Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-10-17
BILLION READY
/ FORFAR IN
Says Fargo Banker Director
of War Finance Board
Agency

~ - -. -
Veneer, president 81 the First Ma
tional: bank Of Fargo andsa director
Of the Agricultural agency handling
loans by the War Finance. corporation
to Agriculture home today from 1
meeting held in Minneapolis yester-
day. said all H. III readiness to
beg1n the making OF loans, .5ss
apotis Yesterday Of the directors Of
the AGRICULTURAL Loan agency 81 the
War Finance corporation for, this. dis
trlct.a There is an endless amount Of
detail connected with An organization
of this kind, bur ! am. glAd to say. that
great Roadway has been made and
that the. corporation is now in posi-.
ton to begin onerations in@thts terri
tory at once. Blanks have now been
applied for them.
800 Loans on File.
Something over 500 banks In
North Dakota have sent for apblfca.
lions Just as soon as they return
the necessary blanks properly filled
out to the Minneapolis office, their
loans, will be passed upon, and il ac-
eeptahle. will be sent In to Washing
ton. and l. have no doubt that none
will then be forthcoming in a very
short time. = Any paper held by. coun-
try banks which has been taken tor
livestock or agricultural purposes
will be acceptable ass credit; and in
addition to that lam glad ito say
that county, state. municipal, school.
n other warrants are. also eligible
as a basis for credit. of course the
volume o. business al. the beginning
is very large and there viii ia hun
dreds OF applications totact upon 50
that there will Of necessity be some
delay. but l do not believe 1t will be
OF a serious nature. and think .itl will
be only a short time. before the whole
organization Will be operating smooth
~ and rapidly. IL
Billion IL Available. Z,
"a great many. questions have been
! asked as to the amount OF money 1t
the disposal Of the War Enante cor
pofafion and as to what portion OF
It would he loaned IN North Dakota.
The amount which has been set aside
by the War Finance corporation for
AGRICULTURAL loans is . ,oo0. 300,
and II. necessary, t~dkbentures can be
issued for three times. that amount.
so that the fund ii q Very large ofn,
indeed. There has been on Apportton-
r1ent made for the various districts,
but Mr.. Meyers hae ta6AiIred ai1s that
there will be plenty of money available
for the legitimate purposes, for which
It il intended, and that the War
Finance corporation IL very anxious
to see it loaned As quickly - possible.
This money Ii to lshSs l6Ankd to
farmers through. the {bahkh Aof the
state. and the success ,9t nfAsiIfAr pf
the plan depends lKrSeiy upon hS
local bank in each continuity. aIt ~
TO be hoped that the hanks OF the
state will act wisely Id hArdlfng these
funds, and that they viii Be the means
OF relieving the farmers Of xny ieces-
sity OF selling their products at m IN
opportune time or tdispoSihg Of I've
stock whicl1<is not AT tforsthe meskst;
and 1t is also hoped 1bya tho directors
Of the corporation that the banks will
further aid ther farmers where they
are deserving Of additional loans 10
that they may diversity their farfnif6
through the raising Of crops more de-
pendable than wheat and particularly
through the development OF the live
stock and dairy interests to the end
thAt their earning power may be In
creased to such an extent that they
may pay OF not only the andyances
which. are made them. now but even
tunliy their old debts ~ we'll, We .be-
lisys this money used Wisely In this
state for q period Of three years viii
show wonderful resultsssy