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Show rz:z wzzzly zzzlzx, kaysvillivutah Ilic Federal Farm Loan Act Synopsis of Its Salient Features Prepared Farm by H. II. Hanson, Secretary-TreasurMortgage Bankers' Association of America er . v ACT debt or purchased under Judgments, decree or mortgages held by It. Shall not hold title exceeding five years. a Passed by ths House of Represent-Uve8ec. IS. To accept deposits of seSen State United and th or current fund from member curities ate June, 27 and 2S, UU, associations but pay no Interest there- -' Respectively. I FEDERAL FARM LOAN IMS President July 17, Signed by th a federal land bank United State continental the la system (ezclUNive of Alaska), dividing the country Into twelve land bank district ' comprised of whole states, 8. The aystem Is operated aa a bo re&u of the United atatea treasury department and supervised by the federal farm loan board. The secretary chairman of the treasury Is of the board with four other member appointed by the president for eight year at an annual salary of f 10,000. On member la designated farm loan commissioner fid Is the active executive officer I Appointees of Board: (a) Farm loan registrar for each land bank district and (b) One or more land appraisers for each land bank district Salaries paid by federal land bank or Joint stock land bank for which they act (e) Land bank examiners ; salaries paid by the United States. (d) Attorneys, sxperta, assistants and other employees to be paid by the United States. 17. Powers f the Board: (a) To organlso and charter federal land banka. Joint stock land banks and national farm loan associations. (b) To rsvlew and alter th rate of Interest to be charged by (ederal land banks for loans. (c) To approv or reject any or all loans for bond Issue and to grant or refust any specific Issue of farm loan bonds of federal land banka and joint " stock land banks. (d) To regulats charges for isal,-examining title and recording. (e) To appraise land securing mortgages for bond Issue. (f) To exercise general supervisory authority over ths federal land bauxs, farm loan associations and joint stock land banka. SO. The farm loan commissioner shall examine the law of every state and If on examination the laws of any state art shown to afford Insufficient protection to holders, Its mortgages shall be declared Ineligible under this act during the continuance of the laws la question. " 82. The secretary of the vgrasury Is authorised to deposit United States funds la federal land banks at current government rates of Interest, the aggregate of such funds not to exceed $3090,000 at any one time. , appra- ' i -- , FEDERAL FARM LOAN BANKS i i 4 ORGANIZATION. , Section 4. One la each land bank district. Branches permitted wtthln Its district. Officers: President, vice president, secretary and treasurer: directors; six representatives of farm loan associations and three representing the public Interest Attorneys, assistants, experts and other employees. All salaries fixed by farm loan board and paid by bank. Subject to semiannual examinations by land bank examiner, CAPITAL STOCK. Sec. 8.- - 9750,000, May ba owned by Individuals, firms, corporations and the United States and state governments. Sec. 5. Shares, $3 each. - Sec. 8. AH stock remaining unsubscribed SO days sfter subscription books are opened shall be subscribed by the United States and thereafter only the United States government and borrower tuny acqutr shares of stock. Sec, 5. United State government not to participate In dividends. All other stockholders share dividends equally. Sec. 5, The original capital stock shall be gradually retired after the stock held by farm loan associations ihalt amount to $750,000, Sec. 6. Not less than 8 per cent of capital shall be Invested la United State government bonds, POWERS. Sec. 15. To buy first farm mortgages within Its district and to Issue and sell farm loan bonds. Sec. 13. To receive from farm loan associations Interest and amortization payments oa mortgages and farm loan bouda. Sec. 13. To acqutre and dispose of real and personal property necessary for the convenient transaction of bust JohA ' taken la uartsfectlonref tee tepee tee tee , . " one-hal- one-eight- h one-fourt- h ? - TAKEN FROM EXCHANGES Kansas has fewer millionaires than any other state In the union. It also Jim fewer paupers. This country imported more than' pounds of shelled almonds from Spain last year, a considerable Increase over the figures for the previous jar. Sleepls the final stag la th process of nutrition. Horatio IL Carter and Carroll Thompson, two of Belfasts (Me.) letter carriers, have Completed 23 years of service, and In addition have the distinction of being the first two letter carriers appointed In Belfast Potato Bmghnuts (Write ous state. Sec. 23. the 'same shop continuously for 44 years.,;,,..,,...-,-,- . New York city Is both the largest Jewish and the largest Irish city in the world. -- William L. Caldwell of Chicago was two hours late to work one day recently because his rooster, that called him at six o'clock each morning," died during Le night An acre of land la Nova Scotia Is said to have produced 500 bushels f potatoes. ' . Kxip) G Baiuiig Powder CO ISC Always sure to please. Try a can today at. our risk. A Handy Book containing 10 Ing Lessons and 54 Tested Red pea will be mailed yon FREE if yon will send your name and address to JAQUZS VZCL CO, CHICAGO 13-,-- To bonds. Sec. 13 Jo Issue farm loan bonds op to 15 times the amount of Ita capi- tal and surplus. Sec. 13 Except as otherwise provided It ha the powers of and la subon ject to the restrictions Imposed banks. land federal PRIVILEGES. Sec. 13 Slay lend more than $10,000 to any one borrower, but not beyond 50 per cent of the value of the land and 20 per cent of th permanent Insured Improvements. Sec. 13 Loans are not restricted to the purpose prescribed for, national farm loan associations. to Sec. 13 Loan may be mad farm owner regardless of whether engaged In cultivation of the land mortgaged or noL Sec. 13 Interest on loans shall not exceed more than 1 per cent, th Interest rate established for Us last series of bonds, nor more than 8 per cent in any case. or other Sec. 13 Commission authorised not by specifically charges this act shall not be demanded or received. BONOS. Sec. 20. Issued In series of $50,000 or more. In denominations of $25, $50, $100, $500 and $1,000. Sec. 20. May bear maximum rat of A HAD FEAR OF Lifelong Dread Mad Woman Unconscious and Sh Died From Fright During a thunderstorm at Newton, all her J, a woman whohad through nervous a felt of fifty years became uncondread of lightning scious from fright and died. Cannot the multitudes of otherwise rational people who are obsessed by he same dread take counsel of the ate of this unfortunate and allay their fears? asks the New York World. They suffer an access of terror In every thunderstorm, and In effect undergo the agony of death many times. Yet there are few other fora of death so painless or so remote., In 1912 in the whole country only 243 persons were killed by lightning, of whom but 42 were females. Women, who mainly feel this fesr, should be encouraged by their greater Immunity. But, In fact, twice as many people are burned to death In conflagrations a s year as are killed by thSSdebolts, and the number of those who die from organic heart disease compared with those who die from lightning is as 854 to 1. No doubt the superstition that has attached from the earliest times to deaths by lightning has .bad something to do with the survival of the fear.- People who view their Inescapable exit from this world with philosophy should be ready to accept a lightning stroke as an end as easy as any other. It la too Instantaneous to admit n of physical sensation, while the are assured that If the flash is seen the sufferer is safe. N. Ilf - 1 fear-ridde- Will Be Popular. Dandelions will yet become popular as an article of diet with the people. They have always been so abundant that they have not been appreciated. Now some eastern canning establish-ment- s are advertising for dandelions to can. They are about to be putonth market, as a staple article of food, ts be had at any time of the year. If they are so good for factories to can, they are also good for the home gardener to can. Our schools are now teaching the science of canning, which will be a help in making the dandelion green available. One of the great advantages in favor of this vegetabl Is that It is extremely hardy. It grows as far noth as the shores of the Are tic ocean. Some of the seed houses carry dandelion seeds. Anyone, however, can gather his own seed amj it should prove Interesting to experiment .. along the line of raising dandelions from native seed on very rich ground and under garden conditions. ' How te Etch Glass;; simple way to etch glass Is to warm It carefully ; if heated too rapidly It will crack. Bub paraffin or beeswax over th warm surface of tbs t with a blunt then and glass, A lnstn-men- print the desired wording. T some fluorspar (calcium fluoride) placed In a metal dish, add enough sulphuric add to moisten tbs Place the glass, with tbs powder. marked side down, over the metal disk . containing the above chemicals and leave it over night. In the morning, scrape the paraffin off and the desired words will be etched oa tbs glass. Somewhat Different The circus was in town, and oa s prominent corner Bnnko Pete was trying to Initiate an old farmer Into tbs game.,. . . mysteries of the three-she- ll Here, you I" exclaimed a pollcema who happened along Just then; "donl you know Its against the law to operate a game of chance 'on the public thoroughfare?" Dats all right, partner replied Bunko Pete. Our friend here tint got no chance." The Suburbanite. Whats the .matter with your Babbe, that youve daged all the way upY nger, U- got It baa not bandages. Theyr me of my wifes comremind to strings missions to bring home tonight Theyre Three Yords To Your Grocer -- A Huge Sturgeon. One of the largest sturgeons that has ever been caught In the Delaware rher. as far upstream as Bristol, Pa, was taken netted, then roped by George Saxton uud Anthony Shores, who were fishing for shad The very fish gave them a hard lively tussl before U was landed and then It was discovered to weigh 250 pounds. They slaughtered and sliced up the rich yellow meat. then. sold-it Tor 3 cents a pound, and Its ro fcoS for caviar) at $1 a pound. 'StlS'T'3' Dandelions LIGHTNING per cent Interest per annum. Sec. 13 Bonds shall be so engravtd as tqf b readily distinguishable from federal land bank loqds. "Sec. 13 Mortgages and United States government bonds equal In amount to the farm loan bonds Issued are retained as collateral security by the land bank registrar. Sec. 17. No Issue la authorized without th approval of th farm loan board. ' Sec. 27. Federal reserve banks are authorized to boy and sell th bonds of Joint stock land banks. Sec. 23 Substitution of mortgages and United States government bonds held as collateral to farm loan bonds ts permitted. Mere Efficacious Sec. 27. Its bonds art lawful lnvast-ment- s In few a days, Mr. Grimm, you will for fiduciary and trust funds have no farther trouble with my chickand security for all public deposits. ens," said Neighbor Yaw. I am workTAXATION. on an invention which is calculated Sec. 23 The capital stock, surplus ing to them from scratching. discourage and earnings are subject to the taxing an It is attachment which fastens to powers of the state. Sec. 23 Its mortgages executed un- thp fowls leg and has a prod projectder this set and Its farm loan bonds ing out behind. When he or she, as and all locorot derived therefrom are the case may be, attempts to scratch, exempt from federal, state and munic- the prod strikes the ground and kicks him or her forward. A few scratches, ipal and local taxation. Sec. 23 Real property taken and and he or she kicks himself or herself held under the provisions of sections clear out of the garden." I do not expect to wait for your 11 and 13 Is not tax exempL chickens to kick themselves out of my SPECIAL PROVISIONS. Sec 3 Joint stock land banka are garden," replied Gaunt N. Grimm. The mad public depositories and financial uext time I catch them In then HI agents of the United States govern- grab you by the neck and kick you all over this end of town." ment Sec. 3 Public deposits cannot be Invested In farm mortgages or In farm loan bonds. Sec 13 Rates of Interest for loans under 6 per cent are not subject to review or alteration by th farm loan board. Sec 13 Shall receive no deposits except public deposits. ' Sec. 23 Amortization and other payments constitute a trust fund to be Invested as follows: (a) To pay off Its maturing farm loan bonds. (b) To purchase farm loan bonds. (e) To lend on first mortgages within Its prescribed field. dj To purchase United States gov eminent bonds. Sec. 23 Reserve and dividends provided for as In the ease of federal land banka. . Sec. 29. Provision Is made for dissolution and th appointment of a rev ceiver. 8 rn Thw4a barber who has worked In w retain the maiaturo several days. An excellent wholesome food .when made with the pure one-hal- It -- mure persons with s board of 'directors of five cr more. within th See. 13 May opera lotate la which its principal office Is on contingusome within cated and exSubject to semiannual bank land federal the aminations by examiner. CAPITAL STOCK. NATIONAL Fm3M LOAN ASSOCISec. 13 $250,000 minimum. ATIONS Sec. 13 Double liability of shareholders. ORGANIZATION. Sec. 13 The United State governof Section 7. Ten farm owners desiri- ment shall own non of the shares ng1 loans aggregating $20,000 or more stock. Sec. 13 No farm loan bonds can may form such an association. Sec. 7. It affairs are administered Issued until th capital stock ts fully by five directors. Including president paid although th bank may begin of the capital f vice president and a loan committee of business when In cash. and subscribed paid It three serving without compensation, P0WER3 and by a secretary treasurer with salSec. 13 To lend money on farm ary fixed by the farm loan board and mortgage security. paid by the association. Issue and sell farm loan Sec. CAPITAL STOCK. 13. To borrow money on security and pay interest therpon. Sec. 3 Shares, $5 each (9) carrySec. 13. To buy apd sell United ing double liability; (8) may be owned States bonds. by borrowers who are required to only Sec. 13. To appraise lands for bond Issue and to charge applicant and bor- subscribe 8 per cent of their loan In rowers the cost of land appraisal, ex- the capital stock of the association which lu turn subscribes an equal amining tltlea, recording and other le- amount of stock In the federal Ignd In cash to he said fees paid gal fees, or be mnde part of loan and paid In bank. Sec. 3 Shares are paid for In cash amortization payments. Sec. 14. To accept mortgage only or (9) the amount may be added to the from farm loan associations and ap- face of the loan and retired In amortization payments at par. In tuch case proved agents. Sec. 14. To accept deposits of cur the face of the loan shall not exceed rent funds only from Its stockholders. the 80 per cent and 20 per cent limSec. 6. To become financial agents itation. Sec, 7. Assessment on shares may of United States government and debe levied for .operating expenses If pository of public money. Public defunds are not otherwise available. posits cannot be Invested In mortP0WER3 bonds. or loan farm gages Sec. 13 To deposit Its securities 8c. 10. To appraise land for mortand current funds subject to check gage through Its loan committee of with any member bank of the federal three. Sec. 11, To Indorse and become reserve system and to receive Interest liable for the mortgages of Its sharethereon. holders. BONDS. To receive end deliver the Sec. See. 20. Issued In series of $50,000 or more. In denominations of $25, $50, proceeds of loans to borrowers. Sec. 11. To acquire and dispose of $100, $500 and $1,000. property necessary for th convenient Sec. 20. May bear a maximum rat transaction of Its business. of 8 per cent Interest per annum. Sec. 11. To Issue certificates of deSec. 19. Mortgage and United for not longer than oa year and posit In States government bonds equal amount to the farm loan bonds Issued to pay 4 per cent interest thereon, are retained as collateral security by convertible Into farm loan bonds at the federal land bank of Ita district. th land bank registrar. Sec. 7. To receive and transmit to Sec. 14. Th outstanding farm loan bonds shall not exceed 20 times ths the federal land bank payments of Interest and principal and amortization capital and surplus. Sec. 21. Shall he guaranteed by payments. - LOAN 3 bank of Issue and all other federal land Loans Sec. 13 shall be secured by banks. first mortgages on land within Us land Sec. IT. No Issue Is authorised without the approval of the farm loan bank district Section 13 To run from 8 to 40 board. Sec. 22. Substitution of mortgages years with amortization and with adand United States government bonds ditional optional prepayments after held as collateral to farm loan bonds Is like years. " Sec. 13 Interest on loans shall not permitted. 6 per cent per annom on the exceed TAXATION. unpaid principal. Sec. 20. The capital stock, surSec. 13 Borrowers shall pay 8 plus, mortgages and farm loan bonds and all Income derived therefrom are per rent simple Interest on defaulted , exempt from federal, state, municipal payments. ' Sec. 13 Loans may be made for the and local taxation. Sec. 28. Real property taken and following purposes and for no other held under the provisions of sections under penalty : 11 and 13 Is not tax exempt a) To purchase land for agricul. . tural purpose. AGENTS. To fertil(b) purchase equipment Sec. 13 Incorporated banks, trust iser and live stock for ths operation of companies, mortgage companies or th mortgaged farm. chartered savings Institutions may act (c) To provide buildings and for th as agents for federal land banks If no farm loan association has been formed Improvement of farm lands. (d) To pay debts existing at time of In a given locality after on year. of the first national farm organisation Sec. 13 Borrowers securing loans loan association within the county. through agents ara required to sub Sec. 13 Maximum loan $10,000; scribe 8 per cent of the loan to the mtnlninm loan $100. of the federal land capital hank. Sec. 13 No loan shall exceed 50 per Sec. 13 Agents are entitled to a cent of the value of th land mortgaged f commission of of 1 per cent and 20 per cent of th permanent Inannum on per unpaid principal of each sured Improvements. loan they negotiate and the bank shall Sec. 13 No loans shall he made to pay agent for actual expenses for apwho Is not at the time or praising land, examining titles, exe- sny person to become shortly engaged la the culticuting and recording the mortgage pa- vation of he farm mortgaged. pers which shall be added to the face Note. A,l applications for loans if th loan. Sec. 13 Agents shall Indorse and originate with the national farm loan become liable for the payment of the associations or agents and all loans are loans they negotiate and the aggre- made and closed by the federal land banka. This does not apply to Joint gate unpaid principal of such loans stock land banks. shall not exert'd ten times the agent's TAXATION. and capital surplus. Sec. 20. Same as applies to federal Sec. 15. Agents are required to make good any default within 30 days land bnnks. SPECIAL after notice. PROVISIONS, Sec. 13 AH collections made shall Sec. 9. Associations may retain as b remitted without charge. commission of 1 per cent semiannually from Interest payments SPECIAL PROVISIONS. Sec. 22. Amortization and other on the unpaid principal of lofini- Sec. 9. Associations may borrow payments constitute a trust fund to be from federal land banks at 6 per cent Invested ss follows: of Its (a) To pay off maturing farm loan annual Interest up to total stockholdings In said bank. bond Issues. Sec. 24. Reserves and dividends: U) To purchase farm loan bonds. (c) To lend on first farm mortgages No Umlt U placed on dividend distributions after the reserve account buUt within th district To (d) buy United States govern- up from .net earnings equals 20 per cut of the capital stock and sfter 2 ment bonds. See. 23 Reserve and dividends: No per cent of the net earnings annually limit Is placed on dividend distributions thereafter are added te the reserve acafter a reserve account has been built count Sec. 23 Defaults must be made up from earnings equal to 20 per cent within 38 days after notice. good of the capital stock and after 8 per Sec. 29. Provision Is made for discent of th net earnings annually hereafter are added to the reserve ac- solution and the appointment of a receiver. count. Sec. 23 Reserve funds to be Invested as prescribed by the federal farm JOINT STOCK UNO BANKS loan board." Sec. 27. Farm loan bonds are lawful ORGANIZATION. investments for fiduciary and trust Section 13 A private corporation, funds and security for all public de-biect. to the .requirements under this postra. act which may be formed by ten or 113 "Sec. EProvldea for See. 27. IfdertI reserve oank may bay and sell farm loan bond. Sec. 23. I rovlslon ts made for dissolution and th appointment of a receiver. Sec. 14, No commission or eharg not specifically authorized la this act shall be demanded or received. PfcJWW Alt rCirjt t .ne h,j Clatskanie, Ore., has decided to rent out Its city Jat which has not been occupied for more than a year. The pound, unnsedfor some time, also will be rented to relieve the financial stress that the city Is now under. The Fushun coal fields In Man churta, which are bring operated by the Japanese, are said to be the richest in the world. A baby arrived, at the home of R. R. Caudill of Indian Bottom Ky not long ago, according to Doctor Isom the attending physician. New Post Toacfes will bring a package of breakfast flakr with a delicious new corn flavour flakes that dont mush down when . milk or cream is added, nor are they chaffy" tn the package like the ordinary kind.1 These New Port Toasties are manufactured by a new process using quick, intense heat which raises tiny bubbles over each flake, the distinguishing characteristic. And the new process also brings out a new com flAVourrnevef listed in com t flaks of the past. - f "J ry a handful dry theyre good this way End the test will reveal their superior flavour. But they r usually served with milk or cream. New Post Toasib 0 d for tomorrows breakfast Sold by Grocers everywhere. I r |