The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-08-19
TO FINANCE COTTON.
EASTERN BANKS HAVE ALREADY
OFFERED AID.
Loan Negotiations Will He Conducted
ON Basis Similar to That OF 1909
When Ss,OOO.OOO Was Secured.
Atlanta Journal.


Propositions for large financial
loans TO the farmers OF Georgia in
order to enable them TO hold their
cotton until higher prices can be OBJ
tanned In the spring. have been made
to the planters of the states cotton
crop by eastern bankers. according
to what are believed to be well au-
thenticated reports I'm Atlanta.
While no definite action has been
taken. IL Is known that eastern repre-
sentatives have recently visited Pres
gia division. at Union City. and offer
cd to negotiate these loans upon a
similar basis as that OF two years ago.
when President Duckworth secured
a loan of $4,000 900 for the farmers
Of the State.
President Duckworth. In a state
ment given from Union City. saturday
confirmed the reports that eastern
financial representatives had been
endeavorins to negotiate this loan.
but stated that no final action had
been taken.
while the eastern representatives
are anxious to secure this loan, and
the farmers are willing to accept 1t.
at the same time II Is the desire of
the farmers OF the State that south
ern bankers be given an opportunity
to participate In the negotiations.
The fact that the southern farmer
and the southern business men are
almost inseparably linked together
by a common cause. makes the farm
or anxious to give to the southern
business man and banker every op-
portunity 10 secure beneficial re-
suits that might go to bankers in the
east or other parts OF the country.
The eastern bankers. with the
same spirit that they portrayed two
years ago when the last loan was Sc
cured. are anxious to let the farm
srs Of Georgia have the necessary
loan. and at a reasonable rate Of in
tcrest. There will be no trouble In
securing the loan TO help finance the
crop this year from the east. but be-
fore We close for any loan. we want
90 give TO the bankers Of the south
the opportunity to participate IN 'he
financial results.
Tho loan Of 100000 secured two
years ago resulted In the best good
for the farmer and the banks as wen.
and the farmer today In Georgia has
practically unlimited credit. as that
loan was paid back upon maturity.
and. In fact. could have been paid even
before II was due.
with a similar loan this year. the
farmers Of the State will again be en-
abled. to large extent. to secure
the right price for his cotton.
1T is probable that there will be
individual cases. where a farmer will
have to sell his first cotton and sell
at the existing price. This will be a
misfortune to him and will be caused
only because his financial affairs are
I'm such a condition that he cannot
wait until the details of the loan
have been arranged"
President Duckworth was asked IL
any cotton should be sold at the pres
ent time. He said:
"An cotton that can be possibly
held ought to be held until spring.
when prices will reach the proper
level The loan that we hope to Sc
cure will help the farmer to hold his
staple until prices are right. There
VIII be the individual who will be
placed I'm such a position. on account
of his financial condition. that he
may not be able 20 hold his cotton.
The farmers appreciate the help
OF the local banks and supply mer-
chants. And these country banks
and merchants are earnestly REQUEST
ed not TO press the farmers on their
debts where II can possibly be avoid
ed, II they will extend or renew
such notes or accounts OF farmers for
several months or such part thereof
as may be possible I'm order To meet
their own obligations. their kindly In
dulgence will 40 far toward enabling
the farmer TO hold and To get bet
ter prices for their cotton.
There are a number of farmers
who are In position to hold their cot
ton all right. but the loan to be se-
cured Will take care Of those who
cannot"
The loW Of $4,000 that was
sccur.t two years ago was one OF
che most nenclal actions ever TAX