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Show DRY FARM IMS IT GOOD SECURITY M . FORBMK I Salt Lake, Sept. 15. The federal farm loan bank board members were the guests of the Commercial club yesterday yes-terday on a sightseeing tour through Salt Lake City. At 12:30 o'clock they returned to the Commercial club, where they were guests of honor at a luncheon. I The principal speaker at the ?unrh-con ?unrh-con was Governor William Spry, who1 spoke in the highest terms of Utah as the habitat of one of ili twlve federal loan banks, and, in the event I.'tau should be so favorud by :he government, govern-ment, the question of the location of the bank, whether in Ogden or Salt . Lake City, was of little concern. B Addresses were also made byPresl-, HA dent F. C. Richmond of the Coramer- t:ial club and Secretary J. David Larson, Lar-son, i The gathering at the luncheon was mrcly a representative business one,' icatcd.at the tables being many prom-nent prom-nent bankers and visiting farmers ind farm experts, who attended the leaving in the federal building on A'edncsday. At 2:30 in the afternoon the party eft for Cheyenne in its private car. Not Good Security. When interviewed prior to his dc-mrture dc-mrture for Cheyenne yesterday, Hor-)ert Hor-)ert Quick of the federal farm loan joard, in discussing the outlook for he availability of"cheaper money" 'ot the Utah farmer, was frank enough :o make the statement: "I am In loubt as to dry farming land in Utah iroviding a good security under the irovisions of the federal farm loan ict" Mr. Quick said that from the evidence adduced at the hearing held n Salt Lake it appeared to him that :o a great extent dry farming land In Utah might be utilized as an 'nvest- !ent, but ne du not tnink it ecni-ired ecni-ired with the diy farmiag land of ontana in so far as the security uf-red uf-red was concerned. Mr. Quick said that owing to the ight which has affected the Bart-It Bart-It pear crops in the east he thought at Utah and California have a splen-i splen-i opportunity to develop that fruit id find a ready market for it. There re no means at hand, he said, to ovlde a remedy to cure the blight in e east. "The reason there are so many ilifornia oranges getting into the stern markets nowadays," said Mr. jfck, "is not due so much to the lallty of the fruit, but on account of e organization methods of the grow-s grow-s and shippers in California as com-ired com-ired with the efforts as exercised in orida. The Florida grapefruit, howler, how-ler, by reason of Its vastly superior jality, will control that Held for any years to come." Prosperity Uniform. Continuing.; Mr. Quick said: "The new farm loan act will make le agricultural prosperity of the nited States uniform and bring di-ict di-ict or indirect benefits to all the irmers of the "United States. ".The first thing to get Into the ilnds of the people is that the rural reditsact is not a scheme by which tie government lends monev to the irmers, but one by which the farm-rs farm-rs and investors of the United States lay constitute themselves into a big, ation-wlde mutual loan association. "In some parts the farm loan business busi-ness has been well cared for. There re locations, like many parts of New England, where money Is plentiful nd rates reasonable. Other locations, ike some parts of Pennsylvania and ha corn belt, have been well served lecause land values are stable and he quality of the land fully under-itood. under-itood. Already loan banks are mak-ng mak-ng loans in imitation of the federal loan plan. They are making twenty-year twenty-year loans with small Installments of the principal to be paid with each interest in-terest payment, so that the loans will be amortized in twenty years. It is safe to say that by reason of the federal fed-eral loan "act farmers in a few years will find themselves in a much easier position. They will have loans which will run a long period, slowly paid off by almost imperceptible payments, and they will possess the privilege of paying off in whole or in part, almost at their own will "It is a recognized principle of finance fi-nance that farmers need a different system of loans and credits than that which is adapted to that of other business. busi-ness. The federal farm loan act is a great piece of constructive legislation, legisla-tion, the object of which Is to supply the special needs of the American farmer so far as long-period farm loans are concerned. "If the farmers and Investors of the United States will energetically ; enter upon work of organizing under the federal loan act, there is no reason rea-son to doubt that every part of the country will gradually feel the relief that comes from an adequate supply of credit on easy terms. The object of the law is to make it possible for any I farmer anywhere In the United Stales 1 I to borrow money, If he possesses ' good security, up to the limit of safety, " when the value of the property is con-, . sidered, on long-time and easy terms I of payment, at the lowest rate of in-, in-, terest which investors will accept, on a perfectly safe and easily salable bond. The land loan bonds to be used i under the federal farm loan act will be as safe as government bonds. We do not know what the rate of Interest j will be, but we do know that land loan i mortgage associations in Europe have-' been able to secure money for farmers farm-ers at rates as low as that paid by the government on government bonds. If1 wc can gradually approach this con I i dition. it will be a splendid thing for the farmers, and it will furnish in vestors, small and large, with safe . and sound securities in which to invest in-vest their savings and accumulations I "These securities will be free from 'taxes and ought to be within a few;' i years the favorite investment for ' 1 people who are willing to accept a low 1 rate of interest for the purpose di se- i curing safety and avoiding inconveni- ence." ' |