The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-10-15
STATEMENT WILL COME
FROM RESERVE BOARD
Policy Covering Credits Situation
Will Be Outlined Soon.-Dele-
cations Tell Plight of Farm
ers-Request Hearing

Washington, Oct. 14.-The agricul
tural conference in session here de
cided tonight to request hearing
Sefore the full membership of tht
federal reserve board and it's agents
assembled for the regular fall policy
conference before that policy shall be
formulated by the board in so far a:
I affects agricultural credits. The
resolution was adopted after a dele
CATION from the agricultural interests
had spent three hours in conference
1ith Governor Harding of the reserve
board. The convention named Sena,
tors Hoke Smith, Georgia; E. D.
Saith, South Carolina, and Overman'
North Carolina, to convey its re-
4uest to the board in writing tomor-
roH.
During the conference today Gov
srnor Harding said the federal re-
serve banks announcement of credit
policy was in process of formulation
and probably would be ready for pub
Ieation by Saturday. The resolution
adopted by the convention requests
further hearing in order that de-
mands of the various agricultural in
terests may be fully presented before
the bankers arrive at any conclusion.
Washington, Oct. 14.-The federal
rrserve board is preparing to make
a new statement of policy covering
all phases of the credit situation,
Governor Harding told representa-
tives of agricultural interests in con-
vention here who appealed to him to-
day for relief from "stringent" cred
it conditions. The statement, Gov
ernor Harding said, probably would
be made public Saturday after the
conclusion of the fall conference of
federal reserve agents and reserve
bank governors here.
A committee from the reserve
foard listened for three hours to ac-
counts of conditions which the agri-
-nltural delegation said threatened
the life of the nation through a re-
duction of food production. Difficult
ties Of the farmers were laid almost
wholly to inability to obtain financial
assistance. 1t was asserted that banks
of the reserve system were not sup
p3ying the needed funds and that
many local bankers claimed to be act
irg under instructions from the fed
eEal reserve board.
Governor Harding denied that the
bo1.d had issued instructions which
ysaId result in curtailing farmers
credit. The board and officials of the
reserve banks were in sympathy with
the plight of the farmers, he said, and
we're encouraging loans to aid them,
but the board was without authority
to instruct member banks as to loans
they could or could not make.
Board Knows Trials.
TN the first place." the governor
said, 81 can see no practical value in
your visit to the board. Our acts are
defined by law. Your conference
here with US has resulted only in your
retelling what we already knew. The
board knows your trials and your diff
hculties and is in entire sympathy
with you."
Meanwhile the delegates considered
wether they should press their request
Tor conference with President Will
aen and his cabinet. Some had thought
1t would be unnecessary to lay their
grievances before the cabinet after
the conference with the reserve board
It was said also that most cabinet
members were out of the city, and
that as the delegates expected to con-
fer with Secretaries Houston and
Meredith tomorrow a cabinet confer