Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-11-21
To GRANT
FARM LOANS UNDER
FEDERAL CONTROL?
Resolution VIII Be introduced
at Meeting for Financing
Farm Developments Under
Government Supervision =


tinued to arrive in the city throughout
yesterday and up to late hour last
night on special trains from ali parts
OF the country
These were increased by the arrival
this morning OF several more large par
ties, when, according to Secretary
Farnsworth, of the association. the
number OF financiers in attendance will
be larger than at any former conven-
ton
COMMITTEES MEET.
While the convention proper win not
open until Tuesday morning. today vas
j busy one for the members OF the va
rious committees. Beginning at 3
O'Clock this morning with the gather
ing OF the administration COMMITTEES.
the following committees were engaged I
in the preparation of reports to %
made to the convention: Bills OF Lad !
ing. Federal Legislative, Express Com
panies and Money Orders. Law. Trust
Company Section Protective Avs. Ex-
ecutive Comittees Savings Bank Sec
ton. Executive Committee Clearing
House section. Fidelity Bonds and Burg
larry Insurance. Executive COMMITTEES
Trust Company section, Finance ana
Currency commission. The committees
on forms for National and State Banks. /
to the constitution and
American Institute Of Banking wiz
probably get together some time during
the day, they being subject to the call I
OF their respective chairmen-
The executive council Of the associa- I
ton will meet this afternoon. when IL
win consider among other things the
subject of the succession Of officers and
the election of chairman. for which
place four candidates are in the field.
Arthur Reynolds. of Des Moines. Iowa:
Ledyard CogsweIi. OF Albany. N. Z.
William George. OF Aurora, Ill, and
Sol Wexler. OF New Orleans
A petition signed By Sc Of the lead
ing investment bankers of the country.
asking that an Investment bankers
section" be added>4o the parent organ-
cation, will be presented.
If approved by. the council and later
rat. ed by the association this section
may form an organization at this con-
vention and be given opportunity to act.
It is said that II organization is per-
mtted membership would not only be re-
stricted to members of the American
Bankers association. but only bond deal
ers of responsibility and of the hiShesS
integrity would be invited TO join the Sec
ton.
The convention OF the National Asso-
OF which II. M. Zimmerman Is pTesi-
dent, win begin its tenth annual conven-
ton this afternoon. It's session viii con-
clude Wednesday After a roll ~aIl and
OF delegates. an address of
welcome will be made by Charles jan
vier. of New Orleans, which VIII be re-
sponded to by Pierre Jay. Of New York.
Tonight a banquet will be rendered the
executive council OF the American Bank
ers association and the Association OF
Supervisors by the New Orleans bank
ers.
EXPECT BITTER FIGHT.
A bitter fight is expected to develop
in the convention over proposed amend
ment to the constitution of the assooia-
ton, designed to prevent the future pos
sib.lity of the organization being con-
trolled by a few members. c.. H. nfcNi-
der, president of the First National bank
of Mason City, Iowa, win offer an amend
ment to the constitution providing that
the chairman of the executive courci1
and the vice president of the associa-
tion shall be ineligible to election to. a
higher office until one year has elapsed
after the expiration of their terms OF
office
For the first time in the history of
the association it cannot be forecastcd
with any degree of certainty who Will be
elected chairman of the executive coun-
ell. Prominent among the candidates for
this Office are William George. of Auro-
ra, ILL.,; Sol Wexler. of New Orleans, and
Arthur Reynolds, of Des Moines, treas
urer of the association.
c. H. Huttig, chairman of the execu-
tive council, who will be elevated to the
vice presidency, recently underwent an
OF era ton at his home in ST. Louis, and
will be unable TO attend the conven-
ton.
FARM FINANCING. i
Ccof,O etaoi :. etaoiCMFW ct
An important resolution submitted for
by Myron T. Herrick, for
mer governor of Ohio, suggests plan
for financing farm development under
government supervision.
Mr.. Herrick favors the organization OF
a corporation to operate under governs
ment supervision, which will make long
term loans to land-owning farmers at 6
small rate OF interest and possibly the
adoption of an amortization plan which
would enable the farmer to pay the loan
through the addition of small sums an
nuaIIy to the interest rate.
His resolution, in part, follows:
whereas, Experience in other coun-
tries makes it evident that scientific
farming methods probably will not be
utilized IN the .OulcQ Oldl6S approx
imateIy the fullest extent until there be
some means by which farmers
may obtain the funds they need at
rates substantially as low as those avail
able to large Individual and corporate
borrowers; and
LAND LOAN FUND.
Whereas, To successfully inaugurate
and maintain institutions whose purpose
shall be that of 1oaning funds to land
owners on terms that VIII stimulate bet
ter methods, it is necessary TO secure
the sanction and assistance of some or
ganiZation similar to that of the Ameri-
can Bankers association whose motive
would be unquestioned and whose sup
port would be guarantee of conserv-
atism.
Therefore be it Resolved, That in view
Of the imperative need in the United
States of organizations that shall have as
their first purpose the making of loans
to land owners at low rates and for long
terms these resolutions be referred to
a special committee of the American
Bankers association or to an appropriate
standing COMMITTEES, with instructions to
investigate the general subject Of farm
financing in relation to conditions In ths
United States, and to consider the advis-
ability of having the American Bankers
association actively encourage and assist
in procuring legislation that will aid IN
establishing safe and adequate farm f.
nancing institutions throughout the Unit
ID States s1Ich as have been so emineuf1v