Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-08-26
FINANCE PLANS
FOR LIVESTOCK
BODY LAUNCHED
National Association to
Act on Proposal Of
Eugene Meyer, Jr.
War Finance Corpora
ton Chief Addresses
Cattlemen at Denver.

Denver, Colo, Aug. 25.-Eugene
Meyer, Jr., of Washington, chairman
of the war finance corporation, in an
address before the American National
Livestock association in mid-year ses-
sion here Friday, outlined his proposals
for the permanent financing of the live
stock industry. He promised all the
aid possible within his power and sug-
gested that a committee of the associa-
tion take up the subject with view to
adequately financing the industry.
Mr.. Meyer explained that the war
finance corporation was only tempo
rary organization, and that its pur-
pose was simply to meet an emergency
No similar organization of permanent
status, he said, could hope TO receive
the cooperation and efforts of the
men who volunteered their services, as
other business and affairs would not
permit them to devote SO much of their
time to the corporation.
Good Paper Needed
The whole question of livestock
financing is dependent upon good paper
that can be re-discounted," said Mr..
Meyer in his address.
The activities of the war finance
corporation" said Mr.. Meyer, "and the
condition of the livestock industry has
shown the necessity of some plan that
will take care of cattle from the breed
ing time to their maturity. There has
been a number of plans proposed.
The Capper bill in the senate and
the McFadden bill in the house are
two measures aimed at a solution of
the problem, These bills propose cat
tie loan companies that could issue
securities on cattle and would result
in bringing out more money for the
industry.
Congress has also plan for con-
tinuing the war finance corporation
under another designation, but / do
not believe that this is practicable for
q permanent relief. II we can finance
the industry through regular channels
it will be not not practical but far
more satisfactory.
ITO get an adequate capital for fl
nancing the livestock industry you must
convince capital that the industry is
sound; you must give confidence to the
industry and this association can give
this confidence. There must be proper
supervision of shipments and, above
all, there must be absolute inspection
Inspection, l believe, is the most
important thing. / would suggest that
this association have a corps of Ii
censed inspectors and the reports of
these men would give greater assur-
ance of the safety of the loan
The war finance corporation has
loaned total of SS5,000,OO0 on live
stock, of which $30,OO0,0O0 has been
through banks, and an additional $685.
100000 through cattle loan companies
Mr.. Meyer said. Most of these loan
companies are new companies.
Favors Bank Law Change
'I believe that an amendment to the
national banking act can be obtained
that would permit a national bank to
subscribe for stock in a cattle loan
company" he continued.
Under the Edge act a national bank
can subscribe for stock in an institu-
ton financing imports; the cattle loan
company, therefore, seems TO me the
way to finance the livestock industry
of this country permanently. | would
suggest that the president name a COM
mittee to take up this subject and ]
shall be glad to aid them, if l can"
As Mr.. Meyer ended his remarks
he was heartily applauded,
President Fred III. Bixby of Long
Beach. Cal, before adjournment of the
session announced that he would name
the committee suggested by Mr.. Meyer
at Saturdays meeting.
Following adjournment, President
Bixby announced to several members
of the association that he believed Mr..
Meyer had shown the way and that
he felt confident some satisfactory plan