DEFICIENCIES IN FARM FINANCE 61 



value and was down to about 30 cents a bushel 

 at country shipping points. In November all 

 records for shipments of cattle to the Chicago 

 stockyards were broken when 4,503 carloads, 

 containing over 111,900 head of cattle, were 

 marketed and shipped in six days, and these 

 shipments included thousands of breeding ani- 

 mals and calves which should have stayed on 

 the farms to keep up the future live stock 

 supply. 



There was a wide-spread demand from farm- 

 ers that the credit situation be eased by the 

 Federal Eeserve Board adopting a more liberal 

 policy in rediscounting agricultural paper. The 

 demand was not for funds for unsafe loans, and 

 it was not just the hand-to-mouth farmer who 

 uras caught in the pinch, but the big substantial 

 ranchers who in many cases produce the bulk 

 of our live stock shipments. 



The country as a whole appears to have 

 ignored the agricultural credit situation and 

 financial leaders talked deflation, the Secretary 

 of the Treasury suspended the War Finance 

 Corporation and no provision was made for 

 even temporary relief until the situation had 

 become almost unbearable. The Governors of 

 several states in conference were among the 



