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Show LAND LOAN BANK BILL IN SENATE European Idea of Farm Cooperative Co-operative Depositaries It Proposed by Rideon t . REAL ESTATE THEIR ONLT GIVEN SECURITY Institutions, Asserts Sena-tar, Sena-tar, Will Reduce Certain Mortgage Rates. Aatbority to orgastic eo-operstive farm loan banks, whirs will land money at redoced rata of intcraat for tha development de-velopment and improvement of farms, ia iaeorperated ia a MU Introduced in tha senate this afternoon by Senator D. money for develpment and improvement improve-ment at extremelv low ratea of internet, inter-net, for long terms, aad that by thus cheapening the money, by reducing the interest thereon, it will give a wonderful wonder-ful impetus to the efforts of farmers and home owaers to improve their sar-rouadinga. sar-rouadinga. Recommend Risk BUI. Senate bill No. 4, by (levator Cot-trail, Cot-trail, prohibiting rebatee by inauranre agenta handling firo iaoaraaee. waa recommended for passage, with nut a few minor amendment by tha committee com-mittee oa private corporatiooa and in suraoea. The aeaaie committee on state affairs af-fairs aad federal relations recommended for passage houaa concurrent resolution No. 3, providing for the direct alertioa of United Htatee eeaaeore. The committee on private corporations corpora-tions aad iasuraare presented a reKrt adverse to rhe paeeage of houae bill No. 112, by Repreaentativa Bamberger, in relation to corporate euretyebip. A joint committee from the house and senate recommended the passage of house bill No. 44, by Representative Reynolds, in relation to the approval of articles of incorporation of banks, with certain amendments made hy tha sonata. son-ata. The committee on connty and run nicipal eorttorationa made a favorable O. Rideout . father of the moat advanced legislation that has bean placed for con aidaratioa by tha eeaate during this session. This bill, known aa tho "land bank" bill, is Important in its scope, aad will probably be oppoeed hy interests wbtcli would ha Injured were the interest rates oa farm mortgage loaas to be reduced, ag this bill aims to reduce them. la the language of the bill, the land banks ara to be co-oirerative association associa-tion formed for the purpose of making loaas upon real estate situated within the state, preferably farms aad farm lands occupied and worked by their owaers. or upon homes occupied by their owners, ia contradistinction to advances upon personal property. Hold ririt Mortgages. The land banks are to hold the first mortgagee gives on the properties as their security for the payment of tho loans. These first mortgages are to be tho security for the banks' isaue of land bonds, proceeds from the sale of which mar furnish the baaks with funda to loan at the lowest possible in terest and with the privilege rPy-meat rPy-meat at loag term period. The purpose of the land bank ia to operate so scientifically aad economi -.llv that It. land reserve certificates report, reconi mending for passage senate sen-ate bill No. relsting to the sssete-ment sssete-ment of eoeta of paving improvement on street intersections The Kerry "clesut sheet" bill, relst ing to hotels snd the maimer in which tbey must be conducted, is recommended recom-mended for passage, with minor amendments, amend-ments, by the committee on public health. The Page bouse hill No. M, relating to interlocutory and final decrees In di vorce eaaea. waa recommended for passage by the senate committee on judiciary. ju-diciary. It provides that aa appeal may be taken from the findings and decision in a flnal decree, within six months after the final decree is entered. en-tered. Bills Introduced. Among other lull- introduced in the senate this afternoou is ooe by Senator Sena-tor Eckeraley, which changes the personnel per-sonnel of the state horticultural commission com-mission to include the director of tha Utah agricultural experiment station, and fixing the salary of the ttata in -I'cctur at f240t a year. Another by Henalor Eckanlev relates re-lates to reservoir sites and lead to be selected, and providing for loan of the reservoir land grant fund. A third bill by the same senator prohibit pro-hibit the sale of diseased fruits and nursery stock, making such aa offense a misdemeanor. The joint committee of the two house having under considerstion all the employers' liability aad workmen's compensation acts that have been introduced in-troduced In the legislature during the tenth session, will meet at the Commercial Com-mercial club at 7:80 o'clock tonight to organize and prepare for the public discussiua of these measures. To Hold Public Meets. The meeting tonight will be for the committee members aloae, but arrange-menta arrange-menta will be made at that session for s series of puhlic meetings, at which all persons who,,, in I erot. are affected af-fected by the uteasures will be given a chance to he heard. and' bonds shsll possess every sttrihute of ssfety to depositors sod investors, while enabling borrowers to secure funds at reasonable rates. Bv thus transacting a mortgage banking and mortgage security busineag on a cooperative co-operative basis in the interest of both borrowers snd lenders, or investors in its securities, the lend bank Is aot opersted for profit, but aim to saaist residents of the state to secure farms aad homes of their owa. Fifteen or snore residents of the state who have associated themselves by aa agreement In writing for the purpose of forming a land bank may. with the consent of the secretary of state, become s corporal inn for these purposes upon complying with sll the provisions of the measure. Karh in corporator must invest aot less than MOO in the land reserve certificate. Conditions of Corporation. The conditions of the law of the state relating' to the ditties of the bank examiaer will be applied to the land baaks A provision in the measure Is that the bvlaws of the land banks are to tie approved by the secretary of atate before funds mav be accepted, and no bylaw mav thereafter he revised or enacted without the approval of the secretsrv of state. Until the permanent organisation is completed each incorporator la to have one vote at the meeting of the in corporators, and after organization each subscriber to '"" or more of the land certificates is entitled to one vote. Any bank having subscrilied to aloon may have one vote. For each $1000 the state of Utah may have invested it may have one vote. No Proxy Votes Borrowers from the land bank are required to have representative mem berahip. It will be unlawful to vote bv proxy or to have dummy shareholders. sharehold-ers. It is required that land reserve eer-tileate eer-tileate shsll receive not less th in .". per rent nor more than S per coat per annum, which shall be cumulative, to be paid out of current earnings, and to be a first lieu thereon. The banks may issue bonds besring not less than IH per cent nor more limn 6 per ceat per annum. Tha total principal of land bonds outstanding from the lank at any time shall not exceed at any time twenty times the amount of the lanei reserve funds and surplus combined. The bill was referred to the committee on banks aad banking. Taken From Europe Boaster Hideout ay that the mad weak system haa been thoroughly established es-tablished ia Prance and Oermaav, and tf a certain extent in Kngland, but Stat thus far it has uot been estab lished la the United States. He argues on behalf of the measure that it will El to to laad owners, farm owners and ome owner aa opportunity to borrow |