Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1921-12-03
BANKS ARE URGED
TO RUSH FINANCIAL
AID FOR FARMERS.
GOVERNORS OF MlDWESTERN
STATES CONFER ON AGRicUL.
TURAL SITUATioN-PoiNT OUT
NEED OF SPEEDY ACTION.

fOnAL o. OH Wv ~
NEED OF SPEEDY ACTION.
Chicago, Dee. 3.--Financial institli'
tons, such as local or state trust com
z. panies, must come Immediately 10 the
aid of the farmers and cattle raisers
without resorting to red tape or cat
tie loan companies and other similar
institutions will be organized to AID
the producers in the corn belt dis
( trict
This YVES the utimatum delivered
yesterday to the bankers By the corn
belt advisory board. made up OF gov
= ernors of states. representatives OF
the American Farm Bureau Fedora
= ton, financiers, railroad men and rep
Z resentatives OF the federal reserve
System. the United States department
OF agriculture and the war finance cor
poration, at a meeting in the Hotel
La Sale.
The corn belt advisory committee,
whose purpose it is to obtain cooper
alton Of banks and banking institu-
lions to devise means whereby the
farmers may borrow through the war
finance corporation 10 composed also
of leaders in government and business
in the middle West.
Warren t. McCray. governor OF In
diana, presided. f. T. Meredith, for
mer secretary of agriculture; J. r..
Howard, president of the American
Farm Bureau Federation; Alexander
Legge OF the International Harvester
Company, Lloyd s. Tenny of the
United States department of agricul-
ture, G. II. McNider, president of the
First National Bank of Mason City,
Iowa; W, b. updike OF Omaha.
i, Charles Brand, Ohio state senator
and farmer. and Edward Chambers,
vice president of the Atchison, To
peka and Santa Fe railroad. made up
the personnel OF the committee, which
issued the following statement:
1T is the judgment of the war
finance corn belt advisory committee
that the need OF funds by farmers of
the corn belt can be fully met by the
plans under which the war finance
corporation is now operating.
"They call the attention of the
bankers OF the corn belt TO the fact
that the bankers can discount with
the war finance corporation approved
notes Of responsible farmers. They
also urge upon the bankers that under
this situation there is an obligation
upon the bankers to serve their sew
eral communities by carrying the
farmers whose notes they may al
-. ready hold. and making new eloans q
Woithy farmers.
--e-- "riie committee also wishes the
farmers to understand that the war
s#'faNanee corporation is exceedingly
anxious To make full use OF the funds
at its disposal and that it is ready
to furnish. money to the banks to
carry the notes Of responsible farm
ers. h 81
1T is not possible under the law for
the war finance corporation to make
loans direct to farmera The farmer
must borrow through the Local bank
the war finance corporation furnish
ing the bankers with the money for
the purpose
Farmers must CT course, under
stand that they are obliged to furnish
the elements necessary for safe
loan namely, integrity and RESPONSE
bilty 1t Is believed the farmers will
In this way be enabled to buy feeders
hold their corn and in other directions
assist In orderly marketing.
1.-THE committee wishes to further
say to both farmers and bankers that
loans will be handled promptly, witt
entire absence of RI tape or delay
and that where the local banks ana
financial institutions fail to show q
sympathetic attitude to the farmers
there can and will be now institutions,
such as local or state trust companies,
cattle loan companies or other fnan4
Cial institutions organized to meet the
situation.
The committee, however, wishes
again to emphasize the wish OF the
war finance corporation to work
through existing banks and institu
tons and urges full cooperation.
THE committee also recommends
the holding Of Joint meetings in each
state Of the bankers associations in
diyidual bankers. farmers organiza.
lions and farmers to get full under.
standing of the system under which
this help will be proIfered"
Governor Kendall Of Iowa, Governor
McKelyey Of Nebraska and John A
Whitehurst, secretary of the state
board OF agriculture of Oklahoma, and
representatives OF the governor OF
Oklahoma were Others present at the
conference.