The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-03-26
rndon Tells of Work of War
Finance Corporation in State;
OF Great Benefit to Cattlemen

tAANNf RNA ~ ANAANNNAAfh WIN wv
packing house industry. had sent
their representatives into the stock
raising section Of the country and
solicited loans from everyone that
had even a remote claim to a herd
OF cattle or q flock Of sheep.
Albuquerque Force
! when values declined and our
/ stockmsn needed real assistance,
most OF these agencies turned n
deaf "a TO pun pleas FOR CxtonSions
and were demanding Immediate
payment OF our obligations
The committee in charge of the
Albuquerque office IN composed OF
the following members;
D. T. Hoskins, East Las Vegas,
y. NJ.
T. A. Cahoon. Roswell. \. NJ.
gcc Baldwin. Socorro. y. NJ
A. C. Simms, albuquerque. y. NJ
J, -. Herndon. albuquerque. y NJ.
The entire board meets AZ least
onc o month. The executive COM
mlttec. who are authorized To-
transact all business. pass and ap
prove all applications for loans. IL
made up OF the following members:
4. G. Simms, Lee Baldwin aud j. -.
Hcrndon.
This committee meets as often
rs necessary and whenever there n
any business that needs attention.
The office ~ In charge OF J. A.,
Heron. Jr., who Is secretary of tho
loan agency and who, with his
assistants. does all the active work
The loan agency OF Albuquer-
que has received and approved APP
plicntions from four loan compan-
les located and doing business In
New Mexico aggregating STGil.-
6TG.f8: from m loan company in
Arizona, a~gsregating 1927. 600; from
iwo In Texas. ag~grogating Sl6p. 600,
and in addition to this, has passed
on and approved applications re-
oeivad direct from II banks. ag-
gregnting S3i4,G36 %. a total OF
s., ~97s.3l337-
Thus you see that these loan
coEpAnies have done well their
part IN relieving the situation and
saving the stockmcn from sacrifis-
ing their herds in order To mcct
their obligations, which the eastern
loan companies and banks were de-
handing be paid.
Tho Livestock & Agricultural
Loan company OF New Mexico. N
which I took an active part In ar
Canning. was ready to do business
on the gam day OF October. 1891
1t now has a paid up capital of
S52i,3GO. and has handled Tor cattle
and sheep men OF this state So
o9~7,bTs.fs In loans.
Fifty-slN banks. both national
ana state. are stockholders In this
company and 81 Of them have SEE
cured loans for their individual
customers to the number of 5Il.
HHVnN.- EH..sN-... 49, NMA- 800.
company has u paid up capital OF
tlif. 500. ana has made loans
grcgating Sl,lGS.G0O.
Eleven banks OF northern New
Mexico are stockholders In this
! company ana have secured O.
loans for their customers. The
total number of stOckmcn ia New
Mexico that have secured loans up
to March 20 number ISL,
Up to 3-il-22 more than :'S
million advances have bccn made
TO banking and financial instiiu-
lions for taking care ST HgriCul-
tural interests, and in addition
large advances to cooperative
marketing organizations. In ttah
alone, over eight and onc-half mil
/ lions have been loaned To the sugHr
bect interest.
Cant Deal With Individuals
Section "a of the Agricultural
Act. approved August "a, 1891 au-
thorizos the War Finance Corpora
ton to make advances To- any bank
hankurs or trust company In the
! United States. which may have
made advances FOR agricultural
purposes. including the brcrdinE.
raising and fntteninE ana market
! t.-. - NNsr.a4awl .n IA lusrs HI
counted or r~ediscounted notes.
drafts. bills OF exchange or other
negotiable Instruments Issued tor
such purposes
The corporation. under the law.
~ not authorized to deal with IN
diyidual producers. 1t Is rcacinaif
tho farmer through cooperative
associations. through thor local
banks and loan companies, 10y
making advances to These insiitu-
tiuns on the basis Of their agricul-
tural paper. the corporation a. a.-
complaining two Important things,
II Is, first OF all, enabling the banks,
with slow aHsctr 10 carry the OK
listing Loans Of their IhrInor GUS
toners Tor n longer period. thus re-
moving the necessity for forced
liquidation anh relieving the prts-
sura which would othorwis" force
a large number OF our producers 70
sacrifice their products without re-
gard 20 the demand.
ct Is also putting the banks that
are IN good condition in shape 10
make now advances to tho farmcrs
and stockmrn for the purpose of
extending their business.
The chairmcn and secretaries OF
l thu lnun u~nRnaIga NJ NgW MgNlpn
Texas. Colorado, Utah, Idaho.
] Wyoming and Montana met in suit
Lake Cny on January * and "a to
confer with Mr. Ralph T.. Merritt.
assistant to the directors Of the
Wal Finance Corporation. 10 OK
change their views and ideas To the
end that all the agencies In these
livestock states might work TO the
same goal. IL appeared that differ
cut agencies would set widely vary
ing valuations on the same classes
Of stock and USE seriously conflicts
Ing forms of mortgages, etc. The
one aim OF this conference seemed
to be la set some uniform basis for
operations and then all the agencies
Try aud conform to them. As a re-
suit, this would greatly assist
Washington to intelliRcntly pass up-
on nfferings coming before ihom.
With cows valued at 5000 an
Montana. $500 ln New McNirl.
sheep $40 in Idaho and 81 90 IN
New Moxicn and other states. In
proportion. II was something OF a
chinese puzzle for the board NJ
Washington { o solve. With Increase
and wool included In the chattel
mottvagea OF New Mexico aud .N-
A.. = a 81 aH-. ---