Arizona republican., 1922-06-20
NEWS Of AID FOR
GEORGIA COTTON|S
SENT TO PHOENIX
Ample Financial Aid For
Marketing Crop Deemed
Good News In All Grow
ers' Association Districts

orS ASSOCldLlOll DlSlI lCLS
Announcement has been received
by the secretary of the local cotton
growers association that the new
Georgia Cotton Growers association
has been amply financed for their
first years business. This informa-
ton is contained in a clipping sent
by President Conwell. taken from
the Atlanta Constitution, one of the
oldest and most conservative of
southern papers.
Il, The Georgia association is one of
the five that have been organized and
.stfiliated with the American Cotton
Growers exchange in the past year,
largely through the efforts of c. O..
Moser, secretary of the exchange,
who recently visited the Salt River
valley. The original members of the
exchange were the Arizona Pimacot-
ton Growers. the Oklahoma Cotton
Growers association. and the Texas
Farm Bureau Cotton Growers asso-
citation. To these have now been
added the new associations formed in
Arkansas. North Carolina, South
Carolina, Georgia and Alabama, hav-
ing a total of more than 10000 mem
bers and controlling above 25 per cent
OF all the cotton raised in America.
Atlanta Banks Provide
The article from the Constitution,
in part. says;
Announcement by the Atlanta
Clearing House association that At
lanta banks have agreed to loan S9,-
100000 to the Georgia Cotton Grow
ers' association for financing cotton
controlled by the association during
the coming season was made Satur-
day by President ]. r. Conwell of the
cooperative cotton marketing body.
President Conwell also made pub
lie the fact that other banks through
out the state have expressed their
intention of extending several million
dollars of additional credit along the
same line. while it was added that
Aaren Sapiro, counsel for the cotton
growers association, will within the
next few days make application to
the war finance corporation for
still further extension of $3,000,0OO
under terms as outlined by Eugene
Meyer, .Tr.. director of the war fl
nance corporation, during his recent
visit to Atlanta. when he conferred
at length with the board of directors
or the Georgia Cotton association.
! If the war finance corporation acts
fatorably upon this application-and
every Indication. it is declared points
ito a successful negotiation-the
Georgia, association will have from
$40, ,000, 900 to 100000 available for
financing the coming state cotton
crop. loans to be made on proper
warehouse receipts and collateral.
3is One of its first duties will be to
name a trustee of the funds to be
advanced by the Atlanta banks. The
committee will also advise frequently
with the executive committee of the
cotton marketing association as to
ways and means OF carrying on the
business of the association on the
most efficient basis.
This favorable attitude and real
corporation after a thorough inves-
tigation by the banks of our own
state. means much to our association,
and should convince all who pre-
viously have said that cooperative
marketing is right. but doubted the
ability of the association to finance
the cotton of its members. Our asso-
citation is now organized, backed by
the farmers. the banks and the gov
sernment. We are ready to do busi-
1ess-our success is assured" said
Mr.. Conwell
Under the plan outlined by Presi-
dent ConweIl, the Georgia Cotton
Growers association will extend
credit of so per cent of its market
value to farmers who bring their
cotton to bonded warehouses and Sc
cure proper receipts. The remain
ing 40 per cent of the then market
value. and the funds thus appor-
toned will enable both the farmers
to liquidate their obligations when
needed. and the association to con-
tinue its activities with perfect Sc
curity.
Officials of the cooperative or
sanization pointed out that the war
finance corporation last year extend
ed a $4,000, 900 loan to the Oklahoma
Cotton Growers association, upon
which the organization financed ap-
proximately 80 per cent of the cotton
crop OF that state. The entire S4,-
900, 900 has been paid back to the
war finance corporation. it is stated,
and the Oklahoma organization is IN
splendid financial condition
In announcing the loan of $1,000
900. Atlanta banks. through COM
mittee. explained that they are also
extending credit to the association
for meeting its current expenses in
getting all departments fully organ
ICED and ready to receive and market
cotton within 49, next few weeks.
The committee of Atlanta bankers
named by the clearing house associa-
tion consists of Eugene Black. presi-
dent of the Atlanta Trust company
chairman; j. S. Floyd, vice president
of the Atlanta National ba~le' w w.
Banks. vice president of the Citizens
and Southern bank. and Hatton Rog-
ers, vice president of the Fourth Ma
tional bank, who is an eX-officio
member as president of the Atlanta
Clearing House association.
This committee has pledged to the
association its best efforts and CO.
operation in conducting the business
operations of the association.