The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1922-10-13

ul the system VIII ne lcOpafuIZpd. But
the System suffers from friends aS we'll
as from fOeS-thOsc who defend it,
every act and policy aud who stand for
the inutability Of its present law and
regulations may b" as harmful rs
those who are extreme in their dcnun.
citation of the part played by it IN the
collapse of commodity markets AMI
prices. The true friends of the Fed
cral Reserve System are those who are
willing to see its machinery adjusted
along Sound lines to meet changed con.
ditions. both in this country and
abroad"
Rapid Improvement in Eighteen
Months
"Ihe acute phases Of the agricultural
crisis of l920-l92l," Mr. Meyer stated,
ARE now happily passed. The after.
math, in the form of a burden of debt
ON the farmers and stockmen, still re-
mains, and some thousands of banking
institutions in the country districts are
still in an ovcr-eNtended condition. Hut
probably ut nOtime in our history has
there been 80 rapid and extensive an
improvement in our economic condition
rs during the past eighteen months.
The position Of the farmer and stock.
man has been immensely strengthened,
the harvest prospect IL favorable and,
although there were declines recently
N tn" prices Of some commodities most
staple farm products are considerably
higher than they we're in the summer
aud fall Of last year,
Nov is the time to determine the
features of our recent experience
which may he property classified AZ
unique and therefore unlikely to recur
and those which may be attributed to
definite changes in our economic posi-
ton, internally ~ well ms information.
ally With exact knowledge of the
facts and with thorough understand.
ing OF the complex forces that have
been of chief influence In the crisis, We
may hope to arrive at sound concu-
siona AZ to what notifications are nee
cssury to adapt our banking methods
and machinery to the needs of ngrirul.
turnl finance"
Need For More Gradual Marketing
Mr.. Meyer pointed out that the crisis
served to emphasize one outstanding
Inct-the need for the more gradual
marketing Of agricultural products,
with longer term financing to CORES
pond with this slower process. "Un-
qurstionably," he said, "it would have
A. al N tli t...I.
war conditions, to market our products
more gradually. Under present condi-
tons, ii Is more than matter Of nd
vantage Is an absolute necessity.
ut X idle to designate uH apccuIa-
ton the carrying Of agricultural com
mobilize by farmers or farmers orga-
nizat'ons for orderly marketing, or to
say that by forcing the products out Of
the hands Of the producers speculation
will b" avoided. Somebody must carry
crops between Seasons. When an ag-
iirultural product has been produced,
either the consumer must buy IL and
carry ii until il is actually needed, or
the dealer who supplies the consumer
must do 20. or the Jobber must stand
between the producer and the manu-
factur"r who ultimately takes il for
distribution to the consumer, or, going
back still farther the producer himself
must find ways and means of carrying
his product and marketing II gradual.
ly.'
Cooperative Marketing Associations
In referring 10 the growth Of the cn.
operative movement in this country,
Mr.. Meyer stated that through further
development along this line We may
IS p"ct IT, see definite improvement
III our whole system Of distributing
farm commodities.
THE War Finance Corporation, has
authorized loans aggrrgntinK
81 lO,OOO,0OO to cooperative marketing
IA "clhtions in financing the orderly
Of the 1929 crops. II l.,
"Np"ctcd that only portion Of this
viii be actually advanced and
that the banks In the Interested dis.
iilcts will do the major pnrt Of the
iirhnctng for the associations. That IL
what happened last year While the
Corporation agreed to lend npprnyi
mately SO 900 900 10 cooperative mar
-, W ~ P"''N w ''''
,,Laa, ,, ~" 'u" P'"'"'s as '"''",''
,l,a,L,i Pa'"'S, 10 a, mno t nn"a ""'y
,''p hn"S "'y'' I''",' "'o'oVo'o'" wa" hc
tL", 70 RIn','y'nH v" ""'
oi,'I s s,"' Wv ,a'ke ''aHt''n 'n'h-
7, ,a.', ~ IT,. a. snD"'hk "t''''"" ~
,;aa" ~ Wv "''aI.ns " su'' nSN"c'a
I'" ,"i'I''' r' amount" WIN
l.. 'I,',t, ''un' ''''H' ''"''ih
"Cnonerniivn m,,Lo,,,. .,o.,.
lions Mr. Moy.r cn,tin,,ad 49,,
d,Gnit. ,Jncc I, o,,,' noonos;a ,,..n
lurn If tb.y mr.. goundIy ,.r,,ai,a,
and cn,,,e,.n,I, ,,a,,ao,nJ ' ,t,,
boupJ f., ho hnI,rni mnt a,I,, -, a..
horticultural in,cr.gi, ,ho,na,I,,,' IT,,
IN ,ho Ln,in,.' ~ ,ho o,.',..,''' -, I
I am .I,d ~ ..,.,, H., IT, It ''F
fine VII Eir,nrs Cnrnn,.,,n,, ,,'i,I' ,Ia
!, .,ociniinn, "a ,obinh !, ha,' ,,,..,l,, I.a"
bnyr hc.n g,,isr,c,arw H. I'',
,nct ,bn ,coni,oman, W. ,nI ,,oi "",
49, 49, l'''' '''R "i'l