Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-03-21
.Pernnanency of Association
viii Be Determined by Its
Ability to ''DeIiver the
GoodS"' .
BY RALPH SMITH


]. A. Pondrom, president OF the
City National bank, Of Dallas,
has formed no definite conc1u-
sions as to the cotton co-opera-
tive movement in Texas, but he
frankly admits that the dealings
of his bank with the association
have been entirely satisfactory.
Mr.. Pondrom ranks hign
among the banks of the Lone
Star state. He began at the
bottom of the ladder and has
worked his way steadily to the
very top. Until comparatively
recently, he was located at 1ous-
ton, and there connected with
the South Texas Commercial
National bank, one Of the big
financial institutions in the
southeastern part Of the state.
| His ability as a banker is gen.
orally recognized and widely re-
spected.
my attitude toward the cot
ton association is wholly I'M
prejudiced." said Mr.. Pondrom.
AZ am neither booster nor
knocker of the movement. 1t
seems to me that the undertake
ing is in the experimental stage,
and that is too early to form a
fair estimate. It's permanencY
certainly is yet to be demonstrate
ed, and that permanency will, i
feel sure, depend upon it's abil.
itv to deliver the goods, as aa.
vertised.
'I have no inside informal
ton, and am therefore in no po-
sition to state whether the as.
ISOLATION has been more success
full in marketing cotton than
have individuals outside the as
ISOLATION. l rather think it i'm.
possible to tell about this until
all Of the pools have been
closed out and the final dis
bursements made to members"
Financial Standing Good
Mr.. Pondrom was asked about
the financial standing of the cot
ton association.
ct is good" he answered.
1--WE have-I mean our bank
had considerable dealings with
the association, and these have
been entirely satisfactory. AS
a banking proposition, the CO.
operative" handling of cotton
along the lines followed by the
association are unquestionably
safe and sound.
1.-The collateral they offer il
excellent, and their business
dealings all that they should
be-"
Mr.. Pondrom stated that the
association experienced some de-
lay and difficulty in getting I'M
derway originally, but he adj
ded that the details had been
worked out finally, since which
time everything has moved along
nicely.
The Texas Bankers cassocia-
ton held it's annual convention
at Fort Worth the day following
my talk with Mr.. Pondrom, and
it was at his suggestion that
1 ran over to Fort Worth for the
meeting.
1.-The cotton association UNI
questionably will be a topic OF
discussion at the convention, il
not in formal address, certain
ly informally by bankers from
various parts of the state who
have had some experience with
the cooperative movement"
said Mr.. Pondrom. v
Some 800 bankers were in at
tendance upon the convention at
Fort Worth, and among them
both favorable and unfavorable
comment was to be heard about
the cotton association. Gener.
ally. the informal remarks were
favorable to the cooperative
movement principle, but there
was no mistaking an attitude OF
unfriendliness, or even hostility
in certain quarters, chiefly, il
not wholly, among country bank.
erS. .... t.s
The Principal Criticism
The men speaking critically.
and unfavorably Of the associa-'
tons activities were loathe to
have their names used in prints
because, as they frankly admit.
ted, they could see no reason for.
and their banks.
The chief criticism advanced
was that the cotton pools have
interfered seriously, in some sec
tons, with the liquidation OF
country credits. This same OBJ
lection was voiced in Oklahoma
and seems to be the most seri-
Gus obstacle in the way of full
and complete cooperation by the
banks and the cooperative
movement.
Here, as in Oklahoma City,
officers of the cotton association
appreciate the = justice. and
weight of this objection, and
here, just as there, the answer
is that the credits system of the
south must be changed to meet
changing conditions.
Nathan Adams touched on
this phase Of the matter yes
terday, when he said:
at is my opinion that the
credit system of the south must
be changed to meet the new con.
ditions of marketing cotton co.
operatively. l believe the SUBJ
ject is one that should command
the attention of thoughtful men.
1t is essential that we have a
credit system which does not ex-
pect liquidation of a pyramided
debt of ten months in a period of
two months"
Whatever may be the remedy,
there are many country bank
ers in Texas who have suffered
serious Inconvenience through
their inability to collect OUT
standing farmers obligations,
and this same thing has been
true. I was told, of many coun-
try merchants.
Members of the cotton asso-'
citation, unde- the terms of their
contract, release the title to
their cotton the minute it is
picked and ginned, and it is of
course impossible for them to-
sell it Immediately and clear up
outstanding debts they have in
CURED.
Mort 90 God Eoftor p