Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-10-14
RAL BOARD
PLANS MORE AID
FOR CATTLEMEN
Eugene Meyer, IT., Manag-
ing Director of War FL
nance Corporation, Here
to Study Conditions.

Plans for further assisting the
livestock interests Of New Mexico,
which are in precarious position
due to the long drought. were dis
cussed here yesterday by Eugene
Meyer, Jr., managing director of
the war finance corporation. sew
eral other members OF the corpora
ton, members of the New Mexico
Loan Agency, the Agricultural and
Livestock Loan company and local
and state bankers. Decision upon
the plan to be adopted in the pres
ent crisis of the industry Will prob
ably be made at continuation OF
the meeting this morning. 1t IS
probable that the plan will include
the financing of the shipping OF
livestock to better ranges. their
wintering and return to New Mex
leo.
Following the discussion in the
early afternoon yesterday, q gem
eral meeting was held at the cham
Der of commerce at O'Clock at
which time Mr.. Meyer was intro
duced by Gov. M. c. Mechem and
delivered a short talk on the situa-
ton in New Mexico; the general
working plan of the war finance
corporation and the probable plan
for future work Of that organiza-
ton.
Speaking of the critical situation
in which the livestock interests of
the state are now placed. MIR.
Meyer pointed out that six months
ago when he visited this state and
made a survey of the situation, he
believed, as did the other MEM
bers of the board. that the prob
lem was practically solved.
Will Meet Problem.
But the continued ought has
again changed conditions and
have come to New Mexico for the
express purpose of seeing if we
can assist in solving the present
problem" he declared.
Expressing optimism regarding
the ability of the financial men of
the state in cooperation with the
federal institutions to meet the
situation. he outlined the results
which had been secured by the
federal boards and agencies in
meeting the recent problems of
Iowa, Nebraska and other wheat
and corn producing states, which
were now operating under a near
ly normal condition.
THE major part of the emer-
gency problems of the corn belt
have been met" Mr.. Meyer stated
and Indicated that as the war fl
nance corporation was really an
emergency organization. it would
continue in its interest in the stock
growers present emergency and
offer every assistance possible. He
expressed his opinion as being that
the present livestock problem in
the southwest was the most i'm
portant one now up for considera
ton and relief before the corpora
ton.
More Safety Measures.
touching upon possible meas
ures of the future. beyond the
present situation here, Mr.. Meyer
stated his belief that the general
stock situation could be met with
out any change in the present fed
eral loan machinery by action on
the part of the livestock interests
in better safeguarding the business
with the end in view of better safe
guarding of loans. He suggested
more attention to titles. stock in
spection and brands and urged
that the various stock growers as
soclations make this one of their
important activities. With these
safeguards constructed for cattle
paper, he suggested the organiza-
ton OF private loan companies to
which the banks would be allowed
10 subscribe. Under such a gem
eral plan, he stated his belief to
be that livestock paper would find
ready market at reasonably low
rate or interest. The loan com
panies, he stated. should be under
some sort of federal supervision,
Drought Insurance.
The question of how the indus
try could be safeguarded and the
paper safeguarded against such a.
drought condition as the present
one, which is the worst in twenty
years, was brought up before the
meeting. Mr.. Meyer stated that
he was not ready to answer such n
question but suggested that the
plan of insurance against unusua1
drought might be worked out de-
'o thoI III AGRICULTURAL Sec
tons where hail was main factor
or destruction to production. hail
insurance had proved a successful
safeguard.
Mr. Meyer pointed out that the
war finance corporation was pure
~ an emergency body and that It
should not be expected to operate
AFTER the postwar emergencies
had been met. He declared that II
was proving success mainly
through the type of local men who
were identified with it in the vari-
Gus communities and that as these
men served at no COMPENSATION
they could not be expected to re.
main connected with the work
after the emergency had been met.
MIR. Meyer expressed himself as
generally against highly central
lied government banking during
normal conditions.
Following the meeting yesterday.
afternoon a banquet was given at
the Country club last night by the
Albuquerque bankers in honor of
the visiting officials. Several short
talks were made at the banquet.
ii. M. Maple of Eel Paso. Tex.
spoke of conditions at chihuahua,
Mexico, and expressed his belief
that the shipment of cattle from
the drought stricken ranges of New
Mexico into old Mexico was the