Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1921-09-20
MONEY FOR Farmers
War Finance Board Now Ready for
Bdsinpss. i.'''hH
Loans Are in Charge of a Committee
Of South Carolina Bankers Who
Have a Complete and intelligent
GRASP of Local Conditions.

OF OOutH SdTUii1d DdHHSfS "ho
Have Complete and Intelligent
Grasp of Local Conditions.
Announcement of the opening Of
headquarters in Columbia for the
loaning Of money for farming pur-
poses in South Carolina under the ag-
ricultural credits acts was made Sat-
urday by the committee appointed for
this state by the war finance corpora
ton. Temporary headquarters will be
located at the Palmetto National bank
and all application blanks and other
information can be obtained from W..
Latta Law, Jr., secretary of the COM
mittee. The committee to have charge
of loans in this state is composed of
the following: J. Pope Matthews,
chairman; william Barnwell, vice
chairman; H. L. McColl, ]. c.. Self, W..
Latta Law, Jr. and c. L. Cobb.
Mr.. Matthews is president Of the
Palmetto National bank and direc-
tor of the Federal International Bank
ing Corporation of New Orleans and
either large Industrial companies in
the south. He has long been leader
in advocating new methods Of financ-
ing the Southern farmers.
Mr.. Barnwel is president Of the
National State Bank Of Columbia and
is one of the most prominent bankers
and business men in the state. Mr..
Cobb is cashier of the Peoples Ma
tional Bank of Rock Hill and vice
president of the South Carolina Bank
ers' association. Mr.. McColl is presi-
dent of the Bank of Marlboro, Ben
nettJville, and a well known business
man in that section. Mr.. Self Is
chairman of the board of directors OF
the Bank of Greenwood and president
of the Greenwood Cotton mills. Mr..
Law is connected with the Palmetto
National bank and was formerly with
the National City Bank Of New York
in New York and Havana, Cuba.
Will be Loan Agency.
loan agency for this state of the war
finance corporation and will have
charge of administering Section "a OF
the agricultural act, which authorizes
the corporation to make advances to
any bank, banker or trust company
in the United States, which may have
IIlt r.
poses, including the breeding, raising
and marketing of live stock or may
have discounted or rediscounted notes,
drafts, bills of exchange or other ne
gotiable instruments issued for such
purposes. The committee will receive
and pass upon all applications for
loans.
The committee yesterday made the
following statement:
This method of procedure will save
n great deal of time to the local bor-
rowers and gill give the war finance
corporation the benefit of the eXper-
ience and local knowledge of the con-
ditions of the bankers who will COM
pose this committee. AS the admins
tlation of the act is almost entirely
banking proposition, the list of men,
bers consists of bankers, both nation
al and state, who are familiar with ag-
ricultural conditions in their sections.
Tho names of the committee were
chosen on the recommendations of the
various business organizations in the
different districts of the state. They
are unpaid for their services, realizing
the opportunity for public service.
"All applications for loans must be
submitted in triplicate and on forms
provided for the purpose by the
war finance corporation. These forms
and other information may be obtain
ed from the secretary Of the commit
tee, Mr. Law, at the Palmetto National
bank. Columbia.
How Advances Made.
"The corporations authority to
make these advances extends until
July /, 1922. Advances will mature
not later than one year and loans can
not be extended beyond three years
from the original date of the advance.
Advances may be made against the
note or acceptance of the borrower or
other negotiable instruments, making
him primarily and Internationally
responsible for the payment Of the ad-
vance. Application of the borrower
must be adequately secured by in
dorsement guaranty, pledge or other
wise. The corporation shall retain
the right to require additional security
at any time. and in the event of fail
IRE of the borrower to furnish same
uron demand. the loan shall forthwith
become due and payable.
"Thc rate of interest will be deter
mined from time to time by the board
of directors of the corporation. Under
the Inv Il bank obtaining advances on
the basis of loans made by it for ag-
ricultural purposes, may not charge
uron such loans rate of interest
greater than per cent. in excess OF
the rate charged by the war finance
4. I. 1tsrNE- n