White Pine news. [volume] (East Ely, Nev.) 1920-1923, 1921-10-02
FUNDS FOR FARM LOANS
SOON TO Be AVAILABLE

who are in need of funds to develop
their business or tide over an emer-
gency will probably not fail to take
advantage of the opportunity TO me-
gotiate loans from the fund provided
by the War Finance Corporation. All
that is required is the security ap-
proved by the examining board, and
this can be either land. livestock or
agricultural products. The loans are
to be arranged for one year with the
privilege of renewal for two more
years and the rate of interest will not
exceed $ per cent. and may be less.
In any case the interest. capnot be
more than one and one-half per cent
greater than the interest charged On
federal reserve paper.
While White Pine county is not
widely noted for it's ranching and
livestock resources, nevertheless such
interests are here on more or less
large scales and will increase in i'm
portance as the land and water are
developed for such enterprises. The
small rancher and the small stock
raiser are contributing units TO the
welfare and growth of the industry,
and his credit Is the first to feel the
effects of arbitrary freight rates, al.
verse market conditions and hard
times generally. He may have good
hay crop, which he cannot sell at a
profit, or plenty of young stock in the
way of cattle or sheep that will bring
profits later but will have to be car
ried for a time until market prices
improve or the physical condition of
the animals increases their value. he
has reached the limit of his resources
as to developing his property and
may be forced to sell his agricultural
products or his livestock at a disad-
vantage in order to meet maturing
obligations with his banker. 1t Is
such instances as these and such
communities where the "frozen as
sets" of longtime loans have prac-
tically exhausted credits that the op-
portunity of assistance from the fund
OF the War Finance Corporation will
work to the best advantage
A stockraiser hates to sell half
developed and poorly ncurished NUT
ton or beef as badly as the packers
dislike to buy 1t, and this is a situa-
ton that actually exists and has act
ed to the financial disadvantage OF the
raiser, the buyer and the ultimate
consumer. But by going to the War
Finance Corporation, through his To-
cal banker, proving his security and
floating his loan, he can keep his
stock until such time rs 1t is fully
matured for market, and then a sale
can be effected to the advantage of
all concerned.
Thus the ultimate workings of the
War Finance Corporation fund will
tend to stimulate agriculture and
stockraising and at the same time re-
duce tho worries of the ranchers and
stockraisers who are anxious to de-
velop their resources with a view TO
future profits but have been handi-
capped by various conditions which
they were powerless to prevent.
In the long run not only will the
consumer profit, but the community
will profit as the ranches develop and
increase in value, and by their taxes
contribute to the common welfare.
Vernon Metcalf. Jerry Sheehan
and NJ. d. Fairchild, representing the
livestock and banking interests of
Nevada, recently attended q confer
ence at San Francisco with Eugene
Meyer Jr., director of the War Fin
ance Corporation, and these gentle
men express the belief that the op-
rortunity of relief offered by the
fund marks the turning point for the
agricultural and stockraising indus
try for not only Nevada but the en-
tire west.
1T will greatly relieve the situa-
tion our banks have been facing"
say the Nevada representatives at the
San Francisco conference. They
have not considered 1t advisable to
tie up their resources in securities of
character commonly termed frozen
assets" which could not be quickly
liquidated in case of need. To have
done SO would have meant that those
with liquid securities could not have
been taken care of in all cases. The
new arrangement will make Il possi-
be TO secure money on these securi-
ties rhich up Until nJw II has been
difficult to secure money on. In the
npinL Of such men as Mr. Sheehan
1t will mean that securities In Me-
vada valued at from three to five
million dollars can now be used as
the means of securing loans In an
amount comparable to those figures
The injection of this amount of
money into the key Industry of the
state, 1t is thought, will mean stimu-
lation OF all lines of business and
CnucdNOT WHICH tOOk TO
our farmers and stockgrowers for the
source of their trade.
Not only should this relief mean
the keeping of stock within the state
TO consume this years hay but the
prevention of the depletion of our
herds and flocks for years to come,
and thus the assurance OF keeping
within the state at least the number
of stock we now have to furnish
market for the farmers hay for en-
suing years.
1T Is known that quick action Is
essential, because many stockmen are
right now considering the sale of
stock which should be kept In order
tc raise funds to meet their obliga.
tions Arrangements are to be per-
fected at once through the Nevada
Bankers Association go that all Ne
vada banks which wish to take ad-
vantage OF this situation will be ad
vised of the routine procedure neces-
sary and be in position to grant aid
Immediately to their clients and Gus
toners"