Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-01-30

| who could not borrow money from
| their own banks ut less than The
excessive rate that the War Finance
| Corporation is required ~ law 10
| charge
"fhc War Finnacc Corporation AN
n"unccd about ten days ago thai IL
| was open Tor business As have
Indicated. the corporation will have
| no funds in which to loan Ia the
farmer or the hor;icuiturist unless
the tact is 9hat not a single export
mouse in the United States dealing IN
Z farm product has made application
Tor or inquiry about Il loan. I'll.
Only application made. as | sim in
/ formed. is by u lumber concern. AMI
c"rwriic it's own proposed transact
! i!on. nor would ii furnish ample Sc
Iurity by Endorsement or guaranty
H. H. ", wanted y TO- nSs public funds and
I"Fc ttc War Finance Corporation
assume all the risk OF collecting the
dsbt from customer in bankrupt
Europe.
"nly Application for I.onn.
,o mus, SO iar. the only application
ior Il roam is from Il concern whose
product for three or four years has
been so. high that ! am the only
ii,i,., III virginia. of whom | have
d,nt enough I" build II barn at the
prevailing prices: and ] only did so
"NN'"S. my hcTu of registered Jcr-
SeE caitl" was practically without a
decent roof ana because / could bnr-
row from The oank ut a lower rate
, than The exporter of farm products
corporation. And so II will be: lum-
Der and copper. steel and cement. To-
o o,hnr 'E les, ana antomohilcs. and
Liner h-pric"u commodities may
limited extent. be furnished hy
thc War Finance Corporation with
, ,gJnE r,imr loans At high interest
,ian 'aN payer: but. Unless you can
SNOW me To the contrary. shall
continue To- believe that no Virginia
a aITi,'sr VII drive any appcrciablc
What some farmers reed il 4
tnarhet for their products ana not
mercy, mercy credit at high rate Of in
t.rcSi What good will credit on
this side the Atlantic do a Virginia
,ohacco cNportcr--rcmcmbcr the
In"rr grower Of crops is no. per-
!aw--whcn the warehouses of foreign
TOBACCO monopo!ies on the other side
OF the ocean are crowded with to-
n"cc" anu their agents are not buy
very low prices? II is a markc, that
Inc tobacco growers and exporters
m"Sd and not credits with which 10
have several hundred barrcl: of an.
pies IN storage. We have credit 1T
BANKS. but no market for our apples.
Much Misrepresentation.
rs TAR as credits are concerned.
| there mas been 4 lot OF designing and
wicked Misrepresentation. celebrated
10 i"inent discomfort The Federal
reserve banks. located In the agricul-
t"ral regions OF the United States
nave. nearly all OF them. extended
! their lines more than 80 per cent:
som" OF them more than 100 per cent
az compared with the same period of
| i'l'. l!N a report made Il month ago
| IN" Richmond Federal Reserve Bank
mad outstanding $4,000, Oo0 more
| crclhS th1n for tho same period Of
| l'la. when tobacco was bringing in
| crcdihly high prices. The ST. Louis
| bank. covering the Kentucky terri
! tory. had $Io.dO0.0O0 more loans out
standing in this time of low prices
| mat ia l"l'. when prices OF hurley
We're soaring. The Chicago bank
had 22i,0uO.ooo grcatcr outstandimE
| loan" and the Minncapolis bank $5S.-
| u"".""O greater than when wheat was
| bringing 50 instead OF SlgS now.
! The Atlanta ANA Dallas banks hal
! outstanding credits 100 per cent
greater with cotton quoted N li.3S
i3.7a cents. The twelve Federal re
serve banks combined had extend, d
! credits nf Sj"0 Oro 600 NOR, than Tho
! previous year: tho national banks
alone had outstanding loans reaching
!l2,il".I6:.ooe aEa!ns; Slo.O@G.oio.0 600
III" previous year. "ud state banks
: H"r" corresponding ~ extended
la the face Of those indisputnbl.
lacts ana figures. politicians who toll
the farmers that tho fan OF pric,s
90 farm products is due 10 made
puatc credits for commercial pur-
poses. ia"f Understanding or truth
:ulucSS, ana am sure that YOU would
N4 n.s nt,f - 81 .E. ,