The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1916-06-03
URGE SPOKANE FOR
FARM LOAN BANK
R. R. Rogers of Vermont Loan & Trust
Co. Favored for $4,000 Position ON
National Board.

Local national bankers, while not
affected directly by tle rural credits
bills, recently passed by both the
house and the senate in Washington,
d. c., are skeptieal regarding the prac
ticability of the idea, especially as
it pertains to agricultural districts in
the Pacific northwest. The establish
ment of a federal farm loan board and
the creation Of II district land banks
in federal farm loan districts will di-
rectly affect the mortgage loan COM
panies in theory at least.
All the bankers are unanimous in de-
claring that, should such legislation be
enacted, which seems inevitable, Spo-
kane is unquestionably the logical
center for one Of the district farm
loan banks They also advance the
names of r. r. Rogers, vice president
of the Vermont Loan and Trust com
pany, and r. Insinger, manager of the
Hvpotheekbank, as eigibilities for the
federal farm loan board in Washington,
positions which carry salaries of $10,-
coo d year. 1t is also believed that the
administration must recognize the
ability of Spokane mortgage men in
the assignment of positions in connec-
| ton with the district banks.
''The farm loan board will operate
| in much the same way as the federal
reserve board and the district banks
will be much like the district banks of
/ that svstem,' said w ID. Vincent, vice
president of the Old National bank,
with the difference that the man who
| borrows from land bank must be a
shareholder and subscribe to it's CAPT
| tai stock through the local ass cha
| tions 1t is question Just how far
the farmers will 20 into thing Of this
kind.
cit is a foreign idea adapted from
Europe The banks are most interested
in the possibility of the banks lend
ing the postal savings funds. 1t IS al
| an experiment, based on the theory
that the farmer needs more capital
The land bank should treat aim as the
federal reserve bank treats the mem
Der bank By insisting on business-ikt
/ methods, proper bookkeeping and ;
showing of earning power before cred
it is extended 1t is not enough to loan
On the value Of his land.
''In r. r. Rogers and r. Insingel
Spokane has two prominent and abl'
farm loan men who should be consid
federal farm loan board and Spokant
should have a district land bank b,
all means.
F. NJ. March. vice president of tn
Exchange National bank. is Of tn
opinion the experiment win not prov
practical in the northwest, where farm
land is so diverse ana prices are o
wide range. He is of the opinion j
win he a difficult matter for the farm
. er who really needs credit to secur
it under the system.
1T is a moral certainty that tn
rural credits bill will become n Law
and that the land banks wiz be ere
ated. - said Mr.. March. Spokane mos
: assuredly is the logical center for sue
= bank i'm the northwest and it is
| question if - banks viii he able t
: handle the country adequately. Spc
kane has men who are entitled to con
sideration when the board is beil
created and in this aspect of the mat
ter all the Spokane bankers are inter
, ested.
According to T. II. Brewer presiden
/ Of the Fidelity National bank, credl
and rates of interest are matters 0
supply and demand which some law
trainers forget and he declares that !
is an economic law that rates will b
: high lust as long as the demand ia
t money is heavy and exceeds tle SUI
= ply. =
, This is always the case, particl
, larly in a new country" said NJ
: Brewer. "Spokane is the center of tn
land mortgage business of the nortl
) west and there is more business of TIL
3 nature in Spokane than in all the othe
: cities of Washington, Oregon and Id;
= no combined. We certainly are ent
C tied to recognition when the Ian
, banks are located and such men as |
: r. Rogers and R. Insinger are capab
=, of holding positions on the board an
: are worthy Of consideration by the az
y ministration.
: Gin my opinion, it will be a Ion
4 time before the federal farm loan ban
g system will work. 1t is a Europea
j idea which works in those countri'
o where farming is intensified and When
: families live on the same property *
generations. Conditions are entire
different in this country, especially
- the northwest. A bank of this natur
! supported by the state, has been
operation in New York for years al
r. yet its business is not as great {
some of our local mortgage cor
panies. spokane, Wash, Spokesma
Review, May Il.