The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1921-12-09

Steps have been taken by the Cor.
poration to meet the financial needs
of the livestock industry, so as to
eliminate the necessity for sending
immature stock to market and to save
the breeding herds; and assistance Is
being given also to corn growers,
wheat growers, and many other
branches of our agricultural industry.
There is still much to be done, but
| what has already been accomplished
indicates clearly that we are on the
right road.
The restoration in marked degree
Of confidence in business circles in the
South as result of the improvement
in the cotton situation has been felt
an other parts of the country. The
purchasing power Of tie cotton plant
er, having been greatly increased, he
has gone into northern and western
markets for products that he needs to
cary on his business and to suppot
the labor that works his plantations.
Somewhat similar results may be
expected in other regions and with
other lines of agricultural commodi-
ties, because the loans made by the
War Finance Corporation will help to
stabilize the markets and thus to en-
gender the confidence necessary for
more equal distribution of stocks
among the producers, jobbers, whole
salers, and retailers on the basis of
the probable needs of consumers. NO
OTHER SINGLE THING WOULD
DO MORE THAN SUCH A DIS
TRIBUTION TO RESTORE BUSI-
NESS IN A SOUND AND CONSER-
NATIVE MANNER.
The Corporation has no authority
under the law to make direct loans to
individual farmers. Along with other
methods, it is seeking to reach the
farmer or stockman through his To-
cal financing institution--the institu-
ton with which he is accustomed to
do business and which is in close
touch with conditions in his commune
ty. By advances to such institutions,
not only will the pressure for forced
liquidation be relieved but the banks
will be put in better position to take
care of the current needs of the farm
ers to the extent that their individual
credit may warrant.
Any bank desiring to secure an ad-
vance from the War Finance Corpor
alton should make application through
the Agricultural Loan Agency Of the
Corporation that has been establish
ed in it's territory. The address of
the agency may be obtained from the
nearest Federal Reserve Bank or
from the offices of the War Finance
Corporation at Washington. The Ag-
ricultural Loan Agencies are in
charge of committees of bankers, bus
mess men, and others, and each agency
has heaquarters in the place that Or
dinarily serves as the financial center
of the surrounding territory.
Upon receipt of an application from
a bank or other financial institution,
the committee examines the collateral
offered as security and submits a
to the Corporation at
Washington. If the application is APP
proved, the War Finance Corporation
srranges to make the advance prompt |
ly through the nearest Federal Re-
serve Bank against the securities |
specified in the application. Loans
may be made for not more than one
year, and the Board of Directors may,
in its discretion, renew them for ad- !
ditional periods not exceeding twv
years,
The Agricultural Credits, Act, I'M
der which the War Finance Corpora
ton is now making advances in the |
manner indicated above, is an emerg- |
ency measure designed to meet the |
abnormal conditions that grew out of |
the war. Its object is to make pos