THE GAZETTE-TIMES. HEPPNER. ORE.. THURSDAY. JAN. 4. 1917
PAt)K FOUR
New Lumber Yard
iSPOIHHE SELECTED
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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
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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
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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
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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
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