The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1923-04-06
START CAMPAIGN
FOR SPUD ACRES
One Hundred Thousand Is
Goal; Farm Bureau
News

One thousand acres OF potatoes
under contract by July Is, is the
goal of Minnesota leaders who are
behind the movement to organize a
CO. operative marketing agency.
This decision was reached at a
meeting OF the committee OF twenty
three, held March "a. At this meet
ing, an executive committee COM
posed of ]. A. Monson of Braham,
Earle A. Barker Of Bemidji, A. M.
Bunton of Bagley, Marius Waldahl
of Plummer and Walter Oby of De-
troit, was named to have active
charge of the details. This commit
tee will meet this week to elect a
campaign manager, and arrange for
financing the drive.
II is generally admitted that the
plan of the old Minnesota Potato
Exchange is not adequate to serve
! the needs OF potato growers and
that while an entirely new machine
must be put into the field, so much
! of the old organization as can be
! used In the new, should be salvaged.
( The Washington office OF the
/ American Farm Bureau Federation
is protesting the granting OF lower
passenger rates to. persons using
railroad mileage books. Such an ar
Z
/ travelling class and would harm far
Ners by delaying reductions in
freight rates, for the income OF
-ailroad companies would be reduced
Just that much.
Federal intermediate Or edi I
I banks. one of which is now being
! organized in st. Paul TO serve
+ Northwest farmers, will provide
ample funds for. production pur-
/ poses and orderly marketing, but
none to support speculative gliding
/ statement issued this week by Chas.
g. Lobdell, farm loan commissioner.
/, >oans. for the present, will run only
months: until the system has had
adequate trial. Mr.. Lobdell said. The
st. Paul Bank should be ready for
business in ninety days. according
o z. G.. Quamme, president of the
Federal Land Bank, under whose
direction the new institution is be-
ng formed. Mr.. Lobdelrs statement
points out that loans can not be
made direct to individuals. though
cooperative marketing associations
will be served when obligations are
eured by warehouse receipts. No
oan will be made for more than rs
percent OF the market value OF a
broduct. The system will provide
Agricultural credits for a longer
period than does the average bank"
he statement says. 1T is a new sys-
Iem and must be developed with
hatience, prudence and care. Loans
discounted 3y bankers and banking
Institutions must have been made
or, agricultural purposes-to per-
sons engaged in agriculture or for
he purpose OF carrying on such a
rounted by banks on which borrow
}r has been charged more than
me and one half percent over the
gscount rate OF the intermediate
INK. Because advances can be
iade only on receipts from govern
1ent bonded warehouses or those
perating under satisfactory state
supervision, there should be greater
tctivity in the development OF
warehouse facilities. No loans, until
he system lis thoroughly tried out,
I'm be made for periods longer
ian nine months. On livestock pa
err, satisfactory assurances of re-
ewal will be given in proper cases.
gricultural credit corporations.
lrganized under the Capper act,
ave no relation to the intermediate
redit banks and can not redis-
cunt with them. The new banks
ill render maximum service, Out
Elemental business safety must be
ne first consideration" Mr.. Lob
ell says the banks will begin SER
ice with reasonable promptness.
at because of the presence OF the
ED Of the War Finance Corpora
on and the generally satisfactory
iNpdition Of credits through exist
4 agencies" no considerable i'm
,ediate demand is anticipated.
The Standard Co. operative Mar
citing bill. now before the Mime
)ta legislature, was reported to
ass by the house committee. How
yer. in recommending passage, a
re number of amendments were
opposed. When the time for voting
-riyes. considerable opposition Is
Spected to amendments, other
ian those which safeguard the law
nder which present CO. operatives
i Minnesota have been organized.