Pueblo chieftain. (Pueblo, Colo.) 1889-current, 1921-07-15

Washington, n. c.. July IA. - All
those agencies of the government which
IRE concerned with the state OF bust
preston has been passed. Secre tary
Hoover of the Department of Com
merce said today: We have already
termed the corner"
Departments of the government to
which this is matter of primary con-
Germ believe that what is now most
necessary is initiative on the part of
Individual business men.
Probably the most energetic Of the
government departments engaged in
h lning business is the War Finance
corporations Its direct function is the
frilitatinS of export trade by supply
ins credit under proper conditions.
Like every institution. the degree OF
its efficiency is determined largely by
the personalities OF the individuals who
direct it.
The War Finance corporation could
fulnll the requirements of the statute
which created IL by merely sitting still
behind the counter OF the treasury and
maintaining readiness to advance
money TO properly equipped applicants.
But It is the belief of the War FL
nance corporation that what is most
rseded Is energy and initiative on the
Y1rt of individual bushes men and
tho directors OF the corporation are
not content with waiting for applica-
tons for loans, but regard It as a part
~ their function to stimulate initia-
tive on the part OF business men and
bankers In those sections OF the coun-
try where business is most depressed.
For example. one day last week the
War Finance corporation advanced
5000. 600. to a cooperative association
at Memphis. Tenn. which has on its
Il M 81
cotton. The purpose OF this advance
Is To supply the owners of the cotton
such funds as they need in the immed-
late present. so that they will not be
under pressure to sell their cotton at
any price they can get for It.
Fundamentally. the purpose is to let
the European consumers OF this kind
O, cotton see that the owners OF II are
protected financially and cannot he
made TO accept lower prices. The de-
sired psychological effect should be to
make tn. European splnners realize
that cotton has reached Its lowest
price and thereby stimulate buying
on thar part.
Having taken this step, the War
Finance corporation. with an initia-
tive characteristic Of It but infrequent
In government institutions. sent re-
markahle telegram to the federal In
trrnational Banking company. Of New
orleans. ms banking company, was
organized last winter in the south
under the Edge law. thru subscriptions
from 100 southern bankers and other
subscribers, for the purpose OF pro-
noting the financing OF the export
trade The telegram from the War
Finance corporation to these southern
bankers read: You have no doubt
seen the announcement that the War
Finance corporation has agreed to
make an advance OF 5000. 900 to the
Staple Cotton Cooperative association
OF. Memphis to assist in financing cot
ton to he held in American warehouse
FOR export within n year. This loan
Is considered absolutely safe business
and helpful in promoting the orderly
marketing OF tho crop In tho territory
In which this cotton Is grown.
I'm view OF the fact that your COM
pany was formed by southern inter-
eJ;s to assist In tho orderly marketing
OF cotton to foreign buyers, Will II not
be- possible for you, acting in conJunc-
ton with other banking institutions. to
work out plan. using eNiring export
organizations or forming new export
corporations for the purpose. so that
line resources OF the War Finance cor
poration may he awaited Of In approx
lmately the same way that has proved