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Show WEST ASKS FDR LiVESTOGK I Industry Threatened With Destruction, De-struction, Frank J. Hagen-barth Hagen-barth Declares WASHINGTON. Sept. 21 Relief from what was described as possible 'deistcuctlon of the livestock industry" through curtailment of banking loans was sought from the federal reserve board today by a committee of livestock live-stock producers. They asked the board to encourage banks of the reserve system to aid the mfinancially In raising rais-ing and marketing their product The committee, which came as the representatives of a Chicago conference confer-ence of producers, packers and bankers, bank-ers, predicted dlro consequences to the livestock industry throughout the west unless bankers and cattle loan companies com-panies discontinue "calling," loans. They w.ild millions of dollars In loans were maturing this fall and they believed be-lieved a reassurance from the board that It approved of such credit extension exten-sion by the banks would naturally lessen les-sen the difficulties with which the livestock men have to deal. ESSENTIAL INDUSTRY. Governor Harding said the board's policy has been to look upon the livestock live-stock and other food producing Industries Indus-tries as "vitally essential " He explained ex-plained the bard could not direct or compel loans by any banks but that it had planned with tho reserve banks for nld for the agricultural Interests to tho extent of nearly one billion dollars dol-lars this year. Committee spokesmen told the board that, as a result of the credit sltua-' tion. "the little cowman or sheepman" was being forced to dispose of young stock which, if ho could bprrow move money, would have been kept on the farms and ranges Frank J. Hagen-barth. Hagen-barth. of Salt Lako City, declared this to be the Indication of "a destruction destruc-tion of the Industry." The salo of young livestock or breeding herds, he said, was being forced in many sections sec-tions because the owners were unable to finance the feeding of their herds. Ho' said also that in the Pacific Northwest North-west there was an abundance of roughage rough-age but little stock to feed it to because be-cause of tightened credit. BLMES BANKERS. Senator Jones, New Mexico, blame'd eastern bankers for not "helping the livestock men of tho west, instead of financing automobile manufacturers in exporting their products to Europs." Governor Harding Interrupted to assure as-sure the senator that the board could not say to member banks that they should or should not loan to the motor mo-tor manufacturer. He declared again that it never had defined any industry in-dustry as essential or non-essential but had left such decisions lo local bank-ens. bank-ens. Governor Harding said he did not believe the producers who were borrowing bor-rowing were employing the credit that they might withhold the meat supply from the market, The board's information, infor-mation, he said, showed tho loans to livestock men. In most all cases were for actual production purposes. With this sort of use of credit he said the board was in entire accord. Ho added, add-ed, however, that the board was without with-out power to tender direct assistance 3lnce all banks control the loans they make. Other members of tho delegation iverc Dr. I. N. Wilson, McKInley, Wyo., Charles C Collins, Carson City, New, . A Vant, St. Joseph Mo., and J. L-'letchcr, Chicago. |