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
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Write Today Don't Delay
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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
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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