Evening Star Newspaper, June 6, 1937, Page 8

A—S THE SUNDAY STAR, WASHINGTON, D. "C, JUNE 6, 1937 —PART ONE. F ederal Farm Credit Agency Shifts to Permancnt Basis Myers Reveals Four BII- BANK PURCHASE GROUP House and Senate Members to | Make Cruise Along Po- tomac Today. | SPONSORS RIVER JUNKET | | score of Senators and other Govern- | | ment officials will make a cruise down | the Potomac today on the steamer Southport, as guests of a group of Representatives sponsoring Govern- | ment ownership of the 12 Federal Re- | serve Banks. | The boat will leave Seventh street wharf at 10 a.m. and return at 5:30 | from 25 States will be Dale Carnegie, author; Col. Lawrence Westbrook of Texas and Prof. Irving Fisher of Yale Univer- sity. Commissioners of agriculture also are included among the guests. Representative Patman, Democrat, of Texas nounced the trip. an- | TREATIES TO BE URGED People’s Mandate Group Wants Argentine Pacts Ratified. Prompt ratification of the Buenos Aires treaties will be urged by a dele- gation from the People's Mandate Chairman Key Pittman of the Senate Foreign Relations Committee. The | treaties now are pending before the committee, Mrs. C. I McReynolds of the Western Hemisphere Mandate Com- | mittee and Mrs. J. Austin Stone of the National Women's Trade Union | |OE HIG ‘INCORPORATE 'OUR PLUMBER’ More than 100 House members, lions Loaned as Fore- a in the afternoon. Among the guests London theaters are prospering. Committee Tuesday when it calls on | League will be among the xpoakprg.\ ~ By the Associated Press €. Willilam Irving Myers, youthful- “appearing former college professor and Y- farmer, is shifting the Government ency that loans money to farmers 'om an emergency to a permanent basis. He is governor of the Farm Credit Administration, set up by Prrxldmt‘ Roosevelt in May, 1933, to co-ordinate | Federal loans for farmers. At that time thousands of farm | foreclosures had caused rebellion against law in the farm belt. In the four years since the F. C. A. has supervised loans of more than $4,000, 000,000 to farmers, seen foreclosures | drop to half the former volume. “The credit basis for most farmers probably is the best it has ever been,” said My “Our job is to keep it on & business basis.” Despite his 44 years, four daughters and experience as a farmer, college fnstructor and expert on farm man- | ; sagement and finance, Myers might pass for a well-dressed college senior | or young professor 1 closures Drop. l | | % DINING ROOM SUITE AT RIGHT Ten Pieces Registered Grand ndale influence. There (the serving table and ree of the chair en omitted from cture). i s and sides of case pieces are of strong \cwnmrd k w \H 10 pieces in G‘\ s have W J. MYERS TREASURY UUIZZEU | ON TAXING ISSUES. Lonergan Asks Secretary’s View on Immediate Legislation. he Associated Press. Senator Lonergan, Democrat, of Connecticut asked the Treasury ves- | terday whether it favors immediate | | legislation to tax future issues of | Government securities. He suggested that “in view of the | current program to prevent tax evasion | and otherwise to provide for an ade- quate T onal rev a definite on by the Treasury on this im- ion should be taken im- | / N PO NS Permanent Credit Need. * A WORD ABOUT MAHOGANY . .. When we mention mohogany we mean GENUINE MAHOGANY, whether it is used in connection with other cabinet woods or used exclusively. GENUINE MAHOGANY grows ONLY in the West Indies, Tropical America and on the West Coast of Africa Woods commonly known under the nome of Philippine mahogany ARE NOT PERMITTED in our stocks. “We used to be in the headlines at | the time when we were passing out millions to halt mortgage forec * ures,” he said. *“Now we have a lor time task of the permanent credit needs of farmers.” | Because farms change hands on an average of once in a generation and because the 7,000,000 farms are each an individual business, Myers said Government agencies that provide credit for farmers probably will be & *permanent, feature.” k in 1933, when banks, insurance anies and private individuals had oned the job of loaning the v and were doing their ect at a time of low pric come and sinking land Credit Administra- the field pretty much to By little values, the tion had dtself Recently private c been returning said this was a * Myers said the F. C. A.'s purpose was merely to give farmers tive means to obtain est possible lable to her sound bc For 13 Days . . . mediatel. Study Made in 1934 an, author legislation to | ncome from exempt securities, | cited a study which he made in 1934. | On this he based an opinion that | income from Federal securities could be taxed by congressional enactment, taxing of State and local nd issues would necessitate a con- utional amendment | an quoted statements by for- Secretary Mellon, Presi- President Hoover and y Morgenthau himself to sup- his contention that the Treasury favored such a tax “in principle” sources have Myers TLon LOWERED PRICES on a wvast portion LIFETIME FURNITURE ations and Local Coscperative. of our stock o Morgenthau Letter Quoted. He quoted from a letter, dated Feb- : orgenthau to | of the Senate Sl Fu'tancn Committee. The letter said i “The Treasury has already stated oL it favors adoption of & constitu- tional amendment permitting the tax- ation by the United States of the erest on future issues of State unicipal securities, and by the on future issues of Federal In the absence of such a amendment, the Treas- osed to the enactment of Chaise Longues a (a bill to provide for a tax income from Federal securities W A S H 4 e e --835. 75 touch needs. ington In the past all types of farm loans—both long and short term—have amounted to more than money loaned out for the first time since the depression A. has taken some of retire bonds or refinance &t lower rates Its various puhlxr‘ invest FURNITURE v agencies sell bonds to ! and then reloan, these the regional banks groups at t to pay ex- only) Lonergan explained he had intro- duced s 2 constitutional amend- | ment in conjunction with S. 16. i Reclining Back Lounge enses. irs, at DM. - Chairs, o --$29.75 ernment fu the F. C. A. agencies event be returned to the Treasu He estimated that refir ages had resulted in down of these farmers more than $200.000,000, and that lower interest rates saved farmers another $40,000,000 annua - . | Northern Ireland is fighting & plague of foxes. the Gov- | Pull-up Chairs, -$12.95 AMERICAN RADIATOR CO. ares HEAT WATER T COMPLETELY s lo --§225 Secretary Desks, o A Born on New York Farm. Myers was born on a farm near Lowman. N. Y., and after graduation from Cornell acquired an 84-acre farm near Ithaca, N. Y. He hatches ebout 75.000 on this place each year and \tains a flock of 6,000 hens. Unlike many tion leaders who he covery agencies four has stayed on and plans to continue. ! He said he had enjoyed the four years of Government service. * “The F. C. A. has nothing to sell, but a service to render,” he said “The farmer, as well as all the rest of 1 needs to know how to credit wiscly. Credit is a two-edged eword: it can cut both ways.” | NEl! 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