davidaulloa/AmericanStories huggingface dataset:
The Bridgeport times and evening farmer., 1920-12-10

our national banks should have been regarded as being subject to use in some way in those lines. Efforts, therefore, to amend the national bank act so as to permit of loans on real estate were made at nearly every ses- sion of Congress, but without sue cess. This discrimination against the real estate loan was, of course, never as to it's sufficiency but to the kind. As the deposit obligations of the na- tional banks were in large measure payable on demand, it seemed essen tial that it's assets be readily con vertible into cash, and as the trans fer of realty was always accomplished only after considerable lapse of time, real estate loans were regarded as not desirable assets. But our legis- lators were soon to modify this atti- tuGe and a study of how this was accomplished is both interesting and profitable.
 The national bank act was passed in experimental form in February. 1863, during the period of our great Civil War, and was ito provide a na- tional currency secured by pledge of government securities and continued until 1874 when it was substantially amended. It seems more than a coin cidence, for indeed it was providen- tial, that the next big change in OUT financial structure came when the first rumblings were heard of the great world war and the federal reserve act, which amended in many paruu- ulars the national bank act, was pass ed in December, 1913. It was, to quote the act, Ito provide elastic cur rency, rediscount commercial paper and provide more effective superv:s- ion of banking. Among the many changes made in our old laws, was an amendment which, for the first time. allowed national banks to loan on real estate, but restricted such ad- vances to those secured by agricul-
The Bridgeport times and evening farmer., 1920-12-10

MT. Wolfe said in part:
 We might well inquire as to how the housing problem is to be solved for the average citizen. Reliable sta tistics show that we are not building much more than 10 per cent of the required number of homes needed in this country, normal requirements being about 45O,000 each year. There were built last year but 7O,OOO, and there were over 100000 marriages. It will take, as can be readily seen, q greatly increased production to meet our bare necessities.
 Mortgage money from the usual channels being scarce, it is but natu- ral that we urn our thoughts and in quiries to our great national bank ing system, and to the possibilities, if any, there afforded in further aid ing our housing problem.
 The national banks of the country have always been regarded as the great bulwark of our commercial life. Because of governmental control and consequently, publicity in con- have come to regard them as almost a part of the government itself. Sta t1st'cs do scant justice, but never theless give a fair idea of their real strength. Of the 3O,000 banks in this country, with assets of over fifty billion dollars. the 5000 national banks show assets over twenty-two million dollars, or to put it different ly. with only one-fourth of the total number, the national banks show ap- proximately one-half the total assets of all banks. The prime necessity of the commercial banks is hquidity of assets. Even though the state banks-meaning also trust companies and saving banks, have always been able to properly and successfully care for the needs of the building and housing development, it was but natu- raI that the tremendous resources or
The Bridgeport times and evening farmer., 1920-12-10

A large North Carolina town used it's National banks in financing the Housing Corporation organized by the Chamber of Commerce. In addi- ton to loans to individuals it Mas supervised the operation of a large building and loan association. A large seaboard Virginia town re- ports that its National banks have extended liberal loans in erecting homes for it's workers. All loans | were made for 60 and 90 days. and curtailed at each maturity. although | this provision is not cited in the deed of trust. In this instance each loan when curtailed, was a new loan and could be carried from the date of latest renewal.
 From New York State we learn | that loan associations, home building corporations, and mortgage institu- tractors, are all given substantial loans and at low interest rates, for the specific purpose of stimulating building.
 A large Michigan city states that their problem is to get the people | back to the vacant residences on the farms and out of the congested city centers. In spite of this a home | building company has been organ ! ized, and the banks have made lib- eral advances to this company. i A prominent New Jersey town has
 it's problem aided by the banks mak- I
 loan associations. It is their estab- lished policy to loan well-managed
 associations up to five months ot | their receipts for dues The amount | so loaned is many times what could | be legally loaned on real estate direct. | The banks in a large Ohio town
 make liberal loans to companies oxs
 ganized for home building. In add4-
 ton to capital thus contributed by
 individuals, the banks have made possible a much larger building pro- gram.
 From Texas we learn that the build
 CTS and material men were carried
 until buildings were completed, and efforts were made through loan com panies and other means of placing | longtime mortgages.
 | Another New Jersey city reports that its national banks to meet the housing crisis materially increased its lines to building and loan associa- ing that "a bank has civic duty ir every community to aid the city or housing its people,
 And from a large industrial city ir Pennsylvania comes the SurpriSin 2 information that homes were provid- I ed for over 300 families from capita supplied by individuals and corpora,
 tions and the banks neither directly or indirectly were called upon tt
 share in the work.
 Thus we see the numerous ways il
 which the national banks, in addi
 tion to their 1egalized powers fol
 national building problem, and I hay.
 no doubt but that further investiga
 tion would sho wthe same spirit O.
 cooperation throughout the whole
 tain the amount of money so ad
 vanced, it would be shown beyond al
 question that our housing needs wer,
 considered of frs importance ant
The Bridgeport times and evening farmer., 1920-12-10
SEVENTEEN

[ treated accordingly. Huw much far ther our natnonal banks can go to aid 1E this matter is manifeStiy a question for each to settle as their community needs arise. Encouraging the building of new homes and aid ing in the economical financing of their construction, discharges a civic responsibility resting on our banks and at the same time promotes very good business. here is, of course, much educational work to be done in this repect, for each of the many ways suggested for using national bank funds should receive both sup I port and encouragement. While | their resources have in generous measure m entered into every stage of building program, there yet remains, for large number of banks, the op- portunity to aid along lines of special application to their own local fields.
 That this aid will eventually be given
 cheerful1y and willingly, I confidently
 predict, for they need only be shown 1 the necessity. 1 John Leonard, chairman of the Re publican town committee, is in favor
 of the idea. while John A. Cornell,
 chairman of the Democratic town | committee, looks adversely on the | proposition. Ek
 MT. Cornell believes that no new | form of city government should be l forced on the citizens of Brid dgeport l unless majority of the registered voters are unequlvocally in favor of
 it and does not believe that the legis- lature should force the commission | form of government on the city. Chairman Cornell says that he be- lieves that most of the commission l forms of government proposed would be injurious to the best interests of the city and would prove in the long run to have created objectionable au- 1 tocracies. E
 He is also against the elimination of the party names from the ballots, believing that party government is
 the best form for both city ands na- ton.
 Chairman Leonard says that he is
 on record as favoring the commits
 sion form of government for this city, having been a member of one of the commissions which investigated the
 sbuject and which reported in favor of it. E. He is still of the opinion that the
 commission form of government and
 the elimination of party names on the ballots is for the best interest of
 the city.
 E. S. Wolfe president of the First Bridgeport National Bank, is in favor of the idea, and is also strongly in ) favor of the budget system, which,
 he believes, should be made one of the principles of any new charter that may be prOpOSed
The Bridgeport times and evening farmer., 1920-12-10

f the agitation for national banks to loan on real estate, has from the very first been caused by the acute short age Of housing, but that is not the sole reason. As state banks of all
 kind gradually enlarged their oper- ations to include active competition for the commercial buiness of the country, it was but natural that the national banks sought those powers heretofore exercised by savings banks and trust companies. With the en- trance of the state banks into the
 commercial field, their ability to loan on real estate would be curtailed as their funds must increasingly flow in commercial loans. This, to my mind,
 created a decided shortage of funds
 for building purposes, and was but
 another reason for the agitation to
 increase real estate loans by nation al banks. This competition led to
 the establishment of savings depart
 ments by national banks, and there
 can be no doubt but that funds wouiu
 ordinarily have gone into real estate
 state banks, have, through the nation
 al banks been largely directed into
 commercial lines. How far each of
 these causes have gone to operate as
 disturbing and curtai1ing factor in
 our housing crisis is very difficult of
 determinat tion, but I am sure we all
 readily admit them as such. The
 Reserve. Act, as amended, has recog-
 nized the situation, for we find state
 banks now members of the Federal
 Reserve System, and having substan- tially all powers of national banks, and we find national banks with saw
 ings banks and trust departments in
 direct competition in an enlarged way with the state banks, including, of course, the auth ority to loan on real estate. And what amount is it pos
 sFb1e for the banks thus authorized
 to loan on real estate Let us con-
 sider the latest available figures.
 The total capital and surplus of our
 national banks is two billion and if ty-five million ($2,055, 5,000,00O) dol lars. As national banks in Central
 Reserve cities are not allowed to loan
 on real estate, it is necessary to de- duct from this amount the total cafpi- tai and surplus of such banks, which is four hundred and twenty-two mill
 lions, ($422, 2,OO0,O00). The capital and
 surplus therefore, of all national banks authorized to loan on real es- tate, is about one billion, six hundred
 million dollars, ($1, 600, ,0OO,000). One
 fourth of this amount, or four hun
 dred million, 0,O00,O00l. is the loaning power available. As so-
 caflled country banks contribute one half of our total capital and surplus | and even these banks loan on city property or "other real estate,' as the Act reads, it is a reasonable asump- ticn that one-fourth of the loaning power or $10O,000,0O0 would go into farm and agricultural loan while the remainder of 100000 would be | available for other real estate loans | Remembering these figures, let us
 see what has actually happened. The | latest available published figures
 show that loans directly cay ooo on aoo req a compared to $4OO,0O0.000 legally
 possible to loan direct, and thai loans on other real estate security
The Bridgeport times and evening farmer., 1920-12-10

I was also s92,00O,00O. or practically $200, 100000, directly and indirectly. Almost one-half of the total thus advanced was reported as in the Mid | d1e West and Southern States, indi-
 eating a tendency to the agricultural loans. although this is not eonclu- sive. Of course, these figures do not show, and there is no means of ex- aetly showing just how much has
 gone into housing development
 through the means of loans to hous- ing companies, builders, building and loan associations, all of which, though
 not direct on real estate, immediately goes into such lines.
 tually employed to assist and en- courage these organizations, and
 also to discover how the national
 banks are aiding in this situation, a leading banks in districts that have
 distinct and serious housing prob lems and the informamtion so ob- tained is of the most interesting char acter.
 A prominent Massachusetts bank
 has set aside a sum in excess of it's capital and surplus, and of course many times what it could loan direct on real estate, for making construc- ton loans using the credit of re- SponSible builders for the medium of such loans. The home-owner must have been a depositor and known to the Officers as responsible. When the house is completed, the national bank assists in securing a savings bank
 mortgage of long duration, and will then carry for the builder, the bal ance which is reduced by the amount 1 put up by the owner and is also SC.
 cured by second mortgage, which is | reduced monthly, and is a desirable bank investment in every way. This | is an excellent plan as it brings the bank directly in touch with the home 1 owner and is most satisfactory to al | concerned.
 l A large Alabama bank stated, that
 although it's principal function as z | commercial bank is to aid in the 1 movement of comm odities, it never | theless, realizes that the housing O.
 labor is one of the essentials of man
 ufacturing. Through it's trust de | partment estate funds have beer loaned on residences, large lines have 1 been extended to brokers in real es | tate loans by taking their notes ant | mortgages as collateral in the interim clients, and delivering them to tn, | insurance conn panies or loan com 1 panies. Builders are carried pend | ing sale of houses constructed, and | large realty company has been loaned
 a large sum simply on it's statemen | of assets for the sole purpose O i building a number of small houses.
 From Connecticut industrial tow1
 I, am told that the National banks ex l tended credit to contractors ant wholesalers and retailers in building
 supplies. A few individuals have beer | helped to build, but the problem
 generally presented was that of al industrial worker who offered n,
 capital assets. A Trust company wa organized to make it possible to lent
 more on real estate and the Nationa banks aided in this movement yer, materially.
The Bridgeport times and evening farmer., 1920-12-10

, tura1 or what was known as farm | lands, limiting them to five years in term, and not to exceed 50 per cent of 1 the value. Here indeed was a con- ce;ssion by Congress but important and desirable as it was, it did not seem to meet the growing demands, and in Seutember. 1916, the act was amended by the addition Of the words" and loans to one year in term and to cover improved and unincumbered property, and to 50 per cent of it's value. A knowledge of all up-to-date sential to better understand our sub ject, and believe it proper that they be briefly reviewed at this point.
 National banks, not situated in Cen Louis and Chicago), may loan on i'm proved and unencumbered real estate situated within. 100 miles of its of fee with time limit and at the amounts as before described. Such loans in the aggregate must not ex- ceed one-fourth of the total capital and surplus of the leading institu- ton. The right of a national bank to make such real estate loans ln- cludes the right to purchase or dis count loans already made. provided of course, that such loans meet the requirements as to terms, etc. Al though loans may be made on real estate other than farm lands, for a
 
 theless, at the end of one year it may properly make a new loan upon the same security for another period not exceeding one year. The maturing note taken in it's place, but in order to obviate the necessity of making a new mortgage, the original mort gage may be so drawn in the first in newals of the original note. Under no circumstances must the bank obli- gate itself in advance to make such renewal. It must in all cases, pre- serve the right to require payment at the end of the year.
 It will be thus seen that the con- ditions under which loans on real es- tate may be made are indeed generous except as to length Of time, but even their subsequent renewals may easily afford sufficient elasticity, provided such renewals are not agreed on in advance An agreement, however. to renew at a reduced amount would seem to be legal and permissible. as the reduced amount is in effect and actually, a new loan and not a re- newal of the original. Building loans, when secured by mortgages would seem to be prohibited for the "loan must be on improved and unencum- bered property must be clearly understood that the limitations sur rounding loans on real estate and the authority as given, is separate and distinct from any and in addition to the custom of national banks to loan which have real estate as their foun- dalton and which are legal and not classified as loans on real estate
 With these powers and restrictions 1n mind, let us consider the reasons causing a demand for the use of these to what extent it is possible to use them, and what the banks are dolns at this time. Undoubtedly much of
The Bridgeport times and evening farmer., 1920-12-10
Wolfe For Non
 Political Plan
 OfGOVernnent
Cornell and Leonard Chairmen of the Major Political Parties, Are On Opposite Sides = The Former Is
 Against; and the Latter For Commission Rule

of of
 
  he O the city ticket president of National of he system ntroduc the city financ
The Bridgeport times and evening farmer., 1920-12-10
FAT IN ALIGAToR PEAR

Among the fruits used for food the alligator pear is remarkable for it's large proportion Of fat, which runs as high as 20 per cent, or about the same as that of common cream.
The Bridgeport times and evening farmer., 1920-12-10

Large shawl colla IS. are silk lined with materials. Values SS9.50.
The Bridgeport times and evening farmer., 1920-12-10
Mink MarmOt Coats

Beautiful Raceoon Collars and CuffE. SILK lined. Values to $300.0o.
The Bridgeport times and evening farmer., 1920-12-10

Prices Cheerfu Credit Corner much out of the ordinary. Everything has been reduced No broken shop goods-but all new stocks fresh from the great, large daylight factories from manufacturers who have taken substantial losses to stimulate wholesale buying. Happy indeed are those who buy these days-here-the reduced prices are in keeping with every purse-arge or small Then too there's Cheerful Credit that yours for the asking
The Hood River glacier. (Hood River, Or.) 1889-1933, 1920-04-01

The freside story of the Oregon
country" is "The Pioneer Campfire, .
a highly interesting story Of the Ore
gon country by Rev. &. w. Kennedy,
himself pioneer of 1853 The sub
heading reads. "Around the campfire
with emigrants on the great plains,
with the settlers in the log cabin
homes. with the hunters land miners,
with the preachers on the trails, at
camp meeting and in the log cabins, "
and the book is replete with anecdotes,
adventures and "reminiscences. The
Oregon trail, or the "0ld Emigrant
Trail, as it should, be called, says
the author, plays, of course, an i'm.
portant part in the narrative, and its
interesting history is told. sTransla-
tions Of many of the Indian names of
the state are furnished, and the vol
ume is illustrated with pen-and-ink
sketches of pioneer days and photo
graphs Of scenic interest The Pioneer
Campfire will prove a useful compen-
dium of information for Oregonians as
well as furnishing interesting reading
to the public. Portland Spectator.
The Hood River glacier. (Hood River, Or.) 1889-1933, 1920-04-01
appointment of Administrator

In the County Court Of the State of
Oregon for Hood River County.
In the matter of the Estate of Eliza
beth Cooper Gregory, deceased.
Notice is hereby given that the un-
dersigned has been appoipted admins
traitor of the estate of Elizabeth Coop
er Gregory, deceased by the County
Court of Hood River County, Oregon,
and that all persons having claims
against said estate are required to
present the same. duly verified accord.
ing to law, to the undersigned at the
office Of A. j. Derby, First National
Bank Building. Hood River Oregon.
within six months from the date of the
first publication of this notice.
w. l.. Gregory,
alaZ9 Administrator.
The Hood River glacier. (Hood River, Or.) 1889-1933, 1920-04-01
Oregon Students Luncheon

There will be luncheon held at The
Pheasant today at p. M, when all
students, former students. and gradu-
ates of the University of Oregon are
requested to attend Besides having
an informal reunion some important
matters of student affairs will be
brought up and the committee wants a
good attendance. Notices have been
sent out. but if the mail fails to ar
rive. those reading this notice will
please be present. Subscription to the
luncheon is so cents per plate.
The graduates and students will ar
range for entertaining the Glee Club
Saturday. The visiting singers will be
taken for an automobile tour of the
valley Saturday afternoon.
The Hood River glacier. (Hood River, Or.) 1889-1933, 1920-04-01
Compton Gets Decree

Judge Geo. w. Stapleton, of Port
land. here three weeks ago to hear the
divorce case of c. b. Compton vs. Mrs
Ellen M. Compton. has given the plain,
tiff the decree. Mrs. Compton filed &
cross bill, asking for the divorce. II
his summing up of the case Judge Sta
pIeton states that Mrs. Compton
claims to her husband and her testi
mony that she was born in 1856 are
contraverted by testimony of the plain
tiff that she was born in 1875. Mrs
Compton is a native Of Ireland, and d
certified copy of her naturalization pa
pers, introduced by Mr.. Compton gave
the year of her birth as 1875.
The Hood River glacier. (Hood River, Or.) 1889-1933, 1920-04-01
Flower Thieves Are Active

Police are receiving complaints from
residents against activities Of flower
thieves. Rarely a night passes that
somebody's flower beds are not raided
One Of the most fragrant cases re-
ported occurred Monday night when
the hyacinth and dafFodil beds at the
home Of Mr.. and Mrs. J. l.. johnson.
masses Of perfumed blooms. were swept
clean. Both Mr. and Mrs. Johnson. an
aged couple, are IN in bed, and their
loss is felt acutely.
The Hood River glacier. (Hood River, Or.) 1889-1933, 1920-04-01
Hannum Upper Valley Choice

At caucus of Upper Valley citizens
held Saturday at PaTkdale for ascer-
tanning the choice of residents of that
district for a candidate for county com
missioner at the approaching primaries,
j. o. Hannum. Republican incumbent,
was named. OF the 56 citizens present
Mr.. Hannum received 26 votes. Other
votes were as follows: M. o. Boe. q
votes; Major Chas. Steinhauser, 4, and
W. A. Langille, l. Mr.. Langille was
not present.
The Hood River glacier. (Hood River, Or.) 1889-1933, 1920-04-01
Cram Shows Hat Forms

Ore of the most interesting displays
recently seenIwas at the Cram store
last week, when a large number of
Hardeman hats in different stages Of
manufacture were shown. The Harde-
man Hat Co.. located at Seattle. is be-
coming one Of the largest coast manu-
featuring concerns. The exhibition
gave the lsyman an idea Of how the
raw fur Of Australian rabbits and
other animals is turned into felt, grad
uall shrunken and made into handsome
headgear for men.