Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1921-09-30
convention, Oct. Il.
Farmers called to Waterway congre.

Farmers Called to Waterway Congress
st. Paul, Sept. 30 The president
and state director Of every county farm
bureau in Minnesota will be invited to
attend a conference in st. Paul on Oct.
2, called to launch an intensive cam
paign in Is states in support Of the
Great Lakes st. Lawrence ocean water
way project.
Trade organizations, women's clubs,
civic associations and municipalities
are being asked to send delegates. The
conference was called by the governor
at the request of the state s Great
Lakes-St. Lawrence Tidewater commits
sion. It will take place at the state
capitol the day before the opening of
the national dairy show. .<
Similar conventions are being ar
ranged in other states interested in
bringing the Atlantic ocean 1000 miles
closer to the northwest.
Deepening of the st. Lawrence chan
mel to permit ocean-going vessels to
come into the lake ports of the north
west will cut transportation costs on
export grain almost in half, the state
tidewater commission believes. The
commission estimates that from Lake
Erie to Atlantic ports, the lowest rail
rate is IL cents Ibushel ON grain, and
that it costs 8 cents bushel more to
load that grain into ships.
The Minnesota commission estimates
that the opening Of the Great Lakes
st. Lawrence route to ocean traffic
would reduce this grain transportation
cost 10 cents a bushel.
- Credit in Sight to Help Farmers
) st. Paul, Sept. 29.-Financial help is
in sight for Minnesota farmers whose
assets justify the extension of addi-
tional credit; R. E. MacGregor, chair
man of the War Finance corporation g
committee for Minnesota and the Dako-
tas. told a conference Of farmers and
bankers at state headquarters Of the
Minnesota Farm Bureau federation
here.
Funds to be loaned for agricultural
purposes probably will be available as
soon as the committee can be complete
ly organized, MI. MacGregor said.
The conference was called by the
farm bureau federation Committee of
Six, representing farmers and country
bankers, to lay before Duluth and twin
city bankers the credit needs of the
farmer. The meeting, attended by re-
personalities of the Duluth, St. Paul
and Minneapolis clearing house associa-
lions, the federal reserve bank and the
federal land bank, resulted in two i'm
portant developments:
First-Both farmers and bankers
agreed that agricultural loans made
possible to country banks through the
War Finance corporation will afford
definite relief by carrying many farmers
through the present critical credit stu
alton.
Second-The Committee of Six
launched campaign to encourage east
ern investors to put their money into
northwest farm mortgages, as the best
means of providing long time agricul-
tural credit.
The amendment to the War Finance
corporation act, which made 81 900, O00,-
O0C available for agricultural credit,
was drafted in consultation with Off
GERS of the American Farm Bureau fed
Grafton, and was backed by the state
declarations.
"No credit scheme in the world,
however, can save the man who has in
volved himself so heavily in debt that
his farm, in normal operation, cannot
meet current expenses, pay interest and
reduce obligations, E. G.. Quamlre,
president of the st. Paul federal land
bank said.
Operations of the War Finance cor
poration, Mr.. MacGregor said, will per-
nit country banks to obtain enough
money to carry solvent farmers until
they can bring their livestock or crops
to their most valuable market condi.
lions.
The principal financial difficulty Of
the producer, according to Thomas
Meighen of Preston, banker member
Of the Committee of Six, is that while
he can obtain credit for planting and
raising and harvesting his crop, he is
pressed to liquidate as soon as the crop
is harvested.
"The inevitable result,'' Mr.. Meg
hen said, '*is to throw the whole crop
on the market at once, and put it into
the hands Of men who buy it at de-
pressed prices, and are enabled, by Sim
ply handling it and holding it, to
realize more than farmers got for it
by their year of labor
Farmer representatives, contended
that it would require no more credit
to finance this grain in the hands Of
The farmer, in country or terminal ele
vators, than to finance it in the hands
If spectators.
CIVIC LEAGUE TAG DAY NETS