Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-02-07
HELP FOR BANKS
IN WHEAT GROWING
SECTIONS IS URGED

WASHINGTON, Feb. 5.--Plans
for immediate formation OF a $10,-
100000 corporation by private inter-
ests to provide assistance to agri-
culture with the aid of the war
finance corporation, if needed, and
other recommendations indorsed by
the conference called by President
Coolidge to consider the situation
in the northwest we're outlined in
the form of report today for the
presidents consideration.
The conference completed its ses-
sions yesterday and adjourned after
appointing a committee to present
its views to Mr.. Coolidge. 1t also
authorized another committee to su,
pervise organization Of the proposed
corporation, and suggested that the
president appoint a permanent COM
mittee to deal with the agricultural
situation, at the same time indors-
ing proposals to assist banks in the
wheat growing sections and calling
upon mortgage companies and SIM
liar institutions to extend wherever
practicable the maturitieS Of farm
ers' obligations.
The conference, confronted with
a vigorous division of opinion over
Endorsement OF pending bills to pro-
vide government funds to help wheat
and other farmers to diversity their
production and to establish an ex.
port corporation, took no action on
legislation measures, but the COM
81 To
port to the president decided to sub
nit a separate recommendation of
its own that such bills be enacted.
The functions of the corporation
were not defined, being left for it's
incorporators to determine, but Sec
rotary Hoover pointed out that its
credit resources would total many
times the $4,000, 600 capitalization
in view of the aid that could be eX-
tended by the war finance corpora
ton.
Funds to provide the $10,000,00
capital for the service corporation
are practically gU ranteed, Secre-
tary Hoover said, although sub
scriptions from the industrial and
commercial interests pledged to its
creation have not been entered. II
will be the object of the corpora
ton to conduct its enterprise VITA
out profit.
Its purpose will be to take the
widest and most generous view in
rendering aid" Mr.. Hoover said.
Its primary purpose will be 20
assist the farmer situation direct
". 1t will have the full backing of
the war finance corporation and
hn u
many times its capital stock foc
use"
Functioning of the corporation
will not depend upon action 10y
congress, Mr.. Hoover added. He
expressed the opinion that the &C
ton taken by the conference had
gone far toward eliminating the inn
mediate danger in the wheat-groW-
ing area where depressed prices
have oCCasioned financial troubles
during recent months.
Delegates directly representing
agriculture in the conference met
today and later presented to Presi-
dent Coolidge resolutions indorsing
the substance and basic principles
! of the McNary-Haugen bill to BE-
store farm purchasing power and
the Norpeck-Burtness measure for
government credits to promote d.
versification of production in the
wheat area.
President Coolidge responding de-
clared he hoped Justification for an
increase in the tariff on wheat
would result from the present in,
vestigation of the wheat duty by
| the tariff commission.
The wheat investigation was insti
| tuted by the tariff commission sew
1 eral months ago on petitions OF
/ wheat growers in the northwest who
/ asserted that the present duty of sc
! cents a bushel did not cover AIDE
/ uuately the difference between
American and Canadian production
costs. If the investigation proves the
/ correctness of these assertions the
/ president may under the flexible pro
visions OF the tariff act increase the
duty by one-half or 10 10 cents j
| buShel.