The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1922-08-16

has been adopted by the United
States bureau OF markets. The:
organization owns 126 out Of l35.
warehouses, valued at more .hanl
$4,000 The cooperative Law
was enacted in the shortest legal
time, without amendment .and
without a dissenting vote.
Just at the moment OF complete
success, the association struck =
snag. The Louisville banks had
agreed to lend to the association
enough money to finance advansa
payments to the growers on deIiy-
cry of tobacco But the attorney
for the clearing house, who Vas
personally unfriendly to the more-
ment, gave the opinion that the
contract was not binding, the asso1:
citation Illegal and the marketing
act unconstitutional. Because OF
the eninence OF the source. the
bankers hesitated. Delay at thass
time meant disaster. Tobacco had
been ready to deliver for a month.
and the growers were getting I'M
patient The money from the
War Finance Corporation would
not be available until the tobacco
was processed, and this took time
If there was no money forthcofn-
ing on delivery. the growers
would stampede the open markets,
and this cooperative movement,
like others. would fail
James c. Stone, president OF tsss
association, at this point called Al,
the country bankers together, ex-s
planned the situation and asked for
loan of s3,600,0o6.
Judge Bingham at this nomezt=
rose, and in simple words express
ed his faith in the soupdness and
worth of. the plan, ciosins, Will
ask no man to do what I am slns
willing to do myself. viii lend
the association one million do1lar1
Then there was ten minutes Of
pandemonium. while every one re-
joieed. Here was man. not a
farmer, who was willing to baeks
his belief in the farmer to the exss
tent of pledging one miiiion dol.
lars of his personal means. With
such a leader could not the farm
{ ers of Kentucky do anything?
In less than an hour, the su$-
scriptions to the Tobacco Grower
Liberty Loan. as il was called, to-
tailed 81, 400, 099lnearly 5000
600 more than had been asked fov.
With the impetus OF this victory
+ the Burley Tobacco Growers CO.
operative Association has been
enornously successful The Lab-S
erty loans were repaid from saies:
!! in less than thirty ydays. The men-s
ey from the War Finance Corpor-'
alton was not used for naonfa
Payments to date have tctaEsd;
about eighteen cents a pound. Eae
recent report of VIC. Hanna. Ken:
tucky Commissioner Of Agricsa-
ture. shows that the average sale
price for the association has been
rwenty-nine cents, while The aas-
ton markets have AVERAGED oslsy
about twsnty-one cents. Ene mem sn
bership Of the ASSOCIATION nas oeeL
increased. to $4,000. The expenses ot;
operation have been reduced two-;
thirds. ~
The Industry has been cena-S
pleteH r,.-organized. Whereas be-
fore the ASSOCIATION was formed
there were more than 5000 PIN
hookers, it is doubtful IL there WIN
be LOO left this year. For the hrsts
time in the tobacco Industry, tas,
Big Four-the American TehAeea
Company, P. Lorilard. r. Rsg
nolds cnmnany and Lizsett q
Afyers--bays found their own Or
- -. t;s,, moi bv one INST accom-
So. ssa.a rhe;r oAscsrs s;t aeynss s
III III ero,,, .be ofI,cers Of the asso-
cia1ion m 1and in Mr.. Stone, the.
nras;lant and Rainh III Barker. the:
d;rac4o- If wr,a,re1,o,,ses the farm:
arc m have TWO = officers # of extra.
ordinary capacity and have the
.hasa .,.,s - ,rhono t,,ev forn,erIv de-
ta.ss .
e1. aad Tor wonder both sfdes!
.osns 49, - ~, t;,s t,,;s eyn,rience. The
- sssao,at;on hos been able to ssSda
81 - ..l,.-a,, v,,,,,;;ss,