Omaha daily bee., 1922-05-26
Tax Exempt Securities
Held Bane to Farmers

Held Bane to Farmers
tContinusd from Page One.p
ments and taN-iree warrants. 1, is
cheating the farmers from available
money"
Pictures Hard Times.
| Continuing, he drew a picture OF
hard times facing Nebraska bankers
year ago a, the group meeting and
the good cheer and prosperity fac
ing them today as result OF the
War Finance corporations work in
advancing money to Nebraska farm
ers and the jump in the price OF
corn from 26 to so cents bushcl.
Aldrich declared one reason for
failure OF so many bankers in Ne
braska was the lax law which made
!; possible for any Tom, Dick or
Harry to start a bank in a rural
community. leaving the road open
to incompetents and crooks. He
lauded the bill passed by the last
legislature giving the state banking
board power to use discretion in
granting bank charters aud urged
that this law, referred to the voters
by the nonpartisan league. be the
subject of all energetic fight at the
November election on the part OF
bankers, the same as Governor Nc
kclvie urged republicans to stand be-
hind the law at the republican rally
here three weeks ago.
Farmer Tells Needs.
II. D. Lutte, secretary OF the Ne
braska Farm Bureau federation, told
OF the troubles facing agriculture. He
urged better credit facilities for the
farmer, declaring that at present all
Of the wheat produced annually in
America wouldn't pay the annual
interest OF the American farmer. He
said 81 per cent of the Income of
farmers went for taxes and 56H
per cent OF the farmers land was
mortgaged and so per cent of the
Nebraska farmers were tenants.
Il want to see the time when
sweat on the brow OF a farmer will
give him the same standing as the
sparkler on the hand OF ono of his
exploitcrs," Mr.. Lutte said.
The attorney general, the group
president and the secretary Of the
Farm Bureau federation agreed
that better credit facilities for the
farmer should be provided and that
before the temporary relief afforded
by the War Finance corporation had
ceased a permanent relief for the
frozen agricultural credits of today
should be provided.
Urges Good Roads.
William G. Edens Of Chicago,
vice president OF the Central Trust
company, asserted that bankers owed
it as duty to their patrons to push
the building Of good roads. He de-
clared vchemently that the "so-called
sentiment, built by designing politi-
clans against federal roads, should
be fought to the last ditch.
"Wasteful extravaganza and hap
hazard building of roads held up
and Jagged the civilization Of Ameri-
cans for nearly 50 years." he said.
Because our fathers waded
through the mud is no sign we
should"
Charles H. Randall, president Of
the Nebraska Bankers association,
urged restoration Of reason and
economy following the wild orgies
of governmental expenditures during
the war. He advocated study Of
the municipal, county, school and
state tax bills and reviewed the work
of the association guided by him
during the troublous post bellum
days of the last two years.
Tell Loan System.
John NJ. Flanagan. Omaha, sec
rotary Of the agricultural loan
agency Of the War Finance corpora
ton, reviewed the history Of the or
ganization formed by the last con-
gress which saved thousands OF
farmers and hundreds Of bankers
from failure in the last year.
Following q banquet, Dan v.
| Stephens of Fremont discussed pos
sible amendments to the state guar
anty law which, he believed, might
aid in prosecution of bankers, who it
has been declared, became heroes
after patrons received their money
from the guaranty fund and which
in his opinion would further check
banks and avoid closing them.
The bankers were welcomed to
Lincoln by Mayor Frank c. Zehrung.
His address was answered by Len ].
Davis, cashier OF the Citizens State
bank Of Geneva. One OF the oldest
bankers at the meeting was Wallace
Of Exeter, II, who has been in the
banking business in Nebraska. since
1876, and owns 4,080 acres of Ne
braska land.
| Omahans Return Home.
/ The special cars filled with Omaha
bankers left Lincoln for Omaha a,
s tonight. The Omaha bankers have
attended group meetings Throughout,
| the week.
They have been a wonder in get.
ting an understanding between
bankers and farmers and merchants,
w. 3. Hughes, secretary Of the Ne.
braska Bankers association, said TO-
night.
Resolutions adopted lauded the fol.
lowing activities:
| Work Of agricultural loan associ.