OCR Text |
Show FARM LOAN ACT VALIDITY UPHELD Decision of Vital Importance to Utah and Idaho, According to Financier. Washington, Feb. 28. Tho farm loan act, designed 'to assist agricultural agricul-tural development by providing readily accosslblo credits to farmors through' fedoral banks, was declared valid today to-day by tho supremo court, fcIn nn opinion which Commissioner C. 13. Lobdell of tho farm loan hoard declared "removes every shadow of question as to tho logallty of tho hanks or their bonds," tho court held congress con-gress had authority to establish tho land banks and tho correlative authority author-ity to oxempt tho bonds from Btnto taxation. "A bond offorlng will bo mado as soon ns iho bonds can bo made ready," ho said, "and Immediately tho distribution distri-bution of funds begun. It will bo at lenst thirty days, howovor, beforo hinds aro available." Local Farm Loan association olllcors expressed tho opinion that local loans enn now bo taken caro of and needed money supplied to farmers of this vicinity In n short tlmo. |