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Show FARMING IS CONSIDERED Bankers in Convention Discuss Some Agricultural Agricul-tural Questions Detroit, Mich., Sept. 13. The problem prob-lem of agricultural development as viewed by men of finance promlsod almost to eclipse the currency question ques-tion at the closing sessions today of tho American Bankers' association. With tho exception of a little routine rou-tine and the formal election of officers, offi-cers, the convention planned to devote de-vote practically all its time to discussing discus-sing plans suggesting assistance to the American farmer The currency commission will have no report to make to tho convention today, according to a general understanding. under-standing. The delegates appeared perfectly willing to let the question rest for the time. Interest today apparently centered about two addresses, one by Andrew M. Soule, president of tho Georgia State College of Agriculture and Mechanic Me-chanic Arts, speaking of "Agricultural "Agricultur-al Development and Education," and the other from Charles A Conant of Xow York on "Lnnd and Agricultural Credits." Discussions as to plans for extending extend-ing a system of financial aid to farmers farm-ers at needed times were expected to follow and it was considered quite possible that the convention might take official action, asking that tho government make appropriations with the view of Introducing more agricultural agricul-tural courses into schools and attempting at-tempting to place scientific farming on a higher piano. The election of officers for the most part was considered n mere formality, formal-ity, as the convention for years had adhered to tho "advancement system." sys-tem." First Vice President Charles H. Huttig of SL Louis will succeed William Livingstone of Detroit as president, while Arthur Reynolds of Des Moines, chairman of the executive execu-tive council, becomes vico presidont. The offices of secretary, treasurer and general counsel will In all probability be filled again by incumbents, as there has been no publicly announced opposition op-position to tho respective offlcor6, Fred E. Farnsworth of New York, J. Fletchor Farrell, Chicago, and Thomas B. Palon of Now York. The ndvlsablllty of forming a cooperative co-operative democracy of stato mortgage mort-gage loan banks united Into a powerful power-ful central organism for strengthening strengthen-ing commercial banking credit, was recommended for consideration by Charles A. Conant. The subject of Mr. Conant's address was "Land and Agricultural Credit." Mr. Conant pointed out that bit-tor bit-tor experience had proved projects for issuing money upon land to be unsound, but that Europe had solved the problem of tho ready transferability transfera-bility of mortgage loanB and low rates of Interest to the borrower by taking a leaf from the experience of the limited liability company in the issue of bonds and shares. "In Europe," ho said," the man who has money to lend upon mortgage has only to buy a negotiable bond coupon cou-pon or registered, according to his preference which he can sell as readily as the bond of the government and with even less risk of fluctuation fluctua-tion In Its price. He has behind the bond not merely tho land, but he has tho pledge, of a stock company that they have examined the properties upon which loans haTo been made and that all such properties are held in the aggregate as assets against the outstanding bonds. French System. "Tho rate of Interest charged upon loans during the last few years under un-der this system by tho Credit Fonder of France has been 4.30 per cent. For a loan repayable In thirty years the semi-annual payment required has been 2.983 per cent, or Just under 3 per cent, making tho two payments for tho year equal to 5.964, or Just under 6 per cent. '"The average rate of Interest shovn by the United States census of 1890 upon mortgages on farm lands tvas 7.07 per cent; but this is only an av-orot, av-orot, pulled down by such rate ol G.G6 in New York, 5.43 In Pennsylvania, Pennsyl-vania, and 5,58 In Massachusetts, I while the average rate (and not the maximum) rises as high as 8.18 per cont In Minnesota 8.38 In Texas; 9.79 in Mississippi, 9 87 in Washington, 10. 55 in Idaho and 10.97 in Montana." Mon-tana." The speaker discussed the system of oo-operatlve popular banks, which has obtained Its wlde3t oxtonsiou In Germany upon the principle. Summing up tho relations between the proposed plan of the monetary commission for bank-noto reform and land mortgage banks Mr. Conant declared the farmer has the right to demand the same facilities and opportunities oppor-tunities for obtaining credit aB the manufacturer and merchant with the limitation that the facilities afforded afford-ed him must bo based upon sound banking principles. |