Show 11 DANKERS DANKER'S END NO P ANNUAl U. U S e S m Speaker Deplores Poor Financing Fi- Fi Hi- Hi f of Americas America's r Cotton Crops r 1 x xi J 1 i I 1 i W WASHINGTON 4 Oct 22 Tho Tho final fina session of the annual convention con of tho the American Bankers' Bankers association was waI hold held h here re today Business Business' to be 00 transacted before adjournment in included In- In eluded the tho reports of the tho committees on state J fh federal nc fed i ir crat 1 reserve membership campaign and I resolutions and the installation of new i officers 1 Tho The program called forr fori addresses b by I II 11 W. W V. V Robinson president of the National hank LOS Loa Angeles on Commodity Com Commodity com I Finan Financing and Oscar ORear president of tho l First National bank I at Birmingham Ala on Federal Reserve lie lie- servo serve banks ne-j ne A number of delegates during th the day competed in the annual golf golC tournament tournament tournament tour tour- I at the Chevy oy Chase club for tor forthe I the tho St. St Louis cup NEW NEW METHODS NEEDED I Financing the farmers of ot the country country country coun coun- I try In the tho marketing of their crops demands new methods of extending I credit credit re lt so as to prevent nt unjust price depreciation and to lower Jower the cost of financing them Henry 1 L. L Robinson a i banker of Los t-os Angeles declared today I in addressing the convention BankIng Banking Bank BankI I ing machinery or establishment by producers of cooperative marketing agencies were est sugg-est suggested d as tI tives yes There a are arc rc many evidences de declared do- do dared Mr Robinson of ot growing rowing dissatisfaction dis dis- dis satisfaction on the part of tho the producers producers cers ers of many commodities s who claim that the they are being discriminated against by bankers hankers or those In control control control con con- of credit facilities I. I and there is constant agitation by such producers for an extension of the principle of ot cooperative marketing to remedy or at least east relieve the tho situation ACTION NECESSARY I I Bankers must meet this problem There must be a modification of the theold theold theold old attitude Whether this should be bedone bedone bedone done through banking machinery or through proper cooperative marketing remains to be decided However some method must b be devised for reducing the pressure on the producer which I forces him to dispose of his cropt crops either eith eith- er at the moment the harvest is com coin completed completed or while its movement is un under under under un- un der way as this thia has been too often otten used as a means for tor price tion Methods also atso must be discovered for tor towering lowering the cost of financing him lie ghe tendency of ot the cooperative or organizations organizations or- or of ot producers is toward use US USo o great power to the disadvantage disadvantage disadvantage tage of ot othet other producers Mr Robinson said COTTON NEGLECTER NEGLECTED R Regarding current practices i in the movement of grain and cotton Mr Robinson said saidi For many years rears it has been accepted accept accept- ed as a part of the obligation of the banks of of the country to finance the movement and storage of grain but no commodity considering its Importance importance importance import import- ance has shared as little in the financial financial finan finan- cial resources of the country as ha haw hit cotton this cotton this principally due to the lack Jack of an adequate warehouse tern in the production area and lack of an open market for paper Issued h j d c J s In tho the present emergency requiring tho the rationing of credits a measure of financial support proportionate to cottons cotton's cottons cotton's cottons cotton's cot cot- tons ton's contribution to the credit re resources resources re- re sources of the country and with proper prop prop- er consideration for the delays lays In moving mo exportable surplus because of ot the low ebb of ot European credit should bo be given gl BANKERS INDORSE FEDERAL RESERVE WASHINGTON Oct 22 22 Bl Blanket indorsement of the federal reserve system system tem tern coupled with a pled pledge e to aid tho the National Railway Equipment corporation corpora corporation tion or organized to help the carriers s obtain ob tain taro equipment marked tho the conclusion Thursday of group meetings s of the Ameri American an Bankers' Bankers association conven tion As an out outgrowth of the convention however bankers and others from cotton cot ton tem states states states' took st steps ps preliminary to the theor or organization of a crop export export export ex ex- port financing corporation to meet the situation which led to numerous appeals from eo cotton on on growers rowers for government re ro lief Th The corporation will wilt be formed I under the Edge act and start operations with an initial paid paid-in capital and surplus surplus sur sur- plus of The federal was t given ven unstinted praise by the national bankers bank bank- ers erg group trO in resolutions re while the tho approval approval ap ap- of or the equipment corporation and the pledge e to go o before state legislatures legislatures legis legis- where necessary to obtain revision revision re reo re- re vision vision of laws prohibiting investment I I of trust funds in such s securities was voted by the savings banks section Indorsement of the federal reserve system which included approval of its administration brought the national bankers a again in sharp opposition to the tho stand taKen by the tle state bankers who yesterday denounced several phases of th the reserve b boards board's ards ard's work All resolutions resolutions res res- res- res adopted in sectional meetings will be considered by the association committee and final finai action actio be taken by the convention as a whole The crop financing corporation project cot took shape at an informal meeting meet meet- in ing of several hundred bankers and representatives representatives representatives rep rep- of cotton interests A s s' s secial se ecial ecial e- e cial committee teo presented a favorable I report Tentative Tentative- plans would enable the corporation corporation cor cor- t ohan le all kinds of agricultural agricultural tural commodities but leaders in the i movement aimed at the relief of the I cotton otton industry as its primary object Speakers however pointed out ut benefits bene bene- fits which they believed would be derived de dt rived bv by all producers of farm prod prod- The Tho plan provides for stock subscriptions subscriptions subscriptions sub sub- on the basis of 1 a bale on cotton produced in the various states I and the tho payment down of half of the amount or of the incorporated incorporated incorporated rated capital Under the Edge act such corporations ar permitted to bandie handle han ban die dle trade acceptances or purchasers purchasers' seE I i agreements to the extent of ten times tire tine paid paid-in ca capital pital which would enable the corporation to deal in such commercial commercial com corn mercial obligations to upwards of Speakers indicated that establishment I 1 of the corporation would mean ant au early opening of sales negotiations with European European European Euro Euro- manufacturers who were said to be bein bein I in for around three million bales of cotton i I |