San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-04-17
MARKET MEN
| CONFER HERE
| DURING FIESTA
H. M. Gossett of Houston
Tells Of intermediate
Credit Bank.
FARMERS ARE PRESENT
NJ. E. Hays Describes Work,
ing Of Cooperative
Association.

Tom Ethcrcdgc, with speech OF
welcome. Tuesday morning opened the
+tate conference on cooperative mar
keting being held at the Chamber oil
Commerce as one of the features Oh
Fiesta week. Sylvan Lang, represent
ne the chamber. also welcomed inc
Eisitors and briefly outlined co-opera-
i've marketing its broader aspects.
NJ. +. Hays, secretary of the Tex
rs Farm Bureau, was the other
Speaker on the program Of the morn
Ing. He described in detail the pur--
bose of cooperative marketing and
Iold of the organization of the Co
Operative Cotton Marketing Associa-
Ion and of the results that it has
kbtained for the farmers of the state.
The morning session. which was pre-
3ided over BY W. A. WurZbach. presl-
lent of the Bexar County Farm Blu,
|eau. opened at 10 o'clock and lasted
until moon.
Morris Stern, past president OF the
chamber, tool; charge Of the afternoon
tession, which opened at / 80.
Among the prominent men attending
Inc conference are: j. 4. BOlin. head
n the state department of markets
Ind warehouses; I. O. Walton, di-
hector of the extension department Of
he. A. & NJ. College of Texas: and
.eo Callan Of the Texas aud South
Western Cattle Producers Association
Ind the Producers Commercial Com
bany OF Fort Worth.
Explains New Bank.
$50 -, ha ,,rnura,,, of tul .
or the afternoon with II. NJ. Cos
EFT of Houston! president of the
Federal Land Bank. who will be the
hahn speaker of the day, talking on
he subject of the new Federal In
ermediate Crdit Bank recently Great
nj BY an act of Congress.
In an interview Tuesday morning.
SIr. Gossett briefly outlined the pur-
bose and scope OF the new bank,
Ehich he will explain in detail at
he conference, saying that to GER
ain extent It is analogous to the
Federal Land Bank. 1t will make
Available, he said, longer credit than
as heretofore been possible with the
Federal Reserve system, yet shorter
han the long time loans authorized
nder the Federal Land Bank. ii
iill provide for immediate loans OF
rom ,jx months TO three years. he
laid. however, though it will have
mple funds TO facilitate the orderly
marketing of farm and ranch prod
cts. ii will not provide funds for
peculative holding of these products.
Set Borrowing Limit.
The new bank. Mr.. Gossett said, has
een established purely for the. pur-
osc of creating Il new line of dis
cunts and rediscounts. No personal
pans will be made, but notes must
riginate with banks, state or ma
ional, trust companies. or organized
redit corporations and incorporated
livestock loan companies which will
ndorse them to the intermediate
redit banks. No notes will be ac-
eptcd, he said, to exceed 20 per, cent
e the market value of the farm or
anch product given as security.
In making clear the benefits that
will be derived from the new bank,
ir. Gossett compared it with the Fed
raj Loan Bank, which in the six
ears that il has been established has
iosed loans with more than 2S,0O0
armers and ranchmen, amounting to
yer S77 100000, and saving them
h interest rate alone over $780,
Zoo.
Cut Interest Rates.
A similar direct benefit. he said,
fill result from the new bank. with
he additional benefit of bringing
own the interest rate of the other
gencies loaning money TO the farm
RS and ranchmep. While the banks
re for. the purpose of making money
asy for the farmer and rancher TO
et, he said, they must also be run
n sound business basis. In the
* years of the Federal Land Bank,
el said. there have been but seven
ose<SeHres, and there is less than
10000 standing out in delinquent
norization and interest payments.
In the opinion Of Mr.. Gossett. the
CIV system of banks and cooperative
marketing go hand in hand, and the
ombined effect of the two spell for
he farmers of the state an area of
rosperity that has never before been