The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1921-10-07
WASHINGTON NEWS LETTER
Exclusive to the Pioneer Express)

H WAS6xNUIVN N1U0 AGA A11N
Exclusive to the Pioneer Express)
The effort being made by repre-
sentatives Of the Minneapolis grain
interests to secure the cancellation
OF the $15,000,000 loan to the Equity
Cooperative Exchange, st. Paul,
through the War Finance Corpora
tion, which eliminated i'm the visit
to Washington OF a committee OF
grain-men headed by R. G. Mac
Gregor, of MINNEAPOLIS, last Friday
has evidently been without effect as
the directors of the War Finance
Corporation announced upon the
day following that they had nothing
further to make public in regard to
the Equity loan.
Friends of the Equity in Wash
ington regard the transaction
a closed incident, in view of the at
titude evidenced by the War Finan-
ce Corporation officials.
Congressman George M. Young,
of North Dakota, who took lead
ing part in the negotiations which
led to .the making of the Equity
loan upon the part of the Govern
ment, took such a view Of the mat
ter when interviewed late Saturday
evening. Mr. Young said:
They can't get enough men down
The members of the War Finance
Corporation are counted among the
very best business men in the U. S.
They acted after careful investi-
cation of material facts, knew what
they were doing, and are not likely
to be influenced by the views of
business competitors who are jeal-
GUS Of the success Of the Equity
concern"
When the announcement went
out from Washington in regard to
the Equity loan, following the con-
ference in the Capitol between the
directors of the War Finance Cor
poration, upon the one hand, and
the Equity, represented by Presi-
dent John M. Anderson, benjamin
Drake, attorney for the exchange,
and Congressman George M. Young
on September 22nd, protests were
at once made from interests in the
Northwest because the bankers. re-
gional committee, appointed bE the
Government officials, with head
quarters at Minneapolis, had not
been consulted. At that time the
directors of the War Finance Cor
poration let it be understood that
the transaction with the Equity had
been practically closed matter be-
fore the appointment of the Mime
apolis committee, that thorough
investigation had been made as to
the reliability of the Equity organ
ization, and that the original an
nouncement made following the
Sept. %, meeting would stand.
1t was also stated, in reply to
charges that no announcements had
been sent out prior to the Equity
loan grant, stating that such a con-
ference was to be held, that it had
not been the policy Of the Govern
ment to send out such notices, but
that all hearings held by the War
Finance Corporation were open to
the public and that all interested
parties presenting themselves would
be heard if they were on the
ground.
Congressman Young is confident
that nothing further will arise that
might necessitate reconsideration
of the original announcement by
the War Finance Corporation offici-
ais, and that the transaction with
the Equity will be carried out in ac-
cordance with the agreement reach
ed upon September 22nd.
Both Mr.. Anderson and Mr.. Drake
the Equity representatives, left
Washington Immediately following,
the conference and are now at their
homes in the west. 1t is not ex-
pected that their presence here will
be necessary in view of the attitude
shown by the Government officials.
The committee, headed by Mr.. Mac
Gregor, arrived in Washington on
Friday and went at once into con-
ference with the War Finance Cor
poration members. As they left
the city the following day without
giving out press statements, and as
it was understood by their friends
here that their mission has been
unsuccessful, it is likely that no
further steps will be taken by the
interests they represent to inter-
fere with the loan. If however the
transaction is held up and further
hearings held, as now seems impro-
bable, advices reaching the Capitol
indicate that the Equity Coopera-
tive Exchange will be on the Job in
full strength to combat any moves
to be made by their adversaries.
Congressman Olger B. .Burtness
arrived in Washington the first of
the week to be on the lob when the
House settled down to business.
Mr.. Burtness seemed we'll pleased
with conditions generally, as found
during his stay in North Dakota,
and predicted decisive victory for
the independents in the coming re-
call election. According to Mr..