The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-07-14
HOW THE WAR FINANCE BODY
IS GIVING AID TO BUSINESS
BY MARK SULLIVAN

National Political! Correspondent OF
Tho Inteii!ccnrr-(
Washington. July 49, ~ those aEen-
!"s NJ the government wh!ch are con-
r''rned with tho state Of business heiiere
N: ;ho w0rs, OF the depression has
been passcd. Secretary Hoover. OF The
department OF Commerce. said today:
We have already turned the corner.
Departments OF tho government 10
which 'h's Is matter OF primary
concern believe that WIN: Is now most
necessary IS Initiative on the par; OF
Individual business men.
Probably ~" most energetic Of III"
government departments engaged n
helping business IS the War tInan'e
Corporation. Ia direct function Is tho
Facilitating OF export trade hy supply
NIX credit under proper con!i;!oms l"k"
every Institution. the degree rt ~ EN-
rIency ~ determined largely hH N" yer
sorn,i;iss or -" individuals who IL
r",t <;
Tbs War N.uaune corporation could
:uluN Is" requirements Of IL" statute
wh,"H created !; 10y merely sitting So
ueh!nd the counter o. the treasury M"
maintaining readiness 10 adHan'"
money 20 properly equipped applicants.
RUt x - the hci:or Of the War Finance
Corporation thI, what !s most needed
~ energy and initiative on the part of
individual business men. and The direr-
;ors OF the corporation are no. content
with waiting for Applications Tor 81" ~
but regard Z A. par 4 their func-
ION - St!mU.u's !Ni'!at:v" IN the lNr'
Of business MON and barriers n 'H"H"
sections nf ,he country where business
IS mos depressed.
A
War Finance Corporation advanced
$1,000. onO 20 co-opHrAt!v" association
az McnNh.s Tennessee. which has on
it4 hands som" 100000 Na!HS NJ long
'apie cotton. Tho purpose or 'hiS AL
vance "a 70 supply 10 tho owners "t -"
cotton such funds ns they nrSI m me
Immediate pr"s"N: so that they viii NOT
be under pressure g. sell ,hrlr cotton 1t
any price they can Er' for t.
Tho fundamental purpose
Furaam"n,ally he purpose Is 10 l"t
the EurnpraH consumers oC this kiad OF
cotton -" that III" growers Of II arc
protected financially. and cannot be
made T. accept lower PRICES. The de-
sired pSvcho'". cal effect should b" I"
make tIr European sp,nN'rS realize 'ha'
cotton has reached itS lower price. a"d
thereby stimulate buying on their part,
F!nanc" ro-poratlNr. With m init!ativ"
characteristics, Of l.. bat !nTu"nt In gov.
eromer; institutions. s"at - remarkable
telegram 20 ~" Fedora lH;crnat'ona!
Banking comrany, Of New orleans. Th'S
banking company was organized h'St
winter "a ths south under the hdre
law. through subscriptions from 100
southern bankers and other Subscribers
for the purpose OF promoting tho imam
cling Of tho export trade. Tho telegram
from the War Finance Corporation 10
those southern bankers read:
you have no doubt seen the an
nouncemPnt that the War Finance Cor
porat!on has agreed 10 make an advance
Of Ave million dollars - tho staple
Cotton Co-0pcrativ- association OF Mem
PITTS 70 assist in financing cotton 10 he
hold n American warehouses for export,
within q year. This loan Is considered
Absolutely safe business md helpful In
promoting the orderly marS"ttnE OF the
crop IN ,he territory In which this cot
ton Is grown.
In Wow Of the fact that your COM
rany vas formed by southern interests
70 assist In tho orderly marketing OF
cotton 70 foreign buyers. will II not be
possible for You. acting in combustion
with other banking institutions. 20 work
out a plan using existing export orrani-
cations or forming. II necessary, new
export corporation for tho purpose so
that the resources OF the war Finahc"
Corporation may ne aHai!ed Nt IN APP
proXima,e.v the same that has proved
practicable IN connection with The trans
action Just announcer
The War Finance Corporation author
izes ne % say thai, I; stands ready 70
assist In financing such reasonable
amounts OF cotton on \ sound business
basis under anv proper plan nv which
the War Finance Corporation may be
definitely assured that the amount OF
It's advances vii be repaid through the
export q. the COTTON. Within a year"
The spirit % this message could he
condensed into three words-"Piease get
busy" and IT Is apparent from recent
utterances Of Secretary Hoover OF me
Department of Commerce that the same
slogan represents h!s notion also or
what Is now most needed.