Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1921-12-23
ESQ BANKS ASK FOR
SIX MILLION CREDIT
GOVERNMENT AGRICULTURAL
LOAN AGENCY MEANS REAL
HELP TO MINNESOTA

banks in Minnesota arc awaking to
the possibility Of giving real credit re-
lief to farmers through the agricultural
loan agency Of the War Finance corpor-
alton.
More than ESQ Minnesota banks have
ApDliqd for government loans on agri-
cultural paper.
Those $50 banks have asked the
War Finance corporation for total
credit Of $6,377, 900 in less than two
months.
Officials of the corporation estimate
that there are 500 to 600 more country
banks in Minnesota which are eligible
to make use of the new agricultural
credit facilities provided by the gov
crnment, but which have not yet ap-
piled for loans. Although Minnesota
has been much slower than North and
South Dakota to take advantage of
these credit facilities, officials say, ap-
plications from Minnesota banks are
beginning to pour into the northwest
offices OF the finance corporation in
Minneapolis. The number of incoming
applications has moro than, doubled
during the last few weeks. Five sub
northwest committee are working
every day to rush applications through
to Washington, ID. c., without delay.
In one day, working from a. M, to
II p. H., the committees approved lo4
applications for q total Of more than
S2,G00,O00, according to M. o. Gran
gard, secretary.
s'While the agricultural loans OF the
War finance corporation GO not mean
n food of new easy crcdit,' MI. Gran
gard said, "they do mean positive anu
practical benefits to the farmers OF the
northwest. 1T is impossible to make
statements that will apply to every in
dividual bank, but generally speaking,
use of these new credit facilities shoulo
enable banks to carry farmers present
obligations without asking undue IL
uuidation.'
That extension of additional credit
is also possible under the new credit
act, to permit farmers to buy feeder
stock to consume the cheap grain and
feed now virtually unmarkctablc ex'
ccpt at prices below the cost OF pro
duction, is demonstrated by the policy
of one country bank which has received
a federal loan. This bank immediately
used So, 900 for new loans, by purchas
ing AZ head Of Holstein cattle and
turning them over to farmers as the
nucleus of ,pedigreed herds, taking
notes as payment.
"rherc can be no doubt that the ag
ricultural credit act, with proper under
standing. can be Of tremendous beneh'
to Minnesota farmers, relieving some
of the burden of the country bank ano
averting any necessity Of closing IN or
agricultural loans,'' the Minnesota
Farm Bureau federation said today IL
an official statement. Gin general
creditors are not squeezing farmer Dor
rowers because it would be disastrous
to do So Information comes to us, how
ever, that in many cases farmers obll'
cations arc not being renewed, but are
merely being carried overdue, leaving
the borrower uncertain and liable tf
pressure at any time. Properly used
the agricultural credit facilities OF the
War Finance corporation pfovide am
DIV for the renewal of thu farmers
present obligations.
"The evil effect of lack Of confidence
must be recognized. The farmer whose
overdue note is held by a bank without
provision for renewal, and with no as
suranec as to how long it will be car
RED, is not in frame of mind con
ducivc to 4 return of better condi
tions.''
Livestock Breeders to Convene Jan.
Livestock men from all parts OF the
state will meet at University Farm, St
Paul. on January 6, when the Mime
sofa Livestock Breeders association
assemblies in annual convention. .Thf
livestock breeders meeting follows
the three day annual convention of the
Minnesota Farm Bureau federation
which closes on Thursday, Jan. 5.
Annual meetings Of the Minncsot;
Swine, Horse and Sheep Breeders as
sociations are to take place! on January
4 at University Farm, and those of thu
Minnesota Hereford, Angus, Holstein
Guernsey, Jersey, Ayrshire and Brow
Swiss associations have been set fo1
January S.
Miss Marion Lambert, a teacher al
Long Prairie, is here visiting her par