The Birmingham age-herald., 1922-02-26
PLENTY OF MONEY IS OBTA|NABLE BY COTTON PRODUCERS
Cooperative Cotton Farmers Association Is Functioning. President NeSbitt Ex-
 plains Operations


 The Alabama Cotton Growers Co operative association is functioning
 w. D. Nesbitt, president of the as- sociation, announces officially as ex- ecutive head of this association, thai any amount of money is now avail able for the cotton growers of Ala bama, according to the amount o cotton held by them and on which they ask for loans.
 ''The money is available for the man with one bale the same as fol the man with 10 and 100 bales. Al the cotton grower has to do now, said Mir. Nesbitt, lis to join the as- sociation The money of the War Finance corporation is thereby made automatically available to him on the maximum base of 10 cents per pound"
 Arrangements have been perfected with the War Finance board and the federal reserve banks by which tho farmers associations and the reserve banks will have direct dealing, which will make the money available as the cotton on which it is borrowed is placed in position to take advantage of the opportunity.
 "The Alabama cotton producer Is now in position to secure loans or cotton the same as is being done in other states which have arranged the machinery We have the ma chinery and the War Finance corpor- ation has announced readiness to loar us the money according as the pro- ducer presents the cotton and qual- flies for the loan" said Mir. Nesbitt Speaking of the benefit of being in position to borrow money on cotton through the Alabama Cotton Growers Cooperative association, Nesbitt said
 Properly warehoused cotton IT any Alabama community, as a first result, now has a borrowing value of 10 cents a pound at per cent interest. Loans are available up te July l. 1922. Members of the Ala bama Cotton Growers operative association can secure these loans Membership is secured by signing the marketing contract of the asso- citation, thus placing the cotton with the organization to be sold
 A Three-FoId Benefit
 "The association is being used by the War Finance board to supply te the producers loans on their cotton Whatever funds are needed are avail able. and additional funds as tho need arises.
 The cotton producer can, througf these loans. supply himself with cash to liquidate, in whole or in part, his indebtedness to banker or merchant or to purchase fertilizer and othel farm supplies at cash prices,
 Frightened of part of the loans to farmers that will he taken up the banks can better finance th' farmers and others for undertakings now held up and thus aid in prepar' ing for the new crop.
 "The warehouses of interior towns can, by taking federal warehouse licenses. or by arranging the hand ling of their warehouses in line witf the business rules acceptable to thi l War Finance corporation be in posi- ton to secure these loans for theil customers on their local warehouse ] receipts.
 Use of River Producers can obtaifl best result i through the use of the developed waterways of Alabama. They get th' benefit from using the government barges on the Warrior river and th' developed port facilities at Mobile All north Alabama cotton, eonstitut ing two-thirds of the states crop, f l in the zone of lower freight rate' resulting from the barge service ol 1 the Warrior river.