Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1921-02-20
EXPLAINS STATUS or FEDERAL
LAND BANK AND SAYS
WILL RESUME

1hero seems 10 DO ConfutlOn IN fets
ercnce 20 the status Of the Federal
Farm Loan Act" and M 10 why the
suspension of business. Tho following
article published In the Dallas News.
does not explain and Ii rather mislead.
ing;
WASHINGTON. Feb n. is2i--The
appropriation bill rider authorizing the
Secretary Of Treasury TO purchase $780,.
eee.o 900 worth 81 Federal Farm Loan
Bonds 10 provide credit for farmers.
pending decision Of the Supreme Court
In tho litigation testing constltutlonaiity
Of tho Farm Loan Law was adopted to-
day In Senate. II now awaits approval
by the House"
Tho purchase ny the government or
500. 900 600 of Federal Farm Loan
bonds does not provide for a resump.
ton Of Federal farm loans-but enables
the Federal Land Banks 10 close the
application for loans that were approved
by the land hanks before the suspension
81 business. Az 10 why the suspension
NJ business does not seem 20 H. clearly
inndertood.
/ About fourteen months ago the "FNrm
Mortgage Bankers Association" that
II composed 81 land loan companies
hroush, suit against the Joint Stock
Banks-and M the Federal Land Banks
and Joint Stock Banks II embodied In
'hc same act. and controlled by the
same form loan board. they were both
implicated. Tho suit was not brought
against the consiitutlonality OF the
f'rm Loan law. hut against that portion
" II TINT made the bonds non.taxahle
The farm loan companies lost In the
lower courts and tho case is now pend
ing In the Supreme Court. The case
has been argued several months ago
md decision has been expected each
Monday since January |. but now not
"ynected before the first OF March.
No matter how the decision goes.
the Fedora | Land Bank will resume
business The difference will he n the
Ian companies win. the rate Of inter
81 the farm loans win bear will likely
10 Increased 10 cover-where the rate
Is now five and one.half per cent the
rate will likely he ak per cent.
There IL now pending In Congress a
'ill eniarging and stabllIzlng the bene
ITS Of the farm loan law and which
provides tho following changes:
Firs;-lncreosIn the maximum loans
rom $4,000 to SIS. 200.
sccond-Authorizing loans Of fifty
per cent ~ value Of staple grains stored
N farmers bins or elevators. for term
not exceeding twelve months nj sir
per cent.
Third-Authorizlng Loan on live stock.
m fnrmH and ranches. not exceeding
two years at six per cent. crhe last two
Without the amortization featured
Fourth - Authorizing the Secretary
u Treasury 10 buy farm loan bonds GU,
II any unappropriated money. Thereby
guaranteeing the sale Of bonds based or
'ederal farm loans.
J. N. NEELY.
Secretary and Treasurer Amarill
National Farm Loan Association.
hank has large ranchinR interests. ant
"a raiser 81 pure bred Hereford cattle
7. r. Durham. the active vice presi
lent. has been a resident OF Amarillo
or n number OF years. and has conaid
cradle realty holdings here. lie IL wei
nd favorably known throughout Wcsi
Texas. Mr.. Durham II president ~ the
Board of city Development. and his
Dolicy while In that position has been
80 progressive In spirit and In deed
that the board has heon n strong fac
tor IN the recent growth and upbuildina
II the community.
The cashier IRA Emhry who has
been with tho hnk hut q shor, time. Il |
rom Lubbock. Texas. vherc he was nc.
tive vice. president of the Citizcns' Ma. |
,ional Eank Mr. Emhry IL banker |
I " many wears practical experience and i
3 thoroughly familiar with the inside 4
I affairs ~ banking. 81 which he will /
have charge IN the National Rank of 1
I Commerce. Mr. Emhry win hnve n,
'sslftants John Whca,loy aud n. v |
Nnupp, who have lurcn with the hank 4
for number ~ years and are well /
known % the banking fraternity and |
% IN" public. Others 81 the staff ARE: l
Y \. Dofcc teller. T. e. Burkhalter /
and Allan Thomas. bookkccpcrs and |
h. Misses Ros,liud Cornelius aud |
Ruth l.. IAcun. Strnugraphcrs
u viii L. the constant aim of this .
htnk. officials state 20 render To do /
1ostorS pni MI others who havc bust
ness transactions of whatever nature I
With 20. thc highest degree uf service |
Witch n frsi'rlass tank can give.
The directorate " the hank IN made |
NJ ~ prominent citizens ~ differing Va |
'aiiUnS. VIII" give to the hank aside |
'rcm financial banking and the prestige |
NJ their names. the hcnefit of their |
vicws UNION questions of policy. and ms
thcso views are formulated from widely |
VARYING viewpoints tho Scopc ~ us.. !
'ulncss It IA" institution n much broad. /.
'nrd. Tn" personnel of the bari FOL. !
'ows. William o'l,ricn. T. T. Durham. I
VI g Mobiles &. u. Rcc,lcr. T.. W. |
Hardin. a. W Galbrai,h. W. T.. Her.
-ing J. y. bcaslcy and W l.. Ma,hers. I
The inactive vice presidents are: NJ /
.. Mobiles. T., ". Hardin. W. l.. Herring
md J. y neaslcy.
The Automobile h nS necessary e.
~uunfIN life ns any .fhar farm, ..aNin