The herald and news. (Newberry S.C.) 1903-1937, June 21, 1907, Page TWO, Image 2
"TO ORGANIZEB COTTON BANKS
Southern Cotton Association Propos
es to Cotton Planters and Busi
ness Men that they Do a
Banking Business with
Cotton as Capital.
News and Courier.
Coluibia, June 16.-11t his beon
announced that the state oleials of
the Southl1ern Cotton Association will,
during the montih of July, make a
campaign of the shte rrom one end
to tile other to advance the work of
the Association. The average reader
-who has not, kept up1) closely with the
mplans of the Association is apt to in
for that Presidenlt E. U. Smith 1111(1
his associntes aire again JIrepariiig to
urge the airmers to hioild cotion for
higher prices or to decrea.e the lere
age. 13nt ir. Smith anld his associa
tes are not men of one iden and they
nve to intention of sinlging. the sam111e
song this year that has already re
.1oun1ded from the montmain)s to the
seashore. h'le(, eampaign of 1907 has
'for its purpose a plan, which, if el r
Ived into effeet, will benefit the
,farmers in subsequent years, as well
as ais1ear1am which will nlot hurt1
;u.y o, tle 4.% ven it' alu di) not ge
l.nilo it.
The proposition to he placed be
fore ile farm1lers al business mIen of
/t whole South is thle orgniZation
of what ma v be called "Cotton
Sks. ' ' In otier. Words, it is propos
ed to do ia blnking hustiness With cot
lon as capital. III the lii Iilanuage of E.
]). 1mithii. (o'tol is fle sout.h's eur
renc11M a there is nio reasonl why it
sholil nlol he utilized as a basis for
banking as well as silver and gold.
In any coiiluniity wilere the far
.11rs anIoval businless menl canl se
encre $50.000 )or $100,000 as eapital it
-is pl11111ei that tihey slall organiz a
colipanly aull erect z) ware house,
-which nust he built according to re
gllation plans. Then they will pr'o
pose that III f-amer or by nmber
of' 1arm11lers deposit with them their
cot n. :.-i as they might deposit
flheir, mloney wit 1ahak. supposn
that 4010 hales of colton are deposited
in this way a!d placed ini lte ware
housec. withI in suiranace 'znarianteced byv
le ' "'pu " c utied h
nT ettS n .nt si lleth nl k 1tilizeS
he mn y ited by-p oits iusto i
wes Tkngtewar*v h,ou1s-e re0
eepils fr 4n hal.01 ot totttt. the
comp N( wuld t a hank. or any
--0 1 h c'r lleern 'e r ]clt..r havinL. inonev
je!.4l. and h.>rrow monev uponl thlie
Ieeit at the curren1 rate and the
urren ric vof -It'.11. W 111h this
one s hrroed th com pan[I
o td O' H . 1t"he lovral are a
h.)t wart. ~
pn*h s . he 'Vtt. y . h
coLtto th co pn o .2ig.
trol f th sit atio . Bu eve tif only
tget w'i .th III the W n urh ,
wold ibe uficit t! kee ut of he
T-ctn that is ~I' to i ay. the ito
ges ro forcied' upon jithei markt at 'the
~aoenm er(t of the on.aTh planu
tiry state and,lwhie th. epsheme does.
ntotemptlat e aot tranizationh em
.bradeg a thiesen compane. iut i' un-e
maeto that throughw t~ wotern
Cotton thoatio thy 11 woul or
n whrmon 'ea d, i.f leanuffleent nu
* eitrl re u~itl the mareti rko t cropl
thoughi!ot the souh. It is estiane
thatd the teoietsen purchases at
echto impothest/cottneretoul reach
er estte and3 whieet the eentie
not1Contemple ncsar torontroi~ te
braing all thie demanie i n
BuctftherAssocirno thenerald orar
inaztony ndrsain amocint nhes
thmatnies deits agud trastes fo
cton by thesemno would eacnfh
eialIr cropc ivn orde toaffect tha
merely a local one. The opportunity
to deposit or store cottn in a fire
proof ware house without any storage
charges or insurance charges on the
owner would be very attriotive. Much
of the cotton, especially if it is held
for any time, is now left out in the
weather, placed under gin houses or
inder trees because the farmer does
not wish to pay the charges for stor
age and insurance even. if a warehouse
is near. The company would store and
insure this cotton without any charge
uipon tile owner if deposited in the
ware house. It is conceivable that
their may be times when it is not de
sired to hold cotton for'any length of
time but this situation would Iot ii
!juriolsly effect suich a concern.
Another benlefit which mlay possi
bly% arise from this system would be
lie elimination of the middle man. I
Thvre are frequently occasions when
the mills and exporting houses desire
to purchase large amounts of cotton
on short notice and these ware houses
with just a small degree of co-opera
tion would be able to supply such a
want.
The or.-raiizationi of these compan
ics is considered to be entirely prac
tical, especially if the business men
and banks of tile towns lend any as
sistance. The fact is well known that
many farmers throughout South Car
olina as well as other States are now
large depositors ill the banks ill the
fall season and the money to supply
the capital is certainly available.
ihere is no reasoin therefore why
the companies cannot be organized
with ample capital and if the far
mers now can deposit money inl the
haiks t.iere is no reason why they
cannot deposit cotton instead of first.
transforiing it into money. The ef
fort will be made by this month's
campaign to arouse the most prosper
ons, farmers anld husiiness men of the
towns to enter into this plan prima
rily in order, to keep off of the mar
ket tle weak cotton which is raised,
by tihe negroes and other small far
mers. and it remains to be seen what
slceess will be attained in this move
1110'111 1
T'her-e is Soi it ies uin
abr 14oad as [to tihe present plan of tle
Soutlhern ('olton Assoviatfon as to the
4r11an1211izatin of these eipanies. It
was or2igina1ll wopised to form a gi
Lanfic holding corporation with a
capital of several million dollars. but
the executive committee considered
It Pays the L
an3
$50,000,000.00
The Pap
More than is <
*: wrote paid for business; over
being nearly as much as any thr
"Old Line Basis " It is now dol
over $ 13.000,000.00 Assets, ov
The stockholders who are wel
000,000.00 are personally li
for all the debts of the Com[
offered only by the Pacific N
Under these same laws the<
Funds must be invested in n
funds are under bonds.
EI6
Gentlemen:
Answering your lette.r of the
Pacific Mutual of California, and
have the opportunity.
The GUARANTEED
much superior to the Annual Di
ferred Stock."
The Pacific Mutual Life ha
of any American Life Company.
MO
Call at my office and I will
tell you more about it.
Office o' er Old Postoffice, N,
this impractical and the J*ine of
local companies on oig tjycly
small capital has instead beell adopt
ed. It is reported to Mr. Smith, and
his own investigations 4sonfirInd the
report, that the States of the 1outh
west are fully alive to the advantageS
of this plan and that there will be no
diflenity in organizing such compaii
ics infhese States. Mr. Smith 's go
ing into the eampaign in South Caro
lin with his usual enthusiasm, whicih
means much for the success of the
ause. le recently spoke at a T. P.
A. smoker in Columbia and a boardi
)f trade banquet in Florence where
is plans met with much encourage
ient and support. The success of the
ight to hold cotton In 1904 and to
.educe acreage the following year de
nonstrated the power of the South
CHINA AN
Clearan
Another fall is fast
Few weeks I will leave
my fall stock of
china and
3nd before buying I wi4
stock. If you are a hot
3sted; but perhaps you
Fre missing, and the or
:ome and see. I am o
:y far the greatest valL
:erry. This is no catci
5ale, where you can sa,
iot permit me to give y
'ou to come and look f
Moges B
irgest DividE
Life Compa
is part of the i
offered by
ific Mut
ffered by any other Li1
$6,000,000.00 of new busines
se other companies wrote. It
ng business in more than 40 S
e$100,000.000.00 of busine:
l known and conservatively esi
able in an unlimited degree, ac
>any; extra security requir
Itutual Life Insurance Compi
lirectors are liable for the w
on-speculative securities.
IVIABLE OPINIC
PRIVATE OFFICE
JOH NWANNAMAKER
PHILADELPHIA.
8th, 1 am well satisfied with t
shal1 not hesitate to recomme
Very respectfully y<
Annual Dividend Policy-pe
vidend contract as the latter is
s the best Legal organization,
RAL-H-AVE TH E BE
ROBER'
ewberrv. S. C.C
ern Cotton Association. These we
tenporary: expedients and the Assi
ciation does not propose to 'o Oryit
"hold cotton" forever. The offleia
declare 'that they are now puttir
forth a proposition that is of pe
man6nt practical value to the fa:
mers of the south and through thei
of value to all the'interest of thi
section.
Jas. 'A. Hoyt.
It is supposed that the injuncti6
to turn the other cheek if one is sni
ten was directed exclusively to w<
Women are supposed to -hide b(
hind a smiling face all the sorrow
of an acbing heart. Many succeed i
practising the deception.
D PICTURE
ce Sale!
3pproaching, and in C
Newberry to purchas(
Pictures,
3h to dispose of all olc
isek eeppr you are inter
don't know what yot
ily, way to find out is tc
'fering a very large, anc
les ever offered in New
,, but a real cut pricc
le money. Space wil
ou prices, so I will as<
or youtrse!f.
oOk Store.
mnds Paid by
ny.
3xtra protection
vat Life,
Fe Company.
~s in California (its home State)
was organized 40 years ago or
states and Territories. it has
IS in force.
imated to be worth over $50,
:cording to their stock hpldings,
ed only by California Laws, anc
my of Los Angeles, California
rot gful acts of the officers,
Officers handling Comparn
, January 9th, 1903.
be results of my policy in Th<
rid your Company whenever
>urs,.
JOHN WANNAMAKER.
::uliar with the Pacific-is a
to the "Tontine.'" It is "Pre
imd gives the greatest gixarante
BT.
r' NORRIS,.
ken. Agt: for South Carolina.
Capital $25,000.
gThe -Book '0
Prosper
This Bank was establishi
tune. It will so care for yot
cure, and you can have it wh
join the financial family it wl
of need. It insures you the be
s Make a deposit today.
n
bank account.
4 per cent on money in th
Geo. Y. Hunter, President.
J. F. Browi
The People's
Prosperi
Paid Up Capital -
Surplus and Individual
Stockholders' Liabiliti.
For protection of depo
H. C. MOSELEY. President.
W. W. WHEELER, Cashier.
Better a conservative inter<
return when wanted, than a hig
about the principal.
A National Bank is' a safe De
makes it so. Likewise our Bo
of prudent conservative manag<
DIREC
G. W. Bowers.
J. A C Kibler.
R. L. Luther.
M. A. Carlisle.
J. H. Hunter.
J. P.
We allow 4 percent. pE
Department, interest I
Pianos
AND
Organs
At Factory Prices.
Write us at once for our special plan
of payments on a Piano or Organ
rf you buy either instrument through
us, yourgt a standard make, -one
that wi last a life-time. Write
Malone Music House
COLUMBIA, S. C.,.
For Catalogues, Terms, Etc.
THEXCH
Main Street, la
We submit the comparative f
and esteem on the part of a pal
June 14, 1906.
Loans $137,193.84
Deposits 52,566.79
A GAIN OF OVEF
We, too, pay 4 per cent. Ii
J. D. DAVENF
E. R. H IPP, VI
M. L. SPEA R I
'GEO. B.CR0ll
YOUR B
THE NEWDERRY
Capital $50,000 - .
s
- No Matter How Small,
The Newberry
will give it careful ati
applIes to the men and
JAS. McINTOSH,
President
Surplus $14,000
P rosperitu
bity, S. C.
ed to assist-yc u in building a for
ir money that it is absolutely se
enever you want It. And if you
11 prove yoqr good friend in time
,st service and convenience.
Every forturne has grown from a
e Savings Department.
J. S. Wheeler. V. Pres.
ie, Cashier..
National Bank
ity, S. C.
- - $25,000 00
Profits $5,000 00
st -1. $25,000 00
sitors.
M. A. CARLISLE, Vice-Presidint
CEO. JOHNSTONE, Attorney.
%st on your deposit with its safe
h rate and a feeling of doubt
posit. Government supervision
ard of Directors is a guarantee
%ment.
TORS:
W. P. Pugh.
Jno. B. F61lers..
W. A. Myseley.
Geo. Johhstone.
H. C. Moseley.
Bowers.
r annum it, our Savings
)ayable semi-annually.
ALL KINDS
Of Plumbing
Done on
Short' Notice
J. W. WHITE,
INGE BANK(
e er,S. C.
igures as evidence of confidence
tronizing public.
June 14, 1907.
Loans $195,441.13
Deposits 105,268.18
4 100 PER CENT.
i our Savings Department.
'ORT, Prest.
ide Prest.
V1AN, Cashier.,
A ER, Atty.
ANKiNG!
SAVINGS DANK.
-Surplus $30,000
,No Matter How Large, -
Savings Bank
ention. This message.
the vwomen alike.
J. E. NOR WOOD,
Cashier.