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Show DAILY REPORT OF BANK DEBITS FunilsJiexl by the Ogden Clearing Clear-ing House: MftT i! $Uft:2,i:',0 LONGER TERM LOANS FOR FARMERS URGED WASHINGTON". May 3 American financial fi-nancial conceptions need revision to pro- Ide longer term financing for agricultural agricul-tural purpoees. Kugene Meyer managing director of the wax finance corporation, declared today before the house banking and currency- committee, which is conducting con-ducting hearings on pending agricultural legislation. "Our fundamental financial "-.inception and attitudes are based on lae Imported Kngllsh aqd continental con-ecptlon.s con-ecptlon.s of what constitutes soundness In banking." said Mr Meyer. "But tho basic business of America Is the production pro-duction and distribution of agricultural 'ommodltlcs and 6 and 90-day financing doos not adequately meet the marketing market-ing needs of the producer." 1 maintain that six and nine mon'hs loans on wheat and ootton are a-s liquid, from the point of view of security a.s the 80-day paper representing advances to merchants and manufacturers." he continued. con-tinued. The federal reserve s-ystem. Mr. fevers fev-ers declared has partially reeognlred the need for Jonrer term financing fori the agricultural turnover but the financial finan-cial system as n whole has not adequately ade-quately recognised the necessity of correlating cor-relating agricultural financing with the formal processes and consumption. |