OCR Text |
Show 'SEES PEIflll SYSTEM OF LOIS t " W. H. Joyce Explains the Workings of Institution Designed to Aid Farmers. Advccates Change in Making Mak-ing Appraisements on Land. Prediction that the farm loan system will be a permanent institution was made last night by W. H. Joyce, president of the federal land bank 01 Berkeley, Cah, in speaking- to nearly 100 farmers and members of local farm loan associations at a meeting held in the Hotel t'tah. The meeting was: held under the auspices of the Utah state: farm bureau. It was called for the purpose of explaining the workings of the farm loan system. Members of local farm loan associations and local directors from Salt Lake, Davis and Tuoele counties were present. Land Appraisal Discussed. The subject which came In for The greatest share of discussion last night was that of the appraisal of lands. The matter was brought up as to whether or not a bank would take into consideration the rapid increase in property prop-erty prices in making appraisals. Mr. Joyce said that he did not believe the present values should be accepted as a basis In making loans. "AIT over the United States there Is an Inflation of land values," he said. "I do not beiieve that the situation can endure." en-dure." Advocates Average Price Basis. He expressed the opinion that inasmuch inas-much as the leans v.-ere for long periods, sometimes as great as thirty-four and a half -years, that appraisement should be based on an average price for a period of years. Inflation of lands has been slight in T'tah compared 10 other states of the Union, Mr. Joyce said. W. L- Ellis," treasurer of the federal land bank of Berkeley, Cah, also took part in the discussion at the meeting. |