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About The gazette-times. (Heppner, Or.) 1912-1925 | View Entire Issue (Jan. 4, 1917)
THE GAZETTE-TIMES. HEPPNER. ORE.. THURSDAY. JAN. 4. 1917 PAt)K FOUR New Lumber Yard iSPOIHHE SELECTED i t t I. Now open in building formerly occupied by Independent Garage on Main Street LUMBER, LATHS, SHINGLES, BUILDING MATERIAL. LUMBER IN CAR LOTS A SPECIALTY. Get Our Estimates Before Building H. C. GITHENS j VElLMfl T, $725.00 $910.00 63JDMHP In Use THE MOTOR IS A WONDER, UNUSUALLY POWER FUL BUT WONDERFULLY ECONOMICAL 20 TO 25 MILES ON A GALLON OF GASOLINE IS THE USUAL REPORT. THE FASTEST SELLING COMPLETE AUTOMOBILE EVER OFFERED. These are 1917. fcssi isa mm renal? itfflr ICE CREAM SPECIALS PURE -:- DELICIOUS -:- REFRESHING TRY OUR STRAWBERRY ICE CREAM-Made from fresh crushed strawberries. --You will like it. SOFT DRINKS OUR SPECIALTY THE PALM HIGHEST GRADE OF CANDIES IN THE CITY I 0 Comfort WINTER DAY WARMTH IN YOUR HOME IS MADE POSSIBLE BY THE USE OF THE RIGHT KIND AND SIZE OF STOVE. O UR HEATERS, burning both wood and coal, are the best to be found " on the market. They do't stand in, with the fuel man. They are FUEL SAVERS "We Have It, Will Get It, Or It Is Not Made In Hardware." Gilliam & Bisbee Pioneer Hardware Merchants. Chas Stanton, who recent rented Harlan McCurdy and Walter Coch his Eight Mile farm to Tom Arnold ran, prominent young business men hag located for the winter at Walla , of lone, attended the New Year's ball Walla. i in this city Tuesday evening. FOB FARM LQANBANK Spokane, in district No. 12, is the selection of the federal farm loan board tor the northwestern land bank for the territory comprising Wash ington, Oregon, Montana and Idaho. Billings, Helena and Portland were the other contestants for the bank The selection of Spokane establishes that city as the agricultural and farm loan center of the North Pacific stat Other Districts, Other cities selected and the dis tricts to be served, as announced by thef arm loan bank board, are: District No. 1, Springfield, Mass. Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Con necticut, New York and New Jersey District No. 2. Baltimore, Md. Pennsylvania, Delaware, Maryland Virginia, West Virginia, and the Dis trict of Columbia. District No. 3, Columbia, S. C forth Carolina, "South Carolina, Geor gia and Florida District No. 4, Louisville, Ky. Ohio, Indiana, Kentucky and Tennes see, District No. 5, New Orleans, Ala bama, Mississippi and Louisiana. District No. 6, St. Louis, Mo. Illi nois, Missouri and Arkansas. District No. 7, St. Paul, Minn. Michigan, Wisconsin, Minnesota and North Dakota. District No. 8, Omaha, Neb. Iowa, Nebraska, South Dakota and Wyom ing. District No. 9, Wichita, Kan. Ok- lohoma, Kansas, Colorado and New Mexico. District No. 10, Houston, Texas Texas. District No. 11, Berkeley, Cal. California, Nevada, Utah and Ari zona. Open Subscription Books, The new bank in Spokane will have a capital of $750,000 and a loaning capacity of $15,000,000. It will be put in operation just as soon as the federal farm loan board names the registrar and directors. Stock sub scription books will be opened, it is expected soon after January 2, and they will remain open for public sub scription 30 days. AH stock out standing at that time will be taken up by the government. In the meantime national farm loan associations can be organized a mong the farmers to take advantage of the loaning facilities of the new bank. Ten farmers can organize such an association to borrow a minimum or $20,000 at 6 per cent on the long time, amortization plan. The district bank is not a large In stitution in point of employes as the bulk of them achiny Is centered in the farm loan association. Accord ing to the federal reserve act, the Spokane bank will have a registrar, who will be the governor. He must be an attorney to examine titles An other salaried person is that of the secretary-treasurer, who will virtual ly be general manager. Then there will be a federal inspector appraiser and at 'first organizers to assist the farmers in forming the local associa tions. The board of directors at the outset will comprise five men and all the officials will be named primarily by the federal farm loan board. Deals With Associations. The board elects a president and ther officers but the members do not Iraw regular salaries, receiving n per Ueiu remuneration with expeuso vhile in session. Stenographic and lerlcal help will riot :e ex'tiif-ivr ind it is .expected that tho bp nli wil cure quarters above the street lev 1 In a downtown location. The district ;mrk dop. not deal tli e. tlj with the farmer who wUlms i nake a loan. He must act throug' . lis association. Only farmers c hose actually intending to purchas "arm land can take advantage of th ;arm loan bank facilities, The fed 3ral farm loan board of five men lamed by the president, the federa .'arm loan bank and the natonal farr loan association are the three unit n the new system. The board at present comprise George W. Norris, Herbert Quick Charles E. Lobdell, and W. S. A Smith, who sat at the Spokane hear lng, September 4, W. W. Flannagan secretary, and William Gibbs' Mc Adoo, secretary of the treasury, ex officio member. Farmers Must Organize. The inital terms of office are eight six, four and two years, but when the first term expires the uniform length of eight years will prevail The federal farm loan board will name five directors for the Spokane bank to serve temporarily. When the subscriptions of the association to bank stock reach $100,000 the board will be increased to nine, six elected by the associations and three by the farm loan board, and their terms will be for three years each. It is lndiftnlte just when the bank will be open for business, but there will be nothing for it to do until the farmers have organized associa tions. No stockholders will have a vote outside of the government and the association stockholders. The bank may pay dividends providing it earns them. The government stock will gradually be paid off an the subscriptions increase. Each borrower must subscribe to $5 of stock in the bank to every $100 he borrows. He can dispose out or use it as the last payment on his loan. Loan Limit Bet. Before any farmer can borrow, at least 10 must organize a national farm loan association to borrow a minimum of $20,000. The maxi mum 'loan to one farmer will be $10,000 and and the minimum $100. Loans will be made on first mort gages to the amount of 50 per cent of the land value plus 20 per cent of the value of permanent insured im provements. Each association will have a farm loan committee to pass on all loans. There will be no cost for the ex amination of titles, although the bor rower will pay for his abstract of title. The association can employ a man to do this for all of them. Loans wll run 6 to 40 years at the option of the borrower and he can pay out any time after five years. The amortization plan will be used whereby the borrower pays off his In terest and a portion of his prin cipal annually in -such a way that both will be fully paid up when the loan matures. Determine Interest by Bonds, The interest rate will be determin ed by the rate the bonds of the farm loan bank pay, the former always be ing at least 1 per cent higher than the bond rate. For instance, If the bonds can be sold at 5 per cent, the interest rate charged borrowers will be 6 -per cent. In an emergency, which Is regarded as a remote possibility, the farmer who borrows will be held liable for an extra 5 per cent stock assessment maKing tins total liability iu per cent of his loan. A farmer is given a vote for every $5 of stock he holds, but none will be allowed more than 20 votes. The secretary-treasurer of the as sociation will collect the payments from the members. This association will pay his salary. The associa tion has two sources of revenue, di vidends on the stock its members hold in the farm loan bank, and it may collect one-eighth of 1 per cent from the interest payments on the unpaid balances of Its members' loans in an ticipation of dividends. Old States Need Xo Loans. Spokane bankers called attention to some unusual circumstances sur rounding the selection of the cities for the federal farm loan bank. St. Louis has a federal farm bank and also secures a federal farm loan bank. It is the only city so honored. The great agricultural states Iowa, Wisconsin, Indiana, Michigan, Illi nois and Ohio, do not get a farm an bank. This is believed to be due to the fact that they are older states and do not need the aid of the bank as the newer districts do. On the edges of a crescent, the points on which rest on Springfield. Mass., and St. Paul, Minn., are locat ed 10 of the new farm loan banks cities. Spokane and Berkeley are by themselves in the northwest and southwest respectively. On the up per edge of the crescent referred to are Springfield, Louisville, St. Louis, and St.- Paul. On the lower edge are Omaha, Wichita, Houston, New Orleans, Columbia, S. C. and Baltimore. Asked For Wyoming. Spokane originally asked that Wyoming be included in its terri tory, although the inclusion of that state was declared to be satisfactorily although not essential. Wyoming has been attached to the Omaha dis trict. The farm loan committee of the Spokane Chamber of Commerce, which conducted the winning fight for Spokane, included N. W. Dur ham, chairman; C. B. Kegley, E. E. Favllle, Conner Malott and R, Insin- ger. Spokane bankers welcome the news f the selection of Spokane, although the farm loan bank comes in direct ompetion with the trust companies and the mortgage companies. Na tional banks are not effected, as they do not loan on farm property. Of this at par when M loan is pnld f , " I CALIFORNIA is a garden of delight where earth and sky t and air have seemingly been fashioned by Dame Nature to charm the hearts and minds of men. AH manner of sports and recreations are enjoyed out-of-doors. Polo, golf, tennis and automobiling over countless miles of beau tiful roads, and the way to go is via Union Pacific System We will be glad to furnish complete in formation, and help plan your . California Trip. CITY MEAT MARKET UNDER NEW MANAGEMENT All kinds of Fresh and Cured Meats and Lard This la U place to buy Oysters, Crabs, Clams, Salmon, Halibut, Smelts 1 Johnson & Johnson Readjustment of Postal Rates. The ways are now being greased for the launching of the movement for the readjustment of postal rates This problem was to have been taken up the last session, but had to be deferred on account of the considera tion required by railway mail pay. Since this has been disposed of the committees are preparing to take up the matter of placing the various pos tal rats on a more equitable basis. A zone system of rates for sec ond class matter Is being prominently urged to take the place of the present flat rate which was adopted nearly forty years ago. The present rate has for some time been regarded- as discrimination against the news papers in favor of the great national magazines. Like the parcel post the proposed zone rates would be based on the length of the haul. The postal committees have been besieged by petitions bearing mil lions of names and several hundred housand letters from individuals urg ing a readjustment of postal rates with a view of making possible one- cent letter postage. A Burvey of the situation indicates that the various rates to permit the granting of a one cent rate on local delivery letters in the next Congress. X Choice cuts of fresh meat. he Old Reliable Dutchman at People's Cash Market. See rte tf. For gale Nice Winter Apples at II.- per sack at the C. P. Bowman ranch on Butter creek. 4-4- The HORN PASTIME VICTOR GROSHEN, Prep. SOUTHEAST CORNER MAIN A MAY STREETS Complete Line of Candies and Cigars and all the Leading Soft Drinks. Card Tables in Connection. First Class Service Give Us a Call - . AAAAAA AAA AAAA A A A A A A A A A A .t Mrs. L. G. Herren announces the addition of a dress-making and de sighing department to her millinery establishment, after January 1st. This department will be in charge of Miss Phillips, a professional dress-maker and a, thoroughly com petent designer. 'v Your Patronage Solicited GAZETTE-TIMES Advertising Pays. For this there is a reason: Circulation which includes practically ALL the people in Morrow and Northern Grant Counties. ' ' Tour friends can buy any thing you can give them excopt four photograph, Slesbee Studio, . - Mr. and Mrs. Tom Arnold of Eight Mile were TtBiton a Heppner Tie ........ ,:",.
