The herald and news. (Newberry S.C.) 1903-1937, November 30, 1920, Image 1
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VOLUME LVI., NUMBER 86. NEWBERRY, S. C., TUESDAY, NOVEMBER 30, 1920. TWICE A WEEK, $2.00 A YEA1
Note From A
Pol
Colby Speaks Frankly to Brtish For*
eign Office?United States Says
It Expects Voice.
Washington, Nov. 25 (By the AsQftnintprt
Press K?The American
government has informed Great Britain,
politely, but firmly, that it does
not propose to be excluded from
participation in the rights and privileges
secured under mandates provided
in the treaties of peace. Furthermore,
it expects to be heard regarding
the terms of those mandates
before they are put into force.
, The position of the United States
is set forth in a note by Secretary
Ootby to Earl Curzon, the British secretary
of state for foreign affairs,
and the specific question discussed is
that of the Mesopotamian petroleum
fields. Mr. Colby's note is dated No- j
vember 20 and was made public to- (
day following its delivery to the British
foreign office early this week. It
is in reply to a British note of last
August 9, which has never been made
public, and which deals with the ap rwli/?ai^/vn
r\f nrinpinlps of eauali
yiivawivii v* vuv ? ? ?4
ty of treatment to the territories of
. the Near East to be placed under
British mandate.
The American note takes issue
with what is described as the British
position that mandate agreements
and treaties are to be considered
only by states that are members of
the league of nations. It states that
the United States, as a participant in 1
" u ' ??J ~
tne worm war aau a vviimivuwi ?v
its successful issue," can not consider ;
any of the associated powers, the !
smallest not less than itself, debarred
from of y of its conse-'
quences,. or from participation in the
rights and privileges secured " under
the mandates provided in the treaties j
of peace. ,
Pledge is Welcomed. i
% ' |
Mr. Colby says in his note that the
American government accepts the I
? - a rPAirnynmonf i
scaxemeni ox uie dhuish guiciuiuvut
that it has refrained from exploiting 1
the petroleum resources of the man- |
dated territories in question and \
"welcomes your pledges" that it is j
far from the intention of Great Brit- j
ain 'to establish any kind of monop- j
oly or preferred position in its own
interest." j
"I need hardly refer again," Mr. i
Colby continues, "to the fact that the I
government of the United States has
/.nvieJefonUr uvarpH tV?nt it IS of the
WiioiotviivAj U4^vm - - ? ?
utmost importance to the future
peace of the world that alien territory
transferred as a result of the
war with the Central powers should
"be held and administered in such a
way as to assure equal treatment to
the commerce and to the citizens of
all nations. Indeed, it was in reliance
upon an understanding to this effect
and expressly in contemplation
'' r --1- ii-- woo
xnereoi, tnat me uuncu umico *??*o
persuaded that the acquisition under
mandate of certain enemy territory
by the victorious powers would be
consistent with the best interests of
the world.
"It is assumed, accordingly, that
your statements with reference to
mandate a (not described) together
with the statement that the draft
mandates for Mesopotamia and Palestine
hive been prepared with a view
to secure quality of treatment for
% . # _ 11
the commerce ana citizens 01 an
states which are members of the league
of nations, do not indicate a supposition
on your part that the United
States can be excluded from the
b?.iieiits of the principle of equality
of treatment."
As Interested Party.
Referring to the statement by the
British government that the draft
mandates for Mesopotamia and Pal
estine, which have been prepared,
will, when approved by the interested
allied powers be communicated to
the council of the league of nations,
the American secretary of state says
"the United States is, undoubtedly,
one of the powers directly intei*ested
in the terms of the mandates, and
I therefore request that the draft
mandates be communicated to this
government for its consideration hefore
their submission to the council
of the league."
Mr. Colby goes on to say that "it
i
?? ??p?g?xsamMi ?ax??aaci: f i
merica
ite But Strong
would seem essential .hat suitable
publicity should be given to the
drafts of mandates which it is the
intention to submit to the council,
in order that the fullest opportunity
> may be afforded to consider their
terms in relation to the obligations
assumed by the mandatory power,
and the respective interests cf all
governments, whici: me or deem
themselves concern or affected."
"The fact can no, oe ignored," Mr.
Colby continued, "that the reported
resources of Mesopotamia have interested
public opinion of the United
States, Great Britain and other countries
as a potential subject of economic
strife. Because of that fact
they become an outstanding illustrating
nf t.hp kind of economic aues
|tion with reference to which, -the
j mandate principle was especially designed,
and indeed a peculiarly critical
test of the good faith of the nations
which have given their adherence
to the principle. This principle
was accepted in the hope of obviating
in the future those international differences
that grow out of a desire
I for the exclusive control of the re
sources and markets of annexed territories."
Suggestion of Conflict.
Mr. Colby then frankly states that
the American government "finds difficulty
in reconciling" the special arrangement
set forth in the socalled
San Remo petroleum agreement between
Great Britain and France, with
the British government's statement
+V,o nofvolAnm vpsnnrpps of Mes
| opotamia, and freedom of action in
j regard thereto, will be secured to the
I future Arab state, as yet unorganj
ized.
"Furthermore," he says, "it is difj
ficult to harmonize that special arrangement
with your statement that
concessionary claims relating to
j those resources still remain in their
! pre-war position, and have yet to
! receive,.-with the establishment ofthe
Arab state, the equitable cor.sid
eration promised Dy nis majesty s
government.
"This government has noted in this
connection a public statement of his
majesty's minister in charge of petroleum
affects to the effect that the
: V
San Remo agreement was based on
i the principle that the concessions
j granted by the former Turkish gov
| ernment must be honored. It would
j be reluctant to assume that _his maIjesty's
government has already undertaken
to pass judgment upon the
validity of concessionary claims in
the regions concerned, and to concede
validity to certain of those
claims which cover, apparently, the
entire Mosopotamia area. Indeed
this government understan your
note to deny h .v'ng taken. , ful to
deny the intentio.-i -> take, any such
ex parte and pre . are action.
"In this connection I might observe
that such information as this
government has received indicates
that, prior to the war, the Turkish
Petroleum company, to make specific
reference, possessed in Mesopotamia
no rights to petroleum concessions
or to the exploitation if oil; and in
view of your assurance that it is
not the intention of the mandatory
power to establish on its own behalf
! any kind of monopoly, I am at a loss
j to understand how to construe the
(provision of the San Remo agreeI
ment that any private petroleum
J company which may develop Mesopo!
tomian oil fields 'shall be under peri
manent British control.' "
To Correct Misapprehension.
Referring to "some allusion," made
! in the original British note to Amer!
ican supremacy in the petroleum inMv
PAIKV* <551 t.hat. tO COl'
UUCH \ 9 -'A L VViVJ ?
! rect a misapprehension, "which your
| note reflects." he will state that "the
! United States possesses only onei
twelfth approximately of the petroj
leum resources of the world," and
J that the oil resources of no other na|
tion have been so largely drawn upon
j for foreign needs.
! "But it is not these aspects of oil
i production and supply, in so far as
| they are of domestic interest to the
, United States, with which I am eonf
Continued on Pa ire 7.)
[ \
imi ur?nrnr rTuufgutTrrnrtrrr:: .sartiorvr
THANKSGIVING IN NEWBERRY
WAS BEST IN MANY YEARS
An Ideal Day ana the 3aptisi Church
Full of Thankful People Who Re-,
membercd Destitute Children.
There has never -been a better
Thanksgiving day in Newberry than
j the one celebrated so gratefully Inst
! Thursday. A large crowd went to
| the union service and enjoyed the
i nnra?ion. The Rev. E. V. Babb had
j charge of the meeting and during the
hour favored the congregation with a
I solo that drew a feeling response
j from the hearts cf the people. The
| Rev. Dr. W. K. Gotwald offered
[prayer and read the scripture lesson
land Dr. E.~ C. Jones also made a
prayer, all producing a spirit of solemnity
over the entire number who
had assembled to render praise and
thanksgiving to the Supreme benefactor
who had bestowed His many
blessings during the past year and
the years gone by. The hymns were
most appropriate in the hands of Miss
Margaret Burton, organist.
Dr. Geo. S. Mower was unable to
be present and Prof. Jas. C. Kinard
Jl.. fry tolfn ll 12 T f
I AIIIUIji tUJl?Clll(.u wv wtnv |>iv>yv.
jwas only at the last hour that Prof.
Kinard knew he was expected to
speak, but when he came forward to
make his address he began it without
any apology for shortness of time, so
unlike many other speakers, which at
once took well with his hearers and
raised him in their estimation. Dr.
~ ^ ' xl- - -4.1
lieo. jk. uromer was uie uluci s^car.er.
Both speakers delighted the
pothering with their well chosen and
fitting remarks. .
When the time came for the orphanage
collections and Messrs.
John H. Wicker, B. L. Dorrity, Jas.
N. McCaughrin and N. C. Toole had
been requested to get the contributions,
Dr. E. C. Jones suggested that
i instead of sending the money to the
. /\u?li?nofriic! fV>ic uoar flit* PH.
J VUUUUd Ul^uanu^^ W1UW J vw?4 V..W
i tire amount be forwarded to the
i starving: children of the east. Mr.
! Babb promptly responded that it was
ja good suggestion 'and met with h;s
j hearty approval and that no objecj
tion being raised the money would be
I disposed of in accordance with the
J suggestion cf Dr. Jones. The propoS
sition made a profound impression
j and met with unanimous endorsej
ment by the hearts, of all in deep
j and touching silence. It was the sii
lent eloquence of unspoken words on
i
J tne part of the large and attentive
I conarejration. *I)r. Jones' suggestion
j that the hungry children of the East
! be thus remembered on this Thanks!
giving day was one of the best sug|
gestions ever made in this city. As
! a consequence some changed their
j contributions to larger amounts, one
contributor giving a check for S2o,
j another giving a $10 bill, others $5
' bills and on down, and we are sure
i if it had been announced in the pa!
pers that the collection was for that
: purpose many more would have been
j ready with greater amounts; but the
j suggestion was an inspiration of the
hour. As it was, $idu.?.5 was collected
on the spot, and since then
Dr. Jones has received an additional
amount for the fund.
If any one else would like to contribute
Dr. Jones, who was put in
charge of the fund, will gladly receive
the same and promptly forward
all contributions to those destitute
and dying children. Now is a good
time to keep up the good work. This
I is an appeal that should meet with a
i prompt and most liberal response
from this highly favored community.
Everybody ought without urging be
gladly willing to heed the cries of the
millions of starving: and scantily clad
children and babies across the sea.
Phillip Daitch.
This enterprising merchant says he
! is going to sell his goods and in orJ
der to do so is using a page in The
j Herald and News today and really
the prices he is quoting is something
j like giving some of the things away,
| if you'compare the prices with the
| former soaring prices wh:ch have prevailed
for some time. Read what he
I has to say and then visit the store
and see for yourself.
As for millinery, he has the headgear
to suit any style of beauty and
his milliner is an expert and will take
pleasure in arranging' and trimming
tin* hiit that suits vou. and at the
same low price of the other merchandise
in the .stoiv..
Kittle gets bail
i from judge wat!
' GREENVILLE MAN GIVEN 5
! LEASE IN LARGE SUM.
i
Mr-. Eunenid Sr.in Offers Afficln
That Her D-.lighter Had Married
Accused Mars.
The Stiiie. 2oth.
Baii in ;he sum of ?0.030 v
granted to K. N. Mittle, Greer, v.'
merchant who shot ant! killed J.
Patterson at Rowesville Sunt
night, November 14, by Assoc i;
Justice Watts of the supreme coi
yesterday. Mittle has been in 1
penitentiary since Monday. Novo
ber 15, and his attempt at bail y
teuday was the first (effort to pet
release.
Judge Watts sighed the or<
? ? -1 ? U n /I c
granting- umi mia nc uau ikhiu ^
dencc on both sides. Not more tl1
five sureties nor less than two are
guarantee the bond.
At the hearing before Judge Wa
an affidavit was submitted by Sol:
tor Hydrick, purporting to be fr
Mrs. Eugenia Sain, who said that c
- ' ' ' ' TS t T.,
of lie:* uaugmers, iurs. rume^, .m
son, had .been married to Mittle.
will be remembered thav Patters
was killed in front of the Sain hor
and it' is alleged that Mittle fii
the shots just as the former v
leaving the residence, where he 1
been calling upon the daughter
Mrs. Sain. ?
In the affidavit Mrs. Sain says tl
her daughter, "Star," had been m
ried to Ernest Jackson and that Ja
son died some time ago. She furtl
says that Patterson had been pay
attention to her daughter. Seve
- i ^ -mtzj.
weeks ago she learned tnat iuh
and her daughter h&d been marri
she says, and she -also learned la
that there was some question as
Mittle's divorce.-^&he began a bea
and was unable to find where a m
riage license had been issued for i
daughter and Mittle, she says in
affidavit, and couid pot ascert
whether or not Mirtle 'had been
vorced from his first wife. She il
went to Greenville, where M it tie I
carried her daughter, and accu:
him of having secured Jio license i
of having a divorce from his wi
she says., and "little admitted, acco
ing to the afiidavit. that hs had i
ther a divorce nor license to wed
daughter. Mrs. Sain then brought
daughter back home, this being <
tober 7, and she saw no more of ^
tie until October 11 or 12, when
appeared at the Sain home.
Mittle asked to see her daugh
on this date, but he was refused
request, Mrs. Sain says, and was
dered away from the home. The r.
' time she heard of Mittie, she sa
was Sunday night, November
when Patterson, who was leaving
home, rushed back in the house i
i exclaimed that he had been shot.
Divorce Papers Filed.
I
Solicitor Hydrick also introduce^
i certified court letter from the cl<
of court of Richmond county, Ga.,
which it was said that Mittle 1
filed divorce papers with the co
on October 20. Solicitor Hydrick
formed the court that this was af
the marriage with Mrs. Jackson. 1
other affidavit was introduced sh<
ing that Mittle and Mrs. JacKson i
been married by a notary public
the presence of the required num
of witnesses.
Attorneys for the defense subn
ted their case entirely on the c
dence at the coroner's inquest, i
an affidavit showing that Mittle .
a man of business and cf good fin
cial reputation. The evidence tal
at the inquest was admitted by Ju<
' Watts.
Judge Watts would not admit
alleged dying declaration of Patt
son. and ended the case by grant
bail and making the papers retu
able to the next court of general s
sions at Orangeburg.
I
Death of An Old Lady.
.Mrs. Mahalcy Werts, the a<
, mother of our fellow townsman,
Jjoe W. Werts, died at the home
i her son, Mr. E. H. Werts. in Jc
, Street, Tuesday and was buried fr
i St. Paul's on Wednesday. She v
| the widow of the late l)r. D. H. We
ovwl v? iKr.nt <il) vpflrs of iiyc.
i extended notice of her death will
j published in Friday*? paper.
?
f AFTER THANKSGIVING
i FATHER AVENGES DAUGHTER
i S!
| An Enraged Parent Kills Man Who
,p | Persisted in Seeing His Daughter?Parlies
All Coiored.
i
j On last Friday nigrht. at about 9
| o'clock Richard Thacker was shot
:
aid killed by lie a bo r. Boozer, father
' of Os.>ie xMay Boozer. The tragedy
j j.:curred on the Claude Abrams
: ?>iace, known as the Madison Pitts
i : *
;n/4 'ho:ne place, a mile beyond Trinity
u .church. It was the result of a per|.,v
: sistent effort on the part of Thacker
ate , to keep company with Boozer's
Lll.t | daughter, after the father had ret}-e
1 peatedly warned him to cease his atm.
' tentions. After the killing- Thacker's
es_ ' overcoat and shoes were found in
kis the yard, showing that he was trying
I to slip into the house when he met
, ! his death.
,vj_ : Coroner Lindsay held the inquest
ian Saturday morning. The following
J.K ? '
^0 Wits Lilt: tcstiiiiuii v .
j Ossie May Boozer, sworn, says:
tts "Last night about 9 o'clock, Novemici
bcr 26, I heard my pa calling to
om some one, saying, 'What are you dome
ing?' This is what woke me. Pa
ck- called me and asked if I knew he
It was in there. I looked at the door
;on: and saw Richard Thacker standing
ne, in the door. When pa asked him
red what he was doing he ran. Pa sat
1 " * ^1- n. 1
ifas i down in iront 01 ine nrepuice auu
iad ' asked me if I knew he was in there,
of and he told me to get his shells. Pa
got his gun and went out of the door
hat an^ looked around, and said, 'I know
ar- you have got to come back and get
ck- your shoes,' and at that time he shot.
ier Thacker hollered and said, 'Oh,
ing Lordy,' Thacker was outside of the
ral house when he got shot. Pa said he
;tle shot him, and said he was going up
cd, I to the house to tell-Mr. Abrams. Last
ten year Richard Thacker ran" aft61^fhc~
to | He hasn't been running after me this
L-ch | year.
ar-j "Ossie May Doozer."
TIT \ H'mn /V. t'ftllftW.
[iCl VI. . ?\. > V- Wit?,
the inir certificate: "J hereby certify
a in -that I examined the bony of P.ichdi
ard Thacke?:, a.?\: lind that he came
en , to his death by gunshot wound,
lad "W. A. Dunn. M. D."
eed The verdict ev -:he coroner's jury
-or was that "Richard Thacker came to
his death from gunshot wound- at
r<l- the hands of Reuben Boozer the
*ei- 2(5th of November, ii?20."
iier The following: composed the jury:
her c. PJ. Abrams, foreman; J. C. Waldrop,
John T. Tim merman, W. A.
iit- Mack, James G. Longshore, W. E.
h-' Longshore.
Sheriff Biease was on his way Frit.pr
Hfiv r.irrht tn <?ot Boozer when he was
the'met by Mr. .A b rams bringini the
or-j prisoner in, Boozer having given himcxt
j self up. Reuben Boozer is the neys,
j gro who killed a colored woman in
14,| the Prosperity section of county
the | some time ago. He.was out on bail.
ind ! -aso*
Mimnaugh's Sale.
J. A. Mimnaugh is running today
,j a | in The Herald and News ihe biggest
j advertisement that has appeared in
jn j a newspaper in Newberry. And when
iacj j Mimnaugh advertises he states the
urt facts and has the goods to back up
in_ what he says in his ad. So it will
ter Pay you to look over these two pages
Kn- vefy carefully and see just what you
)w_ need and then go down to his store
iail and get it. He buys for cash and
in takes all the discounts and can afber
ford to sell for less and at this sale
he is giving the buyer the benefit of
lit- his low purchases and then some.
;vi- .
ind QUARTERLY MEETING
REEDY RIVER W. M. U.
V <Xo
anThe
first quarterly meeting of the
^ Reedy River W. M. U. will be held
w j \J LI L/tLCHiUtl -X U U X i u *-iV\ i\ vvivii bitw
I West End Missionary societies. Mrs.
an Maxey White, our missionary to
er- Brazil, will be present and tell us of
in? her work. We hope every missionrn
ary organization will be well repress
sented. If any wish to come the day
before please notify Mrs. J. M. Davis,
Newberry, and a home will be provided.
red Mrs. W. H. Hunt,
Superintendent.
of m
lly Wise-Livingston.
om Mr. Jacob C. Wise and Miss Ruby
vas Livingston, both of the O'Xeall secrts
tron of this bounty, were married on
An I November 21, at the Mr. Tabor parbo
j Honnge, Prosperity, by the pastor, the
| tun . J. fc>. Marman.
.Bankers Assoc
J
indorse
' Approximately $300,000 Subscribed (
fqr Banking Company Stock. j
Suggest Acreage Reduction. ^
j
; The Stare, 26th. ; j
| Unanimous indorsement of the: \
i Federal International Banking com- ,
i i x
j panv, the subscription of approxi-: (
I mately $300,000 of its stock, the rec-;<
j ommendation of a 50 per cent, reduc- i t
| tion in the cotton acreage to be made i .i
J effective by discouraging loans ex-; j
j cept to farmers who follow this sug- j?
j gestion, and the pledge of support:;
to the state chamber of commerce's: i
i1
movement to obtain a branch of the ^ |
Richmond federal reserve bank for j 1
some South Carolina city were the ,
more important acts of the 200 rep-, (
resentative South Carolina bankers; <
I i
meeting in special session in Columbia
yesterday. '
f J
The resolutions indorsing the Fed-|(
I eral International Banking company, f,
j presented by B. C. Matthews of New-1 ]
j berry and adopted by the association, j.
j recommend that all the banks of J <
! South Carolina, both national and ;,
i 1
j state, subscribe for their full aucra i ]
of stock in the corporation, 3 per ,
cent, of their capital and surplus, 1
and where possible 5 per cent, off,
the capital and surplus. It was also ,
suggested that all other corpora- ^
tions. business and individuals who j
are interested in the production and I
handling of both raw materials and j
manufactured products, and also all
persons engaged in the export business,
be invited to subscribe for stock
in the company. The chairman of \'
the campaign committee was also in-:
iflir j;
state, as well as the other interests, j'
concerned in the company, urging im- j;
AiiUe>/k%*mfi'Aiie +A fVlO PniD- ;
j rzieuiaitrij suoom^i'iuno w? vv... |
pany in order that the quota of the,
j state may be secured by December;
! 10, the date for closing subscrip- j
tions.
: '
Will Obtain Quota.
Approximately $300,000 in stock
in the company was subscribed by the 1
j bankers present, a number of whom, i
unable to subscribe yesterday, are;1
returning to their boards of directors
for authority to subscribe their'
quota. South Carolina banks will j
. have little difficulty in reaching their
i quota of approximately $f>G0,000. ac
| cording to J. P. Matthews, state
j chairman.
j The resolution recommending a re,!
duction of the cotton acreage, introi
duced by D. M. Crosson of Leesville, i
| states that "it is the sense of the
(South Carolina Bankers' association '
j that the farmers of the state should
reduce the cotton acreage planted !;
-- frt J. 4-1,^,4
next year oy ou per cent.., auu uiai.; i
the banks should discourage the fi- f i
nancing of crops where this is not
adhered to." The introduction of the
j resolution followed the address 'of i
j Ex-Governor Manning, who urged the j
; bankers to use their influence in urg- j
j ing the reduction of cotton acreage. J
The farmers should be taught, Mr.;
Crosson said in discussing his reso- :
' ' J 1 J. x! 1 1 J i. ? !'
lunon, mat me dhiik.5 uu nut in impose
to help those who do not help
themselves, and that the first meas-<1
ure of self help is the reduction of! i
the cotton acreage by one-half. D.' i
R. Coker also recommended a 50 per
cent, reduction in the cotton acrei
age. i ]
i
The meeting which was presided <
over by H. W. Fraser of Beaufort, i <
i president of the South Carolina i
i Bankers' association, was called foi j!
the specific purpose of discussing the''
;
Federal International Banking com- j
! pany, now being organized under the |
Edge act. This organization, J. Pope j
Matthews, president of the Palmetto
National bank, pointed out, will be a
money making business. There was,
he said, no element of speculation or
risk about it. ;1
t rr: c
io r inantc jt-uniti 11 L.AJJUI H.
I
The, company, which had its formal .
genesis at New Orleans November 0, i
proposes to finance the export of \ (
Southern products, chiefly cotton, (
thereby opening up markets now ^
closed, serving the double purpose j
I c ? ... th.,
j VI SUJJUi V II1J? lUlUi^ll wu#\c ??iu? i?iv
!needed raw material and the South-!
j (
ern producers with the needed mar- ,
kei for their ir?">ds. The extension;
l
[alien
s Edge Bank
>f lon<? time credit and the amelioration
of depreciated exchange values
vould be the chief methods employed
>v rhr> pomnanv in accomplishing its
mmediate aim of supplying a marcet
for Southern products. The com)any,
with a capital stock of $6,000,)00,
has been organized in the 12
southern states and would. Mr. Mathews
said, be ready for operation by
ranuary. "The best bankers who
lave studied the situation are unanjnous
in their expression of approval,"
VIr. Matthews said, adding that "any
ranker who does not take an in- ' /
:erest in the company will be a back
lunioer." ;vir. iviatinews is a mcmuti
3f the state campaign committee in
?harge of the organization work in
South Carolina. *
Representative W. F. Stevenson
followed Mr. Matthews, describing
the purposes and intents of the Edge
act, under which the international
banking company is to be organized
and also defending the federal reserve
board from what he termed "a
rrr-aai- m icn rt Hprsl-flndincr which
,C'J fc* ?
has gone abroad." The Edge act, Mr.
Stevenson said, was promulgated for
two purposes: To make the United
States the banking center of the
world and to provide for these export
companies with authority to extend
long time credit.
Long Credit Necessary.
The history of the United States'
trade with South America, he pointed
Dut, was conclusive proof of the need
for such export finance organizations.
Here America had repeatedly
failed to make headway because the
months' credit and the best that the
Cnited States could offer was 90
days. Germany, Belgium, France,
Poland. Italy and other countries, Mr
Stevenson said, "were starving for
cotton, their spindles rusting, their
laborers idle," not because they did
not want the cotton but'because they
did not have the money to buy it.
The South, he said, would have to
discover that there was no use in
"chasing rainbows" of help from outside
and make up its mind to help
itself or go down.
TWo nvps^nh financial situation in
the South was not to be attributed,
??Ir. Stevenson asserted, to any contraction
of currency by the federal
reserve board. A comparison of figures
will show, he said, that the contrary
has been true, that the currency
has under the federal reserve
beard been expanded not contracted.
The real cause of the situation was
to be found in the scarcity of credit,
strained to the last minute to produce
raw m?cerials for which there
is now no market.
Following: Mr. Stevenson's address
the meetir.ir adiourned to the ball /
room for the Thanksgiving banquet,
where the discussion of the banking
company project was continued and
subscription of stock made. A. C.
Phelps of Sumter, who has recently
made an inspection trip to several
European countries, told of the need
there for cotton and of the necessity
of long time loans or other financial
measures to make possible the purchase
of the raw product.
Indorse Banking Company.
? ^ ^ ' * tt i J n TT
D. K. CoKer 01 narcsvine ana Cj. n.
Pringle, Jr., of Charleston also addressed
the meeting, indorsing the
company, while Richard I. Manning
presented a plea of assistance from
;he bankers for the American Products
Export and Import corporation
ind pointing out that the export corporation
and the banking company
iid not conflict in their fields but
voro li flip fr.mnlempnt and SUD
plement of the other.
E. 0. Black, president of the state
chamber of commerce, asked for the
indorsement of the bankers for the
?f!'ort now being made for the securng
of a branch of the federal reserve
bank in South Carolina. A resolution
ottered by Julien C. Rodgers
>vas adopted pledging the South
Carolina Bankers' association to join
forces with those of the state chamber
of commerce in the effort to secure
the branch bank for South Car>lina.
(Continued on Pafce <?.)
V. .