Omaha daily bee., 1910-08-06
MASON SMOKES OUT PATTEN
Omaha Bee Man in Chicago Disproves
Plunger's Allegation.
NOT AUTOMOBILE MAD
Kansas city Bankers write that
They DO Not Hold Farm MORT
cages "a Security for
Autos.

CHICAGO, Aug. 5. 80 Especially -- Kansas
City bankers deny in vigorous terms
statement made by James A. Patten re-
Gently that western farmers were jeop-
ardzing the prosperity of the country by
their craze for automobiles, and that he
knew of one Kansas City bank which
holds fifty-two mortgages on the same
number OF machines"
The denals are in answer to letters of
inquiry addressed. by @. w Mason chi
cago manager of the Omaha Bee and the
Twentieth Century Farmer, to eighteen
leading Kansas City bankers. Twelve re-
sponses were received within three days.
Not only do each of the bankers depy that
their institutions carry loans on automo-
biles, but they resent the imputation that
the credit Of western farmers is unstable.
"If they ride in machines they at least
can afford to own them, which is more
than can be said of some city motorists,
is the way some OF the bankers character
lie the automobile craze among western
farmers.
The answers in part are as follows;
]. w. Perry president National Bank of
Commerce; There is absolutely no truth
in the statement that any Kansas City
bank holds flfty-two mortgages on homes,
the proceeds Of which went to buy autos.
We do not have any OF that kind of bank
ers in Kansas City.
r. II. Burrow, vice president National
Reserve bank of Kansas City! We have
never had an application for a loan of
this character and do not think any of
the banks here make automobile loans.
+. p. Neal, president Southwest National
bank: 1t is my opinion that farmers who
hnxr mol ell
for them.
Knows Not a Single Case.
! H. c. Lambert, cashier German-American
bank: l do not know of a single case of
person who has bought an automobile find
ing 1t necessary to mortgage property to
| do so.
p. W. Goebel, president Commercial Ma
tional bank: We have never hel9 a mort
gage which was given to secure purchase
note for an automobile.
William T. Kemper, President Commerce
Trust Comparative are inclined to think
some people of this city are riding in auto
mobiles who can III afford to do SO, but We
don't believe this applies to the western
| farmer.
Walton p. Holmes, President Pioneer
Trust Company-So far as we are able to
country are not going wild about auto
mobiles. Those that seem to be able to
own them are buying them. The farmers
owning automobiles are advocating good
roads, which, of course, is a thing much
desired.
Hold No Auto Mortgages.
H. Koehler, Cashier Western Exchange
Bapk-This bank does not lend it's funds on
chattel mortgages. We hold no mortgages
on automobiles.
James L.. Lombard, President Corn Belt
Bank-Concerning the farmers, 1 think they
rarely purchase automobiles unless they
feel they can afford to do so or live such
q distance from a railroad that time Is
saved by owning an automobile
! ]. F. Downing President New England
4 National Enthusiastically the people who buy
automobiles, while they may not have the
money to pay for them, have good enough
credit to get them without mortgaging.
Charles r, Waite, vice president Of the
Drovers' National bank, wrote that he did
not know OF any Kansas City bank that
had been loanlng money for the purchase
of automobiles, but he agreed with Mr..
Patten that farmers had gone in debt a
good deal on the purchase of more land.