The central record. (Lancaster, Ky.) 18??-current, 1922-01-26
OVER.SUBSCRIBED
Pledges To Burley As
ISOLATION Reach
$5,136,700

INtutts VI iohus 70 tut btfite
Tobacco Cooperative Association are
coming in by leaps and bounds, until
today Il has reached the enormous
sum Of s5.i36.7O0. almost twice the
sum set out as the minimum that
would be needed to finance the crop
until the money pledged by the gov
eminent could be turned over on the
warehouse receipts.
Judge Robert W. Bingham founder
Of the association has already sent
his personal check TO the association
for 100000. which is one-half Of
the amount he agreed to loan them
Mt the meeting last Saturday.
The first Liberty Loan" Of the
Burnley Tobacco Gr1wers' Co-opera-
tive Association. ms II was referred to
by Colonel Aaron Sapiro. general
counsel for the association, was over
subscribed several hundred thousand
dollars at Lexington Saturday in n
meeting Of Kentucky. Ohio and Indi-
ana bankers probably without n
parallel in the history Of finance in
the State. The banks agreed to
loan the association si,s7s, 900 and
Judge Robert w. Bingham. Of Louis
vile. pledged himself TO aid person.
ally to the extent Of 100000.
Action taken by the bankers fol-
lowed a full discussion Of the con-
s,itutionality Of the law by Judge
Ed c. O'Rear, former chief Justice
Of the Kentucky Court Of Appeals.
and Robert G. Talbot. one Of Ken
tueky's best known and most success
full lawyers, both Of whom declared
that, in their opinion, the new Bing-
ham cooperative marketing act.
which was passed in record time by
the general assembly. would stand
the test Of the courts.
Similar views were expressed by
Judge Bingham. himself formerly
circuit judge. whS called attention
to the fact that not a single one Of
such laws ever had been held un-
constitutional b yany court, though
they have been adopted into the laws
Of fourteen states.
Previous to the meeting Of the
bankers and the officials Of the As
sociation a meeting Of the directors
was held at the Offices. go South
Broadway, and Colonel Aaron Sapiro
was elected general counsel for the
association and Colonel Joseph Pas
sonneau chief Of the field service
division.
In most instances the pledges Of
the bankers equalled the legal limit
Of the banks they represented, and
IL was said after the meeting ad-
journed that many banks had not
had opportunity to subscribe be-
cause Of the fact that the notices
sent out calling the meeting had not
given time for meetings Of the di-
rectors.
Lexington banks, with only a few
exceptions, are not represented in the
initial loan, President James C. Stone
taking upon himself blame for the
fact that they had not been notified
in time to attend the meeting or TO
prepare for IL. But representatives
Of the banks present announced that
they would furnish their share.
President w. A. Mcdowell, Of the
Phoenix and Third National ,pledg-
ed 100000 and Fred G. Stilz, Of
the Bank Of Commerce. $50. 900.
Bankers who assured the growers
Of their hearty support were Presi-
dent Ed Bassett, Of the Fayette Ma
tional, and President L. X. Black
burn. Of the Union Bank and Trust
Company. c. n. Manning. Presi-
dent Of the Security Trust Company,
pledged his personal loan of $50, 900
and DR. S. II. HALEY. director Of
storage houses for the association.
his personal loan Of $4,000.
The meeting Of the bankers and
officials Of the association was call
ed TO order in the ball room of the
Phoenix Hotel Saturday afternoon |
At one o'clock and was in session