The Birmingham age-herald., 1912-09-14
Mississippi, as7 in Washington. lo,55 Idaho. and 10.97 in Montana"


 Mississippi. as7 in Washington. lo.55 in Idaho, and 10.97 in Montana
 Discusses Co-Operative Banks The speaker discussed briefly the sys- tenn of cooperative popular banks, which has obtained it's widest extension in Ger many.
 .Tne Raiffesen system of popular hanEs is based upon the principle of co-opera- ton among farmers, usually peasant pro- prietors," he continued 'The principle upon which these are established is that of the unlimited joint and several H. ability of the members; but as limited H. ability has been found to afford adequate protection, about per cent of the Ger man banks are now based upon limited liabilities rather than unlimited.
 Credit Is Personal "The credit extended by these banks is chiefly personal rather than by way of mortgage security, the united guarantee of the members of society reing ade- quate protection to the lender Tor the re- payment of the money borrowed. The working capital is derived from the shares I which are paid up by the members, the reserve fund, savings deposits and de- posits on current account, and finally Il @ sums which the bank procureS by near Of loans from central cooperative banks, other types of banks, or private indivie- uals The business of the rural bark consists for the most part in making | advances to the members. Surplus casn on hand is deposited with the central banks or invested in banking operations with third parties"
 Summing up the relations between the proposed plan of the monetary comnis- sion for bank note reform and land mort gage banks. MT. Conant declared that the farmer has the right to demand the same facilities and opportunities for ob- taining credit as the manufacturer ana merchant, with the limitation that the fd clites afforded him must be based upon sound banking principles.
 "A central organization for the issue of mortgage bonds, recognized by the fed- eral government, like the Credit Foncier, would probably be required in order to give the bonds sufficient guar antee and n wide market" he said Congratulations under state law, especially if they lacked the guarantee of the state government, would defeat the principle of a broad re- form in mortgage banking, because the bond issued in the poorer states could not be sold at home or abroad at the same rate as those issued in the richer states, where there was less need tor such institutions.
 Famous State Organizations
 without committing myself at this tirno to definite plan, it is probable that l! would be found advantageous to sstab- fish state organizations, charged with making local loans, under rules lad down by the central organization. and that the latter should be able to issue bonds un- der its own guarantee, secued to it by the deposit of mortgages or ponds guaran teed by the state associations In other words. it might be found advisable to build up cooperative democracy of state mortgage loan banks. united into a pow erful central organism, similar to that proposed in the plan of the monetary con- mission for strengthening commercial banking credit
 Tt is not impossible that the three great branches of banking, the cormer- cial credit banks, the mortgage banks, and the saving banks, might he nnkec together in n system which would give greater flexiblity to credit than 1t has ever enjoyed in our banking history, by the aid which each. without violating sound banking principles, would be able to extend to the others in time of need.
 The executive council of the Bankers association, d. it's annual meeting to- right, elected the following officers
 Chairman, Thomas J. Davis. Cincinnati; general secretary. fred F. Farnsworta. New York: assistant secretary. William G. F'itzwilson. New York; treasurer. J. Hatcher Farrell. Chicago general coun- sel, Thomas 3. Patton, New York.
 Soule's Paper Read
 The need of extension teaching in agriculture, what such instruction should include. plans for organizing the work involved in campaign of agri- cultural education and what has been ao1 cIe cd al p1 today by Andrew M. Soule. president of the George State College of Agri- culture, in paper read to the as- sociation. MT. Sauies paper, in part, fol- lows:
 "The subject matter considered under this caption may be divided into four sections: First, Is there need of ex- tension teaching in agriculture?. Sec ond. What should extension teaching include? Third. Suggestions for the or- ganization of the work along efficient lines; fourth, some data with reference to the progress and results attained by this method of instruction.
 "The present condition of our agri- culture is unsatisfactory It Is evil dent to the most casual observer that Q great depletion in soil fertility has taken place in recent years: nor has the malpractice in this direction been arrested. The yields per acre of our farm crops have fallen to an alarming degree and this in spite of the spor- adic efforts made here and there to maintain or increase yields on the part of the farmer by the of various soil amendments. The situation is therefore one of national concern. and the importance of the case cannot cas- fly he overstated.
 There is much talk at the present time of the movement back to the land. The great need Is to point out to the