OCR Text |
Show FARMERS AND FINANCIERS. The New York Journal of Commerce, in a news article on the financial situation and outlook, states that a current explanation of the stringency at the west is that the farmers are holding wheat and the western bankers are helping them to pursue this course. It appears, ap-pears, however, that western banks, especially the country banks, are greatly relaxing in their attitude toward their farmer customers. Instead of insisting on a systematic program for the farmer to sell his wheat and corn and "pay his debts," they are more willing to finance him so that he can hold his products. One cause of this return re-turn to old conditions has been the steady decline in the price of wheat and corn. The farmers argued that the enforced selling was causing them to sacrifice their holdings, and that if the selling were permitted to be made on a more gradual scale the results would be beneficial all around. From the highest price in September to the lowest price in October wheat fell more than 11 cents per bushel. The western farmer is in a more fortunate position in rogard to selling or holding on to his products than he was prior to the gold standard campaign of 1896. Then, as a rule, in many sections, he owed too much money to be able to borrow more. Now it happens frequently that he is so well supplied with cash that it is unnecessary unneces-sary for him to consult with bankers if he desires to carry his wheat. |