The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-01-21
FARMERS ARE
Being HELPED
SAY BANKERS
Declare Wayne Growers Are
Not Being Forced to Sell
Their Products at Low
Prices.
NOT CALLING FOR LOANS

Ihat the farmers of Wayne county
are being we'll taken care of and are
not forced to sell their products at dis
astrously low prices by having their
loans called, is the opinion of Rich
mond bankers, commenting on CORE
spondence between the Indiana Bank.
ers' association and the Indiana Farm
Federation.
The letters to which they referred
were one calling upon farmers to sell
their grain and pay their loans, and a
reply from the Federation rejecting
| the suggestion.
The first, a letter from E. C. Mil
Ter, president of the Franklin National
bank of Franklin, to Andrew Smith,
secretary of the Indiana Bankers as
sociation, follows:
In view of the stringency among
banks in the agricultural districts and
perhaps in others, it would be a good
move to have the general officers of
the Farmers Federation and the unit
ed banks of the country towns to rec
ommend to the farmers to sell their
grain, or at least the wheat which they
are now holding.
IF they would sell their wheat and
invest the money or as much as they
should deem necessary in buying feed
ing cattle and hogs, and sell the sur
plus corn, it would relieve the money
question very materially
Reply BY Reynolds.
Mr.. Smith forwarded the letter to
the Federation headquarters; and E.
E. Reynolds, treasurer of the Fedora
ton, replied: The suggestions in Mr.
Miller's letter are MT new to the Of
| ficers of the Indiana Federation of
| Farmers associations, but are an addi-
tional evidence of the need for bet
| ter understanding of thu farmers situ-
alton and attitude on the part Of the
bankers over the state"
Allow Leeway
"I wouldn't advise any farmer to
sell his grain or stock any more than
/ | would advise him to sell industrial
| shares he might have" said A. d.
Gayle, president of the First National
| bank.
Selling or holding his products is
the farmers own affair, and he does
not need any advice on his own busi-
ness from other business men. If he
needs the money badly enough, he
will sell; If not, he will sell whenever
he thinks it good business to do so.
"In fact, here in Wayne county, l
!
vided for. They're already in close
| relation with the bankers as individ
uals without any association working
for them.
Are Carrying Farmers
! eve are carrying many farmers,
some with wheat still in their bins.
who borrow rather than sell now. But
no farmers in Wayne county that l
know of, nor any merchants in Rich
mond, either, are in danger of bank
ruptcy. AS to the farmers holding or
| liquidating. that is personal question
| with them, as with the merchants
! "We have been taking care of the
| farmers first of ALL" said J. A. WEIGH
man, Of the Dickinson Trust company.
I'VE felt that theirs was the industry
most in need of credit and most de-
| serving of it.
I'VE knew that the farmer thought
he was getting the worst of the deal
! in the depression, with his prices go
ing down and his dollar no better than
before, when he brought it to town.
So we have made special effort to
meet agricultural calls for money"
The only loans we have not made
are those which are not good banking
risks in normal times.
Advise Holding
I'm fact, so far from advising clients
to sell corn at so cents. we have actu-
ally advised them to hold. and have
advanced money for feeder stock to
market their corn with
E. w. Gilbert, of the Second Ma
tional bank, stated We have taken
care of all loans for agricultural pur-
poses which have been requested. The
ia rmers who have corn or wheat now
are the best of risks.
Plenty of Credit.
THE farmer has plenty of credit to
carry his grain now and it is good
business to DO so, since believe prices
will be much better next spring or
summer.
"As to relations between the farmers
and bankers they are good. Farmers
know that We are helping them all
we can; are not calling loans and they
appreciate it,
We haven't called any loans nor
have the smaller banks in the county,"
said Charles Jordan, of the American
Trust and Savings. 1T is true that
the small banks have their money all
out and can't loan more but the mon
ey is perfectly safe, only tight. We
are carrying farmers now who have
wheat they could have sold at SAT
and with 60-cent oats only worth
about 40 cents now.
1 Help Farmers.
But the farmer is not the only one
| who lost by holding this year. Every
body who held, lost. AS to personal
credit for farmers, that is an individ-
ual questions with each farmer and
each banker. / think the farmers are
pretty well taken care of in Wayne. -
There isn't any problem of the re-
lations between the farmers and the
bankers in Wayne county" said
George Gates. of the Union National,
"for the reason that the bankers of
the county, with the exception of Rich
mond itself, are the farmers. Farm
ers own or manage all the banks, and
if they have problem, 1t is with thcm-
selves.
Bankers Are Farmers.
The president of the Williamsburg
bank is a farmer, one of the biggest
farmers in the county. Mr.. Harris Is
the president of the Greensboro bank.
Management of the Fountain City
l. ~ - : 3.