The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1922-03-29
LIVESTOCK ASSOCIATION
STEPS TAKEN AT MEETING TO OBTAIN
FEDERAL FUNDS TO FINANCE
NEW INDUSTRY -

der the law providing for the or
ganization Of such associations the
stockholders Will receive an an.
| nual dividend OF eight per cent Of
the stock before any profits Derry
ed from commissions earned by the
marketing department of the asso-
ciat;on are divided prorated among
the sellers of live stock. The as
sociation viii obtain loans for mem
| bers, when members desire loans,
and will market their livestock on
| the cooperative plan. and will
thus contribute toward the devel-
opment OF the. industry as no other
instru,nentaIay could under ex-
isting conditions.
DR.. w. w Long, director OF the
extension work, Clemson College.
Heartily and -enphatically endorsed
the proposed. association and It's
tplan OF operation. He reiterated
the statement heretofore made
before meetings of Sumter county
farmers that the livestock indus
try, especially dairying, is the hope
of this section for the restoration
OF agricultural prosperity.
Mr.. L. D. Jennings suggested
that the quickest and best way to
get the association on its feet so
as to get the money ;t;at the
! farmers need to. esta blisl. he live
stock industry. would be for ten
men to subscribe five thousand
dollars each, pay in twenty per
| cent at once and proceed with the
permanent organization. Then to
lose no time in obtaining loans for
those who first apply. AS soon as
the association began functioning
and the farmers realized that they
could get money on livestock Sc
curity there would be no difficulty
in increasing the membership and
enlarging the capital stock, SO that
loans aggregating a half million or
several millions Of dollars could be
secured He also suggested that NO
member be permitted to borrow
at the outset more than five times
the amount OF his stock subscrip-
tion in the association. This sug-
gestion was discussed with approx
al, and before the meeting was ad-
journed $ss,o0e had been sub
scribed by those present.
Another meeting will be held
here on -Ar-if 1st Saturday at
which it is expected that a pern1a-
nent organization Will be complet-
ed with the proposed capital stock
of fifty thousand dollars fully sub
scribed.
II the farmers and business men
Of South Carolina do not grasp
this opportunity to, obtain funds
for financing the infant livestock
industry they will show themselves
lacking in enterprise, vision, and
faith in themselves and their
country While it is proposed that
the headquarters of the associa-
ton Will he in Sunter, it is not
TO be q local organization. but
statewide in its operation and
service. The subscriptions to cap
ital stock made today We're by
Sumter and Beaufort men, the
majority being largely by Sumter
men, but additional subscriptions
are expected 10 be received from
farmers interested in Livestock
from all sections Of the state. II
there are q. sufficient number Of
applications for srock-and loans
the propoSed .capital stock viii
be increased to one hundred thou
sand dollars fof 10 double that
amount, as the necessity arises.
Farmers Or other business men
who are interested IN the livestock
industry and desire to obtain loans
independently Of the banks and at
a lower rate OF interest should ia
vestigate the South Carolina Live
stock Association Plan. Mr.. l.. u.
jennings or Mr. j: Frank Williams
Will take pleasure in furnishing in
formation Those interested should
be sure to attend the meeting on
Saturday, April lst.
In addition TO the speakers men
toned, Mr.. l. /. Barrett, manager
Of the South Carolina C"-ol .,ative
Association, Mr. w j. Sheeley. Ex-
tension Live Stock Expert, Clemson
College, and Mr.. c. Schmolke,
Dairy Expert We're present and
participated in the discussions.