The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1922-03-07
Two-Thirds Of Burley
Crop Delivered Sold

What the Burnley Tobacco Grow
ers' Cooperative Association has
accomplished in its brief corporate
existence was given in review by
President James G. Stone. Accord
ing to Mr.. Stones statement, the
association has received about 3d.
100000 pounds of tobacco since Its
warehouses we're opened January 20
and has sold about 60,00Q,00O
pounds of that tobacco at prices
about three times what the advances
given the growers at the time of
delivery amounted to.
The association, Mr.. Stone said,
is using "a receiving plants at 81
different locations. 1t has not only
advanced about a third of the value
to the growers, but has paid back
half the amount Of its borrowings
from banks inf the district and will
pay the other half this week. He
said the officials Of the association
expected later to use some Of the
$40, 900, 900 loan offered by the War
Finance Corporation.
In his address at Louisville, Mr..
Stone said, in part:
81 can give you, but not in de-
tailed way, just what we have done
in Central Kentucky. We started
this organization July 20. Between
July 20 and November Is we signed
55,617 contracts which gave, based
on the 1920 crop, around IS per
cent. We then organized under the
laws of North Carolina, because we
did not have an adequate law in this
state at that time.
The first of January there was a
law-The Bingham Cooperative
Marketing Association Act--passed
in one weeks time, and we reincor-
porated under that law in this state.
Between that time and January 25
we took over 100 warehouses out of
the 100 throughout the district,
which cost approximately $4,000, 900.
We financed that property to the
satisfaction Of the owners.
owe organized our grading de-
partment and established uniform
grades for hurley tobacco. We made
arrangements to borrow $10,000,000
from the War Finance Corporation
and in addition borrowed SIS. 100000
through the banks throughout the
territory to make advances to the
farmers when they began to deliver
to our receiving stations.
eve began in January in fifty
four locations, and since that time
we have received up until last Sat-
urday night approximately 85,00O,000
pounds of tobacco. We have advanc-
ed the farmer what was Approximate
ly one third Of the market price and
have sold approximately 60,000,000
pounds of tobacco at prices about
three times the advance price.
eve are this week paying back all
the money we borrowed. We will
have sufficient amount of money
on hand to make advances to the re-
naming members of the association
that are yet to deliver their crops.
We expect, however, later to use
some of the War Finance Corpora
ton money, but we could get along
without using. it probably, but we
are gong to use it.
81 also want to say that the man
ufacturers to whom we have sold
tobacco are very much pleased with
the way the business has been han
died, and not later than Monday |
had one Of the largest owners say
to me that it is decidedly the most
satisfactory way they have ever
purchased tobacco. 1t has been de-
livered promptly; it has been pack
ed straight ON the basket.
Gin fact, one told me that he had
received 100000 pounds from
Lexington alone and not one single
basket of nestled tobacco was in it,
and that he was convinced that was
the case throughout the territory.
He was confident it would be and is
now the best way both for the farm
ar and tha man who huva IL MANN