The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1921-09-23
ASKS MILLIONSTO
. FINANCE FARMERS
Funds For Loans in Minnesota
and North Dakota Will Soon
BE Available.
AWAITS ORGANIZATION
War Finance Cooperation Committee
Must First Got Together and Pre-.
pare Plano Before Money
VIII BE Available.

st. Paul--Steps being taken by the
War Finance Corporation to make
$1,000, 100000 in credit available for
agricultural purposes promise definite
relief to rural Minnesota in it's critical
financial situation, bankers and far
mers agreed in an agricultural credit
conference in the Old Capitol.
Funds for loans in Minnesota and
the Dakotas probably will be avail
able as soon as the War Finance
Corporation committee for the district,
now being organized, can prepare to
operate, R. e. MacGregor, chairman of
the committee, said.
Farmers Must Be Solvent.
mo credit scheme in the world,
however, can save the man who has
involved himself so heavily in debt
that his farm, in normal operation,
cannot meet current expenses, pay in
terest and reduce obligations" E. G..
Quamme, president of the st. Paul
Farm Land bank, warned the far
mers.
Operations of the War Finance Cor
poration, Mr.. MacGregor said, will
permit country banks to obtain enough
money to carry solvent farmers until
they can bring their live stock or
crops to their most valuable market
condition. By performing this SER
vice, he said, bankers believe redis-
count facilities to be afforded by the
War Finance Corporation for strictly
agricultural purposes will serve to
tide the farmers of the Northwest over
a period characterized by Mr.. Guam
me as s'the most critical any Of us ever
have seen in all our lives"
Committee of Six Meets.
The credit conference was called by
the Minnesota Farm Bureau fedora
tons committee of six, composed of
three farmers and three country bank
ers, st. Paul, Minneapolis and Duluth
bankers, with representatives of the
Ninth district, Federal Reserve bank,
and the Federal Land bank, attended
the meeting to hear farmers and coun-
try bankers present the credit needs
of agriculture.
Emergency needs of the farmers
might be met, according to farm bu-
reau representatives, in two ways:
By extension of credit by the coun-
try bank, to the individual farmer, on
storage tickets for farm products, for
three to six months.
BY extension of credit to the coun-
try bank or country elevator, by city
banks, on bonded warehouse receipts
for grain shipped to the terminals and
stored
Here Are Finance Plans.
Mr.. MacGregor outlined the plans
under which the War Finance cor
poration will extend credit to North
west agriculture, as follows:
Rediscount loans will be made to
banks for strictly agricultural pur-
poses.
: Loans will be made to extend up to
one year, with renewal privileges of
not to exceed three years. Renewal
for three years was provided, Mr.
MacGregor said he believed, to permit
assistance to farmers while develop
ing young live stock to maturity.
Agricultural purposes are defined as
involving the production and market
ing young live stock to maturity.
Agricultural purposes are defined as
involving the production and market
ing of live stock and crops, not the
construction Of silos and fences and
similar improvements.
Small loans of 500 or 5000 will re-
ceive as careful consideration as ap-
plication for several thousand dol
lars.
The War Finance corporation will
not advance money to any bank in
excess of the loans actually made by
the bank for agricultural purposes.