OCR Text |
Show PLANS TO HELP! FARMERS Prof. George D. Hendricks, director di-rector of the School of Commerce and business admlnlatiatlon at tho Utah Agricultural College declared before tho visiting farmers and housewives Thursday afternoon at the Hound-Up that tho farmors of the entire country should unite in urging tha establishment ot financial finan-cial Institutions adopted to the financing fin-ancing ot the farmers business. Prof Hendricks showed how tho ordlnnry farm loans aro not piopor-ly piopor-ly the business of tho commctclnl tanks. Ho emphasized tho need of financing systems planned to meol tho needs of tho farmer. I "Tho ordlnnry farm loan, mndo for a non recurrent oxponso and therefore a legltlmato loan, should be mado for a long time. Tho farmer far-mer should be able to pay tho loan and interest during the natural lifo 'of tho loan. Commercial banks cannot can-not extend long time crodlt. Tho fede (raV jland banks answer this need of tho farmer for long time loans but a question as to the constitutionality con-stitutionality of the act creating these banks fs now pending In the supremo court. If It Is decided that these banks aro unconstitutional, then .every farmer In tho country should urge tho rcpnssago of. this law In a constitutional form. "Even tho federal banks do not answer tho needs of tho farmer ful-ly,'1 ful-ly,'1 said Prof. Hendricks. ".There Is need for somo arrangement whereby tho farmer can finance tho oporajlon of the farm by wise borrowing. Eleven Elev-en states Including Utnh havo legislation legis-lation on their books providing for the establishment of Just sucn Inst!- ' B tutlonn. In Utah, no advantage la 1 bcjng taken of this law, although in lfl other states, notably Massachusetts, iH sixty organizations are In cxlsence, liH similar to tho Logan Homo Building iH Society, which finance the f armor's fiSfl operating expenses." WiwP9 Stato Senator W. S. Hansen ot mHjH Fielding talked on mutual flro in- oSbB Rurance. According to Senator sBI HancMi tho Mutual Fire Insurance IBiiH company or Dear I'.lver valley, which DsORB operates In the four counties of I5or HHwl Elder, Weber, Cache and Rich, la 3lfw3B writing flro Insurance today at 60 SKiEU per cent of regular rates. The com- yMfl pany has 13,000,000 of insurance !9l In forco and n surplus of $18,000, IHI said Mr. Hansen Ho urged that nHiH other farming districts tako mlvnn- BH ' tngo of the Utah law which makes H mutual flro Insurance companies ) jH possible and organize similar com- ' jH |