The dispatch-news. [volume] (Lexington, S.C.) 1919-2001, 1922-06-28


! erica who met with Eugene Meyer.
| Jr., and officials of the War Finance
Corporation in Washington, D. c.,
| last week.
| The committee Of directors from
| the Tobacco Growers Cooperative AS
sociat ton secured approval of the loan
! for the $4,000 tobacco farmers of Vir-
, ginia, North Carolina and South Caro-
lima, which now assures the success Of
| their association beyond a doubt.
Officers of the War Finance Corpo-
ration were so familiar with the man
agernent Of the Association, and SC
confident of it's success that they took
! only thirty minutes to signify ap-
proval of the greatest loan ever made
to organized farmers, in the history Of
the United States.
In addition to the loan of s30,000,-
| 900 which will enable the big Tobacco
Cooperative to pay it's members cash
advances upon delivery of their to-
abcco, the War Finance Corporation
further agrees to re-discount loans Sc
,, cured by green or soft order tobacco
for local banks throughout the Vir-
ginia- Carolina tobacco belt.
The loan of the War Finance Cor
poration is to be secured by more
than 350,000,000 pounds of it's men,
bers tobacco now under five years
contract with the Tobacco Growers
Cooperative Association, which repre-
sents a value of over s70,0oo,000 in
the first year Of operation, according
to conservative estimates.
Among the officials of the Tobacco
Growers Cooperative Association who
met with Euene Meyer Jr., Director
Of the War Finance Corporation were:
George A Norwood, President, bank
er and planter of Goldsboro, n. c.;
Oliver J. Sands, General Manager of
the Association and President of the
American National Bank of Rich
mond, Va; James H. Graf, Treasur-
er Of the Association; Richard r.
Patterson, Geenral Manager of the
Leaf Department, formerly Manager
Of the Leaf Department of the Ameri-
can Tobacco Company; c.. E. Cheat
ham and F. G.. Williams of the Leaf
Department and M. o. Wilson, Sec
retary of the Board of Directors
which consists Of % tobacco planters
from Virginia, North Carolina and
South Carolina, and three Directors
named by the Governors of those
States.
Following the example Of the Bur-
ley Tobacco Growers Association of
Kentucky, which after securing a
similar credit from the War Finance
Corporation was enabled to gain all
necessary funds from State and local
banks, and to repay their 90 day loans
of S6,000,000 within 40ldays. Officials
Of the Virginia Carolina Association
are confident Of obtaining the support
of State and local bankers for whom
the offer Of the War Finance Corpora
ton opens a new field of profitable
cooperation with tobacco farmers
throughout the belt.
For the organized tobacco growers
and the thousands of farmers from
three States who are joining the Asso-
citation every month, the action Of the
War Finance Corporation assures the
safe and orderly marketing of tobacco
which resulted in largely increased
profits and a new. source Of credit for
Kentucky farmers whose organization
has now sold 100000 pounds of to-
bacco for highly satisfactory prices,
during one month receiving an aver
age Of 20 cents pound for tobacco
sold throuh the Association. while
that sold outside the Association
brought less than 2l cents per pound
upon the auction warehouse floors.
Close to 80 per cent of the Tobacco
farmers of Virginia have joined the
Marketing Association, and North
Carolina growers are nearing IS per
cent sign-up following the recent
statewide campain for members.
A whirlwind campaign among to-
bacco farmers of South Carolina will
begin next Monday, June 26th and
will continue until every one of the
3S cooperative marketing points of the
South Carolina belt has been reached
with a mass meeting.
Leaders of the movement from
Kentucky, Virginia and North Caro-
lima will join this campaign which
will mark the last opportunity fol