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Show the ninety-day paper representing advances ad-vances to merchants and manufacture era." he continued. The federal reserve system. Mr. Meyer Mey-er declared, has partially recognised the need for longer term financing for tha agricultural turnover, but the financial system as a whole has not adequately recognised the neccaatty of corelating agricultural financing with " normal processes and consumption. i culture, Eugene Meyer, managing dl-! dl-! rector of the wir finance corporation, declared today before the house banking bank-ing and currency committee, which le conducting hearings on pending agricultural agri-cultural relief legislation. "Our fundamental financial conceptions concep-tions and attitudes are baaed upon the Imported Kngliah and continental concept con-cept ion a of what constitutes sound nea In banking." said Mr. Meyer. "But the basic buaineaa of America is the production pro-duction and distribution of agricultural commodities and sixty asd ninety day financing doe a not adequately meet the marketing needs of the producer." "I maintain that six and nine months loans on wheat and cotton are as liquid, I from the point of view of security as iFARMERS MUST ! BE GIVEN LONG TEIJINCES Eugene Meyer Shows 60 and 90-Day Credit Entirely Entire-ly Inadequate for Needs of Basic Production j WASHINGTON, May I American ! financial conceptions need revision to J provide longer term financing for agrl- |