Evening star., 1927-05-15
s10,0DD,0()D PLAN
FOR AID ENDORSED
Mississippi Bankers Get
Backing of Farm Loan
Board for Action.
By the Assnciated Press.

BY the Associated Press.
A plan for formation Of $4,000 cot
finance corporation by Mississ'pp'
bankers for relief of farmers IN that
State was approved yesterday By the
Federal Farm Loan Board.
The board indicated that 1t would
approve advances by the iutccmed.alc
credit banks to- the Mississippi iie-
Mobilization Corporation up TO IL tolai
of $4,000 900. if necessary. on tho OASIS
of a paid-in capital of $1,000 900
When the committee Of bankers
which conferred with the board iett
Mississippi. 1851 900 had been SUB
scribed. 1t was expected by menuefs
of the committee that a hair mtt'toh
dollars would be obtained within the
state. Outside capital also may be
brought into the project.
VIII Act Promptly.
Senator Harrison OF Mississippi
headed the delegation, which included
Representative Lowrey and j. >.
Love State superintendent of banks.
Figures were presented by Nh. Love
to show that "the condition, as a
whole. OF the % banks in the flood
IT.. 80 N" time that the Hood oc-
Cured. was strong. and th1t their
o. t.,., t,sir negligible"
The plan will be put into effect at
once.
THE assistance will be extended
through local banks TO considerable
extent" said a statement issued after
the meeting by Eugene Myer, farm
loan commissioner I'm this way, u
Is expected that effective work Will
- ;-lN OfI fIHs
mittee stated that planting of cotton
up to June 10 with the early variety,
for which there is an ample supply or
seed available through the Red Cross.
will permit satisfactory crop to be
made The committee felt that this
statement was borne out by expert
ences with floods in 1912 and 1897"
Oidfield Wants Session.
A similar plan has been adopted for
Arkansas, and presidents of inter
mediate credit banks in other sections
of the flood area also.
In addition to Senator Harrison,
Lowry and Mr.. Love, the committee
that met with the Farm Loan Roard
included r. Z. Kennengton Jackson
and J. F. Barbour, Yazoo City.
Representative Oldfield, Ark. chair.
man OF the Democratic national con-
gressional committee, again reiter ated
his belief that President Coolidge
should call a special session of Con-
gress for the enactment of flood relief
legislation.
1.-THE need for prompt action is very
great" he said. 'If the President hesi-
tates TO call an extra session because
he fears Congress might remain in
Washington indefinitely and take up
matters he thinks might emha"rass
the administration. I suggest 10 him
that the leaders of both parties in
| both houses will agree to confine the
special session calendar to these
emergency matters"
Reports Are Awaited.
Returning from the flood area yes.
! terday. Mai Gen. Edgar Jadwin,
! chief Of Army Engineers. reiterated
| his belief that the levee system must
he maintained as the first line OF
defense. .y
A special board of Army engineers,
which has been studying spillways
along the lower Mississippi for more
than a year. now is measuring the
volume of the food. aGen. .Iadwin
said, with view TO submitting re.
port to him by September l as to the
maximum water volume which should
| be provided for In expanding the
levee system. A similar report is ex-
pected from the Mississippi River
Commission by October /.
| The two recommendations will go
| to Secretary Davis of the War De-
partment and 1t Is expected will be
made available to the next session of
| Congress in its consideration of flood
control legislation.
He explained that the present
| ievees are being built by the local
government. with local authorities
contributing one-third of the expense.
The question of cost. he said. centers
on whether it should be more ex-
pensive' to raise all ieyees a few feet
or to create a lake and reservoir sys-
tenn to regulate the flow.