Evening star., 1923-10-04
BANKERS.WORK|NG
TO AID FARMERS.
Long Credits 9, $ to Boost St { Export
Buying Held One of Great
estheeds atrPresent.
BY J. c. ROYLE.
Speciai Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, October 4.--what-
ever policy may be developed by the
impending tour OF investigation OF
Eugene Meyer. jr, and former Rep.
resentative Frank W. Mondeli OF
Wyoming throughout the northwest
as representatives Of President Cool
idge looking toward lettering the
condition OF the farmer. they will
find bankers As well as the farmers
urging that prompt action be taken.
This uniting Of forces between the
men who produce the crops and who
finance them is hold in many well in
formed quarters to have had no small
part in the rather sharp advance In
wheat prices since September IL. The
attitude Of the bankers is not entirely
an unseif1sh one: Financiers In both
the west have taken their stand be-
hind the movement because they have
made loans to farmers that have ma
tured or are about to do so. and which
the latter are unable to pay.
Credit Held vital poiat. -
Some bankers have discussed seriously
the advisabiiity OF re-estabiishing the
United States Grain Corporation. which
functicned during the war years. but
men who formerly were in closest touch
with the administration of that organ
ization expressed the belief today that
the methods decided on to bring relief
to the agriculturist will not involve such
revival nor result in cut in freight
rates. The extension of long time Eu-
ropesn credits to stimulate export de-
mand Is regarded more hopefully, how
ever.
1t is perhaps significant that some
weeks ago Mr.. Mondell, who, had lust
completed tour Of the grain states Of
the west. declared strongly in favor OF
cooperative marketing and the handling
OF crops through cooperative associa-
tionS. ~. u
Plenty OF Funds AxAflable.
In the meantime the banks in the az
Ticultural districts are in a strong lend
ing position to meet the demands for
poses and this position has been strength
cned by increased accommodations from
the FEDERAL reserve banks, which. up to
tne- middle of September, increased
S2so.ooO.000 In reserve bank discounts
Little difhculty is expected In Sc
curing funds for operation of the
state rural credits bureaus. Mime
sofa will shortly ask bond houses
to hid on s5,000.000 of new t5s rer
oent bonds to provide additional funds
V, ithiii ttiitS Nays ioF the bureau OF
that state. #t -
short Loans in Demand.
Applications from Minnesota farm
e-s for short-term loans now aggre.
eate about $1a 100000 Nearly ST.
100000 of the s2.600.006 accruing from
the frst bond issue has been loaned
during the three weeks the bureau
has functioned and officials estimate
that s7.o0o,000 will be placed before
January l. The St Paul Federal In
termediate Credits Bank has loaned
S765.ooo in the last two months and
loans this month are expected to
total $1.000.000. with S3,580,0o0 placed
before tho end of the year
Peanut Growers Get Big Advances.
Georgia peanut growers viii aver
age just twice as much per ton for
their product this year as in 1922, ac-
cording to j. Kelley Simmons, presi-
dent Of the Georgia Peanut Growers
Association. This Organization will
handle the production of 100000 of the
10000 acres planted to peanuts in
the state this year.
Last year" Mr.. Simmons said. "the
. grower was lucky to get $50 a ton
after the SO called farm tariff had
gone into effect and left the growers
unprotected against oriental eompeti.
ton. This year the price win range
this year is advancing members $7s
a ton on No. ! white Spanish nuts
and $50 ton on No. 3 grade These
advances represent an increase of
$40 TO SIS a ton"
Secretary of Commerce Hoover has
promised close inspection of Chinese
importations to prevent nuts of in
ferior quality and condition coming
into the market, In, competition with
American produets. b,