The central record. (Lancaster, Ky.) 18??-current, 1922-01-26
u. s. APPROVES
BIG LEAF LOAN
100000 To Be Adj
vanced On Burley
Warehouse
Receipts
TOBACCO TO MOVE SOON.

Washington, Jan. i9.-Applieation
Of the Burley Tobacco Growers Co
operative Association for loan Of
$4,000. 900 TO finance the holding
Of crops was approved this afternoon
by the War Finance Corporation.
The Boards action terminated a
conference today between the board
members and FIVE Kentuckians rep
resenting the association Of Ken
lucky bankers. The committee, which
was introduced 10 tn" officials by
Representative James Campbell Can
trill o. the Seventh Kentucky Dis
trict, was headed by Bush W. Allin
Of Harrodsburg. vice president Of the
association. Other members Of the
committee were:
X. ~ Bean. president Of the Louis
vile National Banking Company; II.
VI. Dosker, vice president Of the Ma
tional Bank Of Kentucky. who repre-
scented the bankers Of Louisville; J.
X. Downing. vice president Of the
! Citizens Union Bank Of Louisville.
and John Buckley Of Lexington, as
sistant director Of warehouses Of the
association.
Following tie announcement Of
the approval Of the application,
Eugene Meyer. Jr., ma naging diree-
tor Of the War Finance Corporation,
announced that he would write James
&c. Stone Of Lexington president of
the association, formally approving
the transaction.
Mr.. Meyer made Il known that the
War Finance Corporation is ready
TO make advances 20 the association,
in an aggregate amount not exceed
ing rcscnting tobacco in such amount
that the advance does not exceed
so per cent of the market value OF
the tobacco.
He pointed out further that il is
the understanding Of the board that
the financing Of the tobacco befor,
IL has been redried will be handled
by local banks and that only redried
tobacco will be submitted as eollater,
al to the War Finance Corporation''
advance,
j Members Of the committee pointed
out that the value Of tobacco aftei
II had been rediried is higher than be
fore it has undergone tina, process
and that the increase in the market
value should be considered with the
stipulation that the advance to b,
made shall not exceed so per cent
Of the market value.
4 The association will begin reeeiv
ing tobacco from the farmers OF
Thursday. January 26th.. at Lexing
tom and ON Monday S0th., at The
other warehouses in the hurley dis
trict. Any tobacco that is not solo
will be placed in warehouses anS
warehouse receipts will be issued on
which the loan Of the War Financ,
Corporation will be advanced TO re
fund the loans made 10 members OF
the association by country and cit,
banks
All members Of the committee ex
pressed satisfaction over the result
OF the action of the War Financ,
Corporation.
Approval OF the application for 4
loan of 100000 by the War Fin
anee Corporation to the Burley To.
bscco Growers Association usher.
in new epoch in the history Of tn,
tobacco industry in Kentucky" Mr.
DoSker said.
The War Finance Corporation di.
rectors plainly Indicated that they
were in complete sympathy with the
cooperative marketing plan and BY
agreeing 10 make the loan they have
done everything within their power
to assist the tobacco growers Of Ken
lucky in a financial way"