Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-08-15
GEORGIA FARMERS
ASK LOAN Of BANKS
To FINANCE COTTON
Southern Banking Concerns
Win Be Given Opportunity to
Aid in Financing Distressed
Cotton Until Next Spring

Propositions for large financial loans
70 the farmers OF Georgia in order to
enable them to hold their cotton until
higher prices can be obtained IN the
spring. have been made to the planters
OF the states cotton crop by eastern
bankers. according TO what are believed
to be well authenticated reports in At
lanta
While no definite action has been
taken. it & known that eastern repre-
sentatives have recently visited Presi-
dent r Z. Duckworth. OF the Georgia
division. a. Union City. and offered to
negotiate these loans upon a similar
basis as that OF two years ago. when
President Duckworth secured loan OF
10000 for the farmers Of the state.
STATEMENT OF DUCKwoRTH
President Duckworth. in a statement
given from Union City. Saturday con-
armed the reports that eastern financial
representatives had been endeavoring to
negotiate this loan. but stated that no
mai action had been taken
while the eastern representatives are
anxious to secure this loan, and the
farmers are willing TO accept IL. at the
same time IL is the desire Of the farm
ers OF the state that southern bankers
be given an opportunity to participate
IN the negotiations. The fact that the
southern farmer and the southern busi-
ness men are almost inseparably linked
together b a common cause. makes the
farmer anxious 70 give 70 the southern
business man and banker every oppor-
tunity 70 secure beneficial results that
might 90 TO bankers IN the east or other
parts OF the country.
The eastern bankers. with the same
spirit that they portrayed two years
ago when the last loan was secured. are
anxious TO let the farmers OF Georgia
have the necessary loan. and at q rea-
sonable rate OF interest There viii be
no trouble In securing the loan to help
finance the crop this year from the east.
but before we close for any loan. we
want to give to the bankers OF the south
tie opportunity to participate in the
financial results.
The loan Of 100000 secured two
years ago resulted in the best good for
the farmer and the banks as WELL and
the farmer today in Georgia has practi-
caily unlimited credit. as that loan was
paid back upon maturity. and. in fact.
could have been paid back even before
It was aye. =
WILL HELP-FARdERs.
with = similar loan this year. the
farmer OF the state win again be en-
abled. 10 q large extent. to secure the
right price for his cotton
IT Is probable that there win be In
dfvidual cases. where a farmer viii have
TO sell his first cotton and sell at the
existing price. This win be a misfor-
- n
cause his financial AFFAIRS are in such
a condition that he cannot wait until
the details OF the loan have been ar
ranged
President Duckworth was asked II any
cotton should be sold at the present
time He said:
IAN cotton that can be possibly held
ought to be held until spring. when
prices will reach the proper level. The
loan that We hope to secure viii help the
farmer 10 hold his staple until prices
ara right There will be the Individual
who wiz be placed in such a position
on account of his financial conditions
that he may not be able 70 hold his
cotton
The farmers appreciate the help of
the local banks and supply merchants.
And these country banks and merchants
are earnestly requested s4or to press the
farmers on their debts where It can pos
sihly be avoided II they VIII extend or
renew such notes OF accounts OF farmers
for several months or such part thereof
as may be possible In order 70 meet
their own obligations. their kindly in
diligence viii go far toward enabling
the farmer TO hold and 70 get better
prices for their cotton
There are a number Of farmers who
are in position to hold their cotton all
right. but the loan 10 be secured viii
take care OF those who cannot"
The loan OF 100000 that was secured
two years ago was one Of the most bene-
ficiai actions ever taken by the farmers
Of the state At tina. time cotton was
bringing only a. low price. President
Duckworth. through his own personal ef-
forts. secured the loan and the farmers
OF the state were enabled TO hold their
cotton untIl they obtained their price.
Then the loan was paid back
The announcement Of the securing OF
the loan two years ago was made TO
the members OF the union while they
were IN convention In Macon. and the
announcement brought for President
Duckworth a tribute such as has been
seldom seen 81 any meeting Of similar