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About The gazette-times. (Heppner, Or.) 1912-1925 | View Entire Issue (March 15, 1923)
THE GAZETTE-TIMES, HEPPNER, OREGON, THURSDAY, MARCH 15, 1923. PAGE THREE CREDITS ACT, 1323 Statenwnt by the Secretary of Airl culture, Henry C. Wallace, Cob. cernlng Legislation Panted by Con. I rrss on Last Day of Beaslon. On the laat day It waa in aeaaion Congress enacted the Agricultural Credits Act. Thia act la designed to give the farmer the aort of credit he needs to produce efficiently and mar ket in an orderly way the producta of the farm. It ia an effort by Congreaa to meet a need which haa been felt for at leaat fifty yeara. The act may not be perfect. Quite poaaibly ex perience will ahow the need of amend ment! from time to time. But it furnishea the baaia for a system of intermediate credit adapted to farm eonditiona and farm needa. Alao It ahould bring about a reduction in the interest which farmera must pay for money borrowed. The act ia divided into two parta. In the ftrat, it providea government agenciea for handling agricultural loana. In the second it authorizes the organiiation of private agenciea under government supervision for making loana on livestock security and on farm commodities on the way to market. The government loan activitiea will be carried on in connection with the Federal land banks. At the present time the country is divided into twelve districts, and in each of theae districta there is a Federal land bank which makes land mortgage loana, these twelve banks being directed by a central Federal Farm Loan Bureau In Washington. In connection with each of these land banks there ia to be established an intermediate credit bank, located in the same city with the land bank and under the super vision of the offlcera and directora of the land bank. The Federal govern ment supplies each of these inter mediate credit banks with a capital of not to exceed 15.000,000. These intermediate credit banks are au thorized to discount farmera' notes which have been taken by banks and other financial institutions, and then carry such notes for a term of from aix months to three yeara. The banks may also loan direct to farmera' co operative associations under condi tions set forth in the act. Theae intermediate credit banks may issue debentures which will have back of them the farmera' notes which the banks have taken. The idea is that these debentures may be aold to people who wish a safe investment I hey are exempt from taxation, just at the bonds Issued by the Federal land banks are exempt. The interest charged by the intermediate credit banka may not exceed by more than one per cent the interest paid on the debentures issued, and the farmer who borrows must not be charged an interest rate of more than one and one-half per cent above the interest charged by the intermediate credit bank. . No doubt some time will be re- . quired to get this machinery in smooth working order. It will be just like building up a new business. It ahould not be very long, however, un til the benefits will be apparent and the farmer will find that he can bor row needed capital for a period up to three years without having to pay an unduly high interest rate, without having to renew his notes every nine ty days or six months, and without being in danger of having to sacrifice his crops or livestock because of a sudden financial flurry. The aecond division of the act au thorizes the organization, under a Federal charter, of national agricul tural credit corporations, these to be organized by private capital, They will be under the supervision of the Comptroller of the Currency, just as are other national banking institu tions. They must have a capital of at least 1250,000. They may Issue collateral trust debentures up to ten times their capital and surplus. Such corporations will probably be organ ized in the Western states where the livestock Industry is important and where now cattle loan companies are in operation. In addition to the provisions of the act designed to furnish the farm- mer much needed intermediate credit, certain changes have been made in the law under which the Federal land banka operate and in the Federal Re' serve Act. Provision for the estnb lishment of the so-called permanent organization of the twelve Federal land banks is made by providing that three out of the seven directora for each bank are to be elected by the borrowers from the bank and three are to be appointed by the Federal Farm Loan Bureau. The aeventh di rector, who will be the president of the board, will be chosen from three persons who have received the high est nomination vote for this position by the borrowers or stockholders of the bank. Heretofore the maximum amount which might be loaned to any indi vidual hy the Federal land banks has been $10,000. This has been increased to $25,000. Also the purpose for which mortgage loans may be made has been broadened to include the repayment of any existing Indebtedness. The Fedeml Reserve Act la amend ed by broadening the definition of which la called agricultural paper, making it Include the grading and processing of agricultural products by cooperative marketing associa tions. Heretofore the Federal Re serve Banks have not been permitted to discount agricultural paper for a longer period than aix months. This period has been increaaed to nine months. " ' A large number of state banks are not now members of the Federal Re aerve System, some of thorn because tholr capital Is not large enough to meet the requirements of the law. An amendment to the Federal Re serve Act is carried in this bill de signed to encourage small banks to join the system. A bank which has capital equal only to sixty per cent of the capital required of national banks mav now be admitted, if within a reasonable time the capital will be Increased to correspond with the cap ital renulred of national banks. The life of the War Finance Cor poration ia extended up to February 29, 1824, the expectation being that by that date the new credit facilities provided for under this agricultural credits act will be sufficient to meet the nneds. This Agricultural Credits Act of 1923 la one of the moat Important acts passed by the last Congress. It marks an enrnoit effort to provide the farmer with the sort of credit he must have to carrv on efficiently. It is not class legislation. The results will be helpful to business In general, be- . cause the effect will Do to siaoiiiin agricultural production and market ing, CECIL NEWS ITEMS Peter Bauernflend arrived in Cecil on Monday looking younger and bet ter than ever. Pete haa been taking treatment! for three month at Paio Ruble. Springs, California, and feelt greatly benefitted, and declares he will spend hia winters in the future in Paso Robles. Pete speaks well of the doctors and nurses who are in at tendance on all patients who take treatments at the springs. The cli mate is fine but still Pete is glad to be back among his many friends in Morrow county who are all ready to welcome him back again and are glad to see him restored to health once more. Mac, our weather man. has retired from the weather business after as suring us of wind, snow and sun shine, moonshine and starlight, rain, etc., for the coming year, and has actually begun to be a real down-and out farmer and is following a plow and homes and singing at tne top of his voice "we are all jolly fellows who follow the plow," and scaring everything within a hundred miles of him. Mixs Violet Hynd arrived at B tit le rby Flats on Thursday evening from Heppner and joined the following young people, Messrs. Herb Hynd, F. C, Kelsay, Elmer Schafer, Misses A. C. Hynd, Violet Bedford and Mil dred Henrikaen, who took in the car nival and fair in lone that evening. They report a good time. Lon Merrill left the Shepherd's Rest on Wednesday with the first band of ewes and lambs belonging to Minor & Thompson for their ranches bove Heppner. Lon declares he has not hud a moments rest since leaving the Shepherd's Rest so he has return ed once more to Sunny Cecil in search of rest. Our sympathies are extended to R. . Duncan of Busy Bee ranch on the death of his father who passed away at the ranch on Sunday morning, March 4, at six a. m. Mr. Duncan was buried in Arlington cemetery on Monday in the presence of a very large number of friends. Mrs. Jack Hynd and son Jackie re turned from Heppner on Friday and will reside at Butterby Flu Its while Jackie is laid off school with a bad ankle. We hope Jackie will soon be abie to return to his studies. We heard him declare he liked farm life better than any school. Homer Nash and sister, Miss Ada, autoed to Cecil from their home in The Dalles oa Tuesday. Miss Ada will spend some time visiting friends around Cecil and Homer will work for McKntire Bros, at Killarney. Herbert Hynd, Misses A. C. Hynd and Mildred Henriksen and Elmer Srhafer, chaperoned by Mr. and Mrs. Alf. Shaw, paid the county seat a visit on Saturday night and took in the sights of the town. John Shoefield of Rhea has pur chatted a fine new Ford car from F. C. Malloy of Morgan, so we suppose he will be keeping the highway busy in the future. Mr. and Mrs. Schull of Boardman, who have been staying at Busy Bee ranch during the recent illness of their father, left for their home Tues day. Minor and Hynd were busy men loading wheat on Tuesday and Wed nesday. Several car loads were ship ped to Portland during the week. Misses A. C. Lowe and Margaret Krebs autoed on Sunday to Morgan llSTRIKEJ I CIGARETTET if WE EXTRAYi 1 I PROCESS 6IVES I 4 lADELI6HTFuVf 3j m n 1UAD m -2 A Small ' Investment that is Conservative, Safe and Profitable A sales corporation functioning for one of America' oldetit and beat known manufacturer, offers a leant (mate, naie, and exceptionally prof itable opportunity to a few small Investors ($100 to $600) in this dis trict. A Guaranteed 35 MerchandisePremium AT ONCE! This In addition to th substantia! dividends your investment calls for. Here U a real opportunity for th. nrBt few lucky folks that answer this offer I Th. &fi per cent mer chandU. premium is ready for im mediate distribution. You make a profit at once I Write Today Don't Delay Send your nam. and address and let m. show you a real money-maker something that should meet with th. approval of your banker James P. Caae, Secy, t Treaa. Wentern Division 1201 VAN NESS AVENUE San Frand.es, Calif. and attended Sunday School. About sixty were present at the aervice. C. Barnett of Four Mile haa been busy during the week unloading a car of implements, household goods, etc, at the Cecil warehouse. Mrs. Jesse Wallace who has been visiting with Mrs. Geo. Krebs at the Last Camp left on Saturday for her home In Condon. Mr. and Mrs. Zenneth Logan of Boardman spent Monday with J. W. Osborn and Mrs. Weltha Combest at Cecil. Fred Buchanon and W. E. Ahalt, Jr. were calling on their frienda in Cecil Sunday from their farm near lone. Mrs. Emmett Cochran of Heppner was a passenger on the local from Cecil to Heppner Tuesday. W. G. Palmateer of Windynook is a busy man hauling hay from Butter by Flata to his stock. Al Troedson, from his ranch near Morgan, waa looking up his friends in Cecil on Sunday. mm You will find the lame mate rials and work manship in 30k Vi Silvertown as in the larger size a that' why ail Silver towns deliver the goods. MARTIN REID HEPPNER, OREGON Central Market Have You Tried Our Home-Cured" Hams and Bacon) THEY ARE GOOD Fish Every Tuesday and Thursday PRIME BEEF, PORK, VEAL AND MUTTON Central Market G. B. SWAGGART PiMk At the E. P. Berry Farm Home, Two Miles South of Heppner WEDNESDAY, MARCH 21st 10 A. M. 10 Head of Large Mules. 6 Head of Good Horses. 4 Yearling Mule Colts. 2 8-inch John Deere Wagons. 2 11-foot Wheat Racks. 1 14-foot Acme Header. 1 16-disc New Peoria Drill. 2 16-inch John Deere Plows. 2 Harrows. 1 3-horsepower Gas Engine. 1 Chatham Fanning Mill. 5 Sets of Harness. 10 Collars. 1 Jones Weder. 1 Bar Weeder. 1 Walla Walla Weeder. 5 Sets of Lead Bars. Chains and other articles. FREE LUNCH AT NOON TERMS: Sums of $1 0.00 and under, cash; sums over $1 0.00 approved notes due October 21, 1923; Five per cent discount for cash on sums over $10.00. E. P. BERRY, Owner . J. KELLER, Auctioneer Echo Man Hake Big Wool Deal. Thotnai Rosa, local agent for Ry der k Brown Co., Boston wool deal era, made the largest deal of the sea son in the Stale of Washington re cently when he purchased half a mil lion pounds of the 1923 wools of Cof fin Brother, of Yakima, for the Bos ton firm. This is the first wool deal of any magnitude authentically re ported ro far thia spring in the north west. The purchase included approxi mately 45,000 fleeces. No announce ment ia made of the price paid for these wools. Echo News. T. W. Cutsforth was in from Lex ington yesterday, taking time to in- terview the sheriff concerning taxes. He states that hit section could use a lot of good growing weather jut now, and thu condition would be eon ducive to much better crop condi tion. It has been necessary to do some reseeding in portions of the Iexinpton section. Legal Guarantee Given IV nmmd JCiWe no pain coatinuc work. Aak to see Gle-o-nia Pile Treatment. PATTERSON & SON Main Street -:- Heppner, Oregon Styleplus Clothes $25, $30, $35 and some $40 Your Spring Suit Should be a STYLEPLUS Suit The STYLEPLUS Spring line is here, beau tifully styled and tailored. We are showing a wonderful line of men's and young men's suits, including sport models in light and dark fabrics, whipcords, stripes, checks, blues, grays, etc. You are not playing square with yourself or your pocketbook till you have looked over the STYLEPLUS line. Every garment is backed by the famous Styleplus guarantee. Van Heusen Collar Hardeman Hats 50c $5.00 David A. Wilson Everything In Men's Work and Dress Clothes Cash & Carry Store SUGAR, per sack .. $11.00 HAMS 30 CHEESE 35 MANCHURIA WALNUTS .20 UTAHNA PEAS, 1 2 cans . . . , 1.95 MT. VERNON CORN, 12 cans... 1.50 Sllverdale TOMATOES, 1 2 cans . . 1 .85 -SALT- Leave your order for Leslie half ground Stock Salt. Car due in 10 days. $19.50 per ton off car or $20.00 per ton from store. L. G. DRAKE, Prop. ODD FELLOWS BUILDING v Heppner's Leading Jewelry Store Our large stock of Diamonds are the best. And nothing would be more pleasing these bright days than a nice diamond. Now is the time to have your watch re paired as everyone will soon be busy. We do not advertise closing-out sales. We are here to stay. That's why our guarantee is good. o v WE CARRY - pianos; phonographs, records and sheet music Ou rmusic room is a delightful place to spend a few of your leisure moments. Come in and listen to the latest music F. L. Harwood Proprietor Odd Fellows Building, Heppner, Ore. Phone Main 10G2 o Who gets the clock in the window? Pioneer Employment Co. With Two Bi$ Office PENDLETON AND PORTLAND Ia prepared to handle the business of Eastern Oregon better than ever before Our Specialties Farms, Mills, Camps, Hotels, Garage. Etc. WIRE RUH ORDER AT OCR Ilrilfll ratflaal OSsw 14 K. ts.saii It, faSUUS OSSa. Il R. W.aj . Only Employment Office ia Eastern OregM with Connections ii Portland HHiiliiiiiiiiiiiiiillllfllllllllllllllilliiiillliiiiiiiiliiliiiiiiiiiiliiiiiiiliiiiiiiiiiiiiiiitf I Get Ready For j I Spring I I Have your old suit cleaned j and fixed up. j We Clean Everything Lloyd Hutchinson I Where LEAN They I LOTHES iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiil KIRK BUS & TRANSFER COMPANY WM. M. KIRK, Proprietor Prompt and efficient service at all times, both day or night. Leave orders at Hotel Patrick or Phone Slain 664. BAGGAGE : EXPRESS : FREIGHT COUNTRY TRIPS -:- GENERAL HAULING s A F E T Y & s E R V I C E Concentration and Enthusiasm fcpHESE are two big words big ffe, not only in the number of let ters they contain but big in the importance of what they stand for. These two qualities of mind have been responsible for a tremendous total of success in the history of the human race. Very little that is great has ever been accomplished without them. Concentration provides the guiding rails the direction ; enthusiasm is the steam the motive power. Together they are irresistible. This applies to the matter of saving. You need to concentrate your efforts to save money. Having an object in view getting an education, establishing a home, providing for old age, will give you enthusiasm. Firl National Bank HErPNEU, OREGON