The New York herald., 1921-07-30

pending or awaiting export has been.
according % many evidences received.
an Inspiring and hcartening factor In
the whole agricultural situation.
Besides the loans actually under
taken. many important transactions In
voiving American agricultural products
are under immediate consideration An
enlargement OF the powers OF The War
Finance Corporation has recently been
recommended by the President to the
Congress IN connection with financing
% agricultural products. II 10 believed
that the adoption OF these recommenda-
% the new crow for purposes Of foreign
trade and also In domestic business may
be reasonably expected.
~On the initiative OF the Secretary of
the Treasury a banking loan fund has
been organized which will afford relief
20 ono live stock industry. Advances
up 20 $50. 900. 900 may be made In the
aggregate. About s5.oo0.o00 has al
ready been advanced
the Federal Farm Loan banks have
been enabled 10 resume lending opera
tons as a result OF the successful sale
OF Federal land bank bonds. Additional
authority for temporary Government ad-
vnnces 70 these banks TO facilitate their
operations has also been granted. The
Curtis Nelson bill. which made this cp-
Grafton possible became n law on July
1. 1871.
roads has long been recognized as OF
imminent concern 10 the enrre country,
not only because efficient transportation
is vitality necessary. but also because
there 10 hope for a resumption OF indus
trial activity when the railroads are put
In funds and enabled to begin buying
the vast quantities OF material which
they need. In order 10 make this pos
sible the Administration has put forth
a programme which contenspiates the
early and rapid settlement Of the ac-
counts between the railroads and the
Government growing out OF the period
OF Federal control and operation.
Sees signs OF Revival.
'"rhis settlement should enablo the
roads TO become extensive purchasers
of materials and thus greatly improve
Industrial conditions. In this connec-
tion the President has recommended to
Congress that the War Finance Cor
poration should be given power to pur-
chase railroad securities from the d.
rector-General OF Railroads In order to
finance the settlements by the railroad
administrations. This proposal n mere
ly 4 revival of the war time powers Of
the corporation under which Il made ad-
vances of about $2O5, 100000 to the Dr.
rector General of Railroads and the
railroad companies. OF this amount
about $16O, 900, 900 has been repaid.
I'm connection with the advances pre-
viously made the war finance corpora
ton was able to give effective assist-
ance to the general railroad credit situ-
alton by means of its Intervention and
the cooperation II was able to secure
from bankers. 1t Is expected that the
Intervention at this time will again
have a beneficial effect on general rail-
road credit, and also that the corpora
tion will again be able to secure the
whole-hearted cooperation Of the bank
ers OF the country In developing the
market for railroad securities.
Speaking In the broadest way. Il Is
felt that the series OF msas1reA OF
which the foregoing IL not by any
means a complete statement. constitute
a truly constructive effort for the ameli-
oration OF business and financial con-
ditions, and there are already many
evidences OF beneficial effects. With
a generally excellent agricultural pro-
ductton now assured for the sea son
there 10 every reason for confidence that
q steady improvement of general bus
mess conditions may be anticipated"