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Show KANKH CARRYING LOAD J. K. McCornack president, Union Securities Co. Spokane, in an address before the Grain Growers, Millers and Shippers' association in convention conven-tion in Spokane, stated a basic truth when he said that the farmers do not need more money from the banks to go deeper into debt but better prices for many or the things they have to sell and lower prices for things they must buy. Mr. McCornack, whose company operates twenty-four hanks in Inland Empire communities, and who has been in close touch with country hunks and wheat growing for thirty-five thirty-five years, said: "A well run safe and conservative bank is a blessing to any community, and everyone in it, while a poorly run, inefficient, Bullish, ovoroxpanded bank which encourages en-courages speculation and overexpan-slou overexpan-slou in its community is a menace and Injury to everyone." Showing the full part that hanks are taking in community development develop-ment and the load which they are carrying for farmers and producers generally, Mr. McCornack pointed out that, tho country hanks with which ho is connected have about, $1000,000 out in loans, of which 80 per cent is due to the banks from producers while the bulk of the remaining re-maining 20 per cent is due from country merchants who are carrying producers to the limit. This ratio, he believes, will hold good with other country banks. Mr. McCornack's statement of conditions con-ditions refutes the wild charges that are made that the American banking system has been crushing the life out of the farmer by forcing sale of crops at ruinous prices. If it were not for our banking system sys-tem which has carried the producer's load to the limit of its ability, crops would have been "dumped" in a manner man-ner which would have completely shattered any market stability. |