The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1920-12-01
Approximately $500, 900 I
scribed for Banking Cor
pany Stock
SUGGEST REDUCTION q
IN COTTON ACRE =
Resolutions Cal Upon BanI
Discourage Loans to FARM
Who Do Not Cut Cottol
Acreage in Haf-All'
Banks Urged to Give
Support

Columbia, Nov. ze.--Unapim6(
endorsement of the Federal IntS5
national Banking company, the .Sik
scription OF approximately $so0.oB6 Is
It's stock, the recommendation Of x
peS cent reduction IN the cutfS
acreage to be made effective b. az
couraging loans except TO fArm<f1
who follow this suggestion and II
pledge OF support to the state clSxm q
Der or cornmerce's movement - d.
tain a branch Of the Richmond f365 ~
al reserve bank Tor some South Cn -
ltiia city were the more irt1portnnk
acts. OF the 200 representative 8ds4h
Carolina bankers meeting In s,a6tS1
session in Columbia YESTERDAY.
The resolutions endorsing the Fed,
srAl International Banking Company.
presented by b. G. Mathews 6fNk3s
berry and adopted by the assoeta fion.
recommended that all the bankcso
South Carolina, both na:.onaf J xn6
state, subscribe for their flil lo,,fan
of stock in the corporation, 8 bor cent
or their capital and surpiae. ara
where possible per cent. or me
capital and surplus II wek also sssr.
gested that adj other corpofaticne.
businesses and individuals who .afe
interested In the production ana hs6-
ding or both raw materials and utap-
nfactuFed products, and also All pkf~
sons shgaSed 5in the export; bNaj6 ~
sbe invate9 20. subscfibe gpf. seck skk
the company. The c;lairman 81 t}2
D cam apAaEn conimittea avs also ) l2%S
stTucfed 0lwrite sacb bank i1 70 f'
state, sass well as the other il1ftft&f
concerned In 1.h6 compaah 0tf{
immediately subscriptions 10 th4 tSl{ 8
many In order thar the quota al en-
state may be secured BY December III.
the date for Closing subscriptions. MI
Approximately $500 e.co0 sin stock ~
the company was subscribed BY skt
bankers present, "a n usn Der of whuls1
unable, TO subscribe yeateraay, ake
returning to their boards Or dirScA
tors for authority to subscribe their
quota. South Carolina banka viii
have little difficulty I'm reachtns th3lr
quota OF approximately Ssoo.peo, az.
cording to y. p. Matthew's etkts
chairman, M -. .stNss
The resolution rseommendinx, i A.
ductieny or the cotton axred Gs: aztfe-s
duced- bS D. w. cfossont OF fss<sAsltfs
states that r'it ssi the srs1sS I 6f stk6
South Carolina, Bankers .ssscciaflS
that the farmers OF the State : Sh666
reduce the cotton acreaea ,biAntea
next year by so per cent,ss.d a .t1i&t
the banks sho,ihd discourt I: y 1I4s
Df crops where this il is6t
adhered to-" The iitroductsoas 81 Me
resolution follow the sdA<4ssyBe
Ex-Goyernor Manning. who Arstd In
bankers to use their influences lii iikkg
ing, the reduction Of cottoni acre&fN,
The farmers should be taaaht N.
Crosscn said In discussing his fsBe-
luton. that the banks d6n not pto.
pose to help those who i'd not hSip
themselves. and that the first tneas-
ure Of self help is the reduction .M
the cotton acreage by oreshalf. 4 d.
X. Coker also recommended q 30 per
cent reduction in the cotton aeFe.
age. ~ ~
The meeting. which was a,resi&Sd
over by II. w. Fraser OF Beaufots.
president OF the South Carolina Bank
ers association. was called Tor the
specific purpose of discussing the
Federal international Bankifs- co,fs-
pany, now being organized under the
Edge act. This Organization. T. Pope
president Of the .Palraetto
National bank. pointed out, will be. q
money making business. There, was,
he said, no element OF speculation or
risk about 1t.