Arizona republican., 1921-06-15
EXTEND CREDIT.
 LIN PIMA C0T T0N BANKER STATES
Orderly Marketing Of 1921
 Salt River Valley Crop Is To Be Assisted-Firm Faith In Arizona Cotton

Extension of credit for at least six months on Arizona cotton has been announced by J. Dapney Day. presi- dent of the First National bank of Los Angeles and chairman of the cotton committees of the Los An geles chamber of commerce and the Los Angeles Clearing House associa- ton.
 Mir. Day has just returned to Los Angeles from Phoenix where he was in consultation with local bankers and made a careful investigation of conditions and of the prospects for the cotton crop the coming season. The announcement that the cotton growers of the Salt River valley were to be protected that the 1921 cotton crop may be marketed in an orderly manner followed this visit
 That all conditions point to an early marketing of this crop was the declaration of Mir Day. who also stated that the coming crop of cot ton in the Salt River valley was be- ing produced in more econonical manner with a return to diversified farming which would prevent a re- currence of similar situation
 Following is the telegram to The Republican, announcing the extension Of credits on Arizona cotton and the Los Angeles financier's firm faith in the cotton and other agricultural in- terests of the Salt River valley:
 Announces Extension
 Los Angeles, June 14, 1921.
 J. Dabney Day, vice president of the First National bank of Los An- geles and chairman of the cotton committee of both the Los Angeles Clearing House association and the Los Angeles chamber of commerce, on returning from Phoenix today an- nounced that arrangements had been completed whereby the Los Angeles banks will extend credits for six months at least on Arizona cotton in order to protect the cotton grow CTS of that district through a period of orderly marketing of the 1920 crop.
 '.The Los Angeles banks. as well as the banks in the Salt River valley said MT. Day. "are interested in hav- ing the crop marketed as quickly as possible in an orderly manner. but 1 they do not intend that the Arizona and Southern California producers should suffer through a too drastic l policy of forced seeling.
 Through the cooperation of the Los Angeles banks with the banks | in the Imperial valley practically all of last seasons Imperial crop has I been marketed. The present seasons ! planting is only about 50,000 acres l against 165, GOO acres last year in the Salt River valley, and the fact that cotton in storage in the Salt River | valley of Arizona does not deteriorats makes these credits advisable witf I the resulting smaller production of l Pima cotton the coming season.
 Another thing, next years croI l will be produced on . much nor economical basis for the reason tha
 both the farmer and the farm la 1 borer have gone back to work ans the labor situation is entirely diff
 ferent from what it was year ago
 With the reduction in acreage ant
 the reduction in cost, there is ever,
 indication that this years and mex
 years crops will be marketed with l in a reasonable time, particularl
 since the Arizona long staple cotto
 is recognized as being the best in tn
 world for the manufacture of cor
 tires and fine fabrics.
 Another thing the reduction | cotton acreage has been accompanie by an increased development alon the lines of diversified farming, wit the result that in the future Arizon farm operations will be upon nor balanced scale and as result Ari zona producers will be the better abl to protect themselves against sudde turns in any particular market