The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1917-02-24

Columbia, Feb. 1s.-Temporary or
eanixation was completed yesterday
OF the Columbia land bank. with the
appointment In washington by the
FEDERAL farm loan board Of q regis
trar and Of men to fill the three
places on the directing board which
remained open after r. J. H. Won En-
gslksn Of East Palataka, Fla. the
director OF the mint. had been ap-
pointed PRECEDENT Of the bank. and
David A. Houston. banker of Mon
roe. N. c., had been designated as
trsasurer.
Louis i. Guion Of Lugoff. this state.
. cattle breeder and planter, was
yesterday made vice president; How
ard G. Arnold Of Grsenvilie. Ca. was
appointed secretary. and 8. c. Warner
Of Palatka. Fla. was appointed a
director. The law provides that of
the ave directors one shall be presi-
dent. one vice president. one secretary
and one treasurer. The principal
salarisd post outside the directorate
b that Of registrar. which goes to
Robert u. wslch. an attorney of Co.
iumSsa. The position Of appraiser is
yst u b nllsd.
Co1umbia's 10 the 1rst Of the IL
land banks to be organized. It will
serve the Carolinas. Georgia and
Florida. President Won Enselken and
Treasurer Houston expected to reach
Columbia the MIDDLE Of last week,
but were detained in Warrington. Mr.
Won rngslksn's resignation from the
dlrsctorship OF the mint became ef-
fsctivs last Thursday. 1t was an
nouncsd last month that nc would
head the Columbia bank and on Feb
ruary the selection of Mr.. Houston
for the trsasureship was announced.
The president draws salary of
$1,000 (psrhaps more: the. amount
was - nssotiation a few days aso) !;
the treasurer and the registrar $4,000
Zach. ahe secretary ss.soo and the ap-
praiser s1.leo. Only psr diem ana
o!q9pep ers - b paid 70 the vice
- a. eas, dlzsetos who
\; >s{ ! .'S y
~ and TONNES lssisia&on whose sps-
e'alty In recent years has been the
hanaling Of campaigns and contests
associated with projects for the for
nation Of new counties. His once
10 in the Palmetto building, Coium-
bia- He resides at 2A02 Divine street
shandon. Columbia. The duty Of the
REGISTRAR will be to pass on the titles
Of lands upon which local farm loan
associations seek to borrow for their
members 49,
.Mr. Guion. formerly q cotton mill
executive. owns extensive areas along
the wateree river and has been en-
tsrprising and successful In the re-
building OF worn soils and tho breed
ans Of cattle on large scale. He
u seaious student Of rural finance.
Practically nothing is known in Co.
lumbia Of Messrs. Arnold and Warn
or The former was put forward by
Senator Hoke Smith of Georgia and
the latter by Senator Duncan Fetch
OF Of Florida. Nothing is known in
Columbia n to when the governors
OF the bank will arrive to begin their
work.
Bach federal land bask shall be
temporarily managed by five direc-
tors. appointed by the federal farm
loan board. Said directors shall be
citizens Of the United States and resi-
dents of the district. They shall each
give a surety bond Said tenn
porary directors shall forthwith
mako an organization certificate. ="
Aftcr the subscriptions to the banks
Stock by farm loan associations shall
have reached 800. 900. the perma-
nent organization Is to be effected.
with nine directors. six to be chosen
by the farmers associations and three
TO DO appointed by the federal farm
loan board. Subscriptions to the
stock by local associations are per
cent. of their borrowings, SO that the
permanent organization will not be
ELECTED until the banks loans shall
have reached the total of $4,000. 900.
Each bank starts with capital
OF S750.000. but 1t gets additional
money for lending by automatic in
crease OF Its capital stock and through
the sale of It's bonds by pledging the
mortgages 1t takes as collateral Sc