Fulton County tribune. (Wauseon, Ohio) 1883-1925, 1921-12-08
GRAIN AND LIVE STOCK
INTERESTS ARE LOANED.
MILLIONS EVERY week /
Over $6O,OOO,OOO Advanced by
War Finance Corporation
In Three Months

No system of public financing
either in this or any foreign country,
yet devised for the purpose of
promptly reaching and assisting the
average citizen, can be compared in
efficiency and popularity to the War
4 Finance Corporation.
| AS enlarged and recognized under
additional powers given it by the
special session of Congress, the War
Finance Corporation, from August
! 24th to November 21st- a period of
80 days. has made actual loans for
agricultural and livestock purposes
| in the aggregate sum of $58, $3.50
This is an average of little over
! SIS, 900 a month, or $4,181 900 a
week. In considering this average,
however, it should be borne in mind
that the first month or six weeks of
the operations of the War Finance
Corporation under the new powers
given it by Congress was largely
expended in setting up machinery to
reach the agricultural sections. Now
that the various regional committees
have been appointed and the ma
chinery of the corporation is perfect
ed, loans are being made to farming
communities far in excess of the
average for the 80 days.
The week ending November 18th,
the corporation made 218 separate
loans for agricultural and livestock
purposes in the aggregate amount of
$13, ,447,000. On Monday, November
21st, it made rs more loans for agri-
cultural and livestock purposes ag-
gregating $3,187,00O On Wednes-
day, Nov. %, it approved Sc more
loans for the same purpose, aggre-
eating $2,073,000. At present the
corporation is making loans to farm
communities at a rate in excess of
$10,000,000 a week.
A compilation of the number of
loans made by the corporation from
August oath to November 21st, in
! elusive, shows that Iowa led the
states in the number of loans secured
from the corporation and also in the
total amount of money loaned. In
that period there were 116 separate
loans made for agricultural and live
stock purposes in the state of Iowa,
aggregating $4,7O5,OOO. South Da-
kota comes next with 48 separate
loans aggregating $1,461, 900.
The largest single loan was made
to cooperative society which handles
farm products, principally grain, in
the states of Minnesota, North and
South Dakota. This loan was in the
sum of $15,000,C00. Three COOP
erative societies III California receiv.
ed loans aggregdting $2,800,000. A
, cooperative association in Arizona
was loaned $1,200,000.
All Western States Helped
The second largest single loan was
made to the beet interests of Utah
and Idaho, they being given an ad
vance of $4,150,0OO. The largest
single livestock loan was made to e
financial institution handling live
stock paper in the states of Montana
. and Wyoming. This loan was il
the sum of $1,00O,OOO. Another in
stitution handling livestock paper fo,
!; Montana was loaned $60G,000.
Montana livestock and agriculture
interests have been given 13 loans il
the aggregate sum of $4,000. Min
nesota has received % loans in tn,
aggregate sum of $738,OOO. Nebrask;
has received % loans in the aggre
gate sum of $482,775. North Dakot;
received $598,000 in 20 loans. Wis
consin received $4,000 in II loans
Wyoming received $981,00 in fou
loans. Kansas has received $700,00I
in 13 loans; Missouri $735,00O in 1
loans.
Why Banks Are Used
: There is some criticism of the fac
that the Finance corporation make
it's loans to banks instead of direct t
farmers and cattle growers. Thi
criticism is due to lack of knowledg
of all the facts in the case. Were tn
War Finance corporation to make it
! loans direct to individuals it woul
; have required the creation of a
! enormous federal department EN-
ploying thousands of people. !
!; would have necessitated the creatio
; of an intricate system that woui
have necessitated the creation of a
! intricate system that wuold have re
!; quired many months to put in opera
! tion. All this would have taken $
! wuold have been lost, as in a grea
!: majority of cases the emergency wa
|: long that the benefit of the loan
i so urgent that farmers and stockme
I could not have waited months fo
!; financial assistance. Moreover tn
i overhead expense of such an organ
4 zation would have lessened tn
!; amount of money at the disposal c
. the Finance corporation and woul
|; have necessitated it's charging
4 higher rate of interest.