New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1921-11-11
WORK OF WAR FINANCE
CORPORATION RESTORES
SPIRIT OF CONFIDENCE

Washington, Nov. S.-The best
and surest test of any government
agency is the manner in which it
functions. For that reason it is in
teresting to note the work being per-
formed by the War Finance Corpora
ton under the additional powers
granted by the present session of
Congress, whereby it is enabled to
assist agricultural and livestock in
t~erests.
A record of its loans during the
first three weeks of October is fairly
illustrative of the work it is doing.
These loans aggregated $4,155,S6S.
The first loan made during the month
of October was an advance of $f5,-
SOS to a Chicago financial institu-
tion which had made loans of that
amount IN livestock In Idaho. On
October 18th the corporation APPROX
ed of a loan of $1,000, 600 to an in
stitution financing the livestock in
~terests in Montana and Wyoming. On
the same day il made three loans of
$4,000, S21 1000 and $4,000, re-
spectively, to three different banks in
Texas to be applied to the livestock
industry; 100000 to a bank in Geor-
gia to be applied on general agri-
cultural loans, and 100000 to an
other bank in Georgia to finance the
export of cotton.
Diversity OF Loans Made
In between these two dates the
corporation had approved of loans
of $500 to livestock interests in
Wyoming; $3.50, 900 to a coopera-
tive association of fruit growers in
California; S102,0 to two Kansas
banks financing livestock interests;
100000 to an Indiana bank which
had made loans for agricultural pur-
poses; 500, 900 to a bank in South
Carolina for agricultural purposes.
$400, 600 to South Carolina Gotten
interests.
This list gives an idea Of the man
ner in which the War Finance Cor
pOration is going to the rescue Of n
agricultural interests of the country.
It's largest single loans was approved
the last week in September. This
was a loan of $15, 900 900 to a CO.
Oltl dliNt doootiutioh u 6ldin h'pi-
ers in Minnesota, South and North
Dakota.
Mr.. Eugene Meyer, Jr., Director
of the War Finance Corporation, has
just returned from an extensive trip
throughout the west. He is very opti-
mistic over the outlook. According
to Mr.. Meyer the knowledge that the
War Finance Corporation is able and
ready to assist all legitimate agricul-
tural and livestock interests is re-
storing confidence throughout the
which, in Mr.. Meyers opinion, is
almost as important a factor as the
actual ~loaning of money.
Confidence Being Restored
1--WE have been able to ease the
whole situation" says Mr.. Meyer.
"Since the banks in California knew
that we woul advance half of their
requirements, they wished to advance
the entire amount. The growth of
confidence is illustrated by a man in
Colorado who informs us that now
that he is certain that he will be
able to get the credit when he needs
it, he will buy 5000 head of cattle
to Craze on land that has been going
to waste. Utah has responded to the
need by forming a company with a
subscribed capital of 100000 10
make livestock loans in Utah and
Idaho. Western Nebraska bankers
have organized a $1,000 600 livestock
loan company.
"Other companies are in process
of formation in other sections of the
States. Through the organi-
of these companies to supple
existing companies and banks,
the War Finance Corporation will be
able to make its funds available
throughout the agricultural sections
of the country. This will enable the
livestock interests to keep their
breeding herds and to stop the mar
of immature cattle at a ire
mendous sacrifice"
ove at first SIGHT ie nc oood as any. |