Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-10-26
MEYER LAUDS MEN
SERVING ON STATE
WAR FINANCE BOARD
Credits Success to Their Work
Says Corporation Cannot
Be Permanent.

Billings, Oct. 25.-(By The Associ-
ated ress.)-Eugene Meyer, Jr.,
managing director of the War Finance
corporation, who, with a party OF
other officials, of the finance corpora
ton, is in Billings Wednesday to con
fer with the Montana committee, de-
livered the principal address ut q
meeting of the Billings Commercial
club at noon Wednesday.
After reviewing the financial diff
culties under which the farmers and
stock growers Of the west had been
working for the past two years, Mr..
Meyer paid high tribute to the spirit
of the west which had remained I'M
broken under the strain of adversely.
We in Washington have received
too large a portion of praise. ] ask
you now to join with me in giving
praise where praise is due. L mean
to the public spirited committee which
has made success possible in this
state. | ask you to give just recog-
of our Montana committee, to X. o.
Kaufman; 7. o. Hammond; A. c.
Johnson; r. J. Covert and Lee NJ.
Ford, members of the committee; and
II. S. Pigott, secretary of the com
mittee.'
Local Help Counted
Speaking of the future of the War
Finance corporation, Mr.. Meyer said:
is unsuited to the permanent banking
structure of the country. If the cor
poration has succeeded measurably in
its efforts it is because it has been
able to enlist locally the services Of
some Of the best bankers and bust
uess men in the v~al!ous states, who
are working for public interest with
out compensation and in a manner
that experience proves can only be eX-
pected temporarily. The men who or
ganiZed the new livestock loan COM
panies are also indirectly but none the
less effectively public servants working
with the hope of reward but in
the public interest on account OF the
emergency. ] do not believe that it is
possible to get that kind of co-opera-
ton permanently. | do not believe
that it is proper to expect it. And
one thing to bear in mind in the con
sideration of the problem, IS the lmpor-
lance Of finding a solution which not
only works out well on paper n
which does well in the law, but also
which is capable of satisfactory ad-
ministration.
Other Plans Advanced
I'VE mast recognize the fact that
under normal conditions, the govern
cannot command the services of
the kind of men who have CO.
operated so effectively with US during
the past year and therefore we must
not close our eyes to the limitations
of administration. OF course, with the
lower Of the government and ideal
administration YOU can do anything.
Put we have seen the work of one
board after another in Washington
TAIL because Of detects IN personnel
to achieve the results that were eX-
pected.
Plans have been proposed. said Mr..
Never, for the solution of the finan-
cial problems of the farmers and stock
growers after the War Finance cor
poration has passed out of existence
One contemplateS the continuance of
government assistance through cen
tralized banking institutions junction
ing along lines similar to those of the
esent board. another proposes work
ing through a number Of financial
corporations. each with moderate
capital furnished partly by the govern
ment and operating within a limited
and the third Is to use exist
ing financial machinery under the gem
eral supervision of the comptroller of
the currency and TO enable him to give
more liberal credit along certain lines.
Stockmen Can Help
The speaker suggested that the
stockmen themselves could assist ty
providing dependable instruction for
loan purposes which would add to the
safety OF investments and loans.
In the past" said Mr.. Meyer, the
of safety has not received SUI
ficient consideration. The industry
has attracted capital by paying rates
above the prevailing level and capital
for the most part has gone into 1t
chiefly for the purpose Of obtaining
the higher rates. There is a better
prospect in the future of adequate
for the industry at fair rates
the basis Of reasonable safety thar
ever was in the past on the
ba sis of A return above the rates paid
IN other industries. Livestock produc-
ton in this country, in the future
more than ever before, will have to
compete with other parts Of the world
having lower land prices and cheaper
labor: and the industry may be main
tanned and fostered only if energy and
Intelligence are directed toward the
development Of proper methods OF
the business n sound