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TIIK 11KXI1 HfM.KTIX, 11KXI), Olti:., WEDXKSD.W, AUGUST 23, 1010.
PARK 8.
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MYRIGK TELLS
SYSTEM
FEDERAL FARM LOAN
LAW EXPLAINED
rulillIicr Outline Term f Xnv Act
Intended to llenellt Ilotli Farmer
anil Interior SIiomn How SiiV-
Iiikk will lc Made by Hommer
To acquaint the farmnrs nnd tho
trnall Investora of the country with
muttinl IipiiiiIUh that they are to de
rive from tho new 1'edernl farm loan
hyr,t'm, llerben Myrlck, well-known
pulillHhor, author, ecouomlBt .and
widely known exponent of Improwd
condltlonH on the farm, ndtlresned n
big Kntherlni? of bankem, business
men nnd fanners fit the CIiitmlxT of
Commerce InHl nlpht.
Mr. Myrlck' telk nt the Chamber
last nlKht rxtilnlnrd In Intlmnto de
t'ajl thu purposes nnd thn workings of
the now federal Inw. Ho showed by
Illustrative examples how tho tnt
ntc Ih expected to work how It ben
efits thu farmer, and how It benellts
tho Investor.
In approaching bis subject Mr.
Myrlck laid frequent emphasis on
tho dllTerenro In cost to thu farmer
of securing lini'l lonnB tinder the "Id
nyHtem of farm iuortBiii;en and under
the new Hytem.
Km m I talcs Now 1 1 lull.
"Ily the old method, so loni? In
vogue," said he. "thn rovt of mort
gage money to Amerlran farmers, In
cluding commissions mill renewal
ehnrges. now averages about S i por
rent. Thin meanH that the average
farmer now paH what Ih eotial to
$80 yearly for the line of 11.000. In
3.1 yean these annual charges of
$H& ainount to $l!S0r.. If the $r.
paid each year earns only & per cent
compound Intel cBt, this will abro
gate about $3fiitf for compound In
terest alone, during the 33 yearH,
which hiiiii Ih IohI to the borrower.
Add It to thu JUS Of. and we get Home
Jt.JOO iih tho total cunt and loss to
the borrower of $1,000 for lint 33
yearn by tho old way, and he Btlll
ow'H thu original $1000 of principal.
"Ily the now method, with Intercut
nt 6 per cent per annum, paid "'4
per cent homl-annually. and 1 per
ci-nt applied on the principal each
M montliH together with nil savings
of Hlmplii and compound Interest,
the farmer pays In n totnl of $70
each ear, or $a310 In .13 eaiH, but
nt the end of that time IiIh debt Ih
paid off In full,
"Therefore, to pay IntereBt and
other charges upon a farm mortgage
of $1000 and to have the principal
of. the debt paid off In full at thn
end of 33 yearH costs, by the old
method, $7400; coHt, bv the now
nHtem, $2300; saving by the new
HHtem, $ril,00.
I'a)iuenl Made Kiu.y.
"The new sstein enables the bor
rower to pay IiIh debt almost 'with
out feeling It.'
Total puynientH yearly almost one
fifth less than by thu old method, not
only meet Interest, but by the new
ryutftii gradually dtsehnrgu thu prln
olpul iiIbo,
"The actuul saving by tho new
mor the old way Is some $r.000 on
each $1000 borrowed for 33 yearn,
"Tho shorter the lonn, the Ichb
thn saving, but the sooner the debt
Is paid. Thereafter, all the Interest
accrue to tho farm owner."
Mr. Myrlck explained that tho uew
law proldcn that any ten or more
farmers who wish to borrow money
for a Ioiik period of ear may form
a nntlonal farm loan association.
Kach farmer must pay hi $f for one
of Its shares, for each $100 he wishes
to borrow. The association Invents
that money In shares of the Federal
land bank for Its district.
To start It, the Oovernment tem
porarily advances so much of the
bind bank's $760,000 cash capital
as Ih not paid In by assocaltlons, In
dividuals, corporations or states. On
ly shares owned by member assocla
tbiiiH nud b thu flovorninoiit, can
vote.
Oliiuo iitil I'mentetl.
"Thus, hu continued, "no tniBt
or ulhtuu can control, but thu sys
tem must be run for thn mutual bun
etlt of bor towers nnd lenders. No
dividends nru pajnblo upon Govern
munt stock. As eventually tho
bank's shares will bo owned mostly
by member associations composed
holely of borrowing farmers, tho en
tire net profits (after dufrnlnR ex
penoes of elllcleut aduilnlstratlon)
will accruo to borrowers' benefit.
Thu only exception to this will bo
dividends upon such nonvoting
shares of thu land bnuk as are held
by others than tho Government nud
member associations.
"Apparently no loophole Is loft
whereby tho sstem may bn manip
ulated to dUndvuntnKo of borrowers
nud Investors. Kxploltatlon by mid
dlnmuu appears to bn guarded
ugsliut.
"It will bo ensy to start a Na
tional farm loan association In your
school district, township or county
nnd to Incorporate It under tho now
law, Thcu the imithod of goUlng a
lonn will bo simple; Suppose you
have a farm worth $5000 and wish
to borrow $2300 to Improve, work
or stock It You pay $125 for 25
shareu In Btich aBsoclatlon and give
It ntir nromlsn to nnv $2,500 This
note Ih secured by first mortgage up
on your farm, The association In
dorCH your note nnd sends It to the
Federal land bank, which forwardH
the $2500 to your association and It
turns-the money oer to you.
, Principal lament Small.
"IlcflldcH pajlng the Interest on
your note each six months, you also
pay a little on the principal semi-annually.
If the Interest Is at the rate
of 5 per cent pajments of about $35
every bIx montliB on each $1000 will
not only meet the Interest, but leavo
enough to reduce the principal bo
that In nbout 3.1 )ears the debt will
be wholly paid off.
You can pay off faster If you like.
When your debt Is paid In full, the
money you Invested In shares of our
Xntlonnl fnrm loan association Is re
turned to you In full."
Mr, Myrlck explained also the pro
cess of Issuing bonds under tho new
system and declared that these bonds
will provo attracthe to small Imest-
orH.
"In order to get more money," ho
said," thu Federal land bank may
sell bonds, secured by the farmers'
mortgage notcB. Knch mortgago be
ing Hteadlly reduced, the security
back of the bonds Rteadll) Increases.
Tho bank liuyH In nnd retires bonds
with tho Installments of principal re
ceived from borrowers. This makes
tho hondB bo Hafu and marketable
that they will be choice lnestiiienls
for any sum from $25 up. Ah the
public reallcs thu attractiveness of
these bonds, eventually ibey may
sell on u parity with state or Gov
ernment bonds."
m n
v
'A
;OELIEVE all yo' fren's fish
"- stories. It makes 'em like
you better an' you don't have
to. toy the fish.
y)$)Jlfflj!ffl!fflftW Yfo's''.'..'.A V Xfr(ffl'"ffl (7a
J L
Roofing of all kinds. Repairing
promptly done.
J. A. MacCLOSKEY
TINNING AND
Furnace Contractor
Guttering, Spouting,
Cornices and Skylights.
Want Ads only ONB CUNT a word.
OltKGOX TUUXK TKAIX
Arrhes .8 am
Leaves 8 pm.
O.-W. It. Ai X. TKAIX.
Arrives 7 45 p. m.
Leavea 7:25 a. in.
AUTO STAGi: WXi: SOUTH.
Leaven 8.45 a. in.
Arrives 5 p. in.
AUTO mxi:h.
Cars to Hums, Fort Klamath
Fort Hock, Silver I.nko and
other polntB south nnd south
. enst.
I'OST ofitci: nouns.
General dollvory open dally
8 it. m. 10 6 p. m.
No mall distributed on Sunday
Night train mall closes C p. in.
Day trnln mail closes G:30 a. m.
Ti:i,i:GitAi'ii nouns.
Western Union dally 7 a. in. to
! p, m. Sunday nnd holldns
8-10, 4-C.
Tin.Ki'iioxn nouns.
Pioneer Co., twonty-four hour
Bcrvice, including Hundny.
m:.vi:s much ixsuiuxci:.
Insurance amountttiR to the sum
of $5,000 was left to his mother by
the lato Nicholas P. Welder, accord
ing to BtatcmentB made this week.
The policies were In the Modern
Woodmen and an eastern Insurance
company.
A desirable bread knife free with
every annual subscription to Tho
Bend llulletln.
YOU CLEAN
UP THE HOUSE
wiriih omjan voun mxkn,
CU)TIIKS, SII,K IIKKSSKS, Ktc.
"1'1'T YOUK DUDS IN OUK SUDS"
Bend Steam Laundry.
AND DltY OIJUXINa
YOU KNOW OF
A Vititor
A Dtputura
A Huth-
A Dih
An AttUcni
A IUI EiUlt TluutctMn
Any lniMctoroti
An lllncii
Any New Budjuij
OR-
Anything tktt it ol Inlcinl
irs ncwsi
tad Phono it ti
The Bulletin
501
Going, Going, doing
VfES, and the Groceries and Furnishings we areoiler-
ing at the sacrifice cost prices will soon be gone.
Onr last week's business shows that the people believe
that we are giving them the best prices that have
ever been offered in Itend. This Sale will continue for
only a short time because the goods are going at a rec
ord breaking pace. Read these prices and be convinced.
FKHT JAItS.
icoiiomy.
Itoi;- pints $1.00; calo . . . .
Key. quarts $1,15; sale ....
.Mason.
IIok., pints 85c;-salo
ItcK., nuartB $1.00 sale; . . . .
Itch', halfs $1.20; ehIo
WASH IIOAItDH.
IIck., rlumlnum 50c; sale . .
ItcR., brass 50c; sale
coffki:.
ItcR., 4 0e; selo
IteK., 35c; salu
ItCK., 30c; salu
I'l'llKSOItOIIUM.
Iteg., 10 lb. can $1.15; sale.
Iteu. 5 lb. can t!5c; salu . ...
(:illltAItlKI.I.I'K (JHOUNl
CIIOCOiaTK.
UeK., 1 lb, tins 35c; sale .
ItAKINC; POWDKK (K. C.)
lteR., SOc; sale "c
. 7.1e Kcr. 5"o! sale ilKc
Doc Kcr. 25c; sale -c
IteK., 15c; snle 2 for -"c
Oc ,!eK-' 10c: Hs)' 3 'or '"Sc
!kdc lllAII.VG.
. ti.'f Hegular 10c; Bale 7c
SODA CKACKKIW.
.iloc AH 25c Sodn crackers -Oc
:" COOKIKK.
All 10c cookies 3 for "3c
:!':'' mitxix's ti:as.
'..',u Ilcg., i lb. 40c; sale !0c
FIll'ITJAK IIIXS,
,f.Sc I!eg., 10c doz; sale .5c
..lOr 1IKIXZ 'CATSUP.
I) Keg., 25c; sale UOc
MATCIIKS.
,it()c 7 boxes for -."c
MEN'S FURNISHINGS
Sliotvi.
All $6.00 shoes now $-1.50
All $5.00 shoes now $1.00
All $4.00 shoes now U.OO
All $4.50 shoes now iiut.no
All $3.50 shoes now JS2.SO
llOVH' KIIOKS.
All $3.25 shoes now $2.:t5
All $2.85 shoes now , 9-.2X
All $2.U0 shoeB now 1S2.00
All $2.35 rhoes now .....' tU.HO
AIK.VH IIXDKKWKAK.
Clmlnieni Poixknlt.
Iteatilar price $ 1 00 , sale price , G.1c
It. V. D.
llegulnr price $1.00; salu prlco USc
WUICIIT'H HPKIXO XKKIH.K.
Hegular price $1.00; salu prlco 0,"Vc
WKIOHTS SPKIXO XKKDM-: U(JIIT WOOU
HuRiilar prlco $2.50: salo prlco 91.73
MUX'S F1XK DKKSS SIllltTS.
Hegular prlco $1.25, salo prlco 83c
Hegular prlcu $1.50, salu price , 91.13
niacK h,ti:i:x shikts.
Hegulnr prlco 76c; salo prlco , 43c
KHAKI SIIIKTH,
Hegular prlcu COc; salu prlco ioc
MKX'S WOHIC SHIKTS.
Hegular prlco 75c; salo prlco 33c
TOIIACCOS.
City Club, 10c enns 3 for 25a; 13 for 91.00
Satisfaction Pouches, 10c; 3 for 25c; 13 for tfl.OO
Bibbed Overalls and Waists
Hegular $1.25 Overalls, sale price $1.00
Hegular $1.15 Ovcrajls, sale price 95c
Hegular $1.10 Waists, sale price 90c
Trousers, Jumpers, Hose
MKX'S PAXTS.
Kegular price $2 00, salo'prlco $i.to
tX)TTOX PAXTS.
Hegular prlco $1.75. s.iIo prlco ....$13
COItDUKOV TltOl'SKKS,
hegular prlco $3.00, snle price .io
MIJX'S 1U.IK AX STKIPKD JVMPKKS.
Hegular price $1.25. salo prlco ....S1.00
MICXS.C.SHMKIti: HOSK.
Hegular hoo 35c; salo price so
BERT SHUEY
EVERY PRICE GUARANTEED.
BUY EARLY
VOGAN'S
Chocolates
For a change, take home the
attractive Moire package
50dts
and
ddlc
This Ad is v
Valuable
Larson (Sh Co.
will occupy the MUTIG Hulldlii,.
OIIKGOX STItEnT will rIvo in priie.
n $13.00 GOI1) WATCir to the boyi i
bringing In tlio Krcutcst number ofV
ads to tho stoio on oenln(; day, nl0
a $15.00 GOLD WATCH to the gt)
brlnKfiiR greatest number of ads to
tho More on opening day. Have the
nil iin they will Ira valuable altout
Sept. 1st, the ditto of oenlng of tin?
IjAIISOX & 'OMPAXV
one
lar
Reed & H or ion
Bend, Oregon
RANCHERS:
BuyStockNow
CENTRAL OREGON
FARMERS
CREAMERY
Maoulatiuiert ol
PASTEURIZED PRODUCTS
GROCERIES
FRESH VEGETABLES
BERRIES AND
FRUITS
BUILDERS' HARDWARE
and
WEm SHERWIN-WILLIAMS Wgplj
SHERWIN-WILLIAMS
PAINT
F. DEMENT (Sb CO.
Brooks-Scanlon Lumber Co.
LUMBER
Lath, Shingles, Building Material
of all kinds
KILN D1UED FLOORING AND FINISH
CASTINGS
IN GRAY IRON AND BRASS
HUFFSCBMIDT-DUGAN IRON WORKS
BEND. OREGON
PHONE BLACK 741
LUMBER LATH SHINGLES LIME
PLASTER CEMENT
All Finish Lumber Kiln Dried
Miller Lumber Co.
SELLING
SHEVL1N-H1XON LUMBER.
OFFICE ON OREGON ST.
i