Arizona republican., 1921-09-23
WAR FINANCE HEAD
 EXPLAINS PLANS ID ,
 ASSIST PRODUCERS

LOS ANGELES. Sept. 2e-Outlin- ing the methods by which the war finance corporation is prepared to aid southern California and Arizona producers in the orderly marketing of products. Eugene Meyer, Jr.. chair man and managing director of the war finance corporation. Tuesday addressed some s5 of the most prom inent bankers and business me2> of southern California and Arizona ata@s luncheon given by Henry NJ. Rob} inson, president of the First Nationaf bank of Los Angeles and the Los Angeles Trust and Savings bank, at the California club.
 MT Robinson has just been ap- pointed regional chairman for the war finance corporation, and his commit- tee consists of Leroy Holt, Fl Centro; R. D. McCook, San Bernardino; H. L. McClung, Phoenix, NJ. I. Powers, Flagstaff; Charles S. Toll. Los An- geles, Fred Bixby. Long Beach.
 As result of the organization of this committee, already s1,000.000 of this money has been advanced by the war finance corporation to the cotton growers of Arizona.
 In his address, Mir. Meyer stated that the war finance corporation will function to the producer through the federal reserve system and member banks, and also through the great cooperative marketing associations which are growing up throughout the United States, and which are founded on the principles established by Cali fornia orange, lemon and raisin pro- ducers.
 MT Meyer said in part:
 My western tour is made for the purpose of examining into actual
 conditions existing with the producer. | F.. .~~~f~. | and the producer and the bank which | directly finances the producer must
 have at least temporary aid The war finance corporation was first created to aid in international trade.
 and our early loans were largely
 made to cotton producers in the
 soath. The European buyer before
 the war bought so per cent of the crop during the six months cOmpos- ing the harvest period Now he buys
 less than half of that amount. with
 the result that we must wareheuse and finance the marketing of cotton
 in an orderly fashion.
 -In other words, the international
 buyer formerly furnished the credits
 for marketing our crops Today the
 process is to some extent reversed
 The cooperative marketing move
 ment of southern California and Ari-
 zona is gradually spreading. and we are now dealing with the cooperative
 organizations on a large scale. In . fact, our cotton loans made in the
 south so far have been $z5,0eo. 900 | through banks, and S35. 5.000. .0o0 through cooperative organizations in . Mississippi, Oklahoma and Texas s T may say that do not believe that there is any marked interna- tional cotton surplus. though there is ! mal-distribution of cotton surplus We have loaned. in addition. cer- tain moneyS on wheat-$10. .o00. 900 in ! the northweSt-and wheat is con- ! paratively easy to loan upon- The ]. livestock industry is the next indus z try the problems of which must be ' solved.
 Under the plan of operation. the federal reserve banks will pay out ' money to the banks of the country , for the account of the war finance U corporation and the bankers of eAce 1, district will function in much thef, II usual fashion"