Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-01-26
COOLIDGE OUTLINES
CREDIT RELIEF FOR
NORTHWEST FARMS

WASHINGTON, Jan. 23.-Five
steps for the relief Of the agricultural
situation in the northwest, some to
be taken by congress, some by the
executive branch of the government
and some by private interests, were
outlined by President Coolidge today
in a special message to congress.
The steps included:
The refunding Of the pressing past
due indebtedness of the farmer in
the territories most seriously affect
ed.
Financial assistance through { fed
eral agency to enable wheat farmers
to make the change from a single
crop system to diversified farming.
The restoration, wherever it would
be helpful, Of the impaired capital of
(banking institutions in the distressed
sections.
" The creation by private capital of
"a substantial financing corporation
to assist in the pl;.n of reorganiza-
ton.
Z. The extension o. the time during
which the war finance corporation
.,can make loans.
:. Mr.. Coolidge told congress these
were measures, "by which, without
~undue alarm or agitation, but never
theless promptly an deffectively, we
can bring to bear on a serious
Though happily, localized emergen
icy, every resource of the federal gov.
sernment, and all the assistance
(which the business and farming COM
immunity can render"
THE economic situation in certain
gwheat growing sections of the north
west" the president said at the out,
set of his message, sis reaching an
sacute stage that requires organized
kco-operation on the part of the fed
EeraI government AMI the local insti-
stutlons Of that TERRITORY for its solu-
gtion."
president MAY SUMMON
BANKERS TO CONFERENCE
:, WASHINGTON, Jan. 23.-Pres-
.ident Coolidge will call Chicago and
Minneapolis bankers here for a con-
ference on the banking situation in
the northwest unless they cooperate
fully with the federal government in
relieving credit conditions in that
section.
Advices were received at the
ers in@those two cities were hesitat-
ing about giving help to the special
banking commission sent by the
president of the northwest. Full CO.
operation in the opinion Of the pres
zident must be given or the govern
Anent's efforts will be unavailing.
CHICAGO BANKERS SILENT
ON WHITE HOUSE REQUEST
CHICAGO. Jan. 23.-Comptroller
of the Currency Henry M Dawes. ].
II. Cunningham and George R.
James members Of the federal re-
i-serve board, who came here on Mon
day to gain first hand information
into the stringent financial situation
in the northwest, left at noon today
for Washington. Eugene Meyer,
managing director of the war finance
corporation, the fourth man selected
by President Coolidge, lett last night
for Sioux Falls, S. D.
Il have nothing to say" several of
the leading bankers of Chicago re-
Piled, when informed that President
Coolidge would call them to Wash
4ngton for Il conference unless they
cooperate fully with the federal gov
eminent in relieving credit condi-
tions in the northwest.
Mr.. Dawes continued silent as to
what occurred at the conferences
Monday and Tuesday with Chicago
and northwestern bankers.
MEYER OPENS HEARINGS
ON SOUTH DAKOTA CREDIT
SIOUX FALLS, S. ID, Jan. 23.--
Eugene Meyer, Jr., managing direc-
tor of the france corporation: fioy
r.. Harrison, assistant to Mr.. Meyer,
and Gerald G. Henderson, general
counsel of the corporation, arrived
here today from Chicago, and will
Immediately begin an investigation
into the financial situation with
view of extending government aid
to northwest banks.