Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1915-01-06
THE COTTON LOAN COMMITTEES.
Statement Issued by State Chairman.
List of County Committees.
(News and Courier, Dec. 3O.D

leS IOl Ile ndHulluS OF Llle 9loO,oUO,- ?
900 cotton loan fund has been ap-
proved by the central committee and
announced as follows: w. X. Nc
Dowell, president OF the Exchange
Bank; j. A. Johnston, cashier of the
Security Savings Bank, and C. r. l.
Brown, president of the Citizens
Bank.
The following statement was is
sued yesterday by r. G. Rhett, presi-
dent Of the Neople's National Bank,
chairman Of the State COMMITTEES:
AS soon as the subscriptions to
$500, 100000 had been assured, the
central cotton loan fund committee
undertook the selection Of State
committee. These were all appoint
ed about two weeks ago, and the
ichairmen were requested to meet the
central committee in Washington on
December 15. 1t was found that the
subscriptions were made upon the
conditions contained in the circulars
and could not be varied. The State
committees were urged to complete
the appointment Of local committees
throughout their respective Common
weal tbs, and to get before the local
banks and prospective borrowers the
details Of the plan.
The State committee for South
Carolina is as follows: r. G. Rhctt,
cbairman; John NJ Kinard, Henry
Schachte, C. c. Rowland and e. H.
Pringle, Jr., secretary.
The local committees have all been
appointed and their appointment ap-
proved by the central committee as
required. They are as follows:
(The Courier publishes only the
names Of the committees in Oconee
and adjoining counties).
Oconee county: J. d. Werner,
chairman; A. p. Crisp, P. p. Sulli-
van, f S. Holleman, L. A. Edwards.
Pickens county: f. Re Smith,
chairman; NJ. w. Hagood.
Anderson county: j. r. Vandiver,
derson. ]. ID. Brown, l.. G. Holleman.
Greenville county: r. :. Wood
side, chairman; Perry Beat.ie, A. l..
Mills, S. A. Moore, VIM. C. Beacham.
There has been mailed to every
bank in the State the following pa
peIs, /. Application blank, with
form of note. 2. Circular Of advice
to local and State committees. 3.
Supplemental circular of advice to
local and State committees. 4.
Questions to be answered by the
bank forwarding application.
Applications and notes may be OBJ
tanned by any bank upon application
TO r. G. Rhett, chairman, Charles
ton, S. c.
The following are the principal
points OF interest to prospective bor-
rowers:
l. No application will be consid-
cred that fails to reach the State
committee in Charleston on or be
fore February 1, 1915.
2. All notes mature February I =,
1916, and my be extended by the
NohCldl COHlllIlleS LOT SIX months
longer
3. All notes bear interest from the
date Of their approval by the general
committee in New York at the rate of
per cent per annum, payable quar-
terly, on the first days Of May, Au-
gust, November and February, re-
spectivcly.
4. Three per cent Of the face Of
the loan is deducted and deposited in
guarantee fund: First, to pay ex-
penses; second, to pay losses of
Glass certificates, and, third to pay
losses on Glass B certificates. All of
the guarantee fund not so used is
distributed pro rata to borrowers.
S. Both Glass A and Glass B GER
tificates bear per cent interest, pay
able quarterly, and are themselves
payable on February /, 1916.
6. Loans are made to responsible
and reputable owners Of cotton freed
from liens stored i'm a warehouse
owned and controlled by substantial
persons or corporations other than
the borrower, in such manner as TO
be thoroughly protected from the
weather.
7. The basis Of the loan is mid
ding cotton at 5 cents per pound.
The differences for grades will be
published later. No cotton below
"low middling" will be considered