Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-11-30
JOINT MEETING
REACHES MANY
FARMPROBLEMS
Bankers and Farmers Are Led
by Governor to
Harmony.
MONEY WILL BE LENT

MONEY WILL BE LENT
Hundreds of Indiana bankers and farm
ers today returned to their homes from
the meeting held at the call Of Governor
Warren T. McCray yesterday afternoon
with more confidence in one another and
with an apparent determination to pull
through the present period of low prices
for farm products. The meeting was at
tended by about one thousand men, al
most equally divided between farmers
and bankers.
Nearly every banker present agreed
to assist with money borrowed from the
War Finance Corporation If necessary
and q large number declared they would
lend money with corn as security.
BANKS APPEAL
FOR FARMERS.
An appeal for more assistance for the
farmers from the banks and for lower
interest rates was made by Eugene c.
Meyer, managing director Of the War
Finance Corporation.
Mr.. Meyer explained that through the
War Finance Corporation the banks can
make longer time loans than otherwise
and he declared il is necessary for farm
ers to have longer loans. He complained
of the extremely cautious attitude Of
some of the banks which are able to take
care Of the farmers and urged that they
be more liberal
Very few applications for money are
coming to the War Finance Corporation
from Indiana" he said. Are the farm
ers Of Indiana being taken care Of or is
something left undone that should be
dOne?"
Mr.. Meyer expressed the opinion that
? -, half u.Fv q
committee, OF which Governor McCray is
chairman, has had a favorable effect and
has been largely responsible for the re-
cent slight increase in corn prices.
BANK HELP
NEEDED.
The cooperation Of the local banks is
needed" Mr.. Meyer said. There is talk
Of red tape in securing money from the
War Finance Corporation, but 1000
banks have availed themselves Of our
offer. The number of people helped is
far in excess of this number. We know
our machinery IS workable because 1t Is
working.
Ell think things at this time are at their
worst and that they are going to get
better. The money situation is imprOv-
ing and the excessive interest rates must
be brought down. A banker should not
figure S per cent or 10 per cent as de
cent rate of interest to charge a farmer.
The tendency Of interest rates is down
ward"
Mr.. Never explained that the War I'll
nance Corporation has available $1,000
600 and that there is no limit TO the
amount that might be supplied TO any
State.
SAYS BANKS
IN
John Rhue. president CT the Indiana
Bankers Association, expressed the will
fngness Of bankers TO cooperate with the
farmers providing proper security could
be obtained for the loans. de suggested
the organization Of county societies Of
farmers which could endorse the notes OF
farmers wishing to make loans. he said
that IN nearly every case where loans
have been refused proper security is
lacking. he denied that Indiana bankers
are Indifferent and that they are not ap-
pealing to the War Finance Corporation
for loans.
One farmer arose In the meeting and
said he had been unable to secure q
loan with 10000 bushels OF corn as Sc
curity. E. L. Meredith Of Des NlOiues
former Secretary OF Agriculture, who
was one OF the speakers at the meeting
demanded to know how many bankers in
the audience were willing TO lend money
on 10000 bushels Of corn. Several hun
dred arose to their feet. Mr. Meredith in
his talk declared that the farmers prot
lem is a mutual problem. He said that
farmers are receiving 5000, 10000 less
for their crops this year than in pre-
viOus years.
TELL OF
COTTON MEN.
Carl Williams Of Oklahoma City told
how the cotton growers In Oklahoma and
Texas had formed cooperative associa-
lions and how these associations had OBJ
tanned money directly from the War
Finance Corporation. Governor McCray
following this talk expressed the Opin-
ion that It would not be necessary Ia
form any organizations around the bar k
ers Of the State.
A conference OF Governors Of the corn
belt States has been called by Governor
McCray to meet in Chicago Friday for
the purpose Of cooperating in meetings
similar to the one held here. The States
to be represented are Illinois, Iowa, Ohio
Kansas. Nebraska, Oklahoma, Missouri
South Dakota Mfunesota MiChfOan and