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REPORT
OF THE

SECRETARY OF THE TREASURY
ON

THE WAR FINANCE
CORPORATION




{IN LIQUIDATION)

FOR THE YEAR ENDED

NOVEMBER 30, 192»

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1930

THE WAR FINANCE CORPORATION
Barr Building, Farragut Square. Washington, D . C.

The SECRETARY OF THE TREASURY,

In charge of liquidation.

Liquidating Committee:

G. R. COOKSEY, Chairman,

F. R. HARRISON.

H. A. BBOWNEIX, Secretary and Treasurer, CHESTER MORRILL, General Counsel
II




REPORT OF THE SECRETARY OF THE TREASURY ON THE
WAR FINANCE CORPORATION FOR THE YEAR ENDED
NOVEMBER 30, 1929
WASHINGTON, D . C , February 12,

1930.

S I R : I n accordance with section 19 of Title I of the War Finance
Corporation act, as amended, the following report is submitted for
the year ended November 30, 1929.
CORPORATION IN LIQUIDATION

The War Finance Corporation has reached the final stage of liquidation and is approaching the close of a career t h a t began in 1918 as a
part of the Government's program of war finance and extended into
the post-war period to assist in meeting certain emergency financial
situations that arose primarily as the aftermath of war conditions.
The original purpose of the corporation, created by the act of April
5, 1918, was to give financial support to industries whose operations
were "necessary or contributory to the prosecution of the w a r " and
to banking institutions that aided in financing such industries. In
order to assist in the transition from conditions of war to conditions
of peace, the corporation was authorized by the act of March 3, 1919,
to make advances to American exporters and American banking
institutions which extended credits to finance American exports.
The activities of the corporation were discontinued in May, 1920, at
the request of the then Secretary of the Treasury. On January 4,
1921, the Congress passed a joint resolution directing the corporation
to resume operations. When agricultural conditions became acute,
the corporation was empowered by the act of August 24, 1921, commonly known as the agricultural credits act of 1921, to make loans for
agricultural purposes to banking and financing institutions, including
livestock loan companies, and to cooperative marketing associations
of producers.
The last-named act provided that the corporation should cease
active operations on July 1, 1922. The Congress, however, by the
act of June 10, 1922, extended until June 30, 1923, the period during
which it was authorized to make loans, and this period was further
extended to March 31, 1924, by the agricultural credits act of 1923.,
and to December 31, 1924, by the act of February 20, 1924. In
accordance with the terms of the last-named act, the corporation discontinued the making of new loans and entered the period of liquidation on January 1, 1925.
The corporation's charter, limited under the original act to a period
of 10 years from April 5, 1918, was extended for one year, or from
April 4, 1928, to April 4, 1929, by the act of April 4, 1928. By the
act of March 1, 1929, the liquidation of the assets remaining at the
close of April 4, 1929, and the winding up of the affairs of the cor1




2

ANNUAL REPORT OF T H E WAR FINANCE CORPORATION

poration thereafter were transferred to the Secretary of the Treasury,
who for such purpose was given all the powers and duties of the
board of directors of the corporation under the War Finance Corporation act of April 5, 1918, as amended. A copy of the act of
March 1, 1929, is attached to this report as Exhibit H.
LIQUIDATING COMMITTEE

To carry out the program of liquidation, the Secretary of the
Treasury, pursuant to authority contained in the law, issued an order
dated April 5, 1929, a copy of which is attached to this report as
Exhibit I, assigning to a liquidating committee the exercise and performance, under his general supervision and direction, of all powers
and duties vested in him by the act of March 1, 1929, and directing
the payment into the Treasury of the funds belonging to the corporation which were not required for carrying on and completing
the liquidation of its remaining assets and the winding up of its
affairs. The committee designated by the secretary consisted of
Eugene Meyer, G. R. Cooksey, and F. R. Harrison, Mr. Meyer being
named as chairman. All the members of the committee nad been
directors of the corporation and were members of the Federal Farm
Loan Board. They serve without additional compensation.
Mr. Meyer resigned effective M a y 10, 1929, and the Secretary of
the Treasury, in an order dated M a y 9, 1929, a copy of which is
attached to this report as Exhibit J, constituted and designated,
effective M a y 11, 1929, G. R. Cooksey and F . R. Harrison a liquidating committee, Mr. Cooksey being named as chairman.
PAYMENT OF FUNDS INTO THE TREASURY

The original capital stock of the corporation was $500,000,000, all
of which was subscribed by the United States. On January 5, 1925,
following its entry into the period of liquidation, the corporation,
with the approval of the Secretary of the Treasury, canceled and
retired at par $499,000,000 of its capital stock, paying that amount
into the Treasury, and leaving $1,000,000 of capital stock outstanding.
In accordance with the order of the Secretary of the Treasury of
April 5, 1929, mentioned above, the corporation on that date paid
into the Treasury $65,342,768.79, which included $990,000 on account
of the cancellation and retirement of capital stock at par, leaving
$i0,000 of capital stock outstanding, and $64,352,768.79 on account
of earnings of the corporation. In view of the fact that the funds of
the corporation are kept on deposit with the Treasurer of the United
States, this payment was essentially a bookkeeping transaction and
therefore did not increase the balance in the Treasury. I t was accomplished by the delivery of a check for $65,342,768.79 drawn by
the corporation on its account with the Treasurer of the United
States, and made payable to the Treasurer of the United States.
There is attached to this report as Exhibit E a statement of the
corporation as of the close of business April 4, 1929, which shows its
condition before the payment of $65,342,768.79 into the Treasury.
In connection with this statement a careful survey was made of the
assets of the corporation, estimates of the amounts realizable therefrom as of April 4, 1929, being obtained from the corporation's




ANNUAL REPORT OF T H E WAR FINANCE CORPORATION

3

agricultural loan agencies and others, and the books were adjusted
in accordance with these estimates in order that, on the basis of the
best data available, they would reflect as accurately as possible the
corporation's condition as of that date.
EARNINGS

The operations of the corporation will result in no loss to the
Government, and the Treasury will be fully reimbursed for the large
sums it advanced to meet the emergency situations with which the
corporation had to deal. As pointed out above, all except $10,000 of
the corporation's $500,000,000 capital stock has been retired at par,
and in addition $64,352,768.79 has been covered into the Treasury
as earnings of the corporation. The total net earnings of the corporation from its inception to November 30, 1929, were $64,880,194.61, including the amount already covered into the Treasury and $527,425.82
carried on the corporation's books on that date. Under section 15
of the War Finance Corporation act, the net earnings of the corporation constitute a reserve fund for contingencies and are, of course,
subject to adjustment as the remaining assets of the corporation are
liquidated.
While the Congress granted large powers to the corporation, it
contemplated the repayment of its advances and stipulated that they
be fully and adequately secured in each instance. The emergency
situations with which the corporation had to deal were fraught with
the risk of large losses and this is particularly true with respect to
its advances for agricultural purposes which it was necessary to
make quickly and on a large scale. Applications for loans and the
working out of distressed situations were considered with the fullest
measure of sympathy permissible under law and in keeping with
sound principles in order that the greatest relief possible by the extension of credit might be given. The liquidation of the corporation
has been conducted in an orderly manner and every endeavor made
to assist borrowers who had a chance to work out of their difficulties.
No attempt has been made to make a profit for the Government, but
every effort has been made to render the maximum of assistance
without loss to the Government.
The earnings of the corporation can not be construed as profits to
the Government because a computation in this connection must take
into account the cost of the money to the Treasury which furnished
all the capital of the corporation. If the Treasury had not been
called upon to supply funds to the corporation, its current borrowings
in the market on the basis of interest-bearing obligations, of course,
would have been correspondingly less. Taking all factors into
account, it is estimated that when the business of the corporation is
finally liquidated, the Treasury will have been reimbursed for its
purchase of the capital stock of the corporation and in addition for
the approximate cost of the funds furnished by the Government. In
other words, the loaning operations of the corporation will have been
conducted substantially at cost to the Government.
The earnings of the corporation represent the income received from
interest on Government securities purchased by it from time to time
and on all loans made by it since its organization in 1918, including
its war loans, its export loans, and its agricultural and livestock loans,




4

ANNUAL REPORT OF TIIE WAR FINANCE CORPORATION

after deducting operating expenses and charges to profit and loss. I t
may be stated, as has been said in previous reports of the corporation,
that the cost of making and administering the agricultural and livestock loans of the corporation was considerably greater than that of
the other business of the corporation.
REPAYMENTS DURING THE YEAR

Repayments received and applied on agricultural and livestock
loans from December 1, 1928, to November 30, 1929, totaled $191,800
of which $181,800 was repaid on advances to banking institutions,
and $10,000 on advances to livestock loan companies. In addition,
expense advances were repaid in the amount of $11,000 and $19,700
was repaid on the corporation's war loans, bringing the total repayments for the year of amounts advanced to $222,500.
The corporation having entered upon the period of liquidation on
January 1, 1925, the only advances that have been made since t h a t
date are those designated as "Expense advances"; that is, advances
necessary for the care and preservation of the corporation's security
incident to the orderly liquidation of its assets and the winding up
of its affairs. No such advances were made during the year covered
by this report.
On November 30, 1929, the loans and expense advances outstanding on the corporation's books totaled $337,000 (principal amount),
as follows: War loans, $170,500; agricultural and livestock loans,
$166,500 (including expense advances of $3,400).
Statements showing the condition of the corporation at the close
of business November 30, 1929, and receipts and disbursements from
December 1, 1928, to November 30, 1929, are attached to this report
as Exhibits F and G.
AGRICULTURAL AND LIVESTOCK LOANS

Under the agricultural credits act of August 24, 1921, as amended,
the corporation approved advances for agricultural and livestock
purposes in the aggregate amount of $479,642,000—$188,550,000 to
banking institutions, $93,765,000 to livestock loan companies, and
$197,327,000 to cooperative marketing associations. Of the total
amount approved, $298,659,000 was advanced—$172,114,000 to
banking institutions, $88,020,000 to livestock loan companies, and
$38,525,000 to cooperative marketing associations.
Repayments on account of these advances to November 30, 1929,
aggregated $296,711,000, representing 99.3 per cent of the amount
advanced. Of the total, $170,833,000 was repaid on advances to
banking institutions, $87,353,000 on advances to livestock loan companies, and $38,525,000 on advances to cooperative marketing associations. The amount carried on the corporation's books on November 30, 1929, was $166,500, distributed as follows: Banking institutions, $63,900, and livestock loan companies, $102,600. The
advances made by the corporation in 14 States—Arkansas, Florida,
Illinois, Indiana, Kentucky, Louisiana, Michigan, Mississippi, Nevada, Ohio, Utah, Virginia, Washington, and Wyoming—have been
repaid in full, principal and interest, while in the cases of 9 States—
Arizona, Colorado, Iowa, Kansas, Minnesota, North Carolina, Okla-




ANNUAL REPORT OF THE WAR FINANCE CORPORATION

5

homa, Oregon, and Texas—the corporation's advances have been
liquidated, principal of $263,000 having been charged to profit and
loss.
The above figures and those which follow include the original loans
and expense advances made in connection therewith. In the text of
this report, and in the accompanying tables, the balances outstanding
represent only the principal amounts carried on the corporation's
books on November 30, 1929, after deducting repayments and
charges to profit and loss.
The tables included in Exhibit B, attached to the report, show in
detail the operations of the corporation under the act of August 24,
1921, as amended.
LOANS TO BANKS

I n all, the corporation made loans for agricultural and livestock
purposes aggregating $172,114,000 to 4,317 banking institutions in
37 States. Of these, 674, or 15.6 per cent, were national banks and
3,643, or 84.4 per cent, were State banks. Of the State banks, 213
were members of the Federal reserve system. The advances to
national banks, amounting to $33,763,000, constituted 19.6 per cent
of the total, and the advances to State banks, totaling $138,351,000,
equaled 80.4 per cent.
On November 30, 1929, the advances made to 4,136 banks (656
national and 3,480 State), totaling $164,051,000, had been paid in
full, principal and interest. Of these, 3,524 were going banks, to
which $140,800,000 was advanced; 558 were banks which had received
advances amounting to $21,300,000 and which later closed; 50 were
banks which suspended but subsequently resumed business and to
which $1,829,000 was advanced; and 4 were banks which took over
the balances due from closed banks on advances aggregating $122,000.
I n addition, advances totaling $4,842,000 to 114 banks had been
liquidated, principal of $501,000 in these cases having been charged
to profit and loss, and the 67 banks (5 national and 62 State, all closed)
still indebted to the corporation, had repaid $2,441,000 out of aggregate advances of $3,221,000. In the case of 35 closed banks, $537,000,
representing part of the balances due on principal, has been charged
to profit and loss, while in the case of 31 closed banks, the balances
due on principal, aggregating $179,000, have been charged to profit
and loss. I n the case of the remaining bank no part of the principal
has been charged to profit and loss.
The advances to banks carried on the corporation's books on
November 30, 1929, totaled $64,000 to 36 closed banks (2 national
and 34 State).
During the year, the number of banks indebted to the corporation
was reduced by 45, not including 31 closed banks where the balances
due on principal have been charged to profit and loss.
The statistics in this report regarding loans to banks include loans
t o all banking and financing institutions other than livestock loan
companies.
LOANS TO LIVESTOCK LOAN COMPANIES

I n addition to the loans to banks, the corporation made advances
to 114 livestock loan companies in 20 States, aggregating $88,020,000.
On November 30, 1929, the advances to 111 loan companies, totaling




6

ANNUAL REPORT OF T H E WAR FINANCE CORPORATION

$77,500,000, had been liquidated, principal of $280,000 having been
charged to profit and loss in the case of 8 companies. The remaining
companies, numbering 3, had repaid $10,135,000 out of total advances
to them of $10,520,000, and in these cases principal of $284,000 has
been charged to profit and loss. The balances outstanding on the
corporation's books on November 30, 1929, was $102,600. The number of loan companies indebted to the corporation was reduced by 3
during the year.
LOANS TO COOPERATIVE MARKETING ASSOCIATIONS

From January 4, 1921, to December 31, 1924, the corporation
authorized advances totaling $202,590,000 to 33 cooperative marketing associations in 20 States in order to finance the orderly marketing
of wheat, cotton, tobacco, rice, and other staple agricultural commodities. Of this amount, $5,262,000 was authorized under the
corporation's export loan authority prior to the passage of the agricultural credits act of August 24, 1921, and $197,327,000 under the
provisions of that act. Altogether, the associations used only $41,162,000 of the commitments from the corporation, as they were able
to finance the greater part of their requirements through the normal
banking channels. All the advances outstanding to cooperative
marketing associations were repaid prior to November 30, 1927.
LOANS FOR EXPORT PURPOSES

Export loans approved by the corporation after its resumed operations in January, 1921, totaled $58,374,000—$43,379,000 to banking
and financing institutions, $9,733,000 to exporters, and $5,262,000 to
cooperative marketing associations. Of the total amount approved,
$5,778,000 represented advances authorized on grain, $3,246,000 on
tobacco, $40,759,000 on cotton, $3,120,000 on other agricultural
products, and $5,471,000 on manufactured articles. Against these
commitments there was advanced a total of $38,654,000—$28,469,000 to banking and financing institutions, $7,547,000 to exporters,
and $2,638,000 to cooperative marketing associations. The entire
amount of these advances has been repaid, with the exception of
$345.45 charged to profit and loss.
Exhibit C, attached to this report, shows the export advances by
the corporation after the resumption of operations in January, 1921.
As indicated in previous annual reports, the loans made under the
corporation's export loan authority prior to the suspension of activities in May, 1920, amounting to $46,348,000, were paid in full before
November 30, 1922.
SUMMARY OF OPERATION SINCE JANUARY, 1921

After the corporation resumed operations in January, 1921, it
approved advances aggregating $479,642,000 for agricultural and
livestock purposes and $58,374,000 for export purposes, or a total of
$538,016,000.
Of the amount approved, $337,313,000 was advanced—$298,659,000 for agricultural and livestock purposes and $38,654,000 for
export purposes.
Hepayments on these loans to November 30, 1929, totaled $335,364,000. Of this amount, $296,711,000 was repaid on agricultural



AN3STUAL KEPOKT OF T H E WAR FINANCE CORPORATION

7

Bnd livestock loans and $38,653,000 on export loans. In addition,
the corporation has received since January, 1921, repayments aggregating $74,792,000 on loans made under its war powers and $35,636,000 on the loans made under its export loan authority prior to
the suspension of operations in May, 1920, bringing the total repaym e n t s on all loans since the resumption of operations to $445,792,000.
Exhibit A, attached to this report, includes a summary of advances
for export and agricultural and livestock purposes under sections
2 1 , 22, and 24 of the War Finance Corporation act, as amended, from
J a n u a r y 4, 1921, to November 30, 1929, inclusive. Exhibit D shows
the total advances made by the corporation from M a y 20, 1918, on
which date it was authorized by the President to commence business,
to November 30, 1929, as well as the amounts outstanding on the
corporation's books on the latter date.
LOANS UNDER THE W A R POWERS

Of the loans made by the corporation under its war powers, $170,500
(principal amount) was carried on the books of the corporation on
November 30, 1929, in war-loan liquidation account. This amount
represents the balance due on the security taken by the corporation
In the reorganization of an industrial company which received an
advance during the war.
DISCONTINUANCE OF AGRICULTURAL LOAN AGENCIES AND REDUCTION
OF EXPENSES

As indicated in previous reports, when the work under the act of
August 24, 1921, was begun, 33 agricultural loan agencies were established in the various sections of the country. On November 30,
1929, only two agencies, Atlanta, Ga., and Santa Fe, N . Mex., were in
active operation. In addition, a small amount was outstanding
through the St. Louis, Mo., agency. The remaining 30 agencies
had been discontinued and the supervision of outstanding loans, if
any, transferred to other agencies or to Washington. Included in
this number were two agencies which were discontinued during the
year covered by this report, the Portland, Oreg., agency, which was
discontinued on December 11, 1928, and the Minneapolis, Minn.,
agency, which was discontinued on April 30, 1929, and the supervision of its remaining business transferred to Washington. The
Atlanta, Ga., agency was discontinued as of January 15, 1930, and
the supervision of its remaining business transferred to Washington.
A statement showing the headquarters of the agricultural loan agencies as of November 30, 1929, and the personnel of the committees
in charge of them is attached to this report as Exhibit K. The
exhibit also contains a list of the agencies discontinued or consolidated
with others.
Following its customary policy, the corporation has continued to
reduce its operating expenses and personnel, both in Washington
and in the field, as rapidly as consistent with the requirements of the
work and the protection of its interests. On December 1, 1929, the
salaried staff in Washington numbered 6, compared with 14 on December 1, 1928; 26 on December 1, 1927; 49 on December 1, 1926; 98 on
December 1, 1925; 159 on December 1, 1924; 265 on December 1,
98404—30




2

8

ANNUAL REPORT OF THE WAR FINANCE CORPORATION

1923; 373 on December 1, 1922; and 406 at the peak of the work
under the act of August 24, 1921. The field staff, other than members of local committees who served without compensation, numbered
5 on December 1, 1929, compared with 13 on December 1, 1928; 53
on December 1, 1927; 75 on December 1, 1926; 143 on December 1,
1925; 237 on December 1, 1924; 298 on December 1, 1923; and 273 on
December 1, 1922.
PERSONNEL

As previously stated, Eugene Meyer resigned as a member of the
liquidating committee on M a y 10, 1929, upon the occasion of his
resignation as farm loan commissioner and member of the Federal
Farm Loan Board. With the exception of the period from M a y f
1920, when the activities of the corporation were suspended, to
March, 1921, Mr. Meyer served as a director of the corporation
from the beginning of its operations in May, 1918, to the time its
liquidation was turned over to the Secretary of the Treasury in
April, 1929, when he was appointed chairman of the liquidating
committee. Excepting* the period mentioned above, he served as
managing director from January, 1919, to April, 1929.
R. Reyburn Burklin, secretary and treasurer, resigned on M a y 1,
1929, and was succeeded by R. A. Brownell, who previously had
been secretary of the Minneapolis agency of the corporation.
A.

W.

MELLON,

Secretary of the
G. R.
F . R.

COOKSEY,
HARRISON,

Chairman,

Liquidating
The

Committee.

SPEAKER OF THE H O U S E OF REPRESENTATIVES.




Treasury.

ANNUAL REPORT OF THE WAR FINANCE CORPORATION

9

EXHIBIT A

Summary
of advances for export and agricultural
and livestock purposes
under
sections 21, 22, and 2J+ of the War Finance Corporation act, as amended, from
1
January 4, 1921, to Noiember 30, 1929 inclusive
T A B L E 12
Advances apAdvances made
proved

Repayments

AGRICULTURAL AND LIVESTOCK
ADVANCES

T o b a n k i n g a n d financing i n s t i t u t i o n s . __ !$188, 482, 914.04 $172,047,085. 04 $170, 773,096. 66
60,076.13
67, 398.14
Expense advances
67, 398.14
85, 750,105. 36
92,160, 995. 71
86,416, 247. 63
T o livestock loan c o m p a n i e s
1, 603, 333. 68
1, 603, 333. 68
1, 603, 333. 68
Expense advances
38, 524, 629. 80
*197,327,450.10
38, 524, 629. 80
T o cooperative m a r k e t i n g associations
479, 642, 091. 67
EXPORT

298, 658, 694. 29

16,711,241.63

9, 732, 608.89
5, 262,183. 90
43.379,462. 38

7, 546, 902. 24
2, 637, 755. 52
28,468, 882. 06

7, 546, 556. 79
2, 637, 755. 52
28, 468, 882.06

58,374,255.17

Total

38,653,539.82 I 38,653,194.37

ADVANCES

T o exporters
T o cooperative m a r k e t i n g associations
T o b a n k i n g a n d financing i n s t i t u t i o n s
Total-

Total .

9, 732,
202, 589, 634.00
231, 862, 376. 42
67, 398.14
92,160, 995. 71
1, 603, 333. 68

7, 546, 902. 24
41,162, 385. 32
200, 515, 967.10
67, 398.14
86, 416, 247. 63
1, 603, 333. 68

7, 546, 556. 79
41,162, 385. 32
199, 241, 978. 72
60,076.13
85, 750,105. 36
1, 603,333. 68

538,016, 346. 84

T o exporters
T o cooperative m a r k e t i n g associations.._
T o b a n k i n g a n d financing i n s t i t u t i o n s . _.
Expense advances
T o livestock loan c o m p a n i e s
Expense advances

337, 312, 234.11

335,364, 436.00

T A B L E II
Advances apAdvances made
proved

Repayments

Outstanding
N o v . 30,1929 3

AGRICULTURAL AND LIVESTOCK
ADVANCES

Grain
Cotton
S u g a r beets
S u g a r cane
Rice
C a n n e d fruits
D r i e d fruits
__
Peanuts
Tobacco
Hay
Seeds
G e n e r a l agricultural purposes
Expense advances
Livestock
E x p e n s e a d v a n c e s ___
Total

._ $36, 790,189.31
86,847, 626. 79
11,458,000.00
35,000.00
13, 250,000.00
300,000. 00
1, 250,000.00
2,044, 634.00
56, 500,000.00
260,000.00
50,000.00
162, 804, 501. 24
67, 398.14
106, 381, 408. 51
1,603, 333. 68
479,642,091. 67

$2, 543, 391. 80
16, 311, 237. 43
11,458,000.00
35,000. 00
6, 795, 304. 71
293, 242. 07

$2, 543,391.80
16,311,237.43
11,458,000.00
35,000.00
6, 795, 304. 71
293, 242.07

1,319,034. 99
11, 227,418. 80

1, 319,034. 99
11, 227,418. 80

154,088, 681.12
67, 398.14
92, 916, 651. 55
1, 603, 333. 68

152, 813,922. 74
60,846.13
92, 250, 509. 28
1, 603, 333.68

$60, 531.37
3,406.12
102, 604. 56

298, 658, 694. 29

296, 711,241. 63

166, 542.05

i T h e a u t h o r i t y of t h e W a r F i n a n c e C o r p o r a t i o n t o m a k e n e w loans expired on D e c . 31,1924. Since t h a t
d a t e t h e o n l y a d v a n c e s t h a t h a v e b e e n m a d e are those d e s i g n a t e d as " e x p e n s e a d v a n c e s , " t h a t is, advances
necessary for t h e care a n d p r e s e r v a t i o n of t h e c o r p o r a t i o n ' s s e c u r i t y .
2
I n a n u m b e r of instances renewals of o u t s t a n d i n g loans w e r e i n c l u d e d i n n e w applications a n d t h e funds
a d v a n c e d u n d e r t h e l a t t e r were u s e d , in w h o l e or i n p a r t , t o retire t h e o u t s t a n d i n g balances. I n t h i s a n d t h e
following t a b l e s all a m o u n t s representing renewals h a v e b e e n e l i m i n a t e d a n d o n l y t h e net additional a m o u n t s
a p p r o v e d , or a d v a n c e d , are i n c l u d e d .
3 T h e balances o u t s t a n d i n g on N o v . 30,1929, represent t h e p r i n c i p a l a m o u n t s carried on t h e corporation's
b o o k s on t h a t d a t e after d e d u c t i n g r e p a y m e n t s a n d charges t o profit a n d loss.
4
I n c l u d e s applications t o t a l i n g $9,417,601.54 w h i c h w e r e a p p r o v e d b y t h e corporation b u t s u b s e q u e n t l y
w i t h d r a w n b y the applicants.




10

ANNUAL REPORT OF T H E WAR FINANCE CORPORATION"

Summary of advances for export and agricultural and livestock purposes
under
sections 21, 22, and 24 of the War Finance Corporation act, as amended, from
January 4, 1921, to November 30, 1929,
inclusive—Continued
TABLE II—Continued
Advances ap- Advances made
proved
EXPORT ADVANCES
Cotton
..
Grain
C a n n e d fruits
Tobacco
_ __
Meat products
_
C ondensed m i l k
Textile p r o d u c t s
Sheet steel
Copper
_ ___
Sugar-mill m a c h i n e r y . .
Agricultural m a c h i n e r y
Railroad e q u i p m e n t .
_
Lumber.
_

Outstanding
N o v . 30,1929

Repayments

$26, 561,441. 83
3,277,810. 69
325,060. 62
2,417, 660. 32
1,000,000.00
1,000,000.00
250,000.00
180,000.00
145,600.00
470, 966.36

$26, 561,441.83
3,277, 810. 69
325,060. 62
2,417,314. 87
1,000,000. 00
1,000,000.00
250,000.00
180,000.00
145,600.00
470, 966.36

2,925,000.00
100,000.00

2,925,000. 00
100,000.00

58,374,255.17

38,653,539.82

38,653,194.37

___ 127,606,135.14
42, 568,000.00
11,458,000.00
_ _._
35,000. 00
13,250,000.00
1,420,000.00
1,250,000.00
2,044, 634.00
59, 746, 369. 77
260,000.00
50,000. 00
__
1,000,000.00
1,000,000.00
250,000.00
180,000.00
145,600. 00
470,966. 36
500,000.00
2,925,000.00
__
1,000,000.00
162,804, 501. 24
67,398.14
106, 381,408. 51
1, 603, 333. 68
.

42,872,679.26
5,821,202.49
11,458,000.00
35,000.00
6, 795, 304. 71
618, 302.69

42,872,679.26
5,821,202.49
11,458,000.00
35,000.00
6, 795,304. 71
618,302.69

1,319,034.99
13, 645,079.12

I, 319,034.99
13,644, 733. 67

1,000,000.00
1,000,000.00
250,000.00
180,000.00
145, 600.00
470, 966.36

1,000,000. 00
1, 000,000.00
250,000.00
180,000.00
145, 600.00
470,966. 36

2,925,000.00
100,000.00
154,088, 681.12
67,398.14
92,916, 651. 55
1,603, 333. 68

2, 925,000.00
100,000.00
152,813, 922. 74
60,846.13
92, 250, 509. 28
1, 603, 333. 68

$60,531.37
3,406.12
102, 604. 56

538,016, 346. 84

__

$40,758,508.35
5, 777,810.69
1,120,000.00
3,246,369.77
1,000,000.00
.__
1,000,000.00
250,000.00
__
180,000,00
145,600.00
_
470, 966.36
500,000.00
2,925,000.00
1,000,000.00

337,312, 234.11

335, 364,436.00

166, 542.05

Total
TOTAL
_

Cotton
Grain
Sugar beets
Sugarcane
Rice
_
C a n n e d fruits
D r i e d fruits
Peanuts...
_
Tobacco
_
_
Hay
Seeds
Meat products
Condensed m i l k . .
Textile p r o d u c t s
Sheet steel
Copper
Sugar-mill m a c n i n e r y
Agricultural m a c h i n e r y
Railroad e q u i p m e n t
Lumber
General a g r i c u l t u r a l p u r p o s e s
Expense advances
_
Livestock
...
Expense advances

__
_

Total...

EXHIBT B
Advances

for

"agricultural
and livestock purposes"
under section
August 24, 1921, to November 30, 1929, inclusive

24 {par.

I),1

TABLE I
Advances approved
Classification

T o b a n k i n g a n d financing in[ stitutions
Expense advances
T o livestock l o a n c o m p a n i e s . . _
Expense advances
T o cooperative m a r k e t i n g as^ sociations
_
Total

Number
of applications

Advances made

Repayments

Outstanding
N o v . 30, 1929

Amount

7,081 $188,482,914.04 $172,047,085.04 $170, 773,096. 66
67,398.14
60,076.13
67,398.14
85, 750,105. 36
86,416,247.36
1,619
92,160,995. 71
1,603,333. 68
1,603,333.68
1, 603,333. 68
49

197,327,450.10

38,524,629.80

38,524,629.80

8,749

479,642,091.67

298,658,694. 29

296, 711,241. 63

$60,531.37
3,406.12
102,604.56

166,542.05

i Section 24 was added to the original War Finance Corporation act by the agricultural credits act of
Aug. 24, 1921.



A N N U A L R E P O R T OF T H E

WAR F I N A N C E

CORPORATION

11

Advances for "agricultural and livestock purposes" under section 2J+ (par. 1),
August 24, 1921, to November 30, 1929, inclusive—Continued
TABLE II
Advances approved
Classification

Number
of applications

Grain
__
Cotton
Sugar beets__
_
Sugarcane
Rice
Canned fruits
Dried fruits
Peanuts
Tobacco
Hay
Seeds
General agricultural purposes
E xpense advances
Livestock
.
Expense advances
TotaL

Amount

Advances made

Repayments

$36, 790,189. 31 $2, 543, 391. 80 $2, 543, 391. 80
16, 311, 237. 43
16, 311, 237.43
86,847, 626. 79
11,458,000.00
11,485,000. 00 11,458, 000. 00
35,000.00
35,000.00
35,000. 00
6, 795, 304. 71
6, 795,304. 71
13,250,000. 00
293, 242.07
293, 242. 07
300,000.00
1,250,000. 00
1,319,034.99
1, 319,034. 99
2,044, 634.00
11, 227,418.80
11, 227,418.80
56, 500,000.00
260, 000.00
50,000.00
162,804,501. 24 154,088, 681.12 152,813,922. 74
67,398.14
60,846.13
67, 398.14
106,381, 408. 51 92,916,651. 55 92, 250, 509. 28
1,603, 333. 68
1, 603, 333. 68
1, 603,333. 68
479,642,091.67 298,658, 694. 29 296, 711,241. 63

Outstanding at
end of month

$60,531.37
3,406.12
102,604.56
166,542.05

TABLE III
[Advances, by months, to banking and financing institutions including expense advances shown i n
Table XI]

Month

October
NovemberDecember...
Total-

Advances approved
Number
of applications

1922

January
February...
March
April
May._
June
July
August
September..
October
November..
December...
Total _

1,185, 092.95
37, 637,399.97 32,989,
2,350, 312.45
26,775,817. 31 22,461,
5, 750,373.72
27,883, 267.67
19,790,424.23
5,832, 034. 70
449
12,106, 278. 50
11,489,874.32
7,738, 502. 73
8, 232,622. 26
304
6,926, 664.42
6,152, 007.89
141
3,761, 657.05
2,504,299.79
6,480, 336.97
94
2, 228,375.01
1,329, 553. 64
8,035, 178. 65
1,485, 720.24
35
686,656.22
173.45
6, 762,
507, 548.17
13
479, 281.77
i 47 11,1,68,425.42
.
273,
54,394.32
11
933. 32
8,909,739.95
1, 548,
25,201. 78
6,812, 170. 25
249,951.10
46, 385.60
109,255,476. 71 112, 219,012. 07 77,176, 349.13

87,012. 315. 21
107,123, 266. 75
129, 256,160.70
135, 530,404.50
134, 718,566.19
132,328, 215.35
128,076, 253.39
121,526, 794.98
115, 272,169.70
104, 377,572. 75
97,016, 766.12
90,250, 981.47
90, 250,981.47

1,470
1,158
910

109

165,553.18
56,151.41
165,011.82
380,729.14
55,904.19
243,032.22
100,678.32
92,449. 75
129, 546.32
90, 039.90
28, 385.50
66,927.34
1, 574,409.09

148, 734.80
100,669. 22
37,842.23
59,549.00
81,685.70
109,421. 97
24,794. 38
90,487.92
133, 766. 59
308, 518.12
45,985. 50
46,028. 37
1,187,483.80

129,383.91
1,474,713.51
747,654.30
188,329.08
589,528.07
116,417.90
130,563.47
1,154,590.86

276

22,928.73
44,009.57
20,017.75
4,618,137 15

8

522, 710.08
1,097,506.69
520,356.20
355,661.14
248,396.54
224,406. 73
43,405.58
104,187.86
7,571.02
7,277.71
69,427. 85
3,200,907.40

8,463,497.32
6, 233,
623. 20
6,677, 759.61
4, 764,191.43
4,196, 525.85
2,893, 690.84
2,179,819.46
2,120,455. 27
2,422, 861. 67
4,170,862. 79
3, 563, 897. 39
2,963,970.43
50,651,155. 26

81,936, 218.95
75,803, 264.97
69,163, 347.59
64,458, 705.16
60,343, 865.01
57,559, 596.14
55,404, 571.06
53,374, 603. 71
51,085, 508.63
47, 223,163.96
,43, 705,252.' 07
,40,787, 310.01
40,787,310.01

1, 289,162.61
308.36
1, 248,
1,151,852.64
1,113,092.14
895, 296.31
789, 501.85
830, 224.77
1,057, 501.23
2,008, 703.40
4,178, 822.35
3,892,479.82
4,045,907.58

39„498, 147.40
38,772, 549.12
38,718, 203.17
38,1125, 467.23
37, 585,832.06
37,044, 726. 75
36,438, 908. 71
35,424, 813.06
33,520, 297.43
29,349, 046.10
25,463, 843.99
21,487, 364.26
21,487,364.26

22,500,853.15

includes expense advances aggregating $24,524.85 made prior to D e c 31* 1924*




Outstanding at
end of month

$1,278,500.00
20,842, 505.44
55,208.318. 53
55, 208,318. 53

$1,278.500.00
19,647,980.44
34,537, 726.19
55,464,206.63

1924

January...
February
March
April
May
June__
July
August
September-.
October
November..
December. _.
Total.

Repayments

$83,975.00
171,913.10
255,888.10

723
1,340
2,089

January...
February
March
April
May
June
July
August
September..
October
November...
December...
TotaL.

$2,131,118.00
29, 352,312.14
41,575,985.81
73,059,415.95

Advances made

12

A N N U A L REPORT OF T H E

WAR F I N A N C E

CORPORATION

Advances for uagricultural and livestock purposes,x under section 24 (par. 1)>
August 24, 1921, to November 80, 1929, inclusive—Continued
TABLE III—Continued
[Advances, by months, to banking and financing institutions including expense advances shown in
Table XI]
Advances approved
Month

Number
of a p p l i 1 cations

1925
January
February...
March
_
April
___
May
_
June
July__._
August
_
September
October
___
November
December...
Total
1926
January
February..
March
April
May
June
_
July
August
September
October
November
_
December.
_
Total
1927
January
February
March
A p r i l . . . _.
May.
June
July
August
September
October
November

Advances made

3 $300.00
150.00
2,623.62
1,893.98
1,494.27
1,206. 30
951. 69
381. 25
334.58
396. 59
31.00
126. 09
9,889. 37

3 $300.00
150.00
2,623.62
1,893.98
1,494.27
1,206. 30
951. 69
381. 25
334. 58
396. 59
31.00
126. 09
9,889. 37

$1,557,881.43
1,359,359.03
1,572,016.88
1,042,665.34
894,836.04
934,661. 64
674,086. 25
678, 712.06
1,189,994.36
1, 267,042. 57
1,104,457. 76
1,687,419.21
13, 963,132. 57

$19,929,782.83
18,570,573.80
17,001,180. 54
15,960,409.18
15,067,067. 41
14,133,612.07
13, 460,477. 51
12, 782,146.70
11,592,486.92
10,325, 840.94
9,221,414.18
7, 534,121. 06
7, 534,121. 06

134.96
396.55
40.00
100. 00
292. 50
617.97
304.06
942.37

52.25
2,880. 66

52.25
2,880.66

603, 605.32
593,287.06
524, 838.13
401,002.36
291, 744. 94
206,490. 40
209,274. 76
197, 709.48
237,038. 93
246,149. 61
285,462. 78
247,999. 65
4,044,603.42

6, 930, 650. 70
6, 331, 295.92
5,806,497. 79
5,404,245.43
5,112,503.77
4,883,891.61
4,671,935.87
4,469,060. 54
4, 232,021. 61
3,985,872. 00
3,686,342. 53
3,424,323.85
3,424,323.85

11,522.19

11,522.19

2,595.78
7,916.22
2,155.10
797.17
2,221. 54
2,500.00
40.71
254.54

2,595.78
7,916.22
2,155.10
797.17
2,221.54
2,500.00
40.71
254.54

30,003.25

30,003.25 j

129,232.15
139,086. 85
155, 704. 50
104,712.56
81,015.62
73,380.18
78,547.20
84, 748. 96
77,557.64
100,666.37
179,620.33
125, 741.65
1,330,014.01

3,277,591. 70
3,145,032.76
2,989,328.26
2,887,211.48
2,814,112.08
2,742,970. 30
2,665,220.27
2,562. 293.41
2,487,235.77
2,386,610.11
1,110,649.49
986,708.60
986,708.60
911,753.31
826,989.99
711,506. 58
631,822.08
591,251.37
567,786.88
502,105.96
467,864.73
303,937.33
272,867.53
241,241.90
211, 257. 59
211, 257. 59
201, 255. 93
163, 352. 36
113, 519. 76
109,758.92
104,122.78
103, 021. 73
102,680.85
98,452.99
95, 889. 34
92,197. 93
63, 937. 49
63,937.49

1928
...
. . . .

100.00

100.00

100. 00

100. 00

74,557. 79
86,505.43
118,780.07
80,466.26
46,246.83
24,420.34
61,686. 28
35,596.41
131,177.19
32,637.03
35, 800.63
29, 779. 20
757, 653.46

172,114, 483.18

8, 817. 38
41, 640. 81
44, 051.66
8, 520. 27
5, 890. 33
1,159. 85
442.78
5, 269.46
4, 766. 92
3, 761. 41
29,202.82
153, 523. 69
170, 833,172. 79

_
_

Total1929
March
April _ _
May
June ..
July
August
September
October.

Grand total
3

Outstanding at
e n d of m o n t h

134.96
396. 55
40.00
100.00
292. 50
617.97
304. 06
942.37

!

Total
January
February
March
_
April.
May.
June
July
August
September
October
November

Repayments

Amount

7,081

r

"T»S,550, 312.18

Only expense advances have been made since Dec. 31,1924.




63,937.49

ANNUAL REPORT OF THE WAR FINANCE CORPORATION

13

Advances for "agricultural and livestock purposes" under section 24 (par. 1),
August 24> 1921, to November SO, 1929, inclusive—Continued
TABLE IV
[Advances, by months, to livestock loan companies, including expense advances shown in Table XI]
Advances approved
Month

October
November
December

1921

Number
of applications

.
.

-

1

Total
January
February
March
April
May
June
July..
August
September
October
November
December

6
67
99

.

1922

-

Outstanding at
end of month

$837,472.98
10,104,476.14
13,808,182.47

$437,472.98
8,459,777.83
10,450,019.74

$19,794.51
171,149.85

$437,472.98
8,877,456.30
19,156,326.19

190,944.36 1

19,156,326.19

172 1 24, 750,131.59 1 19,347, 270.55 1

837
1923

53,116,839.90

30,080,646.84
386,043.33
339,359.48
41,597,058.90
898, 728.70
49,923,262.49
54,244,514.01
863,447.60
59,560,497.22
2,778,368.14
60,434,365.88
1.948.307.98
60,736,603.60
1,361,020.49
58,526,057.35
3,819,321.28
2,254, 762.49 1 56,871, 765.47
53,356,370.37
3,840,909.83
49, 322, 979.83
4.135.970.99
46,487,115.74
3,446.465.98

53,403,495.84

26,072, 706.29

46,487,115.74

38
53
44
26
31
26
13
7
31
18
8
30

1924

-.

603,419.24
1,450,106.37
549, 750. 71
316,847. 22
314, 779.46
468,739. 58
263,472.43
56,118.17
1, 710,962.88
230,877.81
268,038.24
1,118,223.64

1,653,078.13
800,121.40
1,025,444.35
709,194.57
199,622.53
617, 502.64
127,196.24
374, 704.66
166,418.87
439,134.36
191,315.28
887,717.97

3,003,112.59
1,909,326.66
1,869,168.41
1,944,946.89
1,454,188.75
1, 788,049.87
1,087,547.69
1,893,631.46
1,965, 204.17
3,376, 732.92
3,004,458.38
3,264,330.51

45,137,081.28
44,027.876.02
43,184,151.96
41,948,399.64
40,693,833.42
39,523,286.19
38, 562,934.74
37,044,007.94
35,245,222.64
32,307,624.08
29,494,480.98
27,117,868.44

325

„

Total
January
February
March
April
May
June
July
August
September
October
November
December

Repayments

11,310,363.98
161 12,814,353.74
11,855, 771. 54
168 11,340,475.48
9,224,932.29 1
120 1 7, 582,865.60
110 1 7,070, 762.17
5,184, 699.12
88
4, 518,925.64 1 8,094,351.35
50
2,822,176. 64
2,631,194.47
29
1, 663,258.21 !
1, 573,359.74
30
1,608,775.03
840,188.00
16
600,470. 61
370, 714.61
10
325, 514. 73
304,350.06
19
102, 580.45
2,450, 729.22
36
610, 601.89
1, 618,921.17

Total
January
February
March
April
May
June
July
August
September
October
November
December

Advances mad€
Amount

7,351,335. 75

7,191,451.00

26,560,698.30

27,117,868.44

32
35
53
25
23
21
15
12
6
10
20
33 |

1,820,899.25
744, 762.65
1,311,304.59
242,394.08
262,102.00
279,487.64
279,335.03
354,290.70
71,788.24 j
123,768.11
701,772.40 |
798,593.88

434,853. 72
830,270.08
1,288,207.44
746,334.99
533,947.27
226,301.81
202,879. 57
267,734.09
229,550.26 j
117,513.00
450,871.47 j
1,193,376.64

973,650.41
1,233,141.82
879,780.10
522,099.84
1,307,811.22
811,644.88
838,413.53
993,907.19
1,018,467.00
2,308,803.27
2,583,338.15 i
2,516,185.85

26,579,071.75
26,176,200.01
26, 584,627.35
26,808,862.50
26,034,998.55
25,449,655.48
24,814,121.52
24,087,948.42
23,299,031.68
21,107, 741.41
18,975,274.73
17,652,465.52

6,990,498.57 j * 6, 521,840. 34

15,987,243.26

17,652.465.52

« 113, 626. 55
152,019.36
101,529.09
51,932.51
150,052.77
67,039.02
61,981.24
35,687.11
57,920.38
49,451.71
30,016.31
57,047.73

537,861.57
667,978.84
499,392.06
1,108,587.59
442,121.85
776,566.19
563,^847.70
581,978.59
910,794.31
1,182,887.42
1,297,341.53
2,474,200.59

17,228,230.50
16,712,271.02
16,314,408.05
15,257,752.97
14,965,683.89
14,256,156. 72
13,754,290.26
13,207,998.78
12,355,124.85
11,221, 689.14
9,954,363.92
7, 537,211.06

928,303.78
11,043,558.24
1
=
" * Includes expense advances aggregating $47,810.10 made prior to Dec. 31,1924i
U Only expense advances have been made since Dec. 31, 1924.

7,537,211.06

Total
January
February
March
April
May
June
July
August
September
October. _
November
December

285
1925

Total




« 113, 626. 55
152,019.36
101,529.09
51,932.51
150,052.77
67,039.02
61,981.24 1
35,687.11
57,920.38
49,451.71
30,016.31
57,047.73
L

=

928,303. 78

14

ANNUAL REPORT OF THE WAR FINANCE CORPORATION

Advances for "agricultural and livestock purposes" under section 24 (par. 1}^
August 24, 1921, to November 30, 1929, inclusive—Continued
TABLE IV—Continued
[Advances, by months, to livestock loan companies, including expense advances shown in Table XI]•
Advances approved
Month

Advances made

Number
of applications

Repayments

Amount

Outstanding air
end of month

1926
$7,253,367.05
$310,109.23
7,087,525.21
196,498.44
6,846,592. «a
265,208.08
6,787,970.77
87,988.15
6,450,836.27
392,S40.83
5,998,076.97
469,084.19
207,122.36
5,834,247.42
113,519.83
5,739,342.90
658,976.15 1 5,101,755.80
213,863. 51
4,929,482.76
434,959.83
4,500,853.98
505,381.34
4,033,478.58-

$26,265.22
30,656.60
24,275.50
29,366.29
55,706.33
17,869.72
43,292.81
18,615.31
21,389.05
41,590.47
6,331.05
38,005.94
353,364.29
1927
t

Total

353,364.29

3,855,551.94

4, P33; 478.5£

4,887.04
30,469.35
237.01
17.085.14
15,193.13
20.422.15
405.04
15,040.30
15,020.71
10,000.00
10,287.18
10,287.53

4,887.04
30,469.35
237.01
17,085.14
15,193.13
20,422.15
405.04
15,040.30
15,020.71
10,000.00
10,287.18
10,287.53

209,999.39
324,417.22283,306.30
1,009,619.74
105,437.84
86,205. 75
37,447.23
76,861.02
224,177.46
65,379.84
635,913. 63
324,479.01

3,828,366.23
3,534,418.36.
3,251,349.07
2, 258,814.47
2,168,569.76
2,102,786.16
2,065, 743. 97
2,003,923.25
1,794,766.50
1,691,267.93
689,035.47
374.905.49

149,334. 58

Total

$26,265.22
30,656.60
24,275.60
29,366.29 [
55,706.33
17,869.72
43,292.81
18,615.31
21,389.05
41,590.47
6,331.05
38,005.94

149,334.58

3,383,244.43

374,905.49

1928
69,291. 67
10,000.00
29,894.91
2, 500.00
2,500.00 j
2,500.00
6,834.35
1,000.00

November.. _._

-

.J

Total

6,834.35
1,000.00

124,520.93

July

69,291.67
10,000.00
29,894. 91
2,500.00
2,500.00
2,500.00

124,520.93

44,609.61
1,777.22
83,786.85
2,593. 96
20,815.60
1,038. 75
64,084.20
612.75 1
71.50
218.25
30,380.19
12,695.67
252,684.55

1929
1,500.66

2,749.75
2,557.92

6,807.67
Grand total




1,619

93,764,329.39

88,019,581.31

87,353,439.04 1

331,867.96
399,382.41
325,595.56
352,860.51
334,794.91
336,256.10
279,014.76
278,902.01
278,830.51
285,446.61
256,066.42
243,370.75
243,370.75
243,370.75
243,370.75
243,370.75
105,604.56
105, 604. 56
105,604.56
105, 604. 56
105,104. 56
102, 604.56
102,604.56
102,604.56
102,604.56
1027604^56

15

ANNUAL, KEPORT OP T H E WAR FINANCE CORPORATION
ft

Advances for agricultural
and livestock purposes'* under section 24 (par.
August 24, 1921, to November 80, 1929,
inclusive—Continued

1)

TABLE V
[Advances, by months, to cooperative marketing associations]
Advances approved
Month

September
October
November

Number
of applications

January
February
March
April
May.—
June
July
August
September
October
November

1
1
5
3
10

1922

1,212,355.66
10,000,000.00
134,403.00
555,231.00

6 43,060,000.00
3 15,500,000.00
5 $23,500,000.00
8 31,690,000.00
2
7,500,000.00
33 133,151,989.66
1923

1

1924

4,000,000.00
6,500,000.00
1,500,000.00

6

.

5,000,000.00

2
2
1

17,000,000.00

$640,995.93
2,986,782.95
4,521,457.01
8,149,235.89
1,759,093.49
974,687.05
477,356.29
278,174.00
4,208,839.25
12,547.00
700,000.00
111, 611.69
$879,626.36
6,336,346.51
4, 758, 786.45
20,497,068.09
1,607,396.10
299,843.44
329,319.23
5,089,161.02

1,618,368.42
345,193.05
440,167.22
9,729,448.48
133,583.19
15,294.15

-

..

.._.
148,877.34

Total
1925
February
March
April
May
June
July
August
September
October
November
December
Total

$1,200,000.00
15,000,000.00
23,725,460.44
7,250,000.00
47,175,460.44

2
1
2
4

.

Total
January
February
March
April
May
June
July
August
September
October
November

Advances made i Repayments Outstanding at,
end of month

1921

Total
January
February.
March
April
May
June
July
August
September
October
November
December
Total

Amount

,

..

1926
January
.
February
March
. .




.
„J

$2,325.61
171,555.53
173,881.14

$640,995.93
3,625,453.27
7,975,354.75
7,975,354.75

189,357.30
496,811.25
3,424,043.11
2,572,855.91
2,084,222.45
1,066,420.70
980,036.38
629,700.17
325,632.65
$450,014.46 [
2,173,381.76
2,303,092.61 1
16,695, 568.75 I

$545,090.94
10,022,966.74,
7,076,279.92
4,781,598.01
6,906,214.81
5,852,341.11
4,872,304.73
4,942,604.56
4,728,583.60 ,
$5,158,195.50
9,321,160.25
11, 776,854.09
11,776,854.09

1,211,991.28
1,865,210.82 !
2,029,085.59
1,468,506.87
1,566,340.32
2,205,954.30
1,408,814.69
2,744,038.02
1,334,550. 71
831,176.23
1,202,028.84
1,389,738.71
19,257,436.38

12,172,258.91
10,606,891.53
8,907,125.17
12,527,779.32
10,961,439.00
8,755,484.70
7,346,670.01
4,602,631.99
3,268,081.28
4,055,273.47
3,198,437.68
2,248,866.19
2, 248,866.19

239,302.17
180,294.50
179,181.86
276,229.61
223,723.22
6,476.60
22,697.45
2,435.30
38,609.90
7,772.10
121,012.75
1,297,735.46

2,143,147.21
1,978,146.86
1,798,965.00
1,522,735.39
1,299,012.17
1,292,535.57
1,269,838.12
1,269,838.12
1,267,402.82
1,228,792.92
1,221,020.82
1,100,008.07
1,100,008.07

25,330.65
108.68
100,000.00
36,203.94
95,738.95
11,177.90
4,945.35
77,254.30
10,061.55
12,567.30
60,738.00
172,932.18
607,058.80

1,074,677.42
1,074,568.74
974,568.74
938,364.80
842,625.85
831,447.95
826,502.60
749,248.30
739,186.75
726,619.45
665,881.45
492,949.27
492,949.27

41,226.75
9,919.45
6,090.85
63,665.91

451,722.52
441,803.07
435,712.22
372,046.31,

16

ANNUAL REPORT OF THE WAR FINANCE CORPORATION
for t{agricultural
and livestock purposes" under section 24 (par. 1),
August 24, 1921, to November 30, 1929,
inclusive—Continued

Advances

TABLE V—Continued
[Advances, by months, to cooperative marketing associations]
Advances approved
Month

Number
of applications

Advances made

Repayments

Amount

Outstanding at
end of month

1926
May
June . . .
July
August
October
November

$65,410. 77
221.85
9,307.40
1,690.83

.........

56, 778. 27
5, 111. 97
20, 772. 77
280,196.82

..

Total
January
February
March
April
May

1927
.

Total..
Grand t o t a l . . .

$306 635.54
306,413.69
297,106.29
295,415.46
295,415.46
238,637.19
233,525. 22
212,752.45
212, 752.45

9,149.97
67,910. 84
28,931. 00
33, 237.42
6,467. 25
67,055.97
I9~ $197,327,45010" $38,524,629.80

203,602.48
135,691.64
106,760.64
73,523. 22
67,055.97

212,752.45
38,524,629.80

TABLE VI
[ T o t a l a d v a n c e s , b y m o n t h s , including expense a d v a n c e s s h o w n i n T a b l e X I ]
1921
1
33
795
1,442

$2,356,968.91
31,094, 541.22
49, 509, 202.94

$106,095.12
514, 618.48

$2, 356,968.91
33,345,415.01
82,339,999.47

144,985,007.98

82,960,713.07

620, 713. 60

82,339,999.47

1,633
1,327
1,030
561
396
191
123
71
32
26
35
52

51, 664, 109. 37
48,116, 292.79
27,373, 289.83
18,695, 039.49
13,306, 778.90
5,135, 494.26
2,902, 913.38
44, 586, 844.22
16,349, 996.38
23,858, 744.38
34,165, 931.00
9,368, 872.27

46,058, 547.10
35,291, 722. 58
37, 585, 556.25
17,569, 151. 62
19,229, 855.02
6, 596, 380. 69
3,891, 633.22
3,794; 495. 27
1,219, 630.47
1,478, 969. 56
7,987, 860. 28
5,415, 773.94

1,760, 493. 58
3,186, 483.18
10,073, 145.53
9,268, 338. 21
12,601, 093.32
9,166, 736. 57
8,821 t 393.84
12,484, 200.10
9,342, 568. 59
15,459, 349. 71
15,219, 092.70
12, 561, 728.84

052.99
126, 638,
158,743,292.39
703.11
186, 255,
194,556,516. 52
201,185,278.22
198,614,922.34
193,685,161.72
184,995,456.89
176,872,518.77
162,892,138.62
155,660,906. 20
951.30
148, 514,

5,477

Total

$1,200,000.00
17,968,590.98
63,182, 248.72
62,634,168.28

2,271

September
October
November
December

295, 524,306. 27

186,119,576. 00

119,944, 624.17

148, 514,951.30

5,768,972.42
1,506,257.78
714,762.53
697,576.36
370,683.65
711,771.80
364,150.75
4,148,567.92
8,340,509.20
1,820,917. 71
296,423.74
1,185,150.98

3,409,209.03
1,200,634.06
1,392,605.81
5,857,904.59
281,308. 23
726.924.61
151.990.62
465,192. 58
300,185.46
2,366,020.90
582,493.83
1,373, 913.56

12,678,601.19
10,008,160.68
10,576,013.61
8,177,645.19
7,217,054. 92
6,887,695.01
4,676,181.84
6,758,124. 75
5,722,616.55
8,378,771. 94
7,770,384. 61
7,618,039.65

139,245,559.14
130,438,032.52
121,254,624.72
118,934,884.12
111, 999,
137.43
105,838,367.03
101,314,175.81
95,021,243.64
89,598,812. 55
83,586,061.51
76,398,170.73
70,154,044.64

18,108,383.28

96,469,289. 94

70,154,044.64

1922
January
February..
March
April
May
June
July
August
September
October
November
December
Total
1923
January
February
March
April
May
June
July
August
September..
October.
November
December
TotaL




440

25,925,744.84

ANNUAL REPOBT OF THE WAR FINANCE CORPORATION

17

Advances for "agricultural and livestock purposes" under section 24 {par. 1),
August 24, 1921, to November 30, 1929, inclusive—Continued
T A B L E VI—Continued
[Total advances, by months, including expense advances shown in Table XI]
Advances approved
Month

1924
January-..
February
March
April
May
June
July
August
SeptemberOctober
November...
December.-.
Total..

Number
of applications

Advances made

49
116
115
56
65
36
27
19
6
15
23
34

$1,950, 283.16
2,219,476.16
2,058,958.89
430, 723.16
851, 630. 07
395, 905. 54
409, 898. 50
1,508,881. 56
71, 788. 24
146, 696.84
745, 781.97
818, 611. 63

561

11,608,635. 72

$2,502, 115.19
2,661, 744.68
2,210,814.60
1,911,421.59
2,426,830. 75
1,607,623.33
1,691 335. 75
2,051 408.42
3,029,605. 79
6,526, 235.52
6,483, 590.07
106.18

$68,220,366.36
66,926,895.99
67,101,795.52
66,457,065.12
64,919,842.78
63,786,917.80
62,522,868.35
60,782,599.60
58,086,731.93
51,685,580.43
45,660,139.54
40,239,837.85

I,785,831.87

40,239,837.85

2,121,073.65
2,027,446.55
2,171,408.94
2,187,456.87
1,432,696.84
1,722,405.73
1,242,879.30
1,337,944.95
2,110,850.22
2,462, 497.29
2,462, 537.29
4,334,551.98

38,232, 690.75
36,357,413.56
34,290, 157.33
32,156,526.95
30,875,377.15
29,221,216.74
28,041,270.37
26,739,393.78
24,686,798.52
22,274,149.53
19,841,659.55
15,564,281.39

25,613,749.61

15,564,281.39

7 113,926.55
152,169.36
104,152.71
53,826.49
151,547.04
68,245.32
62,932.93
36,068.36
58,254.96
49,848.30
30,047.31
57,173.82

Total-

938,193.15

7 113.926.55
152,169.36
104,152.71
53,826. 49
151, 547.04
68,245.32
62,932.93
36,068.36
58,254.96
49.848.30
30.047.31
57,173.82
938,193.15

26,400.18
31,053.15
24,315. 50
29,466.29
55,998.83
18,487.69
43,596.87
19,557.68
21,389.05
41, 590.47
6,331.05
38,058.19

26,400.18
31,053.15
24,315.50
29,466.29
55,998. 83
18,487.69
43,596.87
19,557.68
21,389.05
41,590.47
6,331.05
38,058.19

1926

Total.,
January. _
February. _.
March
April.
May
June
July...
August
September. .
October
NovemberDecember. _

Outstanding at
end of month

$568,436.91
1,368,274.31
2,385, 714.13
1,266,691.19
889,608.41
474,698. 35
427, 286. 30
311,139. 67
333, 738.12
125,084. 02
458,149.18
1, 262,804.49
6
9,871,625. <

January
February
March.
April
May
June
_.
July
August
SeptemberOctober
November...
December...

January...
February. __
March
April
May
June
July
August
September..
October
November..
December. _

Repayments

Amount

356,244.95

356,244.95

954,941.30
799,704.95
796,137.06
552,656.42
749,996. 54
675,796.44
425,704.52
312,920.14
896,015.08
516,791.39
725,534. 58
774,153. 76
8,180,352.18

14,635, 740.27
13,860,624.20
13,088,802.64
12,564, 262.51
11,869, 975.58
11,188,382.27
10,803,289.58
10,503, 818.90
9,629, 192.87
9,153,991.95
8,420, 721.73
7,670,554.88
7,670,554.88

1927

Total. .
1928
J a n u a r y . _.
February. __
March
April
._
May
June
July
August
SeptemberOctober
November...
December...
Total..
8

4,887. 04
41,991.54
237.01
19,680.92
23,109. 35
22,577.25
1,202.21
17,261. 84
17,520. 71
10,040. 71
10,541.72
10,287.53

4,887. 04
41,991.54
237.01
19,680.92
23,109. 35
22,577. 25
1,202.21
17,261. 84
17,520. 71
10,040. 71
10,541. 72
10,287.53

179,337. 83

179,337.83

69,291. 67
10,000. 00
29,894.91
2,500. 00
2,500. 00
2,500.00

69,291. 67
10,000. 00
29,894.91
2,500. 00
2,500.00
2,500.00

6,834.35
1,100.00

6,834. 35
1,100. 00

124, 620.93

124,620.93

348,381. 51
531,414.91
467,941. 80
. 147,569. 72
,
192,920. 71
226,641.90
115,994.43
161,609.98
301,735.10
166,046.21
815,533.96
450,220. 66
4,926,010. 89

1,361,614.09

119,167.40
88,282. 65
202,566.92
83,060.22
67,062.43
25,459. 09
115,770.48
36,209.16
131,248.69
32,855.28
66,180.82
42,474.87

1,243,621.27
1,226,372.40
1,037,102.14
984,682.59
926,046.28
904,043.04
781,120.72
746,766.74
582,767.84
558,314.14
497,308.32
454,628.34

1,010,338.01

Includes expense advances aggregating $72,334.96 made prior to Dec. 31,1924.
' Only expense advances have been made since Dec. 31,1924.




7,309,560.41
6,815, 142.76
6,347,437.97
5,219,549.17
5,049,737.81
4,845,756.46
4, 730,964.24
4,566,216.66
4,282,002.27
4,077,878.04
1,799,684.96
1,361,614.09

454,628.34

18

A N N U A L REPORT OF T H E WAR FINANCE CORPORATION
for u agricultural and livestock purposes11
August 24, 1921, to November 80, 1929,

Advances

under section 24 (par. *1)%
inclusive—Continued

TABLE VI—Continued
[Total advances, by months, including expense advances shown in Table XI];
Advances approved
Advances made

Number
of a p p l i cations

Month

Repayments

Outstanding at
e n d of m o n t h

Amount

1929
$8,817.38
41,640.81
45,551.66
8,520. 27
5,890.33
1,159.85
442.78
8,019.21
7,324.84
3,761.41
29,202.82

.
—

July
August
September...
October
November

,
..
..

Total
8,749 $479,642,091.67 $298,658,694. 29

Grand total

$444,626.68.
406,723.11
356,890.51
215,363.48
209,727.29'
208,626.29'
208,285.41
203,557.55
198,493.90'
194,802.49
166,542.05-

160,331.36

January
February
March
April
May

166,542.05

296,711,241.63

166,542.05

TABLE VII
[Advances, by States, to banking and financing institutions, including expense advances shown in
Table XI]
Advances approved
Numb e r of
applications

State

68
8
25
11
45
Colorado
13
Florida
405
Georgia
52
Idaho
133
Illinois
56
Indiana
821
Iowa
195
Kansas
11
12
Louisiana
6
Michigan
652
Minnesota
13
Mississippi
145
Missouri
355
Montana.*
685
Nebraska
2
Nevada
15
N e w Mexico
2
New York..
173
North C a r o l i n a 1,103
North Dakota
40
Ohio.
375
Oklahoma
42
Oregon
296
South Carolina...
686
South Dakota
107
Tennessee
1
238
12 1
Utah
2
Virginia
1
4
Washington
29 1
Wisconsin
203
Wyoming
23

Alabama
Arizona

Total

-

7,081

i

Amount

$875,453.30 1
942,466.08
677,200.00
266,360.00
1,907,657.92
332,950.00
7,454,587.35
2,389,834.96
5,268,332.36
1, 514,751.48
24,595,038.28
3,967,151.72
506,388. 56
1,689,399.77
175,000.00
13,913,372.70
1,602,838.19
3,816,322. 35
8, 299, 206.05
10,615,528.99
248,000.00
352, 594.19
600,000.00
9, 296,803. 34
21,671,936. 57
1, 513,806.00
4,671,970.96
1,661,244.70
11,054,609.87
17,260,377.24
3,781,673.43
5,707,553.13
10,323,000.00
2,138, 200.00
690,641.30
6,177,258.18
590,803.21
188,550,312.18

Outstanding Nov.
30, 1929

Advances made
Number of
banks

Repayments
Amount

40
$798,166.62
4
395,466.08
21
624,415.78
5
203,320.00
23
1,860,055.46
10
325, 578. 70
215
6,608,492.98
28
1,047,750.93
119
5,109,997.36
41
1,162,454. 32
529
24,210,020.99
141
3,680,197.16
8
384,144.51
7
1.355.399.77
6
175,000.00
402
12,287,738.30
9
1,283,410.00
119
3,503,875.68
203
7,781, 338. 37
364
10,201,821.07
2
248,000.00
11
346,234.19
1
600,000.00
130
8,748,922.38
598
19,925,819. 85
33
1,343,096.00
197
4.121.670.78
28
1,583,151.25
9,569,614.22
170
394
15,970,437.58
81
3,154,402. 39
160 1 4,636,198. 50
2
10,323,000.00
14
2,016,008.78
21
590,641.30
174
5,690,374.19
7
248,267.69

$797,416.89
395,466.08
624,415. 78
203,320. 00
1,860,055.46
325,578.70
6,069, 591.96
1,026,994.98
5,109,997.36
1,162,454.32
24,169,562.23
3,679,099.45
384,144.51
1,355,399. 77
175,000.00
12, 263,958. 76
1, 283,410.00
3,456,691.72
7,638,315. 24
10,196,604.19
248,000.00
345,094.19
588,624,15
8,733,720.36
19,735, 505. 74
1,343,096.00
4,094,112. 61
1, 573,537. 78
9,509,075.81
15,843,340.95
3,153,412. 61
4,636,198. 50
10,323,000.00
2,016,008.78
590,641. 30
5,674,058.92
248,267. 69

4,317 | 172,114,483.18

170,833,172.79

Numb e r of
banks

Amount

1

$105.00

16
1

45,667.13
600.00

1
1
1

200.00
617.43
2,885.35

1

4,918.48

1

770.00

3
3
1

1,946.00
5,700.00
508.10

1

120.00

832

63,937.49

»Does not include 31 banks in connection with which the balances due on principal have been charged
to profit and loss.




ANNUAL REPORT OF T H E WAR FINANCE CORPORATION

19

Advances for "agricultural and livestock purposes" under section 24 {par. 1),
August 24, 1921, to November 30, 1929, inclusive—Continued
TABLE VIII
[Advances, by States, to livestock loan companies, including expense advances shown in Table XI]
Advances approved
State

Arizona
California™
Colorado
Florida
Idaho
Illinois
Kansas
Minnesota
Missouri
Montana
Nebraska
Nevada
New Mexico
North Dakota
Oklahoma
Oregon
South Dakota
Texas
Utah
Washington
'Wyoming __
Total

Number of
applications

Outstanding Nov.
30, 1929

Advances made
Number of
companies

Amount

Repayments
Amount

49
31
272
1
223
2
23
2
67
48
39
7
153
1
1
42
4
332
26
35
261

$4,976,291.25
2,547,892.38
10.947.147.65
400,000.00
5, 267,181. 86
1,550,457.63
1,152,733.91
353,458. 80
4,791,447. 37
4,647,193.35
1,734,067.40
715,000.00
10,717,565.00
148,800.00
40,000.00
5,201,769.16
201,000.00
22,183, 576.02
4,121,826.18
371, 502. 67
11, 695,418. 76

6
3
17
1
7
2
4
1
11
5
7
1
4

$3,894, 271. 73
2,497, 362. 39
10,120,842. 57
400,000.00
4,763,691. 34
1, 550,457. 63
1,105,133.91
353,458.80
4,611,337.09
4, 250, 506. 30
1,604, 420. 00
672, 000. 00
10,417, 552. 71

$3,817,072. 24
2,443,711.19
10,119,297. 74
400,000.00
4,763,691. 34
1, 550,457. 63
1,105,133.91
353,458. 80
4, 600,858. 58
4, 250,496. 30
1,604,420. 00
672,000. 00
9,960,804. 33

1
8
2
25
2
2
5

40,000.00
5,112, 626. 05
188, 500.00
22,086,450.32
2, 598,755. 00
330, 592. 67
11,421, 622.80

93,764,329.39

114

88,019, 581.31

87, 353,439.04

Amount

40,000.00
5,112,626.05
188, 500. 00
22,019,940. 46
2,598, 755. 00
330,592. 67
11,421, 622.80

1,619

Number of
companies

_

_

1

$23,031.26

1

1,750.00

1

77,823.30

3

102,604. 56

TABLE I X
[Advances, by States, to cooperative marketing associations]
Advances approved
Number of
applications

State

Alabama
Arizona
Arkansas. . . .
'California
Georgia
Idaho
Illinois
Kansas..
____
Kentucky
Louisiana
Minnesota
Mississippi
Montana
North Carolina
North Dakota
__
Oklahoma
South Carolina
Texas.
Virginia
Washington
Total

_

__
_
___

Amount

Advances made
Number of
associations

Repayments
Amount

2 $3,100,000.00
2
2,400,000.00
6 14,250,000.00
5
7,050,000.00
2
5,035,000.00
2
2,462,355. 66
1
50,000.00
1
2, 500,000.00
5 26, 500,000.00
2
2,000,000.00
1 »15,000,000.00
2 12,060,060. 29
1
1, 500,000. 00
2 io 40,000,000.00
1
5,000,000.00
3 14,500,000.00
2 15,000,000.00
5 19, 547,566. 50
2
2,044, 634. 00
2
7,327,833. 65

1
1
2
1
1

$701,617.42
3,350,089. 35
2 860, 648. 30
35,000. 00
21,021.93

2
1
1
1
1
1
1
2
1
1
1
1

6, 232,531.02
877,809.13
12, 200. 00
8,889, 220. 01
1,338,876. 02
4, 994,887. 78
1,043,785. 49
2,330, 910. 68
2,670,000.00
1, 723,100.00
1, 319,034. 99
123,894. 68

6, 232,531.02
877.809.13
12, 200.00
8,889, 220.01
1,338,876.02
4, 994,887. 78
1,043, 785. 49
2,330, 910. 68
2, 670,000.00
1, 723,100. 00
1, 319,034. 99
123,894. 68

49 " 197,327,450.10

20

38,524,629.80

38,524, 629.80

$701,617.42
3,350,089.35
2,860, 648.30
35,000.00
21,024. 93
1

• This amount represents an advance authorized to a cooperative marketing association doing business
in Minnesota, North Dakota, and South Dakota.
io $30,000,000 of this amount represents an advance authorized to a cooperative marketing association
»doing business in North Carolina, South Carolina, and Virginia.
" Includes advances aggregating $27,387,816.10 originally applied for and approved for export purposes
(under sec. 21) and subsequently withdrawn by the applicants and resubmitted and approved as advances
.tor agricultural purposes under sec. 24.




20

ANNUAL REPORT OF T H E WAR FINANCE CORPORATION

Advances

for uagricultural
and livestock purposes'7
August 24, 1921, to November 30, 1929,

under section 24 {par. 1) ,
inclusive—Continued

TABLE X
[Total advances, by States, including expense advances shown in Table XII

State

Alabama
_
Arizona.
A r k a n s a s . __
California
___
Colorado.
Florida
_
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky.
_
Louisiana
Michigan
Minnesota
__
Mississippi
Missouri
Montana
Nebraska
Nevada.._
N e w Mexico
New York
N o r t h Carolina
North Dakota
Ohio .__
Oklahoma
Oregon
South Carolina
South Dakota
Texas
Utah
Virginia
Washington
Wisconsin
Total

Number of
applications

8,749

Numb e r of
institutions

Amount

70
59
31
47
317
14
407
277
136
56
821
219
16
14
6
655
15
212
404
724
9
168
2
175
1,105
40
379
84
298
690
107
575
38
26
66
203
284

Outstanding Nov.
30, 1929

Advances made

Advances approved

$3, 975,453.30
8,318, 757.33
14,927, 200. 00
9,864, 252.38"
12,854,805.57
732, 950.00
12,489, 587. 35
10,119,372. 48
6,868. 789. 99
1,514, 751. 48
24,595,038.28
7, 619,885. 63
27,006,388. 56
3, 689,399. 77
175,000.00
29,266,831.00
13, 662,898. 48
8, 607, 769. 72
14, 446,399. 40
12,349,596.39
963,000.00
11,070,159.19
600,000.00
49, 206,803.34
26,820, 736. 57
1, 513,806.00
19,211, 970.96
6,863,013.86
26,054,609.87
17,461,377. 24
3, 781, 673. 43
47, 438, 695. 65
14,444,826.18
4,182,834.00
8,389, 977. 62
6,177, 258.18
12, 286,221. 97

40
11
22
10
40
11
216
36
121
41
529
145
10
8
6
404
10
130
209
371
3
15
1
131
599
33
200
? 36
171
396
81
186
4
15
24
174
12
4,451

479,642,091. 67

Repayments
Amount

I
$798,166.62 i
$797. 41fi.SO
4,991,355. 23
4, 914,155. 74
3, 974,505.13
3, 974,505.13
5,561,330. 69
5, 507, 679. 49
11,980,898.03
11, 979,353.20
725,578. 70
725,578. 70
6, 643,492. 98
6,104, 591. 96
5,832, 467.20
5,811,711.25
6, 660,454. 99
6, 660,454. 99
1,162, 454.32
1,162, 454.32
24,210,020. 99
24,169,562.23
4, 785, 331.07
4, 784,233.36
6, 616, 675. 53
6, 616, 675. 53
2,233,208. 90
2, 233, 208. 90
175,000.00
175,000.00
12, 653,397.10
12, 629, 617. 56
10,172, 630.01
10,172, 630. 01
8,115,212. 77
8,057, 550. 30
13, 227, 687. 56
13,370, 720. 69
11,801,024.19
11,806, 241.07
920,000. 00
920, 000.00
10, 763,786. 90
10,305,898. 52
600,000.00
588, 624.15
13, 743,810.16
13, 728, 608.14
20, 969, 605.34
20, 779, 291. 23
1,343,096.00
1,343,096.00
6,492, 581. 46
6,465,023.29
6,695, 777.30
6, 686,163.83
12, 239, 614. 22
12,179,075.81
16,158,937. 58
16,031,840. 95
3,154, 402.39
3,153,412. 61
28,445, 748.82
28,379, 238. 96
12, 921, 755.00
12, 921, 755.00
3,335,043. 77
3,335,043. 77
1,045,128. 65
1,045,128. 65
5, 690,374.19
5,674,058. 92
11, 669,890. 49
11, 669,890. 49
298, 658, 694. 29

296, 711,241. 63

Number of
institutions

Amount

1

$105 00

1 {

23,031.26

i

16
1

45, 667.13
500.00

i
1

3 i
2
1

1,950.00
617.43
2,885.35

1
1

77,823. 30
4, 918.48

1

770.00

3
3
1

1, 946.00
5, 700.00
508.10

1

120.00

"36

166,542.05

i2 Does not include 31 banks in connection with which the balances due on principal have been charged
to profit and loss.
TABLE XI—EXPENSE ADVANCES
[A. In connection with agricultural and livestock loans under sec. 24 (par. 1), by States]
Outstanding Nov.
30, 1929

Advances made

State

Numb e r of
institutions

Repayments
Amount

Number of
institutions

Amount

BANKING INSTITUTIONS

Georgia
Idaho
Missouri
Montana
Nebraska
N e w Mexico
N o r t h Carolina _
North Dakota
Oregon
South Carolina




_ _
_

- _

.

.

10
2
1
34
2
1
2
17
1
1

$3,894.63
4,274.96
175.00
19,732.14
962.12
1,157. 25
1,368.00
18,253.33
3,141. 40
2,027.12

$1,131.66
4,274.96
175.00
19,732.14
803.91
1,157.25
1,368.00
13,852.44
3,141.40
2,027.12

3

$2, 477.97

1

158.15

1

770. oa

ANNUAL EEPOBT OF THE WAR FINANCE CORPORATION

21

Advances for "agricultural and livestock purposes" under section 24 (par. 1),
August 24, 1921, to November 30, 1929, inclusive—Continued
TABLE XI—EXPENSE ADVANCES—Continued
[Advances, by States, to banking and financing institutions, including expense advances shown in
Table XI]
Outstanding Nov.
30, 1929

Advances made
State

Repayments

Number of
banks

Amount

Number of
banks

Amount

BANKING INSTITUTIONS—continued

2
1

$11,562.19
850.00

$11,562.19
850.00

74

67,398.14

60,076.13

3
1
1
2
1
3
3

168,499.68
19, 581.10
12,041. 25
72, 681. 76
1,381. 66
1,187,244.25
141, 903. 98

168, 499. 68
19, 581.10
12,041. 25
72, 681. 76
1, 381. 66
1,187,244. 25
141, 903. 98

Total

14

1, 603,333. 68

1,603,333. 68

Grand total

88

1, 670, 731.82

1, 663,409.81

South Dakota
Washington

_. _

Total.

5

$3,406.12

5

3,406.12

LIVESTOCK LOAN COMPANIES

Arizona
California
Colorado
Missouri
Montana
New Mexico
Texas

.

.

[B. In connection with livestock loans under sec. 91
$15,190. 70

$14,790.70

1, 685,922.52

1, 678,200.51

Texas
Total expense advances

$3,406.12

EXHIBIT C

Advances to assist in financing exports under sections 21, 22, and 24 {par. 2),
January 4, 1921, to November SO, 1929, inclusive l
TABLE I
Advances
approved

Classification
To exporters
To cooperative marketing associations

„

Advances
made

$7,546,902.24
$9,732,608.89
2,637,755.52
5,262,183.90
43,379,462.38 | 28,468,882.06
38,653,539.82
2 58,374,255.17

Total

Repayments
$7,546,556.79
2,637,755.52
28,468,882.06
38,653,194.37

TABLE I I
Grain
Tobacco
Cotton
Canned fruits
Meat products
Condensed milk
Textile products
Sheet steel
Copper
Sugar-mill machinery
Agricultural machinery
Railroad equipment
Lumber
Total

_

$5,777,810.69
3,246,369.77
40,758,508.35
1,120,000.00
1,000,000.00
1,000,000.00
250,000.00
180,000.00
145,600.00
470,966.36
500,000.00
2,925,000.00
1,000,000.00
58,374,255.17

$3,277,810.69
2,417,660.32
26,561,441.83
325,060.62
1,000,000.00
1,000,000.00
250,000.00
180,000.00
145,600.00
470,966.36

$3,277,810.69
2,417,314.87
26,561,441.85
325,060.62
1,000,000.00
1,000,000.00
250,000.00
180,000.00
145,6u0.00
470,966.36

2,925,000.00
100,000.00
38,653,539.82

2,925,000.00
100^000.00
38,653,194.37

* Sec. 21 was added to the original War Finance Corporation act by the act of Mar. 3,1919, and sees. 22
and 24 by the agricultural credits act of Aug. 24, 1921.
1
Does not include advances aggregating $27,387,816.10 applied for and approved under sec. 21 for export
purposes and subsequently withdrawn by the applicants and resubmitted and approved as advances for
agricultural purposes under sec. 24.




22

ANNUAL REPORT OF THE WAR FINANCE CORPORATION
EXHIBIT

D

Total advances made by the War Finance Corporation from May 20, 1918, to
November 30, 1929, inclusive
Amounts advanced
Advances under the war powers of the corporation
Expense advances (livestock loans)
_
Advances for export purposes prior to the resumption of operations in
January, 1921
_
Advances for export purposes since the resumption of operations in January, 1921
____
.___
_
Advances for agricultural and livestock purposes under the act of Aug. 24,
1921, as amended
,
Expense advances

Outstanding
Nov. 30,1929
$170,480.00

$306,756,020.76
15,190.70

46,347,654.27
38,653,539.82
296,987,962.47
1,670,731.82
0,431,099.84

Total
EXHIBIT

163,135.933,406.12
337,022.05

E

Statement of condition as shown by the books of the War Finance Corporation at the
close of business April 4> 1929
ASSETS

•Cash:
Cash on deposit with the Treasurer of the United States
Cash in transit
Other assets:
Agricultural and livestock loans
Expense advances
Bank and livestock loan liquidation account
War loan liquidation account

-_-

_
_._

i $65,553,617.80

167,798.82
6,263.95
49,961.24
190,160.00

_

Accrued interest receivable as of Apr. 4,1929
Furniture and equipment
Total

$65,553,366.90
250.90

414,184.01
23,777.27
1.00

v

_

65,991,580.08

LIABILITIES

Capital and surplus:
Capital stock
Net earnings to Apr. 4, 1929
_
Current liabilities:
1-year 5 per cent gold bonds, series A, outstanding
Interest coupons due on 1-year 5 per cent gold bonds, outstanding
Proceeds of collections, pending settlements, etc
Accrued expenses payable

i $1,000,000.00
i»64,883,230.23
-

_.
'

13,000.00
650.00
86,626.92
8,072.93

Total
65,991,580.08
>In accordance with an order of the Secretary of the Treasury dated Apr. 5,1929, $65,342,768.79 was paid
into the Treasury of the United States on that date. Of this amount, $990,000 was tendered in payment
and retirement of an equal amount of the capital stock of the corporation, leaving outstanding $10,000 face
amount of such stock. The balance of $64,352,768.79 was paid on account of the corporation's net earnings,
reducing that account to $530,461.44. The cash of $65,553,617.80 shown in this statement includes, in addition to the $250.90 in transit, items aggregating $598.11 which had been received by Federal reserve banks
and credited to the corporation's account with the Treasurer of the United States, but advice of which had
not been received by the Treasurer at the close of Apr. 4,1929.
a
As all earnings of the corporation constitute a reserve fund (in accordance with section 15 of the War
Pinance Corporation act), no special reserves are set up against contingencies.




ANNUAL REPORT OF THE WAR FINANCE CORPORATION

23

EXHIBIT F

Statement of condition as shown by the books of the War Finance Corporation at the
close of business November 80, 1929
ASSETS

Cash on deposit with the Treasurer of the United States
Other assets:
Agricultural and livestock loans
$124,744.36
Expense advances
3,406.12
Bank and livestock loan liquidation account
38,391.57
War loan liquidation account
170,480.00
Accrued interest receivable as of Sept. 30,1929, less net interest collected
since that date
i 5,079.07
Furniture and equipment
1.00
Total

$285,992.18*

342,102.12*
628,094.30-

LIABILITIES

Capital and surplus:
Capital stock
Net earnings to Nov. 30,1929.—
Current liabilities:
1-year 5 per cent gold bonds, series A outstanding...
Interest due on 1-year 5 per cent gold bonds, outstanding
Proceeds of collections, pending settlements, etc

10,000.00
* 3 527,425.82
13,000.00
650.00
77,018.48

Total

90,668.48
628,094.30'

EXHIBIT G

Statement of receipts and disbursements as shown by the books of the War Finance
Corporation from December 1,1928, to November 80,1929
RECEIPTS

Keceipts on accout of:
Advances under sec. 24, par. 1
War loan liquidation account
Earned interest
Proceeds of collections, pending settlements, etc
Reimbursement of sundry expenses
_
Sale of furniture and equipment

Total receipts from Dec. 1,1928, to Nov. 30,1929
Cash on deposit with the Treasurer of the United States Nov. 30,1928
Agency special expense funds Nov. 30,1928
Total.

_

$129,901.94
19,680.00
21,594.82
165,033.76
8,273.39
1,793.20
346,277.11
65,361,367.04
400.00
65,708,044.15

DISBURSEMENTS

Proceeds of collections pending settlements, etc., released
$8,765.68
Administrative expenses
69,453.36
Outstanding coupons on bonds of War Finance Corporation
125.00
Sundry refunds
629.14
Furniture and equipment
310.00
Payment into the Treasury of the United States in accordance with an order of the Secretary
of the Treasury dated Apr. 5,1929
65,342,768.79
Total disbursements from Dec. 1,1928, to Nov. 30,1929
Cash on deposit with the Treasurer of the United States Nov. 30,1929
Total
1

65,422,051.97
285,992.18
65,708,044.15

Interest is accrued and set up on the books quarterly.
» As all earnings of the corporation constitute a reserve fund (in accordance with section 15 of the War
Finance Corporation act), no special reserves are set up against contingencies.
* The total net earnings of the corporation to Nov. 30,1929, amounted to $64,880,194.61. On Apr. 5,1929,.
in accordance with an order of the Secretary of the Treasury under the act approved Mar. 1,1929, $64,352,768.79 was paid into the Treasury on account of the net earnings of the corporation. The amount reflectedi
in the above statement—$527,425.82—therefore represents the difference between these two items. Under
the same order $990,000 of the capital stock of the corporation was cancelled and retired on Apr. 5,1929.




24

ANNUAL EEPOET OF THE WAR FINANCE CORPORATION
EXHIBIT H
[PUBLIC—No. 895—70TH CONGRESS]
[S. 5684]

An Act To amend the War Finance Corporation Act approved April 5, 1918, as amended, to provide
for the liquidation of the assets and the winding up of the affairs of the War Finance Corporation after
April 4, 1929, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That the War Finance Corporation act of April
5, 1918, as amended, be, and the same is hereby, further amended so that at the
close of April 4, 1929, the liquidation of the assets remaining at that time and the
winding up of the affairs of the corporation thereafter shall be transferred to the
Secretary of the Treasury, who for such purpose shall have all the powers and
duties of the board of directors of the corporation under said act, as amended.
For carrying out the provisions of this act the Secretary of the Treasury may
assign to any officer or officers of the United States in the Treasury Department
the exercise and performance, under his general supervision and direction, of any
such powers and duties. He shall from time to time pay into the Treasury as
miscellaneous receipts any moneys belonging to the corporation which, in his
opinion, are not required for carrying on and completing the liquidation of its
remaining assets and the winding up of its affairs, including reasonable provision
for the further expenses thereof. Nothing in the said act, as amended, or this act,
shall be construed to affect any right or privilege accrued, any penalty or liability
incurred, any criminal or civil proceeding commenced, or any authority conferred
thereunder, except as herein provided in connection with the liquidation of the
remaining assets and the winding up of the affairs of the said corporation, until
the Secretary of the Treasury shall find that such liquidation will no longer be
advantageous to the United States and that all of its lawful obligations have been
met, whereupon he shall retire any capital stock then outstanding, pay into the
Treasury as miscellaneous receipts the unused balance of the moneys belonging
to the corporation, and make the final report of the corporation to the Congress.
Thereupon the corporation shall be deemed to be dissolved.
Approved, March 1, 1929.
EXHIBIT I
ORDER OF THE SECRETARY OF THE TREASURY, APRIL 5,

1929

ORDER

Whereas by the provisions of "An act to amend the War Finance Corporation
act approved April 5, 1918, as amended, to provide for the liquidation of the
assets and the winding up of the affairs of the War Finance Corporation after
April 4, 1929, and for other purposes," approved March 1, 1929, it was provided
that " a t the close of April 4, 1929, the liquidation of the assets remaining at
that time and the winding up of the affairs of the corporation thereafter shall
be transferred to the Secretary of the Treasury, who for such purpose shall have
all the powers and duties of the board of directors of the corporation under said
act, as amended;"
Whereas for carrying out the provisions of said act approved March 1, 1929,
the Secretary of the Treasury is authorized to "assign to any officer or officers
of the United States in the Treasury Department the exercise and performance,
under his general supervision and direction, of any such powers and duties;"
Whereas the said act approved March 1, 1929, provides that the Secretary of
the Treasury "shall from time to time pay into the Treasury as miscellaneous
receipts any moneys belonging to the corporation which, in his opinion, are not
required for carrying on and completing the liquidation of its remaining assets
and the winding up of its affairs, including reasonable provision for the further
expenses thereof;" and
Whereas in the opinion of the Secretary of the Treasury the said corporation
does not require for carrying on and completing the liquidation of its remaining
assets and the winding up of its affairs, including reasonable provision for the
further expenses thereof, more than the total sum of $210,000, of which $10,000




ANNUAL REPORT OF THE WAR FINANCE CORPORATION

25

shall be represented by capital stock of the said corporation and $200,000 shall
be retained as a cash working fund for said purposes:
Now, therefore, I, Andrew W. Mellon, pursuant to the authority conferred by
law upon me as Secretary of the Treasury, do hereby assign to Eugene Meyer,
G. R. Cooksey, and F. R. Harrison, as officers of the United States in the Treasury Department, the exercise and performance, under the general supervision
and direction of the Secretary of the Treasury, of all of the powers and duties
vested in the Secretary of the Treasury by said act of March 1, 1929.
For the purposes hereof, the said Eugene Meyer, G. R. Cooksey, and F. R.
Harrison are hereby constituted and designated a liquidating committee, of which
the said Eugene Meyer is hereby designated chairman. In the absence of the
said Eugene Meyer or his inability to act, the said G. R. Cooksey is hereby
designated acting chairman, and in the absence or inability to act of both the
said Eugene Meyer and G. R. Cooksey, the said F. R. Harrison is hereby designated as acting chairman. Meetings of the said committee may be held at any
time pursuant to the call of the Secretary of the Treasury or the chairman or
the acting chairman, and the member or members of said committee present
shall constitute a quorum for the transaction of business.
The liquidating committee may continue the organization of the War Finance
Corporation (other than the board of directors thereof) as it existed prior to the
close of April 4, 1929, with the same requirements, duties, and responsibilities
as theretofore, and shall from time to time make such changes therein as it may
deem advisable; may employ or terminate the employment of any employee,
agent, attorney, or other representative of the corporation; may fix or modify
their compensation, from time to time; may incur such expenses as it may deem
necessary in connection with the liquidation of the corporation; may compromise
or settle any indebtedness due the corporation when in its judgment such action
is advisable in the interest of the corporation, and may take any and all such
other action as it may deem advisable in connection with the liquidation of the
corporation's assets and the winding up of its affairs.
The chairman or the acting chairman may execute all legal documents, such
as contracts, releases, powers of attorney, assignments, conveyances, or other
instruments, required in connection with the liquidation of the assets of the
corporation and the winding up of its affairs, and such documents may be attested
by the secretary and treasurer or the assistant secretary and treasurer of the
corporation.
The liquidating committee shall keep a complete and accurate record of all
its meetings and shall from time to time submit its minutes to the Secretary of
the Treasury.
Immediately following the execution of this order there shall be paid into the
Treasury of the United States the amount standing to the credit of the said
corporation on the books of the Treasurer of the United States subject to its
check, in excess of the sum of $210,000. Such payment shall be made by check
of said corporation drawn on its account with the Treasurer of the United States.
Thereupon there shall be canceled and retired all of the outstanding capital stock
of said corporation with the exception of $10,000, par value, which shall be retained
for the purposes of said act approved March 1, 1929. The other $200,000 of
cash belonging to the corporation, together with such additional funds as may
be received by the corporation in the process of liquidation, shall be subject to
disbursement by check drawn thereon by said corporation for the purposes of
said act of March 1, 1929, under the authority of the liquidating committee.
In witness whereof I have hereunto set my hand and have caused the seal of
the Treasury to be hereunto affixed this 5th day of April, 1929.
[SEAL]




A. W. MELLON,

Secretary of the Treasury.

26

A N N U A L REPOKT OF T H E WAR FINANCE CORPORATION
EXHIBIT J
O R D E R O F T H E SECRETARY OF T H E T R E A S U R Y ,

M A Y 9,

1929

ORDER
W h e r e a s by order issued on t h e 5th day of April, 1929, I, Andrew W. Mellon,.
Secretary of t h e T r e a s u r y , assigned to Eugene Meyer, G. R. Cooksey, and F. R.
Harrison, as officers of t h e United States in t h e Treasury D e p a r t m e n t , t h e exercise
a n d performance, u n d e r t h e general supervision a n d direction of t h e Secretary of
t h e Treasury, of all t h e powers a n d duties vested in the Secretary of t h e T r e a s u r y
b y t h e act of M a r c h 1, 1929, entitled " A n act to amend t h e W a r Finance Corporation a c t a p p r o v e d April 5, 1918, as amended, to provide for t h e liquidation of
t h e assets a n d t h e winding u p of t h e affairs of t h e War Finance Corporation after
April 4, 1929, a n d for other p u r p o s e s " ; and
Whereas b y said order t h e said Eugene Meyer, G. R. Cooksey, a n d F . R. H a r rison were c o n s t i t u t e d a n d designated a liquidating committee, of which t h e said
E u g e n e Meyer was designated chairman; a n d
Whereas t h e said E u g e n e Meyer has resigned as an officer of t h e United States
in t h e T r e a s u r y D e p a r t m e n t , effective M a y 10, 1929;
Now, therefore, p u r s u a n t t o t h e a u t h o r i t y conferred by law upon m e as Secr e t a r y of t h e T r e a s u r y , I hereby amend said order issued on t h e 5th d a y of April,
1929, and, for t h e purposes thereof, I hereby assign to G. R. Cooksey and F . R.
Harrison, as officers of t h e United States in the Treasury D e p a r t m e n t , t h e exercise
a n d performance, u n d e r t h e general supervision and direction of t h e Secretary of
t h e T r e a s u r y , of all t h e powers a n d duties vested in the Secretary of t h e T r e a s u r y
b y said act of M a r c h 1, 1929, and t h e said G. R. Cooksey and F . R. H a r r i s o n
are hereby c o n s t i t u t e d and designated t h e liquidating committee. T h e said
G. R. Cooksey is hereby designated chairman of said committee, and, in his
absence or inability t o act, t h e said F . R. Harrison is hereby designated acting
c h a i r m a n of said c o m m i t t e e .
This order shall become effective May 11, 1929, and in all other respects t h e
said order issued on t h e 5th d a y of April, 1929. shall remain in fall force a n d effect.
I n witness whereof, I h a v e hereunto set m y hand and have caused t h e seal of
t h e Treasury t o be hereunto affixed this 9th day of May, 1929.
[SEAL.]

A. W.

MELLON,

Secretary of the

Treasury.

EXHIBIT K

Agricultural

loan agencies of the War Finance Corporation as of November 30, 1929
Headquarters

Committee

Atlanta, 1 Ga., Federal Reserve Bank Building

James S. Floyd, chairman, Atlanta, Ga.
Henry W. Davis, Atlanta, Ga.
R. C. Williams, Atlanta, Ga.
Augustus E. Young, Cedartown, Ga.
C. W. Skinner, Waynesborough, Ga.
R. J. Taylor, Columbia, S. C.
Frank H. Greer, secretary, Atlanta, Ga.
Santa Fe, N. Mex., 201-202 Gallisteo Building-... Levi A. Hughes, chairman, Santa Fe, N. Mex.
St. Louis, Mo., care of Federal intermediate credit A. 0 . Wilson, chairman, St. Louis, Mo.
bank.
W. L. Hemingway, St. Louis, Mo.
E. C. Stuart, St. Louis, Mo.
T. C. Tupper, St. Louis, Mo.
J. C. Cosgrove, secretary, St. Louis, Mo.

i Agency closed as of Jan. 15,1930, and records and outstanding loans transferred to Washington, D. d.




27

ANNUAL REPORT OP THE WAR FINANCE CORPORATION
Agricultural

loan agencies of the War Finance Corporation
Continued

as of November SO, 1929—

AGENCIES D I S C O N T I N U E D
Agencies
Detroit, Mich
Indianapolis, Ind
Richmond, Va
Louisville, Ky
Jackson, Miss..
Columbus, Ohio
Salt Lake City, Utah V
New Orleans, La.*3
Springfield, Mass.
Little Rock, Ark
Montgomery, Ala
San Francisco, Calif—
Sioux Falls, S. Dak.*...
Chattanooga, Tenn
Columbia, S. C
Los Angeles, Calif
Wilmington, N. C
Oklahoma City, Okla.
Kansas City, Mo
Cheyenne, Wyo
Omaha, Nebr
Spokane, Wash.i
Chicago, 111
Helena, Mont
Des Moines, Iowa
Milwaukee, Wis
Fort Worth, Tex
Boise, Idaho
Denver, Colo.i
Portland, Oreg
Minneapolis, Minn

Records and outstanding loans transferred to—
Chicago agency
do
Washington, D. O.St. Louis agency
Little Rock agencyChicago agency
Washington, D . C__
.do
.do..
Atlanta and St. Louis agencies.
Atlanta agency
Washington, D . C .
M inneapolis agency
Atlanta agency
.do..
Santa Fe agency
Atlanta agency
Kansas City agency..
Des Moines agency..
D enver agency
Des Moines agency..
Washington, D . C . . .
.do..
Minneapolis agency
do
do
Santa Fe agency and Washington, D . C .
Minneapolis agency
Washington, D . C
do
do
_
A.GENCIES MOVED

From—
Raleigh, N. C
Albuquerque, N. Mex

Date

To—
Wilmington, N . C*
Santa Fe, N . Mex

_

Mar. 30,1923
June 13,1924

i All loans made through this agency liquidated and records transferred to Washington, D . C.
2 Supervision of outstanding loans later assigned to Atlanta agency.
No applications for loans received from the Springfield agency.
* Temporary branch agency established Jan. 24,1924.
* Agency discontinued and records and outstanding loans transferred to Atlanta agency on Oct. 31,1924.
3




O