The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-04-19
HUNDRED
MILLION BANK
Cotton Men Endorse The Pro
posed Plan FOR a Marketing
Corporation
MEETING ENTHUSIASTIC
AND DETERMINED
Senator'S and Congressman Are
Working With Cotton Farm
nners, Association.

soeiation to the Southern Cotton Con-
rentiens in New Orleans next month
met in Columbia. yesterday with
members of the South Carolina dele
eaton in both houses of the nation
alscongress
The proposition to form Cotton
Naarketins Corporation with $780,
eo0, 600 capital was heartily lndorsed,
with the suggestion that this capital
stock be made s200,000,000 instead.
tt was also recommended that the
scope OF the proposed organization be
So enlarged as to include cotton seed.
- To further enable the South to
finance the cotton crop the COMMITTEES
also recommended that banks be
urged to increase their capital stock
!. SO per cent, or to such amount as
they may find practicable. State banks
were urged to join the federal reserve
system so as to become links In the
great chain OF the national financial
system and thus be in a position 70
widen the margin of loans that NAY
be made to farmers on agricultural
products It was recommended that
in. the organization of the proT osed
cotton marketing corporation and in
the Increase Of capital stock Of
Banks, Liberty bonds be accepted as
stock. and that farmers be encour-
aged to purchase, literally of stock
in the corporations and in the banks.
In procuring subscriptions to the cot
ten corporation, the amounts will BE
apportioned as the different Liberty
loans were apportioned in the cotton
growing States.
The committee met at II o'clock
yesterday morning at the Columbia
Chamber of Commerce and with
brSef intermission for lunch. continued
N session until. after 4 O'Clock in the
afternoon. The following were pres
emit
Coy. r. "a. Cooper. Lieut.. Gov: J.
Lisles, Orangeburg:: J. H. Glaffy.
ofangeburg:: J. s. Wannanaaker, ST
Matthews; II: p. Cothran. Greenviile;
s b: e. Mcleod, Charleston; Paul
sanders. Ritter; r. G.. :Rhett, Char
leston: L ID. Jennings. Sumter; Doug
las Mcintyre, Marion; Z. G. Mcleod,
Rashaprallc: :a1. E montgomery,
Kingstree; b. n. Moss, Orangeburss;;
Senator, Smith. Lynchburg; Senator
DIAL. Laurens; Congressman Byrae5,
Aiken: Congressman Stevenson, Che
raw: Congressman Lever, Lexington.
The meeting was organized With j.
S Wannamaker as chairman and
Joseph NJ. McCabe as secretary.
After a full and lengthy discussion.
aSspecial committee was appointed for
the purpose Of preparing resolutions
on the cotton marketing and hnanc-
ing corporation. This committee cor
sisted Of r. G. Rhett, L. p. Jennings
and J. S. Wannamaker. The follow
ing resolution was offered by this COM.
nlittee, and after a full discussion,
was unanimously passed:
Resolved, That this special COM
nlittee appointed by the South Car
olina Cotton Association do heartily
indorse the proposed organization of
cotton marketing corporation, with
a capital stock Of $100, 100000, and
with powers to deal in and with cot
ton to the very- fullest extent, but
would recommend that, if practicable,
this capital be made s200,000.00o,
and It's scope be enlarged to deal in
and with cotton seed.
This committee believes that it
would be practicable at this time TO
pecially if the stock be made payable
in Liberty bonds, if desired by the
subscriber.
s1e is essential in the Judgment Of
this committee that the. majority Of
9 the stock be owned by the farmers Of
the South, and this committee rec
onzends that proper provision be
made to secure this end.
This committee is confident that
the people Of South Carolina, Will
take their proportion Of the capital
stock of this corporation, whether It
& be s100,000,000 or 100000, ,000s
and pledges its full support to see
that said stock is taken.
"This committee recommends that
all banks in the South increase their
combined capital and surplus by 81
: per cent. or to such an amount as they
may find to be practicable, for the
purpose of enabling them TO make
larger loans to individual borrowers
Z upon .COIIOU COlldtSt oil, nHO " IiCcl
the. increasing demands upon all
banks for financial assistance.
cit is suggested that there is
very large investment in Liberty
bonds in the South which may be
converted into this increase Of CAPT
fal with advantage both to the inves-
tor and the bank.
estate banks in the South not mem-
bers of the federal reserve system
are urged to join the federal reserve
system.
The great importance of securing
Nhe large government warehouses TO
bA used in connection with the hand
ling of cotton and other products was
fully discussed and a special commit
tee to have entire charge Of the mat
ter of securing these warehouses was
appointed, consisting Of r. G.
Rhett, chairman: A F. Lever. f. d.
c,a1ith. J. n. Claffy. T. y Cothran. II.
Mont fpomery and j. S. Wanna