Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1920-09-25
LOANS AND CREDITS
The Conference at Chicago on Live Stock
and Credits Situation of Interest
to South Dakota Citizens.

The financing of live stock and agri.
cultural interests of the West was dis
cussed at a conference held in Chicago
last Friday which was participated in
by stockmen, bankers, officials of Fed
era Reserve banks and packing houses,
commission and railroad men. com
mittee was appointed to discuss the
matter further with the Federal Reserve
Board in Washington, and in order to
somewhat relieve the financial situation,
the Interstate Commerce Commission
was requested to give priority for two
weeks to shipments of grain. Quite a
portion of the West had a drouth last
year and that, together with the unusual
winter which followed, placed the live
stock industry in critical situation
The season has been bounteous all over
the west and with good crops and ex
cellent grass, there is a great demand
for restocking, il the proper financing
can be arranged. The Federal Reserve
banks at Minneapolis and Kansas City
were each represented 10y their Cover
nors while the Chicago Federal Reserve
bank was represented by its Federal Re
serve Agent. Practically all of the large
live stock loan companies and the live
stock banks of the west and central west
were represented. Those from western
South Dakota included Congressman
Harry l.. Candy, Harry Wenlzy, presi-
dent Of The Security Savings Bank and
A. :. HALEY, vice president of the First
National Bank, OF Rapid City; 9. L.
Millet, president Of the StockgroweIs
Bank at Fort Pierre, who also spoke as
the representative of the South Dakota
Bankers Association and the Western
south Dakota stoCkgrowers Association
b. b. Townsend of the Murdo State
Bank, of Murdo q. j. Crilly of Tia,
Bonesteel state Bank of Bonesteel, and
Lewis Mccullough of the Jordon State
Bank at Winner.
The matter of live stock loans wa
fully discussed in various phases, and
from all standpoints, and it was genei
ally believed that the seriousness of the
situation was brought out in that if tht
young live stock and the breeding stocl
is not kept upon the farms and ranches,
the shortage of beef in another yea
would be calamity. This point was
especially emphasized by Congressman
Candy, who was one of the speakers,
and made one of the finest appeals 70
the stock men that was made at the
meeting.
When the meeting adjourned the feel
ing prevailed that the live stock inter
ests would be taken care of and that
general effort would be made to give the |
stock rasers better financial co-opera
ton. In fact, following Mr.. Gandy'a
address, Governor Young, of the Fed
eral Reserve Bank of Minneapolis made |
the broad statement that live stock loans
would be given the preference and thai
any such loan presented in proper form
by bank which is a member of the
Federal Reserve system would be &C
cepted and that the live stock interests
generally would be given further special |
This was the sentiment,
too, with other reserve banks, which |
were represented by officers of those
banks.
On Saturday at the Morrison hotel
the Western South Dakota contingent
had personal conference with Cover \
nor Young and carefully and fully pre-
sented to him the credit needs of this
locality.