The Weston leader. (Weston, Umatilla County, Or.) 189?-1946, September 29, 1916, Image 2

The Weston leader., September 29, 1916, Image 2

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About The Weston leader. (Weston, Umatilla County, Or.) 189?-1946 | View Entire Issue (Sept. 29, 1916)

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Newspaper Page TextTKEFECERALFEM LOAN ACT (Continued fruot lint Pag.) feed n per cont, together with uch mwiM H can earn on it jsald ia cash capital, the bunk muit Mt aiida certain rerv and meat all iU xpn. Any balanc or nat profit tan b distributed at divi denda to th loan asaoriationa or other stockholder. Tb loan as sociation, from their bank divl dends, after setting and th re quired rres and meeting ' ex penses, ran declar association divi dend to their members. In thia way th profit, if any, will b dis tributed among th borrow r and will, to that xUnt roduc th amount of lntrt actually paid by than. Restriction Fee and Commit- on th unpaid principal of th loan, Thia commission la to be deducted from tli dividend payable to such farm loan associate by th Federal land bank. If th commission ar not gicqsais, and aa aMuvtatiua Uu WESTON LEADER OAXK OOU, I'.Ul.h.r MiHMHiniUN Kt Tim Year II Ml not wish to members for cur-jgi, m,m,iIi. ...... u 'h rnt expense, it may borrow at S per! Mimilt 0 60 cnt from th Federal land bank to aa amount not to exceed in th aggregate on-fourth of it bank atock. Reserve ad Dividend Th law rtquir both th land ( MOAV bank and th term loan attociauona to nuke provision for crUm reser ves bfor they can pay any divi dend. Agat and Uad Dank -la taction whar local condition do not mak tha formation of aaaocia tion DracUcabl. th farm l-oan ADVCNIIUNU MAI I t IVr Im'li Hr nn'iilli Ill 60 Per hu ll, ti Iiiwrl iihi W I .untie, r lin each titnirlnHi ..... Oft . . . SEPT Jfc IVU Ht at tin ieltit at Wsslea, UrMs M MC (Use ll IMtlltt. ROUND UP tDUCATION. Iliirhcr than ordinary moral . -...k. ...... l.n.1 ' -" hank In m,W. loan, through ant ' tOWIt Which essays U) U- cirovd by th board. Tha gnU ! come "school town," forth Th l'dri land fbanka ar pacificaly prohibited from charg ing, in connection with making a loan, any fa or commission which ar not authoriad by th Farm Loan Board. Th authorised f nd not b paid in advance, but may b mad part of th loan. Amort Uatioa Flaa of Repaying La It has been (aid that all loans ar to be repaid oa th amortisation plan. Thi pJan call for a num ber of fixed annual or semiannual payments, which includ not ouly 01 intereat and charge du th bank, but th principal aa well. The payment ar o calculated aa to extinguish th debt la a given number of years. After fiv year th borrower ha th right on any in tereat date to mak additional pay mnt on th principal in sums of 625 or any multipi throf, thus dischar ging th debt more quickly. Alter a Federal land bank ha loan ed on first mortgage $a0,000, it can obtain permission from th Farm Loaa Board to iu $50,000 in farm loan bond bd on th mortgage,' all such bond in th open market, J w th W aud tt pr cci value Umi same reason that the achoolmas ter is expected to set an exam pie of rectitude to his neighbors in ar to b banks, trust companies, mortgage conipanie. or savings insti tution, chartered by th state. Thy may receive aa -'"l"" -j m,n;i. tuai expense Involved in transacting PUP,1S' . ! in Edition thereto A town that specialties sum not to xced on-half of 1 prilb)und Ups and iiappy Uinyom cent per annum of th unpaid princi- j3 by no means an "ideal loca- . . i .a. a. tk..a ' . b . . a pai ox u loan maua snrouga tjon" x0r a stale normal acnooi ..i - I.... U..J . . . .... nneo a mm - 7 Respite the platitudinous pant uiat a ioc.my ' ! gyric of its boastful booster. loan are to be made through ageui.! For the same rason that the joint-stock Land Bank. Pendleton liound Up ia the In add-on to th vtem of 12 F- greatest show of its kind in the deral laud Uuk and th national world is Pendleton tne poorest loan asociaUon of borrowers, Ui place in the world for a state act permit the eatabiishnwiit of joiut S Mutational institution, penne slock land bank and auUor uem ; M t fa mm QM yea..$ en(J te carry on the buame. of Iwdiiigj wUd and airecuj w gag security and inauing farm loan bonds, Ihea banks must hav a cap ital of not 1m than I2&0.000. Ihey ar undwr th supervision of th Fed eral r arm Loan Board, but tn Uov eminent doe not lend thm any fl oanctai assistanc. i h. ioint-atock land bank is fr from many of th condition imposed , prototype. on th r dral land Uiu. buoject degenerate and us th money thus obtained to land on other mortgage. Thia process of landing on mortga ge and sailing bond in issue of v V00 may be repeated until bond to th amount of twenty time th bank paid-up capital ar outstanding. If ads bank should hav only it re quired minimum paid up capital of 'o0,000, thi plan will provra even tually, if all to authorised bond of tb 12 bank ar sold, oyer SlbO.QOO. tution and th limitation a to terri tory, th joint- tuck land bank may land more than 10,000 to a ingt in dividual, and it is not retrieved to makinir loan lor w purposes 'ln joint-stock bank, lik th -deral land banks, can not charge an interest rate on farm xc of to per cut, nor snu interest rat exceed by moi than 1 per cent tiie' irate of mUit pitul b in bank upon it last wau ox bona. A joint-sloe Uuik u laiuied in iU oond issu to la time it capital ana urpiu. Among th restrictions placed on ths bank under th act ar (1) tuat vhuir mortgages must proviu ior an uuiortizbuou system of repaymaut kuch a is prescribed in tn case o; loan tnroagu in oueral land banks, and (Z) that they aiiail in no cas de mand or receive nnaer any torm or pretense any cuutnussiou or cuarg uos (pacifically authorized by tb aU and appioed by th farm Loan doard. ' 'ina bond of th Joint-stock land tern ar empowered 10 ouy ana aeu exempted irons Uukatsou. these bonds. iey axe to b "lLU)Jir i,.tal stock, howe.er, is nou in denominations ox 2V, ov, iw, In ... . . ... . , sucn training ueaucu farm land. Th banks, however, can increas their capital stock above tn required minimum and so increas th amount of bond they can sell, and thus increase the total amount of mo ney available for loans on larm mort gages. -. To make these bond attractive to investors, the bonds, together with the mortgages upon which they are based, ar exempted from Federal, State, itun'tipal, and local Ut.ltur. and aie luade legal investments for fiduciary ail U'ust funoa. 'ino capital stw.k X th Federal land bank is also ex empt from taxation. Federal reserve lanks and member bank of that sys- and 61,000. Organization of Bank. The temporary management of the Federal land backs is to M in Uut hands of bv director appointed by th Federal Farm Loan eoard. As soon, however, a th ' subscriptions from th loan associations total 100, 000 regular director are to b ap pointed a follows: Three district di rectors, resident in the district, shall be appointed by th Federal Loan Board to represent the public inter est, and six local directors, resident in th district, shall b aiscted by th lam loan association wno must b stockholders in th bank. Th Fed eral farm Loan Board shall designate on of it appoint to act aa chair man. Th act requires that at least one of th thre director shall b ex perienced in farming and actually en gaged at the time of hi appointment ut farming operation within th dis trict Any compensation paid to th directors must be approved by th Fe deral Farm Loan Board. Officer of Loaa Aoeiatio Each loan association must have a board of directors and a secretary treasurer. The directors shall erv without pay. Th secretary-treasurer hail receive such compensation a way b determined by th board of di rector. Th association must ap point an appraisal committee for th purpose of valuing lands offered as security for loans, fco member ox such eommitte shall hav any inter est in th property upon which b passes. '' ; Fund for Current Expenses To provide fund for current ex penses, the loan sssociation may re tain as a commission from each int erest ' payment , not to exceed one- . . - - . . I annaiaMv tin. wooly" llound Up atmosphere. The successful Itound Up is inseparable lrom reckless brav ado, blood lust and cruelty. It of all modern activities best illustrates the spirit of the Ko man arnpitneatre, its ancient Une can fancy tne shade of Wero ap pending as two terror-stricken horses dasn together . to their death or as a bleeding and man gled steer is" driven from the arena. One can see him leering - . i i j . . r ciited su toe cas ox tn r euurai umu ( Upon vne stricaeu xoriu ux tuw- girl rider, thrown from Her horse and carried away by the stretcn er bearers, is this tne sort of by tne pa rents of tne suie ior tne young men and women who will teacu tneir cnildren Are sucn spec tacles upufung or are tney de grading to impressionable youth? As to Happy Canyon, ic was a beiitting leature of Fenule ton's big show, and iiKewise ouarre and tnriiiing success as aa exaggerated portrayal ol the grosser passions and vices of tne old frontier. Une couiu gam ble tnere and he couid daiice there and he couid drink there. Xhe drink was near beer, to be sure, but surreptitious alcoholic "kicks" must have been suppneu by the drinkers, as along towaru midnight Saturday several girls Everything went, with tne easy Ireeuom of a redligat revel. The dancing was largely sinu ous, sensuous, wnggiesome, wuu no attempt at rwuiuc lu grotesque abandon would even, most liicely, disgust a voiuptu ary of discriminating taste. Au old "sourdougn" says tuat he witnessed nothing ime it in Uie neignt of Llawsou'a Doom. An eievaung prospect, indeed, for normal scnool siuuentsl FenUieion, however, will nev er be required to chooae between itound Up and normal school, since its aspirations in the latter direction will receive tne rerunn ing Kibosh in November. General Provision Tb law, uuougn to r arm Loan XMara, proviue tne neceaiy uiacn aieiy ior uequeut exauunakoua oa the utuiLt auu tu asMiCiauoiis, xor too proper caticeiiation ex mbitgage Oj.- xui as sacur.ty xor bonds. V. neu a mortika vuru as secu.ii for bouu u wiumiawu, tu baiik is icquued to leprae Wi secuiiiy witn vu.r mort gages or with outer aiUxacwry col jtturtl : Xlavy penalties of Cn or impris onment or io m, are inipoed iol' Vio lations ox th act, inauaiintie ui oi- itce, xraud, emoezzlement, ue.alcatiou or otuer xuegal practices. FOHMLB WL810.N BOlf . "MAKES 5 1IS WAV" Jesse Bay, civil engineer, droppeu oft in Weston Tuesday ior a day s vi sit with his mother and lrtends in tne old horn town. Mr. Bay has been engaged in civil engineering for the past six years, first with railroad companies and afterward with th San Franc t co Expojitii'n lit s sow connected with the government engin eering corps which i making a com prehensive physical valuation of th railroad properties-, in th United States for the Interstate Commerce Commission. This gigantic task has now been in progress two and one-half years, and it is estimated that fiv year more will be required for it completion. Mr. Bay holds th posi tion of tiaveling computer, and mak es his headquarter in San Francis co. Th success be i winning in hi profession brings gratification to his relative and numerous boyhood friends in thi community. in advoiatlng additional normal svhool iacitiiie. "Thi xcvd th accom odations for cla work." I Th board dvclar that th diMinl toiy euuipmcut I inadequate, and that th quadrangle originally plan ned should be computed, for wukh an appropriation of W),0vH) it needed. U assvinbly hall la Insuflkicut, It is aid, and 15,000 ia needed to chang iu ror paving and improvement ol ground tuOOO is aeeded th board. The fihoxt dispatch from Sal- em. printed in many Oregon; uewMpiipers, plainly indicates that the building of a new norm al school plant at Pendleton will mean but tht beginning of a heavy drain upon the taxpayers, it would be au utterly loutish in vtstnunt, eume a plant adequate ior the nevus oi tma sectiuu oi the state already exists at Vs ton, and can be successfully op tateu xor one-lortietn ox a uuil, ! while I'endkton asks one-twe- tyMuthofa null, aside tronii x26,oo0 for new buildings. j 'i ne closing of the acnoola at 1 V eaton, Monmouth, and Ash- j land m 190s was an act ol polit-, ical vengeance on the part ox tne 1 tUte senate, and was almost solely due to the peevish atu- tuue of a deieated republican , camudato for governor w nose, wiaui was aroused because vy es- ton refused to auppoit him. lhe ; voters re-openeo moiuuuuui, thm- lailura to also re-open Asn- land andVV eston constituted a bit of unwisdom for which they and their children have since Decn paying by reason of Oregon's uua ux of trained teachers. Ars tht v nue now for aiiotncr error tne creation of a new school at x'euuleteon when all they nave to uo is to avail themselves of uie Weston institution through voting a moderate maintenance i lhe leader thinks not, although there ia always the possibility nut Tenuietou may succeed in irullinc tnem through it cam paign of deception -th ulter.or natuxe of which is clearly set lortu in an able article in tius is sue of the Leader irom the pen ox S. D. Allen, a Eugene altox-- TAXPAYERS. BEWARE! Salem, Or., Sept. 9' In a urv just completed of the ';.,.! school situation in th state th board of re gent of th Oregon Normal school declara that "th necessity for addi tional normal school facilities in Or egon is apparent," and also that an Had the Asniana ana vestuu normal not been . dosed, tne Monmouth school would not b i.t cMwued. and would not now p asking tor bo much money x aucuuon to its annol nainten- ance. Al Uie xasi seoaioii ws m legislature it received I50.0W or improvements, and it wia ve ry likely put in a aenianu at ev ery succeeding ses''"- &o wxi w ... . . . . Uie fendleton norn&s,'u estaw tished. The Vv eston scnool can and will be maintained ior one xortetn ox a null annuahy which would bring it more man double the income it ever recti v ed when it was tne largest nor mal in the state, ft would nev- usic ior an additional dollar. The educational machine of Oregon is backing the fendleton school bill, but it should be re membered that it Is very seldom the "prominent educators who pay the taxes. BIGGLST ACHE YIELD The largest yield of wheat the Department of Agriculture has urd of is a hundred and sev- nteen bushels to the acre on eighteen acres in the btate ox Washington, says the Saturday livening Post The second lar gest yield is a hundred and eight bushels to the acre on twelve ac es in Idaho. The average yield xor the country last year was se venteen bushels. The largest yield of oats is a hundred and eighty-four bush els to the acre on eight acres in Washington ; second, a hundred and sixty-six bushels on eight eight acres in Colorado, lhe average for the United States is thirty-eight bushels. The lar gest yield of white potatoes is seven hundred aud ninety bush els from an acre in California; second is seven hundred and forty-three bushels in Washington. The average is ninety-six bush els. Such comparisons might be extended pretty much through- Get Ready Ior Winter Our lino of Full Goods is complete. Corny in una look over our lino una coiiiurt prices with others. !ky' heavy Awe union suU.... 4ltt it..)' Itvavy WumI ruod suit Hock" Daec sK'iU alnrU and nu t- - Jf : a --.-5. - U.liva' medium waight Veate and .,.vs Ladi' hwavy flveiHt vast and pant t ,",,,, ,,,. t tadi' wool vU ami pant ..... WM Laaiwi lievce uiiaxi sun ...ve Ijniiv' wool uiikni auiia ,.1.4i 11. U ladies' an and wool uiimmi suit.... , a.M Musk' llwec ttiuiMi auits itfc Umsw' wool uiikmi suit. Wsc iUuoeit smiU tjc-UK-WOC InfaiiU' band li-JC Ladiva' outing guwna 4tta to I.4J Children' outing gowna ... HM to TV Ladiva' outing skirl Juat received, another shipment of LADIES' COATS. Look thvia over, 'i he latest style at l earn owl price. Men "High and draw! Men's by wool Ui aware Men' 'iuur' alilta" sliiiU ami drawer..... ., H Man "Collin" chute and drawi ,.i.a lien' heavy cotton unaui uil.. SM Men' ribbed wool mla union snll .. , !. Men' heavy wool nbbad unlun suits t'1, 4J Mn'a ir heavy wool ribbed uiiiwu uite ,.v .'. .... alun'i outing gown...-.., u-aSo Hoy' oullng guwn ..... l-4i JX.Pennev Co. ts Inc. J Athena Oregon We r not bringing eoaU lo Nawcaatl bul toWteton, Oregon. It will be our constant aim to U. ly pAlrwi with th beat coal w can procure at tb low! pi ice conistnt with a reasonable profit, U'bon No. 6i) P.T. HARBOUR at Weston Brickyard NO COMMISSION NO DELAY NO BONUS NO RED TAPE LOW INTEREST RATES LIBERAL REPAYMENT PRIVILEGES llartman Abstract Co, Corner of Main and Court Streets PENDLETON - OREGON sTiaWIWXTI Ai dam it ledroom Suite Mr. and Mrs, Claud Davis here last week for a visit with additional appropriation at $80,000 is needed to quip tha Oregon Normal school adequately to serve 600 regular student. Further th board declare that th maintenance tax of l-2Gth of a milt is not sufficient for an increase in th faculty of th school, and that an appropriation must be made for ni'tit organization of agriculture. thi purpos "If th standard of th t But there is a happy medium ue- wer ! school is to be maintained." tween the prize yield and the av the ! "The attendance at the Monmouth ! craze that means no morterage out the list of agricultural stap les. True, the prize yields are sometimes not commercially practicable, -for they involve a quantity of care and labor that would be impossible on a large scale with anything like the pre The Adam's period Bedroom Suite in the OLD IVORY is abso lutely newhot from the factory Dresser. $21.00 Top mm French Mirror 20x30 Chiffonier '..!.' $22.00 lop itsae Inmch.iiirror ltaSO .. - Dressing Table $2 1.00 Top ISaMt , Throe rrench Mirror " i . ' Two 10xl8 on 1241 . Bed Wooden ;..$l'8.00 r'ullsi-4 fl. tf m. ; i ADAM'S FURNITURF Has Come to Stay 4eeeeeeewft Mult a refreshing Vrnrnnrn drink. : ,.JaV V W VS. - prenU of Mr. P-vi at th Culley j Normal chool for the summer of rsnck, .., ovfr 800 stuunw," wyi tneoare and a good bank account Xor the man who tuta it, V . .all Pool anil Billiard Hall E. E. ZEXIM r . ... .......iissSSslH i - Jt