Norwich bulletin., 1917-01-11

l vention which completes three day
 session today. Patrons of husbandry l state are assembled here and by the | time the afternoon session was called
 to order. nearly one thousand had ar l rived. The main feature of the con l vention was held in Olympic hall in l the evening when a class of 1SO were obligated in the sixth degree. The de
 grees were conferred by the state One of the busiest spots was in the Chamber of Commerce rooms where I the officials were engaged In assign l ing quarters for the new arrivals. 1 The afternoon session was thrown open to the public and many took the opportunity and were very much
 pleased with the delightful entertain ment which was carefully arranged oE | the state lecturer.
 1 Oppose Tax Law Change. 1 The morning session opened at 9.3o l o'clock in the fourth degree. The new | business introduced was referred with i out debate to the committees F. F.. ! Duffey of West Hartford presented a resolution opposing the change in tax l laws which was referred to the com
 mittee on the good of the order. Mir l Duffey's verbal report on the taxation was accepted.
 L. H. HeaIey Reelected. L. H. HeaIey of Woodstock, secre- tary of the state board of agriculture, 1 was reelected a member of the execu- 1 tive committee for three years. The report of the Patrons Mutual Fire Insurance company given by H. c. Durham follows:
 Another successful year has been credited to the Patrons Mutual Fire Insurance company, the losses being | unusually small. and quite number i of new risks written. Following is the financial standing:
 Ledger assets Dec. 31, 1915. $16,- 774.12.
 1ncome-Gross premiums, s3.74sS6; less reinsurance premiums. s719.S9; 50; total net premiums, S2,S93-26; in terest on bank deposits, $610.16; | agents balances, $28S.32, $3,7S6.74; total income, $20,560-S6.
 DiSburSementS-The total diSburSe- ments, including net amount paid for ] losses, s147.03; adjust losses, s2.50; to l state grange, $1.00O: salaries and ex-
 penses of officers, $5l2.6o; etc, s2,115-- IS; balance, S1S.445.67.
 Ledger assets-Deposited in banks on interest, 1s,315.90; agents bbal- ances subsequent to October. S34.7 TO; agents balances prior to October
 ss6.o7; total ledger balances. s1s,- 445.67.
 Non-Iedger assets-Accrued interest, s225.40: total, S1S,6710f; agents bal ances prior to October. $s6.07; total admitted assets, S1s,575.
 abilities-Unearned premiums, S4,-
 s6o.51; surplus, s13,714.4s; total lia- bilities, $1S.575.
 The preceding figures show quite gain in the surplus for the past year, which we must credit principally to the few losses we have had, none in excess of $50, three being caused by lightning, one by fire.
 The Patrons Exchange.
 The report on the Patrons Exchange, H. G. Manchester. chairman, was given by A. c. Grady, who said:
 On account of the illness of Fl. c. Manchester, which necessitated ab- sence from his office the first three months of the year. the business has decreased. The high cost of grain also decrease in sales of carload lots. We did not sent out price lists of fertilizers and seeds until later than usual
 Patrons Exchange - Inventory of gross on hand: One tedder. $26.9s: one separator, s57.73: total: s84.71. Cash on hand $359-24; bills receivable, $74.21; bills payable. s41.o3.
 The receipts for 1916 were S405549 and the expenses were s4.052.23. Re ceipts from cars of grain, S3422017: payments for cars of grain, $24, ,220.17.
 We believe that the exchange would have had a much better year with more business had it not been for the managers illness, as he was unable to carry on any business whatsoever
 National Farm Loan Associations.
 M. E. Frederick, past master of En- field grange, spoke on the National Farm Loan association.
 In part, Past Master Frederick said:
 A national farm loan association may be organized in any community where ten citizens owning land de- sire to borrow an aggregate of not less than S20, 900. The land must be unin- cumbered or the proceeds of the loan must be used, in part, to remove any lien. Loans may be as small as S100 or as large as $10,000.
 They must first make application, in writing, for a charter to the federal land bank of the district in which the association desires to do business. This application must be signed by all those desiring to form the association, stat ing specifically the name under which thy desire to do business, the amount each one desires to borrow, the csti- mated value of the security each one offers. the territory in which the asso- citation desires to do business, how the proceeds of the loan gre to be used, and other details set fort hin the b1ank forms which are furnished.
 The application having been signed, together with another blank form fur nished, called an organization certffi- cate, the applicants become a tenta- tive organization and elect an agent to represent them, called a secretary treasurer; they also select a commit tee of three coI'~1 '~nn committee
 gent will then receive from each Of the applicants suoscrlption to the StOck or the aSSoclauOn- they are form ing equal to per cent of the loan they severally desire, which is not re- quired to be paid unless the loan is granted That is. each borrower must subscribe for such stock to the amount of per cent. of his own loan and no more.
 The application for the charter hav- ing been signed, the signatures must be acknowledged before a notary pub lie or other officer qualified to admin ister paths. and then 1t must be for warded by the secretary treasurer to the federal land bank of the district
 Upon it's receipt the bank will send its agent to examine into the repre- sentations made in the application, 1 and, if found satisfactory, a charter will be granted.
 Upon the granting of the charter. | the individuals signing the applica- tion become a body corporate, which l gives it the right to do the business authorized by the farm loan act. to extend ifs henefits to others hx talrirsz sz