New-York tribune., 1920-10-20

other recess appointment 70 provide
for the current period.
Bankers from the agricultural states
are preoccupied with tho effect of
banking policy on the shrirkage Of
crop. values end some Of them are
frankly critical Of the dehation pro-
gram Of the Federal Reserve Board.
Those from the cotton belt are espe-
cially outspoken. A Nashville banker
in his opinion the reserve board used
its influence to force the brakes down
on industry and agriculture too
rapidly
E. T. Meredith, Secretary Of the De-
partment Of Agriculture, announced the
farmers side of the case. His pres
entation stood in sharp contrast to the
messages of Governor Harding Of the
Reserve Board and Secretary Houston
to ENJOYS Of the agriculture folk. The
latter came to Washington last week
to induce the government to use it's
power to compel the banks to finance
the holding Of products of the soil oil
of the market it anticipation of higher
prices. Bankers from the industrial
cepters who are in sympathy with the
campaign for lower prices asserted that
the Secretary of Agriculture struck
false economic note in suggesting that
the shrinkage of value of farm prod
ucts was undesirable, arguing that the
phase of the movement to efface the
effects of excessive imitation.
"In the spring Of 1920" Mr.. Mere
dith recalled, when the farmers were
planning their operations for the COM
ing season, they were confronted with
a very different situation than they
now face. There was a shortage of
farm labor estimated at 33 per cent, the
cost of everything the farmers had to
buy was exceeding high and there was
uncertainty. as to the future prices
of farm products"
Figures on Bumper Crops
The Secretary then gave figures to
indicate what bumper crops have been
produced in spite Of the handicaps, and
added:
Cotton seed, which sold year ago
o. $50 ton, was selling September /
for $40 ton The wool clip this year
aggregates 259,307,000 pounds. At
prices prevailing in September last
year it would have brought $133,000,-
900, but this year, on the basis of cur
rent prices, it would bring only s73,-
900. Taking all crops into considera-
tion from present prices and ten
dencics, the farmers Of the United
States are facing a shrinkage Of prices,
as compared with last year. aggregat-
ing more than $4,000, 100000, nearly II
per cent"
Mr.. Meredith decried the pruning
down by Congress Of the appropria-
tions for his department to the extent
of s2,OOOo0o, asserting that the So
called economy had resulted in the
elimination Of important scientific
work which was worth many times what
was being spent. He announced he
would request the next Congress,
crease of s1o.ooo,ooo in appropriations.
The bankers received his address with
great enthusiasm and ordered that
copies of it be sent to every Congress
man and to every banking institution
throughout the country.
John J. Pulleyn, president Of the
Emigrant Industrial Savings Bank of
New York, in an address before the
convention asserted that the Esch- Cum
Minis act had validated railroad securi-
ties. He described the program Of the
new National Railway Service Corpora
ton, which was recently organized to
help the railroads finance the purchase
Of new equipment.
In the afternoon meetings of the
trust companies section and savings
bank section were held. Tonight the
delegates, many Of whom were accom-
panied by their wives, divided into two
groups. One visited the Bureau of
Standards and the other attended a
private view at the United States Ma
tional Museum of Natural History.
Secretary Houston will address the
convention tomorrow morning on
public finance.