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OX COTTOX KKCKITTS
Yin and Banks Could Have
Hired Easily at Loan <?t $100,m
0^0 on ?tton Receipts.
Bvs and Courier.
Mumbia. March 2").?Arrangements !
B^inance cotton stored in State ware-'
^piouses through Xew York banks were
announced today by former Senator
John L. '. icLaurin, w.:o returned on
the early train from a trip to Washington
and New York. He was accomk
panied by State Senator .1. Art) ur
Banks, of Calhoun county. 1 hat arrangements
perfected produce the
money was e?nnhasized by Senator
Banks, who told how he had borrowed
w ?10,000 at per cent, straight interest
cn warehouse receipts of cotton, wuicn
l.e has stored in the State warehouse, i
The practical difficulty heretofore
standing in the way of the warehouse
system ::as been the financing of the
cotton, but this f as now been removed,
and hereafter all parties who J':ave
their cotton stored in the system and
who desire to secure loans and their
warehouse receipts can do so and at
a low rate of interest.
Valuable assistance was rendered by
Mr. W. P. C. Harding, a member of
t':e federal reserve board, to Senator
McLaurin, and in New York toe held
satisfactory conferences with tie
Guaranty Trust company and the National
City bank, of which Mr. Frank
P. Vanderlip is the president. It was
^ at thp fhiarantv Trust company that
.. . .
Mr. Banks secured his $10,000.
T:e South Carolinians report that
they believe it would have been earier
to secure a loan of $100,000 on cotton.
They state that the New York tinankciers
are enthusiatic over the plan and'
will lend every assistance.
A detailed statement covering the
or nrnnar^ ? hv
lilitclfl ill UCian is vjjui V.U vj
Senator McLaurin and will be issued
to the public in a few days. Great
interest was created throughout the
State by C_e announcement that arrangements
had been made to finance
the cotton stored at a low rate of interest,
and several here today were
predicting great results in every line
of business through a revival and a
last return to normal conditions. A
spirit of optimism has been started
through the announcement by Commissioner
McLaurin. His detailed statement
wfl be awaited with tl.:e greatest
One of the mam points em pi asized
in the statement of Senator Banks
about this matter is that the small
banks can now relieve themselves of
the burden of carrying loans on last
gear's cotton crop and can turn jtheir
+ n rrvn rrV> o? 1
IC^-UUll^O lUiUU^a tAv.vuuiu& w\.vt*v^i
for the coming crops. It is believed
^ flat bankers will be especially interW
ested in the result of this arrangement
for financing cotton.
Mr. Banks' Statement
\ Senator J. Arthur Banks, State sen- j
ator ior Calhoun county, gave o*::
t':e following statement on bis return
) this morning from a trip to New YorV.
with State Warehouse Commissioner
John L. McTiai;rit: I
"In January I published a statement |
showing the met! od by which cotton j
can be stored under the State ware- j
house system for less than 10. cents j
per bale per month.
"it may now oe or genera; imeresi j
to know how cotton so stored may be\
be financed by the State Warehouse ;
commissioner through strong financial !
I institutions, such as ti e Guaranty !
1 Trust company and the National Citj
bank, o? Xwe York, as worked out by
Commissioner >McLaurin and myself
during our trip to (Washington and
New York, from which we have just
returned. We found Mr. Harding, of
the federal reserve board:, enthusiastic
in his endorsement of our warehouse
system, spsaking of it as a
"model of its kind/' and the Guaranty j
? Trust company and the National .City j
bank assured us of ti':eir desire to co- j
operate with this agency by financing j
all cotton offered by and held in these 1
warehouses on a basis of SO per cent. !
of its market -value at attractive in- '
Pleased Willi Security.
"Mr. Sabin, of the Guaranty Trust j
company, was particularly pleased
with the form of seci. .y which it offers,
speaking of it as a 'new departure
along scientific :d thoroughly
practical lines, mak;ng possible close
relatiors bsrwce?: cotton holders and
a ?? 1 A A M >.? * ! ? v?r*n ?-vV-? tVi I i >11 Arm r\ I
CCUlti S LIXi WUgii 11JJI ill v.CI ill*-- i
diary of the State warehouse commit- '
"I secured a loan of $10,000 o.. my j
cotton receipts on a basis of S?i-per
cent, valuation at an interest of " r |
cent, per annum?straight interest? j
and am confident that a larger loan, j
say $50,000 to $lu0,000, could be placed
at a still mors attractive rate. It was
j a new experience to me to hear s.
I / $10,000 loan spoken of as being too
j small to command the interest of such
liaancial institution.. ! am moiv an !
more impressed 'u'ul, t .e wonderful
possibilities of the State warhouse
hv.stt in as a medium for the economic
holding of co'clon. In .act. this is my
first opportunity to view it through tae
eyes of Americas financial magnates,
and I must >uv the view to me is very :
attractive at i is time, because it provides
a means of financing couon at !
the lowest rates of interest ever seen |
| in the South.
KpIum* K?,r Country Hanks.
'This wi.'l relieve the country banks !
of the bur.ien cf carrying their cotton
and an able t' em io use their resources ;
in helping tm-ir customers by financing
t;ie current needs of business. This !
?i ould speedily restore in South Caro- j
lina our industrial and economic life ;
to a normal basis. It will give the |
ether Stales a valuable lesson in w:!iat;
it means to convert their cotton into a j
- ... ?
i e?otiabie security.
"I am quite sure that Senator McLaurin
will take pleasure at his earliest
convenience in furnishing detailed
information to every citizen of the
State who may be interested.
"I ' ad but little to do with the work
of1 andling tile financial scheme, being
little mnrp than a locker-on- in Xew
\ork. Commissioner McLaurm turned j
tne trick. It was particularly pl^as- j
ing to me to observe the ease with j
I which he handled til:e financial mag- j
Senator Banks was happy over se:
curing his loan of $10,000 at per
| cent, interest on ' is cotton receipts
: from the State warehouse, and feels
! assured that this plan will enable
money to get into circulation and that j
business will rapidly return to normal j
in South Carolina, a*d that there will i
be no "easing" up in all lines of credit, j
Mr. UcLaurin has a proposition sub- \
mitted lor his acceptance detailing a i
plan to overcome the difficulty pre-i
sentei in ti e fact that the money
: would be borrowed by so many dii'- j
forent individual, and the bank wishes
to an] with a single borrower. The
| su.^g^stion is made that .Mr. McLau- ;
rin arrange with some responsible j
bank or financial institution in South I
j Carolina to loan against State ware- :
house receipts, and that he take in '
connection with such loans an agree!
ment gi.ing ti e institution selected by :
I him the rig>:t of hypothecation or sub|
rogation. Then they can send the
: warehouse receipts to a broker in New
York with a sight drart on the -New
| York bank, under ti e provisions of
! the New York State law recently
! Fussed providing fur such acceptance.
T':ese acceptances are generally
charged by the bank accepting same 1
?er cent per annum, or at the rate of
one-quarter per cent, for each ninetyi
day acceptance. Drafts so accepted !
i oan hp sold in the market at the pres- i
ent time at a rate of 2 1-2 per cent
per annum, which added to the acceptI
ance commission of 1 per cent for each
I ninety days, equal to 1 1-2 per cent.'
| per annum, wou'd make the total cost
j of the money so borrowed 4 per cent.
| A local bank could get t is money and
| distribute it to their customers at 6
per cent, and make a profit of 2 per
cent. ;or their services and a negligible
risk assumed. "It will take some
time for me to go over all these matters."
said Senator .McLaurin, "and I
then I will make a statement; I have
placed a straight loan for Senator
Banks at 5 per cent, straight interest,
which is a good deal better t) an the 8
per cent, discount now being paid in
South Carolina, and f/.ard to get at
Senator McLaurin said that Mr. W.
P. G. Harding, a member of the fed- j
oral reserve board and a native of Alabama,
has ever since the institution
of the warehouse system rendered valuable
aid. "I intend to write '-Mr. DeCamp,
president of the State Press association,
and suggest tl at Mr. Hardin
be invited to deliver an address at
their annual meeting at Chick Springs, j
as our people need information and j
education on financial matters," fee I
3N3HMA83A3 S1SM80 A8 010S !
SXE.V.;y'jsajcc;';s3gsrU/AOUJJSIES? g/ ?A\
5?,oj,snM a.vvajj (jvorcvifl J#1 -> 1
saax-sariirvma-oj-w JJJ _ / .
a Jnoi jo Xujx -Jdqio on OH*x f-V> kjL I
/\ 'uoqitH ?nui w* t?iws saxoq forVr-- >3. ;
//VVniwm pit*;) puc p^n u; sj!;,!
\\f/T>""->}l ptiotccrti ? joj-saqa-jt,^ U 3
Vy Joj jwtSaa^ji jii&J ?jt>v lt>,>iPwr? '
v 'fl.vvoa <IKO^Vl? 3IIJ, 1
STIld S B31S3H3IH0 I
Ill ft 1
N K V? l?i! k iI? 1 i i it M ^
IjrAilThiCLl HO.NOli ItOLL ^
Higii Sei.oo!. ||
Knunriary Street School.
Te:ii ' Grade?Ruth bigby, Katnryn ja
H?,rnis, Henry Rikard, Vinr.ie Kleazer, 1 H
Fannie Eieazer, William Halfac-re. Mi - gj
tired Kvans Eldrige McSv.ain.
-Ninth Grade?Annie Kinard, 'Bertha Bj
Galinuin. Jack Dunsran. Roberta Lom- p
inck, .fee Vigodsky, Ichn Floyd, Tom- M
mie Fnysinger, C<:c: re Ko !e'sperg:.r. H
KU-- ill Grade?Kmi!y Hoof. Rc-Vorii w
: a:iii. Azile Parr. Anna Kennerly, 8|
Xan.y Fox. Fmaces Ho<:seal, Ht's.-ie B
Lake. Run Schnmpert, Clyde Harris, g
Drayton Xance, Clude \Ward
Boumiar Street School
Seventh Grade?Daggett Xorvvoou, yL
Ma Tarrant Mary Klettner. Oillio ^
Boyd Parr, Robert Scliumrfert. Annie 39
Amick, Mildred Purceii, Kdn-.i Taylor, jjj
j ; a Crooks, Ellis Williamson. Hal- 3
ie Mary I.nford, Harry Kpting, Jerry |
Howard. Clau se Laihan. |
Sixth Grade?iFredna Sehumpert, |
Mary Francos Jones. Clarke Floyd, a
Frances Jones, lA'liene Dunn, Haynie ?
tMcGiav.-. Mildred Tarrant. Carroll |
Sunimer. Ruth Koon, Herman Uickert, |
'Fil'.h Grade?uverett Hipp, Jc*.tj |
Chappeil. Harold Hipp, Elizabeth Kinard,
Mildred Werts, Eva Robertson, $j
James Wallace. E'izabeth Wrigat,
Henr'y Lomonick, Elizabeth Minis.
Fourth Grade?Maude Hamilton,1!
; "Alright Cannon, ?\?artha Lathan, T. W. I
Smith. Margaret Kinard. Buford Crom- j
ar Wade Hamilto 1, Garland Taylor, I
.Td n Epps. j|
Third Grade- -Pauline Roozer, Mil- I
''red Livingston, Lula May Fellers. J
Philip Crotwell, Sam Matthews, I
Second Grade?G?""?rge Martin. C3r- I
olyn I! arrant, Henr: Adams, Frank De- B
Vore, Coke Dkkeri, Annie Lee Glenn, n
Irene Hamilton, Ralph Hardeman,
Oku Harmon. Elizabeth McFall, Sara.': B
First Grade?Nannie Laurie Roozer,
Mary Alice Hipp, Mamie Roozer Har- B
nM \>wn am. Minnie Morris. Kate j
Bullock, J. P. Suber, Edward Stuart
Schumpert. Harry Thomas Summer, J. \
D. Hornsby, ujary Schumpert McCIure,!
Foster Martin, Aldine Minis, Paul Denning,
Frank Adams, Cyril Hutchinson,
Harry Boozer. Evelyn McGraw. Marcus
Caldwell, "\Y1 ite Bullock.
Speers vStreet School.
Seventh Grade?Marguerite Werts, I
Abbie Gaillard Susie Maude Wilson, I
u,uwin seiz.er, aue r^nu. rt-tcuuu. H
Sixth Grade?-Janie Dell Pavsinger,
Mary Alice Suber, Aubrey Tilley, An- ! "
nic Mae Bedenbaugii, Sam Beam, Irwin [
Leavell, Fred Thomas, Gilder Bouk-' F
night, Linda iMelton, Mary Ellen Lake, t<
Irby Goree, Marie Woodward. i E
Fifth Grade?WelC'.i Wilbur, Wil'iam li
'VcSwain, Blanche Sale, Furman Rea- E
gin, Ada Livingston, Nellie Lake, Flem- 0
mer Jones Pearl Spotts.
Fourth Grade?Cortez Sanders, Wil- j
liam Eddy, Caroline Weeks, Hubert | C
Setzler, Herbert McTeer, Troxene ^
pVright, iFlizabeth Harms, Leland Wil- P
son, Griffin Williams. Oscar Melton.
Mildred Reid, Ruti': Harrell, Jessie Lee
Earhardt, Julia Melton, James Dunstan,
Essie Robinson, Rozalie Hodge, $'
O'a Tolbert, Burr James Kibler. Se-,
Third Grade?Benetta Buzbardt,
Margaret Farrow, Gladys Havird, J.
W. Earhardt. .Tr.. Edna Sanders, Ella a
Bowman, Mildred Perry, .Tuanita Hitt, v
Horn Sligh. S1
Scconcl Grade?Effie Plaver, Edna le
Jacobs, Tyler Robinson. Mildred Spear- t:
man. T'':omas McTeer. 1
First Grade?Thomas Spearman, m
Gladys Williams, Pauline K!ettner, ai
Ernestine Melton, Mildred Jones Ed- '?
win Carlisle Kennedy, John Switten- P<
berg, Caldwell Kibler, John Hubert *r
Bcozer. William Bouknight, Thomas si
Wl erry, Thelma Bowles, Lila Holson- a
back, Sarah Koon, Iantha Hodge. -i
lVest End School. | a<
Fourth Grade?Winnie Williams, ai
Willie Mae :Culbertson. ci
Third Grade?Annie Lo-.i Connolly, a
Broadns Corley, Jo-.n Evans, Ernest P<
Layton, Bertie Inabinet. Floyd Smith, j P
Andrew Thornton. I ~
Second Grade?Arthur Glenn, Gladys '
Bowen. James Lindsay, Zack Taylor, ,g
James 'Evans. j ^
1-1 \ l \'A I.astinsr. In
THE great end fore\
* COIPANi i:. m kir
sitlicg by the cad-si:
great (?) sah, Jiis sa
dignity of vaiins ?3 li
the plaudits i f aa appr
and so the volume of
incomparable values in
| WE have drawn on
i hpavv selling with
If you would shat
you will come to-morr
First Grade?Douschka Alewine* Iola
ranklin. Grace Bobb, Brunelle Car?r,
Louise Danielson, iClaudia May
tiller, Ruby Kinard, Myrtle Outz, Sale
May Roten, Ethel Livingston, Mary
obb, Ewell Culbertson, James Fulmer,
lin Lavton, Rufust Griffin, Heber
urner, Heber Riser, Aaron Leopard.
Xigi t School?Goldie Petrea, Rosa
orley, Mary Williams, Carrie Belle
lack, Carrie Nell Swindler, Janie
adget, Pearl Padget.
r-Drrvvri T r ST AVnPR ^TTIT.
r5,000 Damage Case Will Be Heard
By the Court April 22?Slander
At a meeting of the Greenville Bar
ssociation the case of W. J. Metts
s. J. W. Norwood :or damages in t'.e
am of $75,000 for articles or aj aiged
s'andprous nature, was set for
rial April 22. r'
Mr. i.Vetts was named by Congressan
Joseph T. Johnson as postmaster
: Greenville, and immediately afrerard
Mr. Norwood askei that the apDintment
be I'eld up pending a heartg.
Mr. Norwood then publisher a
gned article in the Greenvire News,
nd later Mr. Metts announced through
is attorneys that he would bring suit
gainst Mr. Norwood for alleged .3am?e
to his character. Government se"et
service men then visited t)'r.e city
nd made investigation, but no reort
of their findings has been made
ivigorating to the Pale and Sickly
he Old Standard general strengthening: tonic,
ROVE'S TASTELKSS chill TONIC, drives out
[alaria.enriches the blood.and builds up the sys?m.
A 'rue tonic. For auults and children. ZOc j
I Shine Brings the Smile cf Satisfaction!
i the ''Easy-Opening" Box.
DALLEY CO., Ltd., buffalo, n. ri
rer to be remembered sale of
ig commercial history every day
Je plugging the punctured tin
ie moves majestically oa?its a
h as they are rare, sustained
eeiafiye and grateful public.
fied Patron is th
3 Advertising M
our business increases with eac
- ? /> *! laaaima iiahai
eacii uepaiiuiein uctuuic ueua
oar reserve and fortified the
iven Greater Than
e in the greatest of ail the gr
J j l:I_ ,L:?
ow ana every uay wiiue tuis sa
X\i ic uixiu ua
"It is easy to use and quick to
apply. It penetrates without i
Read What Ol
"Have used your Liniment very eucces
(Good for Neuralgia, Sciatic
Send four cents in stamps for
DR. EARL S. SLOAN, Inc.
I LOTMBMrMhfyr^rrrrBiTMiwfcMiMBr'-Hwift m~t ?- -
C. & G. S. MOWER I
. While others are j
ss of their exploded i
larch marked by the 1
and encouraged by |
e Best |
:h passing day as the I
points weakened by I
eat bargain events?
cle Colds I
respond. No work. Just
isfully in a case of rheumatism, and
always have a bottle on hand in
case of a cold or sore throat. I
wish to say I think it one of
the best of household remedies. I
w ould not have used it only it was
recommended to me by a friend of
. mine who, I wish to say, is one of
r the best boosters for your Liniment
^ I erer saw."?J. W. Fuller, Denver,
^ "Just a line in praise of Sloan's
Liniment. I have been ill nearly
fouiteen weeks with rheumatism,
have been treated by doetora who
did their best. I had not slept for
the terrible pain for several nights,
ivVion mv u-ifp cnt a small bottle
of the Liniment and three applications
gave me relief so that I could
sleep."?Joseph Tamblyn, 615 Converse
Street, McKeesport, Pa.
:a, Sprains and Bruises.
a free TRIAL BOTTLE.
Dept. 3 Philadelphia, Pa.