Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-03-16
Prejudice Exists Only Among
FinanciersWh Lack Com
pIete Understanding of Or
ganization's Workings
BY RALPH SMITH

March 15.-After getting the
views of several prominent city
bankers concering the operation
of the Oklahoma Cotton Grow
ers' association, the estimate OF
the smaller out-of-town and
country bankers Of the state was
sought, for two reasons. to wit:
H. Country and small-toWn
bankers are closer to the farm
ers, as a. general rule, and are
better informed and more IA
miliar with business conditions
and public sentiment in the rual
districts.
2. In the darkest hour Of the
Oklahoma association, country
bankers came to the rescue and
supplied funds that made it pos
sible for the organization to func-
ton.
OF course, it was impossible to
see any country bankers in the
biggest city Of the state, but it
was a simple matter to consult
the secretary of the Oklahoma
Bankers association, which is
composed of city and country
bankers, big and little.
Then, too, Robert E. Harvey,
of Atlanta, suggested before my
departure that if I wanted the
low down" on the attitude of
Oklahoma bankers. it would be
advisable to see Eugene P. Gum,
secretary of the state associa-
ton. Mr.. Harvey has had con-
siderable experience with Okla
homa bankers. He spent some
time out here in the interest Of
the Federal international Bank
Ing company.
Gum knows all about the
bankers of Oklahoma" said Mr..
Harvey. His relations to them
are just as close and intimate
as are the relations Of Haynes
McFadden and L. r. Adams to
the country bankers of Georgia.
See him and you'll get a close
up opinion"
A Good Thing"
The Oklahoma Bankers asso-
citation has some 600 members,
and Secretary Gum knows every
one of them.
1T is" said he, "too soon to
form definite judgment as to
the success or failure of the CO.
operative movement among our
cotton farmers. The proof of
the pudding is in the eating, and
the eating is still in progress.
1t will be time enough to finally
Judge of the success or failure
of the Oklahoma plan when the
returns are all in.
However, the movement has
progressed far enough to Justly
an opinion, and, from what
know. I strongly incline to the
belief that it has proved a good
thing for the members of the
association-a good thing, I
mean, in a bread sense.
1.-THE country bankers in the
state who understand the details
of the associations plan and op-
Grafton are, I find, favorably in
clined, but there are some who
have a prejudice against 1t. I
do not regard this as either I'M
usual or significant among 600
bankers.
This has been the worst pos
sible year, in my opinion, for the
successful operation of any new
movement of any kind. There
has never been time when the
bankers-the country bankers,
especially-were 50 badly in need
of money, and an institution
that has been able to half sat-
CT he y~nr nj
remarkably we'll.
81 believe, from what I've
heard, that the association men,
bers have received a premium
for their cotton. Indeed, the
head of the state agricultural
department estimates, as a re-
suit Of the operation of the as
ISOLATION, that the cotton farm
ers generally, without regard to
membership, have received for
their cotton from one to two
cents a pound above the price
received by cotton farmers in
adjoining states for their prod
uct. Heretofore" he says, COX
lahoma cotton has sold uniform
ly at discount"
WI. OulH , OpuLlOH
Mr.. Gum is the editor and
publisher Of The Oklahoma
Banker, the official organ of the
bankers association, and in the
February number of this publ
cation a leading editorial was de-
voted to the cotton growers as
sociation. The editorial fairly
represents his views of the or
ganization. It follows:
I'VE are not going to an
nounce the success or failure of
the Oklahoma Cotton Growers
association in advance of
either. The outcome is the an
swer. We venture nothing
more than an opinion based on
the facts as they appear at this
time.
Certainly they have made
many mistakes; they admit IT.
Where is the company of men
who could have without any
preparation picked up $6,000,-
100000 worth of agricultural
production and moulded a COM
mercial machine that would han
die every detail of the tremen-
dous load Of collecting, grading,
stapling, pooling, financing and
marketing the commodity with
out making mistakes. The fell
low who has the capacity to ac-
complish this momentous task,
has, Of course, got a right to
criticize.
1.-THE federal reserve system
was a momentous undertaking.
It's founders made mistakes that
have been corrected. More mis-
takes will need be corrected.
Many criticised it, but most of
it's early critics are now it's
stanch supporters. All reform
movements are criticised and
just criticism is the refining fire
in the crucible of experience, so
let's let our i'll will, if we have
any for this organization strug-
Cling to lift the cotton fafmer
out of his bondage, be TEMPERED
with friendly criticism and help
rather than hinder an admitted
experiment that has already
proven more or less successful.
Accomplishments
Notwithstanding the handi-
caps interviewed by restricted
foreign markets, financial strin-
eencY, credit curtailment and