock
Is good, and those VINO wish To nell can readi'
ly lind buyer at discount. We believe no
body is Offering less than sos, and In some In
stances the price ranges higher, according te
circumstances. Enthusiastic buyers think
the stock will soon be at premium, while
the inpecunious holder knows that IL Ia folly
TO own six per cent. stock upon which he
must borrow money at ten per cent discount
AS u solid, safe investment TOR surplus cash
the stock Is good one, but when the owner
must borrow money to hold share, 1t is moi
80 good. A majority OF farmers can make
more than six per cent. out OF their money In
the conduct of their farm.
The establishment OF the Farmers Bank
furnishes the best proof of the strength ol
united and undivided effort. Some three
years ago the farmers felt the need OF another
bank, aud although few Of them had much
ready money to put In 1t, yet they stood 10
gether and subscribed shares 10 be paid on
the install linent plan. Not many OF them sub
scrlbed tor more than one share, and very
few of them paid In more than twenty dol.
lars, and many who did pay In twenty dollars
exercised their risht 10 borrow back eighty
per cent OF whatever they paid In. The pollt-
ical feature OF the organization denied out
siders" the right of subscribing 70 the capital
stock more than Il stipulated sum. while the
right to subscribe for large part OF ~ 1e'
mained In the hands Of Alliancemen. Hand.
icapped in this way, II was hard Tor President
Parker and his board OF directors 70 Yet tht
required amount OF ten thousand dollars ol
paid up capital on which TO begin business
But the amount was raised, and an ONCE
was opened on one side OF II. w. Lawson't
tin store.
Many farmers were accom- n,odated 10 small
amounts. and The subscribers 10 the capital
stock have continued TO pay up: until nov
the capital stock paid Is S8l, los. On thit
amount OF capital the bank now does busi
ness OF Sl08, ,320.
This large business has grown up In three
years from an exceedingly small beginning
and continues TO prosper, dispensing dement's
10 It's many customers. adding to It's capi
tai stock, while enarging its field OF useful
uess. President Parker has succeeded in es
tabishing the Farmers Bank on most solid
foundation, despite an inconceivable number
OF obstaces, OF which the uniformed public
know little.
Although the experiment was a costly one
to many farmers. yet they. from patriotic mo
tives, continued 10 bear the burden incident
10 the success of the undertaking, and now
when the fruition OF their hopes is assured
they are unloading the shares which many
of them are unable TO carry Without loss tc
| themselves. While the dullest man In the
county can see that he ought to sell rather
| than TO borrow money on six per cent. Sc
curity, yet the stock Is desirable Investment
has money to put out In 4 safe investment
| the stock OF the Farmers Bank offers six pei
cent, but the borrower must pay a much
higher rate of interest.
The conclusion OF the whole matter Ia
you have ready cash, buy; If you have L
borrow, sell.