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Show PAGE Putting Fanning On u Modern is the theme of a Business Basis M. Baruch to Bernard sent h'ttcr by llio Kansas state board of agricultural and covers the fundamental principals of cooperation in agriculIIo says that tho world ut ture. to largo had not given much thought tho farmer and what he was doing for it until tho great World war. Then it was learned that tho farmer was one of the most vital factors in tho success of tho war, because the world had to to fed. After the war the high cost of living becoming acute, soon brought vividly to every ono that farming was a matter in which not only tho farmer was interested, but that the his production and distribution of and vital of mutters were products grave concern to the dw'ollcr in tho city. honored to bo asked 1 felt highly by your board to appear before it and give my views regarding some tho of the problems confronting farmer in tho marketing of his proAs I stated at that duct. ho says. time, being familiar with tho subject, 1 pief erred to seo the problem and study it at closer range beforo giving any opinion upon any phase of Tho subject lias been given so it. much consideration not alone by the vaiious farm organizations, but by the departments of agriculture of the various states and the federal government itself that I hesitate to bring forward any suggestions. Beforo going into the subject it might bo well to call attention to the present critical conditions in the market for commodities in the world. The congestion in marketing is ono of tho prime reasons why commodities uro selling, in many instances, below their present cost of production. Boring the vvnr various quantities of commodities wore cut off from normal markets owing to the lack of transportation by sen nml tho to finance. l'Hin the United .Slates devolved the necessity not alone of financing the major pari of tho allies demand, but also furamounts of raw materlarge nishing Thus ials and finished products. our agriculture nml industries were l.ven after the grentlv stimulated. war there was still available to many of he allies some of the credit extended to them during the wnr, which This, tothey used fur purchases. gether with tho credit the allies themselves ceultl raise, continued uio buying movement tor necessities, and gave a temporary nppenrnnco of n cent inuance of the absorption of our But product in the usual volume. after the fust great rush to some extent was satisfied, it seen became evident that the finances of our former consumers were being curtailed am! that there was a necessity to husband resources. They also commenced to supply some wants from homo production. The ordinary trade routes through which we marketed our products have not been reopened, and w( are witnessing a gradual curtailment of the purchasing jmwer of our former cusThe mnikrts of tho world tomers. will not 1,. reopened until wo have peace, and until Germany's payment for rejeiration is fixed. This, in my opinion, is the most important factor in the revival of our agriculture and industry. 1 Restriction of European Demand. Europe, nml part ieulnily the CenUmpires, were among the largest hovers of raw materials from tho Undid Slate and tho rest of tho world. All European countries, nml pnrtioul-ailtin' t'ential Umpires, have been restricted ,i their ability to buv, of the non determination of tie reparation which the Germans must i'ii v. The allied governments, tral bis-ans- in uiitin degi.o. are depending on wha to ri UTAH, MARCH 18, 1921. TIIE PAYSOXIAN. PAYROX. 6 they up- from Germany receive habilitate would not have survived if they had not been fulfilling a useful purpose. There may be too many of them, but most ntj them are performing a No changes should be made 'serivee. or contemplated Ihnt would destroy these factors, or any of them, un world markets and the non there is something bottor estab Jess of old trade routes have resulted in fished to take their places. 1ut its. situation confronting the serious the farmer must be liinque .tionably mills ami Production of the mines a position to deal on an placer cart be curtailed, although it would with those who buy and oqnal to the operators involve great loss mark crop. and suffering to the workers in these ns are made each sum In and The indutsries. corporations r "ntt movement of the crops mer individuals owning and operating in th Yet almost every year t.i. for facilities mills have mines and we ru difficulties. This year into exfinancing, whieh, to a certain nre accentuated by world content. enahle them to meet the situa- they ditions and the huge promotion, spec Most of them, in addition to tion. took illation and honrding which which they have accumIho Bank1919 and 19-- 0. place during ulated, hnvn allied vvitn them great ers, financiers, promotors, speculaaid banking fonrerne which can, tors and jobbers, with their many credits them in reaching whatever facilities anil more marketable seo ro available. curities or warehouse certificates, cun always obtain more and cheaper cred Lack of Financing Facilities. it than tho farmer. In tho case of the farmer we have If possible, a certain percentage parallel conditions with tho exception of the credit facilities should be that ho is scattered and has not set aside for the movement of the connected with his product the same In other words, our bankcrops. facilities for financing or meeting should be so adjusted system ing The the new critical conditions. not less than a certain pereent-ngthat farmer can vary but no. curtail proof tho credit facilities are held duction without injury to his farm in reserve for the movement of crops. and without very grave injury to In a wav it is already being done. Tho curtailment of Hut the community. tho farmer, the merenant and the copper, steel, lumber or manufactured manufacturer eacn has to bid for products for six months of a year, his sharo. Dealers and jobbers usor even for a longer time, may be have little difficulty in securing ually a very sorious injury to the com- credit to carry the very crops and munity, but it cannot begin to have products which they have bough i the consequences thut would follow from tho farmer, but the farmer freof agricultural a curtailment prois unable to obtain the credit quently duction. he meeds in older to finance the marThe farmer now finds himsolf in the keting of his commodities in orderly predicament of having a crop partly fashion. At this writing I am not cut off from its market, form- certain whether it is posssible and er trade routes limited, and unable wise to make it upon the to finance himself unless he is will bank to conservemandatory a sufficient por-tioiog to si'll his products at very great of their credit during a certain in instances well sacrifices,-many for financing the movement period This of below tho cost of production. or, in other words, give a crops, cannot be permanently remedied until to credit for moving the priority tho trade rentes of the world are In fart, many of the best erops. They can bo reopened bankers are already doing this volreopened. only through peace and tho determina- untarily, recognizing its wisdom and tion of a reasonable sum for Ger- the I obligations of their office. many to pny under the treaty. add that my personal contact may If necessary credit is ant extended with tho bankers of the country conso that the farmers may market their vinces me that ns a class they feel products according to consumption the responsibility of their calling needs and secure a reasonable returs and its opportunities for constructive for their efforts, they will suffer very service. severely and will restrict their opAnd the consumer, who erations. New Agricultural Financing is vitally concerned in tho maintenCorporations Required. ance of n normal flow ,f products, In connection with the establish will suffer in the end. and operation of the necessary meat There are certain things which or must be done, it seems to me, before warehouse facilities, institutions corporations could be established for a success can bo inn tin of Iho purpose of making loans on Ihe marketing, which I desire at warehouse receipts. They should be once to approve wholeheartedly. While 1 do not presume to be nn ex- large enough and so officered that confidence of pert on the subject, J would like they would gain the Their capital to present certain suggestions for tho investing public. subyour consideration whether coopera- stock should be open to public cocould bo made They tive marketing is undertaken or not. scription. operative, but they need not noerssa-ril- v be so. Producer on a Par With Buyer. They could advance money to the individual, just as The theory of my recommendations the banks do now for any time from is that in the marketing of his prodays up to six months or a ducts the producer nne-- t be placed on thirty They would not take the year. a footing of equal ejqiortiiiiity wilh place of thH present arrangement the buyer. wherein tho morehant, tho banks, First (and this is the corner stone and the federal reserve system finance of the whole subject matter) I be- the mi rketing of the crop, but would lieve that sufficient storage warehous- supplet ' it. The finance corporaes for cotton, wool and tobacco, or tion v deposit in its treasury in elevators for grain, must be provided trust tiie farmers notes maturing at at primary points to carry the peak various dates, and secured by the load in the distribution of the prob-uc- warehouses receipts. It would then These warehouses of elevators issue against the notes bearer cershould be preferably under private tificate;., ns is now done by the large But. if private capital ownership. corporations in tho issuance of shott is not forthcoming, they should be time notes, in denominations of $100, under slate ownership. But under $.00 anil $1,000. There would be any condition they should be under no better short time investment or state or federal supervision. collateral than these obligations. The The question ns to who should own present process, wherein the farmer or build those elevators and waregives his note to the morehant, and houses requires some thought. But the merchant his note to the local that adequate warehouses and eleva- bank, and the bank sends it to the tor facilities of the most modern federal reserve bank, amounts to typo should be established is beyond practically tho same thing. The The votv wellbeing and question. only difference is that the secured prosperity of the iblferent states and bearer certificates would be in n neall of their citizens depends upon gotiable form and would attract the the proper marketing of their major There nre large private investor. nrodnets. The modern warehouse sums of money, even in thp locality makes possible the handling of agri- in xvhich the production of the crop cultural commodities at reduced costs takes that would seek inplace, because of tho saving that could be vestment in small amounts if it effected in insurance, financing nml were made easy for investors to buy It also will plav nn im- these negotiable, well protected in marketing. mensely important part in the devel- struments. The finance corporation, opment of a practical plan of co- being responsible for the repayment operative marketing. of the limns, would see to it that When flic products are delivered to they are properly protected at all the warehouses or elevators they times. In other words, investments should be properly weighed, graded in bearer certificates would be proand certified by licensed weighers or tected by the resources of the corthe lack of a better graders. . plus tho farmers individual poration form I shall call this process a cercredit, plus tho security of the waretification This house of the product. receipt based upon n proper certification should be so hedged certification of tho nmomit and grade about that underpayment, overcharg- of and insurance on the product unfair will avoidbe and ing grading covered by it. ed. It will lie the basis of nml - b- s e.ui--;.'re- . iN-lt- . o O Q o e G e & Q o o 0 ti n t. Urnneo-Irnssin- Au-tml- : p-- G al How The Proposed Sohcrno Would Work. s 1 0 o j their own inqmired industrial structures. The o'ii-iiihave to pnv practically nil 'he duneiges that will be assessed the The ngnite-- t states. enemy Germans will no- resume putehases on the fermei mdil they know "hat lull will be determined against Ih. i teil that if thov pro them. need to lux and revive their illdus-lio-the piospenty of their country will increase and tlf't the repartition w ill be cortrspondim 'v increased. So if is thni the of those who will receive Aments fiom Germane, and the of Gerwhieh makes the pav- many meat, will belli have to wait until sale, or, the damage has been definitely as- in ense the producer does not desessed against her. sire f0 sell, it should be, and could The prnnipa' of be, made th0 oasis on which he could reeipient from Germany will be Urn nee. Imrrovv money until he is ready or And Franco wdl not in justice to willing to sell. As a rule the farmers products her people m eeot reasonable payJ ment unless slm secured move to tho nuwket when fhert. is a in the great congestion both in the money against what ec ur.-and w '.1 w a r. market and in tnritl conditions. This ,,f hostilities ope rut es to his disadvnntngs in the Upon the teen Arrangements, thereships were released for the transpor- sol,, of them. tation of commodities such as wheat fore, should be made so that he can and the borrow a reasonable amount properly and wool from These commodities, margined upon the products of his Argentine. This will enable him to sell previously cut o!T by the war. are now farm. when the market will take thejn with our into competition coming products in the marke's of the world "heller he sells as an individual or iv e movement. markets limited in flour consume .'hro'igl; a la eerie of mv remarks do I wish lion and buying capacity by the of the reparation whieh lo imply inpropi-- or sinister motives Genua ay will be cello irw to v o 'i n v of the faeors that take part of the si 'he marketing of our crops. Tho disturbed condition They fimimial OSCQ0QQ00OQ0C09009000000000000000000 O For instance, a farmer might de- liver to a warehouse so many bales of cotton or so many bushels of lie could either sell his prograin. duct on the basis of the warehouse receipt or he could use it to secure indebtedness to tho merchant, who in turn, could go to the banks as at present; or he could go to the fi nance corporation and borrow, let us per ny at six per cent or seven cent, or whatever the rate might be. and thus be able to pay enh for his supplies. The 'corporation in turn would issue its own bearer cerrifi earrving a rate of interest whi.h would allow a margin snffieiei t to (oxer the necessary expenses ,.f t he i ui porat ion and earn enough prof e 3 0 o o o o o o o o o o o o o o coeosoooeooooooooooooooooooooooooooooooo A standpatter is one who holds it to attract tho necesarv capital. The corporation would sell the bear- a point of vantage near tho feed Baltimore Sun. er certificates in denominations of trough. $500 or $1,00 either to private investors or to the banks or the institutions all over financial the with This process, country. corporations capital as a revolving ' fund; enn bo continued nml repented to tho extent that good business nnd As the financial judgment dictate. certificates become due they would be forwarded back to the corporation, This does which would meet them. not do away with the present method of financing, but only makes available for the marketing of agricultural commodities a large amount of money in tho hands of private investors, who know, or would soon know, this form of investment would There could be nothing more be. secure or more liquid than the bearer certificates based upon carefully guarded advances on farm products. the deThe government, through now estipartment of agriculture, intervals during mates at frequent the growii'g season the probable of the crops and yield of the different farm product so tluef eveiy-'nnknows approximately the amount of wheat, corn, oats, barley, rye, cotton, etc., that the farmer proThe buyers and distributors vinces. a re thus fully informed by tho gov-Tho farmer, on the other eminent. not always ha vet the does hand, he ib'-- ( regarding satne information mil il for consumption as the buyers 'and distributors havo of the output In other words, he of the farm. is not on an equal footing with the $100, how-saf- n 1 Accinrn ri LLAjMriLU Real Cuivalry. somewhere east of place intoxicated gentleman, ec,ed from a ,noviu bel"g P,cturo theatre, was discovered seated o the entrance, with a large bouquet A policeman arrested in his arms. At a Suez? n 'Ai iTntaft" LULU Mil Advertisements la this column in-- I scried at the rate of 10 cents per him, Did ho give any reason for his line each insertion. Count six asked the words to the line. ' extraordinary behavior! magistrate. Hjs speech was a bit indistinct, FOR SAFE. Cine of the Best Business Corners in Payson, answered the police78 feet your honor, but from what I could gathei feet in Depth, man, Frontage, 111 with right of way in the he was waiting to seo Mary Pickford rear. Froperty embracos three busi- home. Boston Transcript, ness houses and Modern Residence, except furnace. Inquire at PaysonBefore the modern girl kisses to v ian Office. make up, she mokes up to kiss. Norfolk Virginian Pilot. FOR SALE. My home on Utah avenTerms will be arue, Payson. Kenneth J. Taffier. ranged. EARLY & EARLY, Doctors of Chiropractic, MUD NEWSPAPERS FOR SALE.-F- or Over Wightman Supply Company, Fall housecleaning get old newsMain Street. for under caror paper yolr rugs Office Hours from 13 to 1 pet. Warm nnd sanitary. In bundles and 2 to 6. of 100 at 25 cents per bundle. Publishing Company. 3-- 24-tf.- e Pay-sonia- FOR SALE In the stack or delivered. Hugh Johnson Favson. HAY G. HOME FOR SALE. One block west of Tabernacle. Reasonable terms. Elmer price and good Smith, Payson. F. TILS0N. M . D. PHYSICIAN and Office Alain Street at Reaidence Phone Payson, Utah PART OF my lot for sale. With or without buildings, also a barn. ,T. G. Hanson. , j bttver. I believe that there should be under the department of agriculture by 'he best talent obtainable full information from all tho markets of tho world, foreign anti should This information domestic. summarized and made be tabulated, taxnilabV at frequent intervals dailv, It should or weekly. be posted at the P"t otTees or print so that led in certain publications the producers may be ns fully informed regarding thp conditions of ns the buyers the selling market ,nd distributors are now informed regarding the condition of the bny-i"The eollcetion and dismnihet. semination of these farts wdl tend to avoid wide fluctuations in the mar semi-weekl- lit t arid make pro b eer to ,io ..ied j f1"- jo-G- ib-- vv in. U. U th 7 ' h buv- - FRM WANTED. Wanted to hear from owner of farm or good land for sale worth tho price asked. L. Jones, Box 551, Olney, 111. t LOST. Wednesday night T. II. Wilson residence between and E. Mendenhall residence, p brown wool Finder laprobe. notify George F Wilson and receive reward. HOUSE C. FPR E. RENT. Inquire Payson. Mrs. DR. J. H. ELLSWORTH DENTIST Dolce over Bank, Payson, ULQr Office Hours, 9 to 12; 1 to Phone 13. Rea. Phone lOS-- j DR. L. N. ELLSWORTH dentist Office, Payson Exchange Savings Bank Building. Clovvard, ONE GOOD WORK HORSE FOR SAT.F. Bvron Mendenhall, Phone 112-.T-- f - FOR G. y SALE. A. OR range. fresh milch Sctiiorrer. Payson. Two eon a, 18-tf- SM.L. Good ixeiiiid hand inquire Shuler Motor Co. -- IS tf c DR. L. D. PFOUTS DENTIST Over Wightman Supply Company, Main Street. Office Hours 9 to 1 and 2 to fi. Saturdays, 9 to 1 Only. Office Phone 13. Res. Phone 30 |