Show IOWA FARMERS FARMER UNABLE TO PAY PAYI I i C 0 C Hears of Bank Foreclosures on Acres Under Loans r KANSAS CITY Jan JaD 9 Dy 9 ThE Associated Press Iowa Press Iowa farm farm- farmers farmer farmers er ers aro In no condition to bear further burdens it was at al the Interstate commerce com corn commission mission hearing here bere today on the application of western railroads for a five per cent Increase in fAtes Tates eg Iowa farmers are In a bad way M G Thornburg secrEtary of agriculture In Iowa testified His jig office be he said pre pre- pre a questionnaire to farmers In the state and earned that the tho average e cost of a bushel of corn was cents an an item so high as to preclude a profit on corn UNABLE TO PAY o F It R Jones examiner in charge of liquidations of the Iowa bank bank- bankIng banking ing log department said there thero had bien bank failures In his state slate since 1923 1023 and that 90 per cent of them were caused by frozen farm tarm paper The banking depart depart- department ment he ho said has acre acre acres ot of oLied land taken In liquidations and th there ere are liens on acres Henr Henry Read vice president of the First National bank of ot Shen Shea t f Iowa said his bank and others In which he lie was Interested hud bud 1 In loans outstandIng outstanding ing to farmers tanners Most of the Interest he said was slow and of ot principal was lagging Mr Read Head referred to the words worda ot of Senator H II IL S Foskett another Iowa banker at the Cl Chicago cago hear hear- hearIngs hearings ings logs that Iowa farmers were pros pros- prosperous prosperous He said paid the district de- de de described scribed by Senator Foskett was wass s b by rich persons whose wealth was drawn from sources not net In Iowa MANY UNEMPLOYED A A L L Rich Des MoInes Iowa labor commissioner declared the Iowa farm population was leav leavIng leav-Ing leav Ing the farms He said there were between and unemployed persons In Des Moines 7 The valuation phase of the case caso will be presented at the hearing beginning Monday M 1 0 O Lorenz chief of the bureau of statistics of the commission will take the stand to discuss valuations of the railroads The hearings began Monday and andare are expected to continue until the latter part of ot the month |