The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-10-14
RESERVE BOARD
WILL NOT CURTA|L
FARMERS CREDITS
Governor Harding Issues a
Statement to Committee;
Cuban Sugar Growers
in Hard Row

Washington, Oct. 14.-Secretary
Houston reiterated today to repre-
sentatlves Of agricultural interests
in conference here that the treasury
would not be a party to the with
holding of any commodity from the
market in order to maintain arti
ficially high prices.
Spokesman for the delegation were
frank in their criticism Of Mr.. Hous.
toms recent statement that prices
had begun to recede, but the secre-
tary told them frankly that his
statement properly represented con-
ditions.
The delegation sought mainly to
have the treasury revive the war
finance corporation, arguing that
through 1t they would be able to OBJ
tain funds to finance exports which
they claimed were falling off. Gre
ating a stagnant market.
Secretary Houston asked If any
member of the delegation would loan
directly on German bonds or other
securities explaining that previous ap-
peals Of cotton producers were that
the government should make avail
able to them the German market.
| Senator Smith told the secretary
| that he was the one and only one
in the government who could direct
which would relieve the situation COM
plained Of by the agricultural inter-
ests.
| Secretary Houston explained that
the treasury was constantly in the
market to borrow the money for the
| payment of current bills. He told
them that the war finance corporation
could obtain money only from the
treasury and that IL It were to loan, 1t
meant only that the treasurys bor-
rowings would have to be increased
and the government would have to
j call on the people continuously for
more money.
Secretary Houston said action TO
revive the war finance corporation had
been approved by the president and
numerous prominent senators ano
representatives" all were familiar with
the problem with which the corpora
tlon would deal X It were revived
the secretary said. adding that the
consensus was that the benefits de-
rived from railroad OF the corporation
would not counterbalance the evi
effects It would have on the genera
money market and credit condition
| &r
Washington, Oct. l4.-Prepared tc
press their demands for n more I'D
eral credit policy, representatives o'
agricultural interests IL conventi"'
here met today with the expectation
.hat they would be granted hear
inp before the full membership o.
tie federal reserve board and its
agents, assembled for the board
regular fall policy conference. Dele
gates to the agricultural convention
honed TO be abe to present theii
arguments before the board lormu
lates its policy insofar as 1t effect'
: credits to farmers.
Governor Harding OF the reserve
board yesterday told committee
which appealed to him for relief tina
the board was preparing q state
ment of policy covering all phases
OF the credit situation.
The statement he said, would prop
ably be made public Saturday. Gov
ernor Harding denied that the boar
had issued instructions which woul'
result in curtaillng farmers credit.
Financial Conditions In Cuba
Havana. Oct. li.--AIeasures 70
coming with the financial situation
> In Cuba are being studied by GOV
ernment officials and business me-
y OF the republic. but no definite so
luton has yet been found. Repre-
, , senta,ives OF the international. M
. ,ional and Spanish banks conierre
with President Menocal and the sec
retary OF agriculture yesterday rel
' atiye TO the problems involved q
> the present time.
They proposed II Is reported, tina
banks be allowed TO issue sugar Gel
tificates which would be exchange
/, able ut banks after the sugar ha
been deposited with the governmen
y and on the government guarante
, approved checks w2uld be paid b
j funds held In banking houses
II a secret meeting of sugar grower
and commission men holders OF III
/ unsold portion OF the last Cuba
/ sugar crop. was held last night &c
= the purpose OF discussing the finar
rlal crisis. At its close a statemer
l. was issued to newspapers, stain
N "A vote of confidence had been give
p President Mcnocal In his efforts
h. negotiate n sale OF hcld-over sugt
RI and the coming crop.