Milford chronicle., 1921-07-01

''The farmer is fast learning tha
economical transportation will d.
much to increase the chances of {
profit on his farm. Therefore, he i:
interested today, more than ever be
fore, in the farm-to-market roads ra.
ther than highways built for pleasure
"The farmer is finding that he mus
follow bis products a little closer tC
the consumer. Therefore, he is in
terested in rail and water Transports
tiOn, especially when he finds that the
! price of his wheat is based upon the
Liverpool market, and if the ocean
waterways could be opened, into the
Great Lakes so that sea-going YES
sells could land in the various har-
bors of the Great Lakes, it would en-
able the placing of wheat on the Liv-
erpoOl market at from 10 to II cents
per bushel less than it is now being
handled.
Somehow the impression has gone
out that the American Farm Bureau
Federation intends to go into the mer-
camille business in the buying and
selling of farm necessities co-opera-
lively. Such is not the case. The
American Farm Bureau Federation as
an organization cannot engage in COM
mercial activities. 1t feels, however,
that the one big job for the farmer is
to sell his products in business-like
way, and if he does that he will be
able to buy satisfactorily.
1--WE believe in the building up of
community centers. We need service
stations in those community centers
that will provide the necessities of
comfortable living. Every merchant,
therefore, is a service station and the
success of his business depends upon
the service he renders the people of
his community. Then, Just so long as
that service is efficient and the peo-
pie of the community are happy and
contented, he need fear no competi-
tiOn. However, whenever dissatisfac-
tiOn appears in the community and
there is talk Of cooperative stores be-
ing set up, than it is time for that
merchant to sort of take an invoice
of the situation and analyze his bus
mess, because, it is very apparent
that that service station is not filing
the needs of the community.
"It takes capital to be a farmer un-
der present conditions. We need a f.
nancial system built on a thorough
understanding of the farmers needs.
A commercial mems bank is of small
use to us. We do not do business on
ninety days. Our turnover is annual,
and when We raise livestock, runs
from one year to five.
"a careful study of the situation
through several months by the Am
erican Farm Bureau Federation thru
It's various committees, results in the
advice to all country banks to become
members of the Federal Reserve Sys-
.em. However, to be of any value to
The farmer there must be an extern
sion of the time of credit. According
20 the Federal Reserve Bank Bulle-
in, the average time of maturity for |
he month Of March, 1921, was 1898 |
lays, and for February was 9.53 days.
You men know how much benefit
such a term of discount would be to
he farmer who wanted to feed car
DAD of steers, and it is not at all
that the statement of the
federal Reserve Bank of volume of
ills discounted during March, 1921,
hows in all the districts $85, O,4S0
otal agricultural and livestock paper
ut of total discount of $7,345,054,
40, or IL per cent. 1t is no doubt
rue that there was large proper
ion of farmers paper included in
member banks collateral notes, but
nth this low average period we are
lrther confirmed in the impression
nat the agricultural paper handled =
y the Federal Reserve Bank is in {