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Land Bank Men Elect Officers Stockholders’ Association, Formed Tentatively Year Ago, Names Permanent Executives. System Not Mystery Speaker Says Many Believe money Loaned to Farmers by U. S.—Public Furnishes Fund. Frank Binns, Shelton, Ore., yesterday was elected president of the Spokane Federal Land Bank Stockholders’ association for a four years’ term. Election of officers marked the perfection of the tentative organization formed here a year ago. Election of an executive committee and other officers, adoption of a constitution and bylaws, were other features of the closing session of the two days’ fifth annual joint district meeting of delegates from the group or regional organizations of national farm loan associations. Besides President Shelton, other officers elected are: The Officer Personnel. H. G. Rumbaugh, Albany, Ore., vice president and secretary-treasurer, two-year term; Frank Lingquist, Helena, Mont., vice president, three-year term; J. C. Knott, Eden, Idaho, vice president, one-year term. The officers form the executive committee. The purposes of the stockholders’ association, as set forth in its articles, are: “To encourage agriculture in its effort to gain a proper place for its combined securities in the money markets of the world through this system, and to that end to cooperate with the Federal Lank Bank of Spokane and the federal farm loan board in the administration of the federal farm loan system on a sound, fair and business-like basis, and consistent with such development, to direct the attention of the administrative agencies to such amendments to the farm loan actor changes in its administration as may be deemed advisable, expedient or necessary; and to do all things incidental to the proper functioning of the system.” The men who are in attendance are the farmers, business and professional men who have farm and interests and most of them are officers of national farm loan associations. Farm finance, produce prices, land values, appraisals, farm taxation and cooperative marketing were some of the subjects discussed at the meeting. Speakers on yesterday’s program included R. J. Venables, general council of the federal land bank; B. D. Thompson, director, Granger, Wash.; Hugh Sproat, director, Boise, Idaho; O. H. Junod, treasurer of the federal land bank; and Fred Nelson, Orillia; M. C. Larson, Hillsboro; W. M. Cusick, Kalispell, Mont., and Fred Langford, Sunnyside. $100,000,000 in Loans. Mr. Venables said in part: “There is a widespread misapprehension through the Pacific northwest concerning some features of the federal land bank system. It is believed my many that the money loaned by the bank is furnished by the government of the United States. This is wholly erroneous. “The capital stock, amounting to some $5,000,000, of the Federal Land Bank of Spokane is paid in by the farmers of the northwest. The $100,000,000 and more which has been loaned by the bank has been furnished by the investing public. The stability of the bonds of the bank, upon which this $100,000,000 is advanced, is considered of primary importance by all having to do with the system. It is the purpose of the federal land bank system to furnish borrowed capital to the agricultural community at the lowerst possible rate of interest and upon conditions which insure the security of the lending public. This ideal has been achieved as in an astounding degree. “The four states, Washington, Oregon, Idaho and Montana, have been the beneficiaries to such an extent that in excess of $100,000,000 of capital has been made available to the farmers of these states at a rate of interests and upon terms of convenient payment such as never before have been known in the history of the world. The returning stability of farm values throughout this area offers an increasing field for the operation of the system, and the recognized stability of the bonds of the bank is such that we may be assured of an amount of capital limited only by the requirements of the agricultural area.” B. D. Thompson in his address stressed the need of cooperation in the development of the farm industry and in strengthening agricultural credits. He pointed out that under the intelligent leadership of those charged with the responsibility of administrating their local affairs, national farm loan associations are becoming more fully aware that the successful development and proper functioning of the system and its ability to maintain a low interest rate rests upon a strict observance of the principles underlying the sound business procedure. Credit alone, he averred, will not
Object Description
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Original index title | 165a |
Title | land bank men elect officers : stockholders' association formed tentatively year ago, names permanent executives : speaker says many beieve money loaned to farmers by u. s.-public furnishes fund |
Description | land bank men elect officers : stockholders' association formed tentatively year ago, names permanent executives : speaker says many beieve money loaned to farmers by u. s.-public furnishes fund |
Resource Type | Text |
Genre | Clippings |
Language | English |
Rights | http://rightsstatements.org/vocab/CNE/1.0 |
Rights Notes | Copyright not evaluated. Contact original newspaper publisher for copyright information. |
Full-Text | Land Bank Men Elect Officers Stockholders’ Association, Formed Tentatively Year Ago, Names Permanent Executives. System Not Mystery Speaker Says Many Believe money Loaned to Farmers by U. S.—Public Furnishes Fund. Frank Binns, Shelton, Ore., yesterday was elected president of the Spokane Federal Land Bank Stockholders’ association for a four years’ term. Election of officers marked the perfection of the tentative organization formed here a year ago. Election of an executive committee and other officers, adoption of a constitution and bylaws, were other features of the closing session of the two days’ fifth annual joint district meeting of delegates from the group or regional organizations of national farm loan associations. Besides President Shelton, other officers elected are: The Officer Personnel. H. G. Rumbaugh, Albany, Ore., vice president and secretary-treasurer, two-year term; Frank Lingquist, Helena, Mont., vice president, three-year term; J. C. Knott, Eden, Idaho, vice president, one-year term. The officers form the executive committee. The purposes of the stockholders’ association, as set forth in its articles, are: “To encourage agriculture in its effort to gain a proper place for its combined securities in the money markets of the world through this system, and to that end to cooperate with the Federal Lank Bank of Spokane and the federal farm loan board in the administration of the federal farm loan system on a sound, fair and business-like basis, and consistent with such development, to direct the attention of the administrative agencies to such amendments to the farm loan actor changes in its administration as may be deemed advisable, expedient or necessary; and to do all things incidental to the proper functioning of the system.” The men who are in attendance are the farmers, business and professional men who have farm and interests and most of them are officers of national farm loan associations. Farm finance, produce prices, land values, appraisals, farm taxation and cooperative marketing were some of the subjects discussed at the meeting. Speakers on yesterday’s program included R. J. Venables, general council of the federal land bank; B. D. Thompson, director, Granger, Wash.; Hugh Sproat, director, Boise, Idaho; O. H. Junod, treasurer of the federal land bank; and Fred Nelson, Orillia; M. C. Larson, Hillsboro; W. M. Cusick, Kalispell, Mont., and Fred Langford, Sunnyside. $100,000,000 in Loans. Mr. Venables said in part: “There is a widespread misapprehension through the Pacific northwest concerning some features of the federal land bank system. It is believed my many that the money loaned by the bank is furnished by the government of the United States. This is wholly erroneous. “The capital stock, amounting to some $5,000,000, of the Federal Land Bank of Spokane is paid in by the farmers of the northwest. The $100,000,000 and more which has been loaned by the bank has been furnished by the investing public. The stability of the bonds of the bank, upon which this $100,000,000 is advanced, is considered of primary importance by all having to do with the system. It is the purpose of the federal land bank system to furnish borrowed capital to the agricultural community at the lowerst possible rate of interest and upon conditions which insure the security of the lending public. This ideal has been achieved as in an astounding degree. “The four states, Washington, Oregon, Idaho and Montana, have been the beneficiaries to such an extent that in excess of $100,000,000 of capital has been made available to the farmers of these states at a rate of interests and upon terms of convenient payment such as never before have been known in the history of the world. The returning stability of farm values throughout this area offers an increasing field for the operation of the system, and the recognized stability of the bonds of the bank is such that we may be assured of an amount of capital limited only by the requirements of the agricultural area.” B. D. Thompson in his address stressed the need of cooperation in the development of the farm industry and in strengthening agricultural credits. He pointed out that under the intelligent leadership of those charged with the responsibility of administrating their local affairs, national farm loan associations are becoming more fully aware that the successful development and proper functioning of the system and its ability to maintain a low interest rate rests upon a strict observance of the principles underlying the sound business procedure. Credit alone, he averred, will not |
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