The Coconino sun., 1926-11-19
WATSON TOLD R0TARIANS
OF GOOD WORK OF WAR
FINANCE CORPORATION

- " A. 49, ~ ~ Ae4 " AAA a \ = ~ 4 '
Ray Babbitt, chairman for the day
arranged the program and presided
at Tuesdays Rotary meeting. 1t was
a fine program, interesting and in-
structive.
''rhe masked six" orchestra from
the Business and Professional Wo-
mans club gave a rousing instru-
mental number and encore number
The members are Miss Margaret
Stewart, Mrs Felice Garcia and
the Misses Helen Runke, Mary Will
son, Marion Wallace and Mary
Frances jake They sure can play.
Professor E. C. Glass Of Teachers
college read Poe's "The Raven" and
so impressively that has audience in
sisted on something more. Complying,
he gave short humorous reading.
II. ". Watson, BABY member of the
club, told of the work of the War
Finance corporation and its results.
His talk was highly interesting and
the complicated subject was made
clear.
Mr. Watson said the corporation
was formed to make it possible for
American manufacturers and pro-
dueers to sell War-driven foreign
concerns with our goods and assure
they would be paid for when they
had been all or partly sold. The cor
poration accomplished that object
splendidly and then in 1920 was
hquidated But the latter process was
too hurried and deflation of prices
ensued and collateral was badly af-
fected. The United States government
realized the live stock and agricui-
tural industries faced immediate
ruin and great panic must ensue
unless the corporation was revived
This was done. Amendments were
made, 30 agencies established, and
700 million dollars advanced the live
stock and agricultural industries.
The corporation goes out Of ex-
istence in March, 1928. 1t carried IN
dustries over the reconstruction per-
iod when il couldn't be done by the
banks That government business
doesn't always mean waste and loss
is proven, Mr. Watson said, by the
fact that the corporation after MAX
iEg a profit of Go million dollars for
the u. S. Treasury has retired 409
million dollars and now is operating
on a million dollars.
Mr.. Watson was manager of the
southwestern branch Of the corpora
ton, covering Texas, New Mexico,
Arizona and California, loaning Is
millions Of dollars to the cattle and
sheepmen. Contrary to what has been
charged, he said, the corporation did
not deal severely with it's borrowers.
His branch closed out only one man
and in that case because the man
had stolen half of the cattle on which
the loan was made All but two mill
lions loaned through his agency has
been repaid and the balance viii be
by March, 1928, and all without sac
rifice on the part of the borrowers.
As a result Of the constructive work
Of the corporation, Mr.. Watson said,
the live stock industry is now on a
more substantial basis than ever
before in its history.
Miss Margaret Stewart, secretary
Flagstaff Chamber of Commerce,
told about the business, industrial and
next day, and asked fors local cooper
alton to put it over big. She said the
Chamber had received letters from
all over the state congratulating
Flagstaff On this exposition, the idea
of which was born only three weeks
ago, and promising TO take part IN,
the second annual exposition.
The proceeds, Miss Stewart said,
kyfi
will begin early next week under di-
rection of Male Pilkington, chairman
winter sports COMMITTEES.
DR.. e. S. Miller, chairman local
Red Cross, told Of the annual drive
now in progress.
President Ed Miller appointed Fred
Breen chairman of the "On to Clay
Park" committee, to organize local
Rotarians for a visit to Clay Park
tomorrow to meet the Prescott and
Jerome Rotary clubs assembling there
at the invitation Of Chris Totten of
Prescott, architect of the Clay Park
school for boys, who is a Rotarian
and whose birthday occurs tomorrow.
Secretary Art Riordan read a let
ter from Gus Pearson, who hadn't SUI
ficientiy recovered from his cold to
talk it out himself. Gus said he'd
just had birthday and instead of
passing smokes thought it better to
enclose S. for the Rotary children's
fund.- Gus enumerated several ways
Rotarians could save much lucre by
abstaining from smoking alleesamee
hi-
Kel Henness, also celebrating
BIZ -.ess s.tv4>ed sCoDdly and saIely
on briar pipe while he passed cigars
to the others.
Local Rotarians who can were.
asked by President Miller to be at
Casa Grande on November % whom
the new club there will receive its
charter.
Guests, besides the ladies, Profes-
sor Class, and Dr. Miller; Tom L.
Rees, Joe B. Rickel, Clark Granting,
Rev. James Saunders, Mr.. Watson,
Sr., and Bob Munro.
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