Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1910-08-25
BANKERS DEFEND FARMERS
D 8 .,i-.
Officials in Fifty-Four Counties Ridi-
Guile Alleged Auto Evil,
DECLARE FARMERS HAVE CASH
In Answer to Question Seat by Bee
Representative, Bankers Deny that
Farmers Contract Mortgages
to Get Machines.

CHICAGO, Aug. 24-(special-) -Officials
of representative banks located in the county
seats of fifty-four counties of Nebraska
deny that the credit of farmers in that
state has been impaired by the purchase
Of automobiles, and in all except one in
stance declare that 1t has not been neces-
sary for the farmers to give a mortgage to
purchase one Of the modern flyers.
The denials are in answer to a series of six
questions addressed to these bankers in
letters sent out by George w, Mason, Chi
cago manager of The Omaha Bee, and The
Twentieth Century Farmer.
Recently Mr.. Mason secured from Kansas
City bankers a denial of the statement ac-
credited to James Patten, the wheat king"
that farmers of the west were jeopardizing
the prosperity of the country by giving
mortgages to buy automobiles, and that he
knew, OF instances where such mortgages
were held by Kansas City hanks.
The farmers of Nebraska are perfectly
able to buy automobiles without mortgaging
their farms, the agricultural sections of the
state were never more prosperous than they
are today" Is one of the typical answers to
the questions.
Average Deposits 81 Per Cent.
Information furnished in the letters shows
that the average percentage of deposits by
farmers In the banks from which the fig
ures were secured amounts to 81 per cent,
ranging from an estimate of SO to 40 per
cent from the First National bank OF
Omaha to a clear score by the Banner
County bank of Harrisburg, Neb., the de-
positors of which are all farmers. Many OF
the banks had an average of 70 per cent.
The questions follow:
Does your bank hold any mortgages or
automobiles purchased by farmers or mort.
cages on farms to secure the purchase OF
automobiles?
What can you tell me about farmers buy.
| ing automobiles?
| What percentage OF your deposits are
made by farmers?
What, In your opinion, is the credit stand
ing of farmers in your community?
Is the purchase of automobiles by farm
ers imparing their credit?
Are not the farmers able to buy automo
biles and pay cash for them?
The answers to the first questions were
mo- in all except one instance and THU
was of a banker who believed that a chat
tel mortgage OF 500 had been recorded il
his county for a runabout."
Many Farmers Buying Autos.
To the second question the bankers re
piled that many farmers In their sections
are buying automobiles. ,,-
The bankers stated that the credit of tn,
farmers Is more than good and in answer L
the fifth question declared that there is n,
foundation for saying that the credit of tn
farmers is being impaired by the purchas
of automobiles.
President L. J, Titus of the First Nationa
bank Of Holdrege replied that he ha,
seen considerable criticism in the eastern
papers lately in regard TO the purchasing
of automobiles by western farmers. 9TH
east has no kick coming" he wrote, be
cause all of the money used In buying auto
mobiles goes east"
Land Increase JuStIfies Buying.
II. @. Mason, cashier of the First Ma
ional bank Of Harrington, wrote: If tn
farmers of Nebraska are not able to pur
chase automobiles know of no class o
persons who can DO So The Increase 1
the value of the land here during the las
twelve months is more than double til
cost OF the automobiles purchased, not I
mention the crops grown and the hig
prices received for them In our little cit
there are about forty automobiles and pos
sibiy 10 to 10 in the county"
Arthur Mcnamara, president Of the FRS
National bank OF North Platte, wrote:
pm this section only the farmers VIII
are able TO buy machines own them w
feel that farmers have as much right
purchase automobiles at the present tim
as they had to buy horses and carriage
In the past. We believe farmers are Twin
betteC and enjoying more Injuries for III
/, reason that they can afford them"
The credit standing OF our farmers
, good and they are no doubt in a MOI
J prosperous condition than they have eve
; been. 1 do not recall single instanS
, where the purchase OF an automobile wou
n Impair tUc purchasers credit. answere
G IL. Gray, cashier Of the Central CT
National bank
a MAKE Active Use of Machines.
9 The talk about the farmers going
: debt Tor automobiles does NOD apply
. tins community" wrote A. L. Clarke, pre-
ident VI the First National bank OF Has
If. ings. MANY of our farmers have purchas
n automobiles ana are making active use
\ them