New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-30

ptouuets pending or awaiting export
mas been. according to many evidences
received, an 1nsplriting and hearteninp
factor in the whole agricultural situa.
ton.
Besides the loans actually under
taken many important transactions in
| Volvlng American agricultural prod
ucts are under imre diate consideration
An enlargement of the powers of the
War Finance Corporation has recently
been recommended by the President to
congress IN connection with financing
| OF agricultural products. 1t is believed
that the adoption of these recommends
! tons Will mean that adequate financing
OF the new crop for purposes of for
eign trade and also in domestic bust
ness may be reasonably expected.
Banking Loan Funds
"On the initiative of the Secretary
of the Treasury a banking loan fund
| has been organized, which will afford
relief to the livestock industry Ad-
vances up to $50,000000 may be made
in the aggregate. About 100000 has
already been advanced.
THE Federal farm loan banks have
been enabled to resume lending oper-
atoms as a result of the successful
sale of Federal land bank bonds. Ad-
ditional authority for temporary gov
eminent avances to these banks to
facilitate their operations has also been
granted. The Curtis-Nelson bill, which
made this operation possible, became a
! law on July l, 1921.
THE financial necessities of the rail-
roads have long been recognized as of
imminent concern to the entire coun-
try. not only because efficient. transport
tatlon IS vitality necessary, but also be-
thnvo ic fo n
industrial activity when the railroads
are put in funds and enabled to begin
buying the vast quantities of material
which they need. In order to make
this possible the Admin stration has
put forth program which contemplates
the early and rapid settlement of the
accounts between the railroads and the
government growing out of the period
of Federal control and operation. This
settlement should enable the roads to
become extensive purchasers of ma
terials, and thus greatly improve indus
trial conditions.
Aid for Railroads
"In this connection the President has
recommended to Congress that the
War Finance Corporation should be
given power to purchase railroad Sc
curities from the Director General of
Railroads in order to finance the set
Elements by the railroad administra-
ton. This proposal is merely a re-
vival Of the wartime powers of the
corporation, under which it made ad-
vances of about $2O5, 100000 to the
Director General of Railroads and the
railroad companies. Of this amount,
about $160,000,000 has been repaid
In connection with the advances previ-
ously made the War Finance Corpora
ton was able to give effective assist
ance to the general railroad credit
situation by means Of its intervention
and the cooperation it was able to
secure from bankers. It is expected
that It's intervention at this time will
again have beneficial effect on gen
eral railroad credit, and also that the
corporation will again be able to Sc
cure the whole-hearted cooperation of
the bankers in developing the market
for railroad securities.
Speaking in the broadcast way, it is
felt that the series of measures, of
which the foregoing is not by any
means complete staten emf, constitute
truly constructive effort for the
amelioration of business and financial
conditions, and there are already many
evidences of beneficial effects. With
generally excellent agricultural pro-
duction now assured for the season,
there is every reason for confidence
that steady Improvement of general
business conditions may be antici-
pated."