Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-10
COOPERATIVE
BANKS PLAN OF.
FARM BODIES
National Board Suggests Ma
tiOn-Wide Chain of
Institutions.
TO PROVIDE FINANCING

WASHINGTON, Oct. 1o:-Proposals for
the establishment of a chain of coopera-
tive agricultural banks stretching. from
the Atlantic to the Pacific now are be-
fore the executive officials Of the Ma
tional Board Of Farm Organizations.
Farmers suffered loss of 81 600, 900, 900
through inability to get credit last year,
according to a pamphlet circulated among
1000 900 members OF agricultural bodies
affiliated with the national board. CO.
operative agricultural banks would lpre-
vent a recurrence Of lose from lack of
credit, it is argued.
Considerat on of the proposal probably
will occur when officials of the board will
meet here this month. The proposal may
be laid before Congress through the Agri-
cultural Investigation Commission.
SAFE, IF APPROVED
BY GOVERNMENT.
With Government authority, farmers
could safely set up a string Of coopera-
tive banks, hackers Of the measure argue.
Farmers. they say, contribute One-half Of
all the money deposited in the Nations
banks. Despite this. however, during 1920
farmers were able to obtain only
81, 00O, 100000 worth of credit, it is charged
in the pamphlet put ont by the national
board. This was but one-seyenth of the
total amount of credit advanced, accord
ing to the agricultural point Of view.
Other interests which obtained ample
credit are listed as manufacturing,
$1,000 OO0. 900. or u per cent of the to-
tai; merchandising. $4,000. 100000, or %
per cent, and specializing" $J,40O000O00.
or 80 per cent.
Under the beading, Primary Bank
Deposits Of the United States" the
pamphlet states that labor contributes
20 per cent of the Nations total bank
deposits, agriculture 30 per cent and
"other business" 30 per cent.
An apparent success by the Interna-
tiOnal Association of Machinists in estab-
fishing banks has encouraged some of the
agricultural circles to believe that farm
ers can do the same. The machinists'
union, which has resources tOtaling mil!
lions, is the owner of one Washington
bank and holds a large part of the Sc
curities OF another and larger Washing
ton institution. Recently. the union was
able, according to its officials, to finance
the purchase Of several machine shops
in Norfolk, where employees were trying
to close down and reduce wage levels.
OvERTUREs MADE
BY UNION BODIES.
National organizations Of farmers, with
Headquarters in Washington, for sew
eral months have been receiving Overtures
from the American Federation of(Lab Dor
and other union organizations. AL
though the farm organizations have not
definitely committed themselves to Co
operate in any particular respect with
labor, they haze received the advances
with utmost friendliness.
In the pamphlet of the National Board
of Farm ORGANIZATIONS the declaration is
made that distribution Of raw materials
and manufacture products is running too
high at the joint expense of labor and
agriculture The labOrer receives but
thirty-five cents from the dollar expend-
ed by the farmer, it is stated, while thu
farmer gets but thirty eight cents of the
workers dollar This is in the exchange
of farm and manufactured products. The
remaining $1.27 of the 81 Of labor and
the farm goes into the pockets Of other
enterprises. the farmers charge, solely as
d stributiOn cost. A reasonable cost for
distribution. it is maintained, would be
40 cents out Of S2.-Copyright, 1921, by
Public Ledger Company.