Imperial Valley press., 1923-05-02

IeSaTuiHP Iupefldl NGileY maze Dy
o. G., Horne at Santa Ana recently,
before Group -Four, California
Bankers Association.)
Marketing Important
Figures on production are not al
ways reliable ana often do not in
dicate the true conditions in an agri-
cultural section Take our eanta-
loupe crop for 1929 us an example.
Our carlot shipments were in excess
of 10000 On the basis Of the sell
ing price to the eastern markets we
should have received very large
J. income from this crop. But owing
to faulty marketing the .unfavorablc
climatic conditions and other fac
tors, the cantaloupc season for 1922
was quite disastrous. Many grow
ers received rcd-ink statements and
distributors report heavy losses.
Next to our water supply, the
question of proper marketing is the
most vital subject confronting us.
Here is valley that has produced
and shipped in a single season more
than 10000 car loads of perishablc
fruits and vegetables. The growing
of these crops has taken the fertil
ity from the soil Of $4,000 acres,
used the labor Of thousands of men,
cost millions of dollars in hauling
and packing, icing and shipping.
The product has been sold to the
consumer at II price that would in
dicatc Il fair profit. Yet the grow
er often gets nothing for his time
and labor. Here is faulty system
IA system that gives. little heed to
the men who feed the nation. It is
a selfish and dangerous system, for
it saps the vitality from our soil
and breaks the spirit Of our men.
The Imperial Valley has been bled
white by this system and some day
we are going to have 4 change. And
when that change comes our Val
ley will find its true prosperity.
New Banking Power
The banking power of the I'm.
perial Valley has been largely in
creased during the last year by
the coming into our country of two
great banking institutions repro
senting in the aggregate half a
billion dollars of resources. These
banks have been welcomed not be-
cause they represented a new Or
der in banking, but because, they
have brought us new capital for re-
funding old loans, and increased
kbank credits for farming necessities.
%hey will aid in extending needed
aid for marketing crops. This in
crease in bank credits should also
have Il tendency to lower the rate
of interest that the farmer must
pay IN our new country, with
greatly limited banking power, the
high rates of interest TO the produc-
er have been It serious handicap.
l The moral effect of the coming of
these large banks has been encour-
aging. 1t has inspired our people
with the fact of financial asss-
tancc that our local banks could not
] give and rcassured them that our
/ valley is Fundamentally sound, and
has the confidence of outside fin
ancierS. & %
The Banking Situation
l lttdll nav my IcI'Ol lNu W .Nou az
/ San Diego q year ago that the de-
! posits of our valley banks had de-
i cresed from November 1920, to No
vember 1921, more than $4,000
600 from the high point of $ll ,000,
600 or about 80 per ent.During the
passed year we have more than re-
covered that loss. The total Val
ley deposits are now about $4,000
600 an increase of three millions
ever year ago. Loans have de-
Tcreased three fourths of million
and bills payable and rediscounts
have been entirely wiped out in all
but three of our banks. 1t IS only
Il fair to say that Il large volume Of
\ money came into the valley banks
Il from the distribution of nearly five
million dollars by the mutual water
4 companies as stock dividends. But
Il considerable part of our liquida-
\ tion has been due to increased pro-
duction at a fair profit. While the
li0uidatiOn of our mutual water
companies has brought temporary
4 relief to our financial situation we