The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-10-06
P. {. D|NGS ADDRESSES.
To MEMBERS Of
THE OKLAHOMA STATE
B A \ KERS ASSOC|A T|ON

=. C. Dings, president Of the Guar
anty State Bank Of Ardmore and
president of the Oklahoma Bankers
Association, who recently returned
from an extended eastern trip has ad-
dressed the following letter TO the
members of the bankers association,
on the matter of the American Cot
ton Association committee appearing
before the Federal Reserve Board at
Washington, and which will appear
in the next edition of the Oklahoma
Banker:
Your president had the pleasure
of attending a committee meeting of
the American Cotton Association be-
fore the Federal Reserve Board at
Washington, ID. c., on September
18th, the purpose Of the meeting be-
ing to obtain the consent and CO.
operation of the parent board in the
matter Of encouraging and permit
ting the Federal Reserve Banks in the
cotton belt to renew the loans carried
by the banks secured by cotton. This
condition has been brought about
from the fact that there are about
four million bales of what is classed
as low grade cotton being held in the
fourteen cotton producing states. There
is absolutely no market at this time
| for this class of cotton, and while
the greater portion of 1t could be
sold to Europe at n fair price. they
are asking some six TO nine months
time in which to pay for it. 1t is
therefore deemed advisable to carry
il at home, and Governor Harding
and his board, not only gave their
consent that the cotton should be
carried by the banks as 1t had been.
but also pledged their assistance in
the financing Of all agricultural pro-
ducts and livestock industries.
Cotton Problem Difficult
The cotton problem is no more
difficult at this time than ever before,
and even the wisest heads in the
business are at n loss to accurately
predict the future. This being true,
banks should be more cautious than
ever in handling cotton this season.
The price is now below the cost of
production. and from all indications
may go several points lower before 1t
strikes the minimum. II is true that
the worlds consumption is more than
II ever was, and were 1t not for the
tendency of reduction in all commodi-
ties, cotton would no doubt be in a
very strong position.
Bankers Should Help
II there Is any carrying of cotton
this season, II is the opinion OF the
writer that similar plan should be
inaugurated In carrying the wheat
crop. which was to keep the major
portion Of the crop in the hands OF
the farmer. 1t is true many farmers
will be compelled to sell a few bales
TO meet current expenses, however
do not think IL wise under the pres
ent conditions of the cotton market
for the banks to force their cottor
farmers to place all Of their crop upor
the market. not permitting them tt
carry at least seventy-tive per cen
OF their production. and having then
store their cotton in place wher'
insurance can be obtained and th'
bank holding the compress receipts
and insurance policies thereon a
security for their loans.
Keep Il Out Of Hands Of Few
There are many advantages to b.
gained by the producer We're 1t pos
sible FOR him TO market his products
over a seasonablc portion ot the year
rather than to place II all upon tn
market at the time 1t Is harvested
II warehouses could bo erected Il
which to hold agricultural product
for this purpose. II would insure 70
the farmer an average price mucl
higher than he would obtain by sell