Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1921-10-13
FUNDS ARE MADE
FOR IOWA FARMERS
DIES MONIES BANKERS ARRANGE
WITH WAR FINANCES BOARD
TO HELP COUNTRY BANKS.

war Finance corporation In lies
Moines, produced a most hopeful
feeling in financial circles. Repre-
senting a billion dollar organization,
he gave inside information as to the
method of placing this vast sum in
TO the hands Of American farmers.
The money being available for the
purchase OF cattle and sheep for
feeding purposes, naturally the live
stock situation has foremost place
in his deliberations.
Mr.. Meyer has been studying and
viewing conditions in the western
states where h finds plenty OF feed,
but the growers and bankers are
somewhat discouraged, he says. He
says he is endeavoring to prevail on
farmers and breeders not to market
their young stock before it is ma
ture. While he admits that farmers
and particularly bankers in the
smaller places have real problems to
worry about he is assuring them
there is ample credit to finance their
operations and that the time is come
for them TO look forward rather
than backward,
The money that is now being
loaned by the United States War
Finance corporation through the
banks and live stock companies will,
make II possible for stockmen to
hold their stock and move It on the
market in an orderly manner, ne
said. The loans may be rediscount-
ed and will bring about more com
Portable situation all along the line,
Conditions should be better. he
thinks as soon as a few million dol
lars are put out in state. Not only
win borrowers be benefited but the
pressure will be lightened on banks,
thus making loans available for
other industries.
On his trip Mr. Meyer said he
found lack Of confidence among
bankers and farmers as well as a
lack OF money. He believes the
United States War Finance corpor-
alton will be able to cope with the
situation.
But what assurance does the
farmer or feeder have that he will
be provided with the proper outlet
for his live stock after he has bor-
rowed money and fitted his stuff for
the market?" Mr.. Meyer was asked.
THE most outstanding assurance
is that the country is surely return
ing 10 normal he said.
He finds the livestock situation
comparable to the cotton situation
in the south a month ago-huge
surplus and no market. Loaning
money to the cotton growers has
strengthened their buying power.
THE Improvement in the cotton
situation has helped the live stock
industry materially" Mr.. Meyer
said. do not forget that, that
there are two or three men in the
south able to buy to every one en-
ployed. The same men month
ago were living on corn meal and
water.
There has been very large de-
crease in the number of men out of
employment within the past thirty
days.
Mr. Meyer predicts that live stock
prices will increase during the next
four weeks, while II. W. Mumford
of Chicago, member OF the farmers
live stock marketing committee of
fifteen. disagreed with him, saying
that he thought prices would go
lower.
In discussing export problems Mr..
Meyer said that the exchange situa-
ton made 1t gamble for Europeans
to buy from America on credit, ex-
planning that when they buy goods
on credit here they borrow a dollar.
and when they sell goods they have
to take foreign money. The rate Of
exchange makes such business risky.
1t is his opinion that the buying
power Of the people of the United
States will advance and may reach
normal within six months.
Large scale plans for financing
Iowa banks that loaded up with
agricultural paper were laid before
a meeting of bankers and trust COM
l. In
Moines Thursday by members of the
committee of bankers appointed by
the war finance corporation to as
sist In the administration OF the new
agricultural credits act.
The meeting was called to hear
the results OF conferences held in
Washington this week with Eugene
Meyer, chairman of the war finance
corporation by John Cavanaugh,
president Of the Des Moines National
bank. and B. Frank Kaufman. pres
ident OF the Bankers Trust Co.
Mr.. Cavanaugh and Mr.. Kauff-
man were added to the war finance
corporations committee by Chair
man Meyer a week ago when he Wis
tied Des Moines.
They went to Washington with
the specific object OF obtaining the
consent OF the war finance corpora
tion's board OF elimination OF GER
tain rules originally promulgated to
These rules were declared unduly