The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1915-03-26
NEW YORK BANKS TO
FINANCE COTTON IN
STATE WAREHOUSES;.
FORMER SENATOR M'LAURIN
ANNOUNCES ARRANGE.
MENTS
EASY TO SECURE.
LOAN ON COTTON
New York Financiers Very En-.
thusiastic and VIII Lend
Their Assistance
spccial to The 1ntelllsonoer.

specnl TO The fnfelllJenceY
COLUMBIA, March 25.-Arrange.
ments to finance cotton stored IN
State warehouses through New York
banks were announced today by form-
er senator, John l.. McLaurin, who
returned from trip to Washington
and New York. H6 waS accompanied by
state Senator Banks OF Calhoun cosin-
dy who emphasized the arrangements
by telling how he had borrowed SIO,-
600 at per cent straight interest on
warehouse l'.ceipts Of cotton which
he had stored in State warehopBes.y
Valuable assistance was rendered
by w. p. G. Harding, n member OF
the federal reserve board to Senator
McLaurin. and in New York he held
satisfactory conferences with tho
Guaranty Trust company andsthe Ma
tional City bank. II was at The Guar.
anty Trust company that Afrs RankS
secured his $4,000. and the South
Carolinians report that they believe Ii
would have been easier 20 procure q
loan of 100000 on cotton. They state
that the New York fiHanciers ARE en-
thuslaStic over the p.ans and Will lend
their assistance. s 5ff
statement covering the matter in
detail is being prepared BY Ware
house Commissioner MctaNriIr and
Will be given to the public la few;
days. One OF the main poiats esnpliag
sized In the new ai-fange genieat fa tl,Et
the small banks can how felINfe
themselves OF the burden or carfYisig
loans OF last years cotton ef0p aea
can turn their resources tosextandIng
credit for the coming years.
Mr.. McLanrin has q proposition for
nfQ nnpan4anna f1ataJlfntS d fVStaf. q
overcome the difficulty preaoiited ia
the fact that the money would he hof.
trowed by so many individuals and the
bank wishes to deal With ah ifidiSl-
dual borrower. The suggestion is
made that MIR. Mcl.aurin arrange with
some responsible bank or financial N
stitution In South Carolina 10. foalI
against State warehouse receiuts, and
that he take In connection with such
loans an agreement giving The insti-
tuition selected by him the rlghs OF
re-hypothecation or subrogation. Then
they can send the warehouse receipts
to broker In New York Will, q sight
draft on the New York bank tindef the
provisions of the New York State law.
recently passed providing for aucli
acceptanceB. y
doteLuUr- Nnt1uuiuB InsS akLeIuO0u
appointed r. w. Burts sherlIf cf Alb
oeyiile county. to succeed Charley ID.
Lyon. who resigned to become United
States marshal for the western dis
trict. Mr.. Burts was not an appii-
cant. He is farmer and d sinenaber
of prominent family in AbbevilIe
county.
Governor Manning this morning APP.
pointed the following trustees for the
South Carolina School for 5the Deaf
and Blind at Cedar Springs: Dr. .. g.
Cleveland of Spartanburg, Or. w. ID.
Patton of Cross Anchor, Claude n,
Sapp Of Lancaster. Mr.. Happ was
formerly a rep csentative from llan-
caster county ana was q, strong Eieaee
man In the last adninistratl tlbh. 4
Governor Manning announced fosley
that he would appoint Harry "A. tar
gan clerk of court for Greenvitie
county vice John NJ. Cureton, .deceas-
ed. The appointment had been an.
der consideration Tor some time.