Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-03-14
Dollar Per Bale Covers Cost
of Operation-Strong Men
Chosen as Directors-Di-
Yersifjcation Urged
BY RALPH SMITH

along" declared e., ). Weltzen-
hotter, vice president and active
head of the Security National
bank, when asked concerning the
operation of the Oklahoma Cot
ton Growers association and it's
relations with his bank.
Mr.. Weitzenhoffer, who is
recognized as one of the keenest
bankers in Oklahoma, added that
the plan under which the associa-
ton is operating offers to the
bank the safest and soundest col
lateral for advances.
The bank takes no chance at
ALL" he said. ''Its loans on the
association cotton are protected
by the widest margin, and the
business arrangements otherwise
are the most satisfactory.
Mr.. Weitzenhoffer' emphatic
statement is chosen as an intro
auction to this article because it
is calculated to cath the eye and
hold the attention of many bank
ers and business men in Georgia
who have looked with misgivings
on the projected cooperative
movement in Georgia.
It is proposed herein, also, TO
discuss the method by which the
associations directors are chos-
en-. to outline the actual cost OF
operation throughout the season,
and to remark briefly upon the
general agricultural program of
the organization. These are mat
tiers that should appeal to the
mn in Georgia who feel an in
terest in. the cooperative move
melt.
Bankers Attitude
Mr., Weitzenhoffer is only
lone of the bankers I have seen,
and he is, I am frank to admit,
tn. most enthusiastic supporter
of the movement I have met
among the bankers. None has
sknocked" it in so many words,
and none is as familiar with its
operation, inside and out, as Mr..
Weitzenhoffer.
There is~ Frank S. Johnson
president of the American Ma
tional, one of Okldhoma's big
gest banks, who isn't bit en-
tI.usiastic about the association
and it's operation this year, but
: Mr.. Johnson appreciates the
great possibilities of the move
ment.
"I am a believer in the order
1y marketing Of farm products
and in the principle of co-opera-
tive marketing of cotton" said
Mr.. Johnson, "but I must con-
TESS that I do not believe the
movement has been helpful
this year.
Mr. johnson did not go into
details as to his reasons for
thinking the movement hasn't
been helpful, but gathered
from him that he entertains
some doubt as to whether the
association members, in the
long rum. will receive as much
or more for their cotton than
have the non-members who have
sold their product.
The American national was
among the several city banks
that originally undertook to han
die some of the associations pa
per, but subsequently withdrew
and declined to honor drafts on
the association forwarded by
country banks.
Just across the street from the
American national, 1 found P.
A. Janeway, active vice presi-
tient Of the. Liberty national,
another of the big Oklahoma
city banks.
''I am Of the opinion" said
Mr.. Janeway, "that if the indi-
vidual farmer ever gets to where
he can finance himself until
such time, as his crop is made.
the cooperative system will
prove a wonderful thing for him
in selling his cotton. 1 feel sure
that the system will give to him
all that his product is worth"
what about the operation of
the association thus far this
y
Chief Objection
up to date the average price
received for cotton sold through
the association has been some
higher. I think, than the price
received for cotton sold indie
pendently. However, I think it
advisable for you, if you want
the facts from man who knows,
to see Mr.. WeitZenhoffer, at the
Security national. He is well in
formed as to the Details"
Mr.. Janeway added that the
chief objection he had heard
urged against the cooperative
selling of cotton is that it has
operated to delay liquidation in
the country, and from the stand
point of the country banker and
country merchant, this is a Sc.
rious thing.
"The final test, however, will
depend largely upon the final
cash disbursements by the asso-
citation to it's members, he OBJ
served. "Of course, the associa-
tons plan affords to the banks
a much safer banking PROPOSE
ton than under the old scheme"
Mr.. Weitzenhoffer greeted my
introduction with the emphatic
statement quoted at the very
outset, and then he continued
at seems to me that this year
of all years cannot be consid-
cred as particularly favorable
for launching a movement like
this cooperative scheme; GER
tainly, such a year doesn't afford
a really fair test of the merits
of the proposition, yet, with all
that, 1 look with decided favor
on the scheme in general.
"In the first place, when the
season opened, the price of cot.
ton jumped skyward. You re.
member the big bull movement.
Our weather in Oklahoma was
ideal for harvesting and our
crop matured earlier than usu.
al. All of these circumstances
combined to operate against the
association, as 1 see it.
During the. big bull move
ment in cotton in September and
October, I believe shat cotton
could have been sold on the
streets, to street buyers, for q