The Birmingham age-herald., 1920-10-17
BANK CREDIT HAS
 BEEN AVAILABLE
 FOR AGRICULTURE
Price Disturbances Due to Eco- homie Derangements Caused By the War, Says Federal
 Reserve Board
By Assoeia.ed Press

1 Washington, October 15--Bank credit has been steadily available for the successive seasonal requirements or agriculture" according to formal statement issue tonight by the federal reserve board, which appealed to the 1 government this week for further ex. tention of agricultural credit
 Recent disturbances in price and de |, mand which have been manifest in sg> lriculturai markets, was inevitably ana unavodably consequence of the eco> homie heterogeneous occasioned by tho world war" the boards statement said. It added, however, that the gradual and regular movement of the ,rops from producers to consumers vas to be expected.
 Tn view of the reprcsenta+jona which have recently been made 10 The board as to the unavailability of credit in agricultural sections the statement said, the board requested information concerning credit conditions through. |out the country from the chairmen and governors of federal reserve banks at their usual autumn conference rere this week
 STEADILY AVAILABLE
 The bbard is advised that credit has been steadily available for the successive seasonal requirements of agriculturs, as we'll as for the needs Of commerce and industry, and that .here Is no grouEd for expecting that it's availability for these purposes will not continue. The present improved credi, situation is due in part to the timely steps taken last spring. following con fcTcnceS hHtwe ba rd ,d nors and directors of federal res arve banks to provide credit for crop nov ing requirements. and in part to the subsequent improvement in transporta- ton reported from all districts except in few localities.
 Between January and October g. the present year. about 500 leading. member banks from all sections Of the country which report their cundi- ton to the board weekly and which represent approximately 70 per cent If member bank reserves. have increased their loans for agricultural industrial and commercial purposes by an amount exceeding $I, 800. 900 900 This great in crease in the credit extended to their customers has in the main. been made possible by the accommodation ex- tended member banks by the federal
 HOLDINGS INCREASED
 During the same period the twelve federal reserve banks have increased their holdings of agricultural and com, mereial paper by more than $500. on0. QUO. and from January 23 to October 1920, increased their issues of federal reserve notes by over s4en. 900 GOO Al the same time, federal reserve banks having surplus funds have extended accommodation to federal reserve banks in agricultural and live stock districts by means of discounts az gregating on October 1 over se25, ,0o0.- o0O
 ''The disturbances in price and dA- n,and which have recently manifested themselves in markets for various agricultural and other commodities not only In the United States but in other countries as well. are inevitab!a and unavoidable consequences of the economic heterogeneous occasioned by the world war. The United States continues to have heavy volume of exports. although foreign demand for certain agricultural staples has soms- what decreased. But the chief market for our raw and manufactured products is at home. and our present huge crops of immense value may be expected gradually and in regular course .o move from producers to consumers. The recent census, recording our popu- lation at 105, COG, 900. emphasized a new per capita as consumers irrespective of the demands of other countries"
 After consideration of the statement is- sued by the federal reserve board. the joint committee of the recent aericul-
 tConsinued on Page Twob