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Show FARM LOAN BANK ACT MAY PROVE FAILURE MEMPHIS, Oct. 2. Bankers here to-dav to-dav for the annual convention of the Farm Mortgage Bankers' Association ot America were told by F. W. Thompson of Chicago, its president, that no orea-' orea-' sion exists for them to fear inroads on l their business by federal farm. loan banks Mr. Thompson impressed members of the organization, however, with the need for obtaining modification of restrictions pi need on the proposed joint stock banks under the new system bv the federal farm loan board. L. Y. Clapp, a banker ol 1 Wichita, Kan., criticised Die act. He said its intent was commendable, but that the law as it stands will fail to aid farmers to become home owners. "The declaration that the board's hearings disclosed prevailing interest rates upon farm mortage loans ranging from 5 per cent, per annum to 5 per cent per month is incredible." he declared. "When it is recalled that the hoard held meetings meet-ings in Indiana, Illinois, Wisconsin. Iowa, Nebraska, Kansas and Missouri, the agricultural agri-cultural heart of the United States, peo-; peo-; pie who know the truth can hardly con-i con-i sider this statement less than shameless-, shameless-, ly mendacious." |