The Lee County journal. (Leesburg, Ga.) 1904-19??, 1923-09-21
TIME FOR
DELIVERY DEL f OF
~ " PEANUTS

| ALBANY, Ca, Sept. 17.-Al-
though delivery season for members
of the Georgia Peanut Growers Co
operative Association does not be-
gin until Thursday of this week,
September 20, members in several
parts of the peanut belt are already
delivering to warehouses that are in
readiness to receive peanuts. 1t is
not the purpose of the Association,
Colonel r. E. L. Spence, president,
stated, to hold off receipts at any
warehouse that is ready, but that
the date of September 20 was set
as one on which it was to have all
receiving points in readiness.
The first peanuts delivered to the
association were by L. w. Wells of
Pelham, and within less than "a
hours after his warehouse receipt
was received at the headquarters Of
flee in Albany check was on its
way to him for his first payment,
the initial advance. BY strange
coincidence, the first Peanut Aosso-
citation contract was signed by Pei
ham man, Hon E. E. Wilkes, one of
the county commissioners of Nit
chell county.
An initial advance of $4,000 a
ton on No. 1 peanuts has been agreed
on by the directors of the Peanut
Association. This does not mean,
President Spence explained, that
$4,000 a ton will be all that mem
bers of the growers association will
receive for their peanuts, but it
simply represents the first payment,
to be followed by others later that
are expected to bring the total up
to much more than non-members on
an average will receive for their
peanuts. In fact, he said, the asso-
citation is already responsible for the
fact that peanuts opened higher
this fall than they have ever opened
since they were a money crop in
Georgia.
When a member is advanced $780,
90 ton for his No. / peanuts, or
$4,000 for No. 2's he will also be
issued a participation receipt cover
ing his unused equity in these pea
nuts. This participation receipt will
be collateral at any bank for loans,
if the member is in need of addi-
tional funds at the time he receives
his first advance. Many of the banks
have agreed to loan rs per cent of
the equity on any peanut participa-
ton receipt. In some places, pea
nuts have been quoted as high as
$4,000 a ton. In that case the
members equity would be $1,000 a
ton on No. is and he could borrow
$3.50 on his receipt if he had to.
In case the market was $4,000 that
day, his equity would be $4,000 on
No. is and he could borrow $500
on his receipt.
1t is generally believed that when
final settlement is made with Peanut
Association members next spring
they will find that their peanuts have
netted them much more on the aver
age than have the peanuts of nom
members. These on the outside Of
the Association who have already
sold their peanuts have received all
that they will receive, whereas the
members will receive other sub
stantial payment from time to time
which will doubtless come at very
welcome times.
Some of the directors favored a
higher advance, but the majority
sentiment was for conservation. 1t
was argued too, that the higher the
advance now, the smaller would be
the later payments.
Some of the members of the Pea
nut Association do not yet under
stand, Colonel Spence said, that
they may deliver at any association
warehouse or receiving station they
wish to. Some have objected to
delivering at certain points for per-
sonal reasons, but they have the
choice of many other points at which
the association receives peanuts and
NAV deliver their If they wish.