The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1921-05-30
HARDING TO CONSULT
MANY FLANAClERS

MANY FIIANAClERS
Washington, May 28.-A group
of bankers and financiers from
every section Of the country are to
be consulted by President Harding
before he concludes the series of
financial conferences begun Wed
nesday night al White House din
ner when the Eastern banking inter
ests were chiefly represented. No
appointments dor further confer
ences have been made but it is prob
able group 0f financial leaders
from the Middle West will he next
to be summoned by the president.
It was Indicated today in admins
tration circles that SO far as ssentfs
ment has been canvassed the finan-
cial men are virtually unanimous in
believing that the federal reserve
board holds the key to proper re-
adjustment Of general financial con-
ditions. Those consulted are under
stood to have told the president
that in their opinion the board could
go long way towards restoration
Of normal conditions by exerting
its influence to keep loans at a reas-
enable rate on q sound basis.
Would Remove Restrictions
Removal of restrictive measures
placed by the beard on credit extep-
sion, under the federal reserve act
was said to have been advocated by
the bankers as a means Of solving
the problem facing the farmers of
the country. ...
Progressive rediscount rates which
the board continues in the st. Louis
and Kansas City districts, it was
contended, work a hardship on the
agricultural interest because banks
which are charged more for money
merely pass the increased cost along
to the borrowers. /"
The reserve banks charge mem
Der banks up to a maximum Of z
per cent. in st. Louis and IL per
cent. in Kansas City for loans in ex-
cess of the base line figure fixed by
the board, the rates progressing 1-2
per ceri'. on each rs percent Of
loans in excess of the base. 9
Legislation to permit longer cred
its to the farmers through extension
o. the limits fixed by the reserve act
OIL agricultural papers eligible for
redisconnt at reserve banks was said
to have been favored. The opinion
was expressed that restriction of
eligible agricultural paper to six
months was too early Enaturity in
the case Of many farmers. Extension
Of the maturity limits, it was argued
would enable the member banks to
extend correspondngly longer terms
to the FARMER.
Question Of Guarantee
A phase Of the export problem
which it is understood, was discuss
ed was the question Of a possible
guarantee of the stability of the gov
ernments of countries into which
American goods might be shipped.
The bankers were said to have been
disposed to the view that the Edge
act corporations for financing ex-
ports might have more support and
the operations of the war finance
corporation be given a wide field if
means could be devised by which
the exporter could be insured
against the loss of his commodity
through change of government in
which they were to be marketed.
The administration is understood
however, to have taken the position
that the government could not un-
dertake any guarantees on behalf
of exporters but should confine its
aid to cooperation between govern
mental agencies and the various fac
tors working together in the country
for world rehabilitation.
The bankers also are said to have
expressed a belief that the move
ment of gold into this country could
not BE- practically interfered with,
holding that this development was
an inevitable part of the reconstruc-
ton under way. Ways and means
Ill, J. .,,,,,.-;d ;daroJ NV. tho .: oS noipi