Evening star., 1922-12-16
Credit.
TOAD FARMERS
Mine-Month Loans on Sums
Up to s25, 600 From Land
Banks Urged. '-

Legislation making 1t possible for
the farmer to borrow from the farm
loan banks for nine-month psrioda
and in individual sums up to $4,000
was advocated today in . legislative
policy adopted by ths National coun.
ell OF Farmers Cooperative Market
ing Associations meeting In conven-
ton here. .r-~-
tt was adopted a. . part Of t,.e gen
eral policy Of the council that the
primary reliance OF the farmer for
credits, for production or msrkstihe
should be upon local bankers. Mod'-
fication OF the federal reserve sys-
tenn was urged to meet speclA farm
credit requirements and IT wes eIso T.
recommended that tho maximum Iimii
for loans on AGRICULTURAL paper to
co.operative marketing associations
be increased.
Florida Led Movement.
The fact that Florida is the cradle
Of co-oDersttve marketing was EN- i
phasixed by Or. J. H. Ross. who ior
more than ten years has been presi-
dent Of the Florida Citris Exchange
He pointed out that the F1orioa CttrIs
Exchange is a direct descendant IRON
the old union Of fruit ana Eeeetssoe,se uses
growers OF Florida. organized IN 1888.
Since the thought OF the conference
is being focused on the success OF CO
operative marketing, DR.. Ross quotes
as an outstanding example OF enc! l.
ency the fact that the Florida CltrIs
Exchange has sold one hundred NIL
lion dollars in products in ten years
without q single retail salesman He
said this is due to the emciepcy OF OF
consumer Advertising. which cost IN
that period, OF ten years less than
81, ,o00. 900.
support Ce.0perattve Propo~al.
Assurances OF support Of co-opera-
tive marketing OF farm crops were
given by members OF the admtnistra-
tive, executive and leSisiauve
branches Of the government At the
second days meeting OF the organfza-
ton, Yesterday. Secretary Hoover
Eugene Meyer. jr.. managing director
of the War Finance Corporation. anc
Adolph c. Miller. member OF the Fed
eral Reserve Board. told the conven.
ton that commodity associations nae
done more toward restoring hnaneia
stability ia the United States thar
had any other factor. ani Senator
Capper of Kansas. leader Of the Sen
ate farm bloc. declared the prospects
were growing better daily for action
on rural credits legislation.
Farmers' Right to Demand Relief.
Secretary Hoover declared the farm.
er had every right to demand reliel
from the depression into which hfi
industry had fallen. because II hat
suffered more than any other. He ex'
greatest hope for relief lay In co.
operative marketing. and no predicted
that the sentiment OF the countr,
would guarantee them the construc'
tive measures they needed. Lack q
transportation facilities, nc said. ha!
caused the farmers greater loss thar
high rates
Senator Capper declared 1.-THE CO.
operative idea offers more encourage
ment in pulling the farmer out of tht
hole in which he finds himself. due Il
financial and industrial conditions
than any other factor" He said thu
facts OF the farmers plight were be.
Congress and that more attention va.
being given in Congress to the
farmers condition.
Mr.. Meyer Joined Mr.. Hoover ant
Senator Capper in praising the wori
Of the several hundred association.
xanixations. he said. had provided a.
element Of stability OF which tn.
financial world was greatly in need
He added that he believed all credi
facilities Of the Federal Reserv'
Board should be extended to farmers
and intimated that he Thought th'
Finance Corporation should cease t
exist after expiration OF its presen
authorization from Congress, ant
that its financing OF farmers shoult
be taken over by local banks.
Mr.. Miller expressed not only hi
individual sympathy with the Co
operative movement but that of tn
entire Reserve Board.