The Fallon standard. (Fallon, Nev.) 1920-1958, 1921-09-21
Federal Loans for
Nevada Farmers
government Money Available At
Once For Stockmen and
Others

dustries through this government
agency with representative bankers
at San Francisco last week.
After the meeting he said he felt
that public spirit and cooperation
would make promptly effective the
resources and power of the corpora
ton for the benefit of these indus
tries.
Loans to the Nevada livestock in
dustrles were among the subjects
discussed. Meyer said that the Ne
Vada delegation told him Nevada
banks would cooperate in applying
some of the government funds which
are available to the livestock indus
try by safe loans to the extent of
probably about s3,000.0O0.
The director also announced that
he had telegraphed to Washington
regarding the appointment of a Ne
yada representative on the bankers
committee.
The Nevada delegation consisted
Of Vernon Metealf of Reno, seere-
tary of the Nevada Livestock associ-
alton; M. d. Fairchilds of Reno and
j. Sheehan Of Winnemucca
The Reno Gazette of last Satur-
day says:
Nevada livestock and agricultural
Interests will be cared for with loans
from the war finance corporation to
any extent that security is available.
/ be 1t three, five or seven million dol
lars, according to announcement
made at San Francisco by Eugene
Meyer, Jr., director of the war f.
nance corporation at conference at
tended by Vernon Metcalf, Jerry
Sheehan and NJ. ID. Fairchild, repre-
senting the livestock and banking
interests of the state.
The California-Nevada commit
tee to care for the loans is headed
by Herbert Ffeishacker Of San Fran
cisco. Sheehan was appointed to
represent Nevada on the committee
The money will be available at
once and will be loaned to the live
stock men and ranehers for one
year with the privilege of renewal
for three years on either land, live
stock or agricultural products as Sc
eurity. The rate of interest will not
exceed eight per cent and may prob
ably be less although the rate is not
definitely fixed, except that it can
not be more than one and a half
per cent greater than the interest
charged on federal reserve paper.
Application blanks for loans will
state. The banks investigate the
security offered and If suitable the
application is forwarded to Sheehan,
who in turn forwards II to the Cali
fornia-Nevada committee headquar-
ters. Ii is then placed with the war
| finance corporation at Washington.
As the banker passes on the Sc
curity he can make the loan at once
and turn the notes over to the war
finance corporation and secure the
money.
In the opinion of the Nevada
bankers, as voiced by Messrs. Shee-
han and Fairehild and of the stock
growing interests as represented by
Secretary Metealf, this arrangement
for financial relief is the turning
point for the agricultural and stock
raising industry for not only Nevada
but the entire west.
ahorfaua ic al
ready apparent over the entire
country in numbers of both cattle
and sheep and particularly so in the
case of young breeding stock which
will be needed for the next few years
to replace the aged stock which have
passed and are passing their period
of productivity, said Metcalf and
Fairchild.
"Stoekmen who have been and are
faced with the necessity of selling
their young breeding stock and even
their foundation stock in order to
raise money TO meet their obliga-
tions will now be enabled to secure
the financial assistance necessary to
enable them to hold such stock.
Farmers, with the biggest accumu-
lation of hay stocks Nevada has ever
seen, will now be in n position to
turn these stocks into money
through their consumption by the
live stock thus held, either securing
their own money and purchasing the
stock to consume their hay or sell
| ing their hay to the stockmen and
feeders who can secure the financial
backing with which to purchase the
hay.
"As an example, there are many
sheepmen in Nevada who have been
facing the necessity of selling theil
young eve lambs at prevailing low
market prices in order to raise
money. who can now find way, in
most instances, of financing them
selves so they can hold these young
owes over to meet the demand fol-
replacement stock not only in Ne
yada. but over all the west, which
all those familiar with the sheer
industry knows is not only COMING
but right with us now.
Young breeding ewes are a scar
city over the west, even more so In
adjoining states than in Nevada
and there is little doubt but that
good young ewes will command
price of from IS to 50 or higher.
"The situation with regard to
Young heifers is practically the
same. Not only will the financial
relief enable the stockgrowers 70
hold their young breeding stun but
/ hnf "a lLrna