The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1911-10-18
Tie Joint Meeting Of Bankers and Farmers

--.--s'-------~~--------------
The Joint Meeting Of Bankers and Farmers,
Pursuant to the call OF the COMMITTEES
of the Farmers Union asking for i pub
lie meeting for last Saturday there
assembled in the court house all OF the
bankers OF the town, anG some farmers.
! Mr.. c. y. McFaddin presided, and after
stating the meetings object, Mr.. a.
|. Barron was chosen secretary. The
cause for this gathering was to en-
! deayor To interest the business men OF
this town to aid in financing the cotton
crop that the product OF the farmer
upon which SO much oepends might
not be sacrificed, it is believe that if
! the farmers can secure the money to
! ease up their obligations they will be
! able 10 with hold enough cotton from
the market to force the price up: at
present the staple Is not bringing the
cost OF production, and mainly because
the markets are being glutted. every
report from the ports indicate heavy
receipts: then too. the South fearing 4
large crop has been selling heavily for
future delivery, these, and other thiaas
have been operating TO the disadvan-
tage of the growers, therefore they are
earnestly asking these in position 10
get in touch with the lnonied powers to
come 10 their rescue.
The four banks of Manniug met pre-
vious to the meeting and entered into
an agreement 10 advance money on
cotton placed in the Manning ware
house until next February at six per
cent interest. Tie following IS the
action OF the banks:
Whereas we. the undersigned Banks
in the town OF Manning, desire TO aid
and assist the farmers in holding their
cotton so far as in our power lies, now
be it resolved:
/. That we will. as far as our re-
sources permit, loan upon urlncamber-
ed cotton placed in the warehouse OF
this town at the rate OF E per cent dis
count.
,. Resolved, that said loans at said
rate shall extend only until the first day
of February next, and if the borrower
desires to carry his loan longer it shall
he at the rate OF eight per cent annum.
3. Resolved, that such rate Shall be
obtained only upon cotton placed in the
warehouse.
4. Resolved, that this shall not be
regarded as precedent emitting others
to such terms, but is done solely to meet
the present unfortunate cotton situa-
ton, as the Banks make nothing by
loaping upon such terms.
The BANK OF MANNING,
Bv A. Levi. President.
THE BANK Or CLARENDON,
By J. A. Weinberg. President.
The PEOPLES BANK OF NAN
MING,
By ". C.. Davis, President.
THE HOME BANK AND TRUST Co.,
By Charlton DuRant, President.
The meeting after the reading OF the
resolutions expressed itself as being
greatly pleased with the action of the
bankers, and thanked them for the
liberal spirit in which they responded
to their appeal. The question of how
much could be borrow ed on cotton was
considered, but this could not be def
nately answered. market price, grades
and quality would play an important
part in the loan, however, it was sug-
gested that it would be to the farmers
interest TO borrow as little as he could
possibly get along with, because the
banks were not specializing and woald
be compelled to force the sale when
ever the price reached a point where
the cotton simply covered the loan, or
those borrowing would have to give
additional security. The meeting did
considerable good in that it convinced
the farmers that the banks of Manning
appreciated the situation and are in
sympathy with them, it showed that in
such crises our bankers are disposed
to be as liberal as the conditions will
permit, therefore those who are eX-
pecting to hold their cotton and need
money advanced to them can get &C
commodated at home.
A committee OF three from each
township was appointed to ascertain
how much cotton would be held, to re-
port to the president and he will make
q report to the banks. Messrs. A. Levi,
W. C. Davis and Charlton DuRaut
spoke words of encouragement to the
meeting. The following committee
was appointed:
Douglas, W. II. Castlne. S. C. Den
mis-, .. L. Green.
Sandy Grove. W. W. Kennedy, S. C.
Mckenzie, Luther McFaddin.
New Zion, S. E. McFa9din, G.. NJ
Hicks, j. NJ. Player.
Midway, J. J. Epps, H. NJ. Mcintosh.
julie Barrow.
Harmony, E. r. Plowden. r. D.
White, ". q. Witherspoon.
Plowden's Mill, J. NJ. Montgomery,
". NJ. Davis, ". W. Johnson,
Manning, J. N. Wlndham, H. c..
Baggett, J. H. Timmons.
Sammy Swamp, Il. K. Beatson, J. E.
Kelly, T. P. Brown.
Calvary, Friendly Geddings, It. B.
Minis, Philip Stone.
Fulton, ". P. EIwell, n. L. Brough-
ton, n. B. Richardson, Jr.
Concord. G. a. Ridgill, ". r. Davis,
E. L. Fairy.
St. James, j. S. Cantey, Hugh Bel
ser, O. B. Coskrey.
St. Paul, J. H. King, W. A. Rich
bourg, J. W. Mathis.
Santee, L. D. Sports, j H. June, j..
C. Graham.
St. Marks, C. J. p. Tucker, H. A.
Alsbrook, G. G. Thames.
Mt. Zion, Il. J. Haley, G. 7. Ridge
way, D. NJ. Bagnal.
Brewington, W. 7. P. Sprott, S. NJ,
Haynesworth, J. H. johnson.