The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-10-03
FEDERAL REESE RIVE
BANKS LENDING AID
Agricultural and Livestock
Interests Cared for by
These Financial Insti-
tutiOns of Nation
ESSENTIAL CIR EDITS
ONLY NON-ESSENTIALS AND LUX
URIES SUFFER FROM LOANS
REFUSED FOR SPECuLA-
TIVE PURPOSES
ESSENTIAL CREDITS

Congressman Charles ID. Carter
wired Governor w. p. G. Harding of
the federal reserve board at Washing
ton recently and informed him that
there is some feeling in this vicinity
that the instructions OF the federal
reserve board TO the banks relative
to the restriction of credits was being
pressed a little too strenuously. Con
gressman Carter asked the governor
II this was an actual fact and re-
nuested the actual status Of the banks
relative TO the federal reserve board
taking up the matter with him in
very vigorous manner in an effort
to bring about q relaxation of the
restrictions.
The Reply
In answer to this query Mr.. Car
ter received the following reply by
wire yesterday:
Hon. Charles D. Carter,
Ardmore, okla,
Your telegram of the twenty
ninth instant. Federal reserve
anu nv epANa
never have been. pursuing policy
of restriction Of credits for crop
moving purposes. Loans and dis
counts OF member banks have
boen steadily, increasing as have
rediscounts made by federal re-
| serve banks. Member banks in
agricultural districts are for the
purpose OF meeting demands made
| upon them in connection with
crop moving. Federal reserve banks
in cotton belt have rediscounts
with other federal reserve banks
about one hundred seventy.five
million dollars.
w. =. G.. Harding.
Governor.
Essential Credits Not Restricted
II will appear from the above,
on loans have been confined to nom
essentials, such as pleasure automo-
Nlos. speculation. etc. and that there
has been no order issued by the
federal reserve board restricting Gre
dts on essentials. They have done
just the opposite, according to the
wire, by restricting credits on nom
essentials so that these funds might
be called for essential purposes, such
Is moving crops, etc.
Statement From Z. e. Dings
r. s. Dings. president of the Ok.
lahoma bankers association, in an
interview with an Ardmoreite re-
porter yesterday stated and offered
actual figures in demonstration that
any imp. ession existing among lie
tcitiZens II this section to the effect
that the federal reserve boagl has
been iunctioning along narr1w lines
Is erroneous.
In the three years during tho war
the federal reserve board quoted
twenty-slx billion dollars in s,curi-
ties. A
| Durin gIhe period OF August ;!
1913. to Aurust 80. 1919. the TOTAL
bills. held by the federal reserve
banks increased from 81 eco. 73S.C00
to s2lIS 272OO0 showing an in.reas,
.: s4S2,526.O0C. During the period
Of August 20, 1919, to August p,
1879 ihc amount was increased from
Se,l7S, 279 900 to ss.sSs ,O92. 900 or an In
crease OF SSi0.S20. 900.
The federal reserve bank OF Kan
sas city which includes the tenth
district and In which Oklahoma Is
included, discounted for its members
up TO September 3, 1920. si21, ,23S, 900.
or this amount and directly TO the
support OF agriculture and livestock
In this district s7S,joo.OO or sos per
cent was extended as credits. Only
one other district in the United States
tho Minneapolis district extended
rcrc for agriculture and livestock out
ci the aggregate loans. their per
centage being Csc, according TO Mr..
plnes statement.
or course these figures do not In.
cludo the millions of dollars which
were extended TO agriculture and i've
stcck by the state and other banks,
not members OF the federal reserve
system.
Mr.. Dings stated due to the enorm-
Gus amount of business transacted
In America during the war period the
business men OF the United states
are attempting to engage In much
greater commercial activity now and
IA q result. are trying to do more
business than there is capital in
the United states TO DO Il with.