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Show ARMSTRONG IS SPEAKER HERE How the PciriC coast j.lnt stock land banlc of Salt Lake city will provide huge sums for the restoration of farmers farm-ers and stockmen of Utah and Idaho to financial strength waa explained t" the Ogden Kfwanls club today bj W W Armstrong. presldSint of the National Na-tional Copper bank ol Salt Lake City It happened that the Klwanls club had as its guests today two of the I three announced aspirants lor the LDeiriocratlc nomination tor United i State senator Mr. Armstrong and . W R, Wallace ulso of Salt Lake. The presence of these two candi-J candi-J dates was tho occasion of much Josli-ilnK Josli-ilnK comment In which the tu joln-iod. joln-iod. Kach paid a graceful tribute to 'the character and ability of the otn-er. otn-er. "The producex H the foundation ol our national economic structure," Mr Armstrong said Tht farmer and the stock man are the prod ICert. The' men are not enjoying the proapetlty to winch 'li.". an entitled and unless ! we help to bring to them this pros-! pros-! peritj tho rabrh of our country Is threaten. -d "Lnc wa in which we can brins bat I prosper J l Lo (leg men is i hrouj: ii establishment i cooiierativo ! mark) la. The producer and consumer are loo Car apart. The one gels so little for his products that he cannot make a living The other is Btriklng because he cannol afford to pay the prices demanded for foodstuffs. To Illustrate this difference i want to tell you about a conversation l had with the editor oT the Kansas City Times. I told him that I tub chi rrles brought the farmer from 6 to 10 cents. He told us he paid tin cents a pound for cherries on the Kansas Citv market. 'Another yaj ''t which e can help the producer Is through financial assistance, as-sistance, i call your attention to the federal reserve system, 1 am a grcai admirdr ff that system- H seems to hit that it almost was Inspired at u lime when it was available to carry us over most serious crises. I don't know what would happen if we did r.ot have the federal reserve system "But the federal reserve bank act was written by bankers and was ,. -signed to benefit hankers? principally and merchants and manufacture.-! 1 The authors forgo I the farmer and tho stockman 'e must havt amendments amend-ments to that act to provide f,,r the handling qi farmers' paper 'The war finance cirporatlon did ;.'r. .--t work t ovarii saving Ihe pro-ducers. pro-ducers. Their help was about Sfi per .cent psychology :i and -a per cent ar-jtual. ar-jtual. Nevertheless a great work was done. 'The Feder.nl Farm loan bank help-led help-led and now we have the joint stock i land bank, which I contend is one of the finest Institutions' we hav. obtain- ed here to start the flow of gold Into this territory gold which is so much needed here." Mr. Armstrong, who j3 vice president presi-dent of the joint stock bank In Salt uako, explained bow the bank win work, he oho of the Utah men most inlluential in gctlinf. the baiiK for Utan and getting Pacific coast m-terests m-terests to supply 75 per cent ot tne capital. The , joint stock land banks are operated under the provisions of the j same laws as the federal land ban'ts and lor the same purposes. The borrower from the joint Btock laud bank can obtain any amount ui tp $o,ooo. whereas the loan limit ol the federal bank Is Jlv.OOO to the Individual. In-dividual. The joint stock land bank client buys no stock and assumes .(o stock liability when he obtains a loan. The only charges made m obtaining ob-taining a loan from the Joint stock land bnnk Is a nominal fee lor an appraisal and a small amount for the preparation of th. necessary legal papt rs. i bder the amortization plan. by which the joint stock land banks make then- loans, the farmer has yoars in whuh lo pay back the principal prin-cipal amount ot the loan at the rate! of 1 per cent a year, payable at re- i ular. interest periods, since the loans are made at o per cent, the farmer I or owner of agricultural ieal estate! an obtain the crcuit he needs by tho! payment ol less than the ordinary rates to meet bath Interest and principal. prin-cipal. Current loans made through tho usual channels to farmers of Utah I and Idaho are costing the producers rrom s to in p r cent, and when these mortgages come due, the principal must be repaid. By the use of the amortisation principle the joint stocn i alnd bank provides a simple, efficient ami Inexpensive method whereby Long-term borrowings can be made and repaid The iiiink begins its operations with ' B capital jf 260,000. It will have a total lending capacity or fifteen times that amount, for, as loans arc i made and mortgages acquired, bonds will be issued on the security of these) mortgages and sold in the general In-I v itment markets The bonds of tho Joint stock land banks alrcnd) in op-. op-. ration are In wide demand, have established es-tablished a broad and steady market, and arc considered highly desirable' for conservative investment purposes. pur-poses. When the present lending power ot 13,750,000 is used, the bank officials offi-cials Intend to increase the capital, so that ample funds will be available to meet all requirements or the farmers farm-ers of Utah and Idaho having prop-! erty eligible for the loans. Ernest Wilson oex.ribed his "littio I Journey" to the office of Dr. r w. 1 Henderson, eye, r, nose and throat. Mrs. Robert Hoggan was the soloist solo-ist at today's tuncneon meeting. |