The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1920-08-21
E1ED0l I
|lERNLOAINS
southern Bankers Are
- Money To New York
did TAKE ADVANTAGE
OF HIGH CALL RATES
p'n5nissioner Harris Says This
wan Ruin the South If Kept

onmoiA. August 1s-commissicn-
arris has beer watching with
oe1ieht the effort OF the comp
~ Of the currency. Hon. Jno.
on Williams. 10 call hal. upon
0fern banks sending money away
their own customers In order to
N out in tho north on cail at high
of snterest. That" says Mr.
4F<4 Is the thing that is running
<o4u down at this time. .I have
1rd some good banks. good friends
Ne farmers who have engaged In
Notion loans are being called In
- Houth Because tho banks have
oe Tho money to carry them. There is
H,cret about that And yet. we are
lC12 these same banks have money
~ ohip to New York to be loaned
1uD ~ almost fabulous rateii of in
>1<o@< The comptroller OF the cur
1(44y mas called the New Yors banks
~ thip hysterical kind OF Financing
49, { h~pe " viii have eoosl effect.
- wish 60 quote a few lines from
~ aupeal to Southern bankers and
oDAnt1 from Col w. b. Thompson
r. NaW Orleans. former pres dent of
- NV 0rleans cotton exchange: "If
~ ve!3 assist the farmers In a wise
1eom of marketing" ays Col. l.Thom-
n3~ roc. will not only go Gar to-
I 0f0o overting q calamity to your own
o1Deoo and to your section, and far
- voo viii tighten the load upon
IovGo inviting general prosperity.
0urUolvca because the demand for
- now crop viii be sufficient to sup
'D1y an the money needed" fst
!. "AnA here u what Col. Thompson
|oooo - thc farmer:
~Yon are entitled I on decent and
= mr. profit Nobody Is gt'ins to
Dyo ~ ether On the contrary. pow
~ interests. organizations and
Do1ce Are trying 70 deprive you OF
You must fight for yourselves
I1I xor your own. You have In your
~ tho weapons both for defense
~ l0f rcprisals. Use themv'
thank Col Thompson niid John
koa Williams for their tying to
~ oooPt into tho farmers and hope
- viii come OF II. There is no
1onoo IN coton being where n Is. All
G( The reports last week wnre Too
11udA rSln' and yet cotton kept COM
~ down whyf Because fouthern
v11kn oidSAt have money to lend to
0tuor3 b, keep cotton out OF sale.
WINE Northern banks were lending
o@ey 20 speculators to boy confisca-
~ oo<f0n. That In my firm belief.
There are only two things that
vUQI1 hold the price Of cotton down.
o. - te sixo OF te crop ami tie otter
81 Rufopsan trouble. Nov. have
10Vn that the carry over Of the
y<otent crcp will be very nmall. In
4on& I rhaIicnge Secretary Hester's
<1smenf the day after II was issued
- nov zee that senator Dial has
0< The hecretary OF Agriculture and
0er sfAry Hester cross-firing each
&gl1&r on that subject. The growing
fgpr5 = going to be very well. Not
!1o1 lager than last year. ~ as large
~ &. . fine looking crop I'm spots, but
- more wood than fruit. more prom
- thar fulfillment. ~
"a man from South Carolina who
- trav&Iing the cotton belt writes to
~ froin Texas that cotton out there
folfy four weeks behind and ran
~ IN height from s inches to 2 feet,
|V1tii no GCown fruit on H. Heavy
nANs aid In cotton Is growing rapid.
but not putting on as much fruit
0Ueed. Conditions favorable for
@4E wGcvtlA Best authorities say that
kuss cannot make much more then
~ ysar. Iurse the farmers Of South
~nso1tpsnot to be alarmed by stories
nnDut Texa4 4
~. ~ wtsh TO tell the people Of South
<oyolins something that was stated
~ Friday In the New Yors Journal
- Commerce. This paper said
when prices Of textiles reached the,
@1tssme figures In April of this year
one or the principal factors that
formec a basis Of speculation was the
b&tief tnst the cotton market coulc
~ manipulated up TO price OF 500
coo or even 81 a pound. Now thai.
tho>e fisnred have ben RELOCATED to
one Asn-heap. what Is TO maintain
1he price OF textiles except artificial
brought about through the
u,anipuiations OF textiles?" This same
paper goes on to say that "a fable of
Xali River dividends showing dis
boEscments of 4 per cent u year. inn
plying abnormal earnings and great
ssserves". and etc.