Evening star., 1923-03-30
PRESIDENT PLANS
TO PUSH FARM AID
Added Powers Given by Con-
greSS to Be Used to Best
Advantage.
CONTROLLER Is NAMED
Henry M. Dawes Will Have Charge
of Organizing New Agri-
cultural Credit System.
CONTROLLER is NAMED
By the Associated Press.

By the Associated Press.
ST. AUGUSTINE, Fla, March 30
Congress having moved. just before
adjournment this month, to assist to
a greater degree the agricultural and
live stock interests of the country.
President Harding, it was said today
by members of his vacation party, is
giving considerable attention to the
farm situation.
The prompt selection of Henry NJ.
Dawes of Chicago to be controller OF
last night, although 1t had not been
expected for several weeks, was in
terpreted by some of those close to
the President to be an indication OF
his desire that the government rem
der all possible aid to the farmers
and live stock men. AS controller OF
the currency Mr. Dawes. who is a
brother of Charles q. Dawes, d for
mer controller and later budget di-
rector. will have supervision of the
formation Of the agricultural credit
corporations provided for in the re-
Gently enacted Capper-Lenroot-An
derSon bill.
Confer on Situation.
Pending the time when such credit
institutions can begin to function.
the War Finance Corporation will
continue to make agricultural and
live stock advances. and the policies
to be pursued by this governmental
agency were the subject OF a con-
ference here this week between the
President and Fred Stark. acting g
mapager-director of the corporation.
Sine" leaving Washington more than
week ago. Mr.. Starek has reviewed
the work of the agricultural loan
agencies Of North and South Caro-
lima. and on leaving here Tuesday he
will visit Louisiana. Texas and New
Mexico. Before returning TO Wash
ington he may visit Alabama, Geor-
gia and Tennessee.
VIII Give Full Aid.
Setting out the policy Of the finance
corporation respecting future loans
TO farmers and cattle growers. in re-
ply to many inquiries, Mr.. Starek is
sued the following statement:
The policy OF our board is to carry
out. in spirit and letter, the purpose
and intent of Congress in extending
the authority and life OF the corpora
<ion. The corporation has made ad-
vances for agricultural and live stock
purposes, through banking and finan-
ciai institutions. live stock companies
and cooperative marketing assocla-
tions. and 1t will continue to do so
until the end of March, 1924, on the
same basis as heretofore.
1901 ,O00. 900 Distributed.
Since August, 1921. nearly 1921, ,ooo,-
600 have been distributed upon ade-
ouate security, and nearly s56.0o0.ooo
have been repaid. leaving sl25.0oo.00o
outstanding about ten days ago. Heavy
payments are being made daily and we
we do not anticipate many new appli-
cations for funds. But wherever the
interests Of the agricultural and live
stock classes may be served in manner
consistent with the provisions of the
law. 1t will be the purpose of the board
to make advances under the usual safe
guards. 1t Is not intended, however
that the advances will be made 10
country banks merely for the purpose
Of repaying city correspondents unless
it can be shown that the welfare of ag-
griculture Is involved.
II have found thus far or my trip
that agricultural conditions are rapidly
improving in the south and believe
that If the ravages OF the boil weevil
tions. not many applications for ad-
vances will be received from this Sec
ton during the coming year.
90 Per Cent Repaid.
Conditions in both the cotton and
live stock Industries In the south and
New Mexico have shown great i'm
provement since the War Finance
Corporation began to operate as in
dicated by the fact that nearly SO
per cent of the total advances OF
nearly s90,O00,0o0 made in that Sec
tion have been repaid, and this is
about the average throughout the
United States. The cotton and to-
bacco growers in North and South
Carolina are much heartened, and
it seems to me that, with the powers
of the finance corporation extended
another year and with new credit
machinery provided for in recent
legislation, agricultural financing
should be worked out successfully in
a short time.
"The mechanism of the new finan-
cial instrumentalities provided in the
new legislation remain to be put into
practical operation, and while this is
going on 1t is the purpose of the War
Finance Corporation to use its re-
sources as far as may be needed In
the operations of the corporation
will continue to be separate and dis
tinct from the other organization
and when they are firmly established ID
the corporation will enter a process
of linn ida tiOn"