Show F A R M rig MORE 4 NJ A il Il resent conditions itu aluli illin to 0 lill market that la to not lu lit pat KM t st condition war avar finance corporal loll 1011 out to Itel levo aliard ir producer BY MEYER JR jn MANAG ING na WAR FINANCE corporation Eal tors noto note eugene moyer jr 14 I 1 managing director ot of thu the war fina nce an JI that bat did much to holp help rilleva a situation t that at one time N noro ore than ila hurd rd times to the entire agricultural of 0 tile tho nation itis have lod led him to belleme bilat of u kotilis mid and financing the lue ure tire hut and are aiu injurious to attia aebi d ul lita taid IHU between thu the farmer und and the man who cals the furmer farmers a wheat and ur BUi otien es ilia tobacco or his cotton into shirts thoro un all intangible but num ninety lety pa per cent ot of tile tiia wheat in the united status states is harvest cil in juno july and august lul but it il way luke u year tur fur it to get autu aito tha bakers ovens over ninath tier rier cout cent of tile the tobacco la ili harvested fai august september Sop and october lint ut thu smokers kois puff away as hard lit in us UH they do lit in october Oo and 40 60 it la is with moat of our staple agri cultural ju blun alli there is y all in that way stretch out to it fiolo Ii olo your year or oven longer t liere lu ili a u fand fundamental factor in aio tho marketing of the fur formers tarm mers orB output 61 perhaps has received too little attention tho the american producer lias has grown accustomed to disposing or of his hia crop shortly utter altor the harvest leaving to iome home one olba else the tusk task of providing storage facilities and the necessary financing tor for carrying it jintil until needed by the consumer ii a system may work swo ottily so ao long lon na wilo who aiumu tile the burden ot nt taking inking care of tile tho billic element in alit anu ali uio aura of f good returns hut ut it limy bruak chown when tile the daimer booda it most when UL ui markets V und lind unfavorably business conditions lna ilia bank calli in tile the note pit on lie ho has secured ands fonds for his its aho farm t or then Is lott left to hold the bag 1 bilay hiiva cotton col coin ll 11 cattle or other I 1 iii ct a clent ordin ordinary ury to vloet ilia obligations but lie he needs time to li in ill ii or orl ecly way and because in tile tho bood years lie liim has depended largely A I 1 I 1 on al to tuko tithe care cala of tile the timo time loin elit he has on tile the whole coyol 1 lieu 01 lio aa equate machinery for or tak ig aig cure care ot it himself when alverso una make it fur for him 40 to do go BO 11 A now new situation 7 during the past two years the agri aitu rai producer has had burin been confront cuu front ed id with a now new situation Bitu atlon a brought about by tile the war and the i 1 economic conditions result bilig LIOLU it lie antl ilia his banker have peon forced to alms urne a considerable part of the burden burdau fulch in ordinary limed is is all along tha line of carrying carry lne and financing ills ilia prod for a longer period until tile iho american jobber wholesaler manu lecturer Jac lac atul anal retailer or the fo foreign uyer are ready to take them cotton is our greatest Krca groa test agricultural export commodity and tile tho market tor or it depends largey upon the domand demand from abroad As aa a of growing out of the war european buyers changed their buying practice they had boom been accustomed cus tomed to take eighty per cent of their annual needs needa in the first six months montha of the cotton year after the war they began taking only fifty per cent in the same game six months on account of fluctuations in tho the rates of et cic hangea changes they wora were unable to calculate with any degree of accuracy whether they would gain or loae 0 0 by buying ahead cotton which would have to be a paid for in ill american collais and sold bold in terms of depreciated precia procia ted european carr currency eticy bo instead of luyluy lit in the greater part ot of their annual supply shortly after uie tae harvest they bought only to moot current needa spreading their purchases over the year this left million bales balea for tile the american producer to take cure care of until tiley wanted abroad lie ile had to wall wait from onu one to six months longer for ilia hla money llo lie had not calculated on this thin waiting tho cotton action with the economic activity and buying power of tile the grower serio caly hap impaired alred the whole cutton cotton producing heltion of if tile country was wan alaa affected the way to tuo ino situation way was to put tile the producer 11 pusi position tion to market his bla crop over a longer period and ut at the time lime to go on with his regular operations with this end cud lit in view the war finance corporation financed its ita export powers tile tho ship of considerable quantities of botton to tol to lu tie no sold to foreign buyers for cash wl ua it was waa needed tula this action was waa followed by LL a loan of to a operative cooperative co marketing to finance tile the carrying 1 af ij ii bales in ili public warehouses a tile me states until it could bu in an orderly way Wil 1111 a t time similar arrange had we been mado made with ot other tier co VOIA tIVO and these transactions in ili turn were ware followed uy to mitko make laige ad accod on oil cotton to other co live ilvo marketing organizations tiona und to hanking aud and financing institutions tho the south when it became cloar clear that tho the cotton grower would havo have time to markot market hla his output that the crop would be adequately financed aud and that he be would not have to dump it on it an all over clouded market in ili order to meet ilia his obligations the he whole bubl bual ness outlook of the southern states was changed gave way to lo hope and manufacture qu B and merchants who iliad pad held lack began to buy the ohp fear ear began to go out of tho the situation a euid n d the reuniting improvement was waa reflected tile tho cotton bolt belt an well as aa in other sections ot of the country am AH to live hoock in the financing of tile the live stock industry in the west tile tho normal length of time required to bring growing alieen and cattle to maturity has ban not always received sufficient when tile agricultural credits act was waa passed august 1921 the situation confronting tho the Hou houdock tock indus was waa decidedly acute athe the broad breed ill nig herds were betig beng sacrificed and young stock not roady ready for or market was waa being sont sent to tho the block endangering our future moat supply but the act gape the corporation ido ado quate funds and authority to deal with the problem on a comprehend biyu scale and du during gitig tho past four or uva ilya months it has authorized advances on ilya stock block aggregating nearly under the law may be made for a period of not lot to exceed one yori and these loans may la in ll 11 proper apor boses be ba ox tended tor for an additional period of not to exceed two yearn yeara thus giving the stockman time to carry through hla his operations without the ho necessity noce salty of sacrificing his immature and brooding breeding animals i one outstanding development already air accomplished fact act Is the of now new live stock loan in tho the principal grov klug states tho the corporation has encouraged the bankers business met men in those these communities to form such cOmP companies anim each with substantial capital in order to make its resources readily and effectively available in tile the emergency in tile coni coi licit i in the corn belt many farmers make it a regular practice to buy young ilya stock and feed and fatten j thorn them with corn and other field prod i 1 octo ucto lit in other words to nond bond their crops to market on tour four feet normally about eighty per cent of the corn grown in he united states la Is fed to live stolk and this process takes taken time for instance it requires from eight to ten months to fatten one year old steers for market find and calves as long as a year the farmer with his barns barna full f corn needs needa considerable sid alder erable ablo time it if ho he la is going to turn it into beef pork or mutton the corn crop lit in the last two years has been extraordinarily large the total production amounting to approximately buhela bult els arid and the collapse in commodity prices tied up the banking facilities in the corn belt and matko mad e it impossible tor for the farmer to finance nanca his feeding operations lu in way arld and in tile the normal Yot uina ile he had boon bean accustomed to feel that when lie he had a good of his bla troubles bl were over but he suddenly found that they were only beginning lie he was not in position to llna aca the marketing of ilia his commodity over a longer period lie he could not got get eyen even lit life usual accommodation in the way of funds tor for the purchase of tender feeder stock and it began to look as an it thoro there were only dark days daya ahead sonio homo Fl Kuros what it cleaus means to agriculture to be in a position to spread the marketing of its output over a longer period of time Is indicated by the difference in fit the outlook fr for the corn cori belt farmer in october 1921 when the finance corporation began intensive operations in that section arid and in february 1822 when those operations had had time to make themselves olt felt i ln october corn was selling belling at country elevators in nebraska und and about 20 conta a bushel in february it had bad risen to fitly fifty cents and reports indicate t at parmera were gettig the equivalent 0 of eighty tt it ninety cents tor for corn marketed through live stock the man who is lit in a hurry to sell to is continued ou on pago eight continued from page 6 FARMERS NEED MORE TIME SAYS EXPERT at a great disadvantage and tills this liaa has been the customary plight of tho the agricultural producer As soon as lie ho has a crop lie la Is under pressure to sell either he bo has haa to meet a note given to cover his last productive product ivo effort or he ha needs ready money to ty supplies and equipment for his text next operation for one reason or another the necessity has haa been almost imperative to market his output as soon as possible after harvest at harvest times the national market Is crowded so to speak with farmers anxious to products are ard abundant and prices relatively low six or eight later when the consumer lon sumer la is beginning to think about supplies for the rest real of the year fricas are up and tho the farmer usually has haa little to soil sell it would lio lie tatter for or the farmer it ho he could spread ills ha marketing over a longer period delauso in the long run ho he wait would id probably get more tor for ills crops it would be better for or the railroads because it would mean a more even use of transportation fa ellit les it loulu bo be better for thu consumer beca because tise he tin bouli more assurance rt ft getting at stable prices throughout tile the year |