Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1921-08-25
Daily Register Richmond County, Kentucky Thursday August
B ANKERS RALLY
TO hurley PLAN
Southern Finance Concern Is
Lager To Aid Leaf Men In
Sales Marketing Project

citation will have not only the
support of Lexington and Ken
lucky bankers but the aid of the
Federal International Banking
Company, of New Orleans. a con
Germ operating in connection with
the War Finance Corporation III
assisting Southern producers to
market their products, has be
come known.
Lexington bankers and the in
stitutions of which they have
charge, with two exceptions, the
presidents Of these concerns be
ing out of the city, have indoEsed
the plan of the .Burley Tobacco
Growers Cooperative Association
for the marketing of hurley to-
bacco.
Charles ~ Manning, president
OF the Security Trust & Safety
Vault Company, and one of the
most conservative of the bankers
of Lexington, not only gave tbs
plan his own hearty Endorsement
but obtained the signatures OK
his fellow, bankers to the follow
ing statement:
1--WE. tie undersigned bankers
Iof Lexington, Ky, believe the
Burley Tobacco Cooperative
Marketing Association is to, the
best interest of the farmers. anC
what is to the interest OF the
farmers also is to the interest OF
the citizens and bankers of this
community and, we, the bankers
will assist. as far as we have pow
er to do. in helping to finance ano
in making the association Il sue
cess"
The statement is signed by w
A. Mcdowell, president, Phoeniz
& Third National Bank; F. @
G.. Still, cashier. Bank of Com
merce; D. p. Eastin, assistant
cashier. Union Bank & Trust
Company; ]. Z. Bassett. presi
dent, Fayette National Bank {
n. Manning, president, Security
Trust Company w. II. Porter
vice president, Guarantee Bank
& Trust Company, of Lexington
| 1t is known that the officials q
the other two banks and the
stockholders of these institution.
favor the plan.
Mr.. Manning himself is aiding
! in the campaiGn~for signatures to
the contracts under which, if the
marketing association succeeds il
pledging Is per cent Of the crop
the hurley leaf of the district, in
Guiding forty-one counties in the
state, besides territory in Ohio
Indiana and West Virginia, viii
be sold
In an address at Midway, Mr.
Manning declared that in his opin
ion there would be no difficulty
in financing the crop, if pledged
to the association. and he named
three methods of financing as
possible to the growers: Trade
acceptances, commodity bonds
and direct advances to the grow
ers.
These he explained iii detail.
saying that the trade acceptances
came within the operation OF
Federal Reserve Banks and could
be rediscounted by banks hold
ing them with the Federal Re-
serve Banks il necessary. He
said that commodity bonds had
been used successfully by other
organizations, the copper produc-
ers of the country having used
this method in financing their
business recently. He said it
would be easy for the growers.
by the selection of men in whom
the financial world had confidence
to manage their association, to
obtain advances on their crops.
through the association, which
could borrow the money for the
purpose directly from the banks,
on the warehouse receipts show
ing the amount of tobacco pledg-
ed for the loans.
Mr.. Manning also stated that
his bank had received letter
from the Federal International
Banking Company, New Orleans,
offering the assistance of that in
stitution to the tobacco growers
for such financing as they might
need, and stating that it was the
purpose and business of this COM
pany to assist in the marketing
OF Southern products. The let
ter reads as follows:
fThe Federal international
Banking Company has just COM
pleted arrangements with the
War Finance Corporation, under