The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-04-05

notes became due In December. Mr.
hat he would take the money. sub
ject to the action Of the finance COM
mittee, and unless he wired the bank
that night otherwise. the contract
was closed. He stated that he would
consult with the chairman Of the
finance committee or the whole COM
mittee during the day about the mat
ter and see what action they would
take. He later saw Mr.. X. /. Man
ming and asked him If he could get
any cheaper money fer the city,
telling Mr.. Manning that he had al
ready secured the desired amount at
s per cent, but that he would be
glad If he could get any money
cheaper. Mr.. Manning stated that he
would try to do so during the day
and let Mr.. Jennings know what he
had done.
Mr.. Jennings later on in the day
telephoned Mr.. McLaurin, chairman
Of the finance committee, what he
had done and Mr.. McLaurin said that
he was in communication with
party whom he thought could get
the money even cheaper than per
cent. He said that this party was
Mr.. Manning and Mr.. Jennings said
that he had already told Mr.. Man
ming about the matter and what he
could get the money for. Mr.. Nc
| Laurin later stated that he did not
| understand the part Of this CONVEX
| sation as to the rate per cent at which
MIR. Jennings was to get the money.
Still later In the day Mr.. jennings
saw Mr.. Manning who stated that as
II was so late in the season the party
| with whom he had exchanged tele-
grams could not let the city have the
| money at a rate cheaper than per
cent. Mr.. Jennings and Mr.. Nc
| Laurin then discussed the matter
| again and 1t seems that Mr.. Jennings
understood that Mr.. McLaurin was
satisfied with getting the money from
the Germania Savings Bank, as we'll
as from the Baltimore concern
through Mr.. Manning. at the same rate
| of interest and consequently he did
not telegraph the Germania Savings
Bank that the contract could not be
| closed.
The next day Mr.. McLaurin broach-
ed the matter to Mr.. Jennings ask
ing him what he had done and Mr..
Jennings stated that he had not wir-
| ed to the Germania Savings Bank
and consequently the contract was
closed with them. Mr.. McLaurln
then stated that he did not think
that thev had the authority 70 close
the contract in this way and he him
self was not willing to do SO. He
called u meeting OF the finance com
mittee for that day and It was de-
cided by them on a vote that the
| money ought to be taken from the
Baltimore concern In preference to
the Charleston bank. Mr.. McaLur-
in stated that he had understood Mr..
Manning to say that he could not get
the money at cheaper rate than 6
per cent this year. because 1t was so
| late in the season when 1t was ap-
piled for. but he would be able to get
the money next year. IL 1t was bor-
| rowed from the same concern. at s
| or possibly ga per cent discount.
IL was upon this showing that the
vote was taken at the meeting Of the
finance committee and Mr.. McLaur-
In and Mr.. Wright voted to get the
| money from the Baltimore concern.
Mr.. Booth. the other member of the
committee. did not vote.
Mr.. Jennings was not satisfied with
this settlement Of the matter and
despite the protest Of the finance
committee took the matter up before
Council Tuesday night at Its regular
meeting. Here the matter was
threshed over again. The principal
difference being between Mr.. jennings
and Mr.. McLaurin on the statement
made by Mr.. Manning. Mr.. Jen-
nings said that Mr.. Manning had stat
ed that he could get the money at 6
per cent this year and possibly at s
or lower rate next year, while Mr..
McLaurin argued taht Mr.. Manning
had said that he could get the mon
ey at per cent this year and at
per cent or possibly ga per cent
next year, II the city desired to bor-