Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1922-03-04
COUNTRY BANKS GET
MONEY BACK QUICK
Burley Association Is Repaying
Loans Already-Latest Pool
Tobacco News

v banks OF the hurley district, VIII
be made the coming week, pro-
baby Tuesday next, Secretary
II. L. Farley, Of the aSSOciotion
said Yesterday. The first hall
OF the loan was paid of last
week, though the notes were
drawn with view OF the asso-
ciation's use OF the money for "
days. The repayment in but 4
few davS more than a month
will result in d considerable saw
ing I'm interest TO the association.
Warehouse Manager Robert II.
Beatty, has closed four OF the
Lexington receiving plants be-
cause OF the falling off in receipts
leaving six big warehouses still
open for the reception OF crops
OF association members.
Air-drying OF a large amount
oi the green grades has been ar
ranged for. President James {.
Stone said. This i being done
with a view 10 improving the
grade and increasing the price
likely To be received for these
tobaccu> considerably above the
cost OF rc-handling them.
The association already has
made advance, To the growers on
their delivery oi these green
grades. and thc contracts which
have been made with those who
will air-dry them ior the a,>ocia-
tion require the payment back 10
the association ui these advances
until the tobacco i rc-dricd and
and priced in hogshcads.
When these grades are finally
rcdricd and priced in hossheads,
Mr.. Stone said the association ih
To PAY back To- the contractors
the advances they have paid to
the association.
1T has developed, however,
since these contracts were
madc." said Mr.. Stone. that the
associations finances are in bet
ter shape than we had expected,
and the association may not re-
quirc the contractors air-drying
these green tobaccO> to put this
money up. the association there
bv saving the interest on the
loan
- Quite q considerable sum oi
money is expected to be added to
the hnal amount paid To the
growers by the air-drying and re
handling of these green tobaccos
as well as from the expert re-
grading ON may OF the ware
house floors poorly graded but
which on a proper grading yield
cd much leaf OF better quality
than Indicated by the grading OF
the owners.
Chief OF the Field Service Di-
vision Joseph Passonneau. l.
pushing plan for the drive to sign
up those growers who. for one
reason or another, remained out
OF the association last year.
Many have Joined the association
for the next FIVE years. after sell
ing their 1921 crop. and a conSid-
cradle number have held their
1921 crops until after the asso-
ciation, sales to manufacturers
and have the signed up their 1921
crop a did those who signed dur
ing the campaign last fall.
The association So far has not
used any part of the loan which
was placed at its disposal by the
War Finance Corporation. but
should II need this money at any
time it has only to furnish the
collateral in the shape of its
warehouse receipts to receive it.
Director Of Warehouses Ralph
NJ. Barker met the warehousmen
Of the Western district at Shelby
Vile Friday. where leasse we're
signed by them transferring
their property TO the Western
District WarehouSing Corpora
ton and AT Carrollton today the
owners Of plants in the Northern
and Indiana districts will trans
fer their properties to the district
subsidiary corporations.
Prosecution of growers who
have sold tobacco belonging TO
the Burley Tobacco Growers Co
operative Association and of the
warehousemen who have allow
ed or induced growers to sell
such tobacco will be begun in a
few DAYS it was announced We'd
nesday night at the conclusion of
a meeting OF the board Of direc-
tors.
The field service department
under the direction OF Joseph
Passonneau, has been investigat-
pg alleged cases Of violation Of