The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1922-03-29

|. 4 meeting was held today in the
Chamber of Commerce rooms that
had every Indication Of being the
beginning of a new era in this
section of the state. The first step
was taken toward making live
stock raising and carrying a staple
industry that will be entitled 10
and will receive consideration and
credit as great as heretofre eX-
tended only to cotton growing in
South Carolina. The meeting was
; held under the auspices Of the
South Carolina Cooperative Live
stock Association which was re-
Gently organized on a tentative
basis at Beaufort, and was for
the purpose Of interesting the
farmers Of this section of the state
in the organization.
! This association is organized
under the South Carolina Cooper
ative- Marketing Act Of 1921 of the
State Of South Carolina. Under
this act the South Carolina Live
stock Association is enabled to
Borrow money from the War FL
nance Corporation, which they will
in turn loan to livestock growers
for agricultural purposes, includ-
ing the breeding, growing, fatten-
ing and marketing Of livestock.
| The association will loan money
to its members and it is planned
that they will loan them as much
as "a per cent Of the value Of their
| livestock in some cases.
The association will also market
comparatively the livestock Of its
members and will not only help
them 10 get the highest price for
their livestock, but Will assist them
TO raise the grade Of their stock,
,, and loan them money to hold on
to their livestock until better
market. is available.
The meeting was called to order
by Secretary Reardon Of the
Sumter Chamber Of Commerce,
who was elected chairman, with
i County Agent J. Frank Williams
acting as secretary.
Senator Neiis Christensen. of
/, Beaufort county, the first speaker,
discussed in general terms the pur-
poses of the Livestock Association
i and then outlined the terms under
, which money could be obtained
! from the War Finance Corpora
ton by farmers. he explained why
the individual farmer could not
obtain the credit that he needs to
extend and carry on his business.
and why the banks are not able 10
obtain all the money thar the
! farmers need 10 build up live
stock industry in sections that have
not heretofore been engaged in the
livestock business. He then eX-
planned how and why it is ,neces-
sary, under the regulations OF the
War Finance Corporation, that co.
operative associations be organiZ-
ed. as the basis for obtaining loans
for farmers He also stressed the
necessity for immediate action. if
any OF the money now available is
TO be secured, since the War FL
nance Corporation viii cease to
function July lSt, unless it is eX-
tended by act Of congress prior to
that date The money is to be had
if the farmers comply with the
conditions prescribed by the cor
poration, and it is therefore neces-
sary for the farmers who wish
10 secure three years loans at a
low rate OF interest from the gov
ernment to act quickly.
Mr.. X. C. Horne. Jr., of Beau
fort, secretary of the Livestock
Association. outlined in greater de-
tail the plan and purposes of the
organization 1t is necessary 10 or
saniZe with cash capital of not
less than $4,000. OF which twen-
" per cent. must he paid in at
once When this has been done the
association Will be in a position to
obtain loans from The federal gov
ernment through. the War Finance
Corporation for its members, 4
member being able to obtain loans
approXimatmg I've times the
amount of stock subscribed, the
credit of the association and the
livestock of the borrower being the
collateral guaranteeing the pay
naent Of the loan at maturity. UR-