Evening star., 1925-09-01
PLAN Low RATES :
FOR FARM LOANS
Joint Stock Land Banks Be-
D.
gin Convention-RaiIWay =.
Common Off TO 1T.
BY CHAS. 2. SHAEFFER.


a concerted effort to bring about
lower interest rate on bank loans "a.
farmers was inaugurated at Colorado
Springs today, where the seventh an
nual convention of the American As
ISOLATION OF Joint Stock Land Banks,
IS being held.
Guy Huston, president of the ssso&
| citation, recounted the rapid growth u
the farm loan system and told how II
! had been successful through propeT
CO. ordination and efficiency in lower
! ing the rate on loans to farmers froIf'
| g. 10 and even l5 per cent TO the pres
ent average level OF 6 per cent. Thu
next step, he said. should be towarcya
reducing the rate to 81: per cent. =
Hopes for Long Service.
! Il like to think of the Joint stock"
Land Banks as forming a system the
/ individual units Of which will be FIR
! existence so, perhaps 100. and SO far
! as one knows. a thousand years from
| now for we enjoy the tremendous ad-
vantage OF perpetual charters" Mr..
| Huston said. The present banks are.
/ only the foundation on which the
J future of the system rests, and IT is
| our duty to build that foundation so
! broad and so strong that hey win.
stand every financial storm and every
! attack by those who would destroy
| them. We must not be impatient fdf'
/ immediate growth and profit for we
are building for i thousand years" =
/ Mr.. Huston said that the joint ri ocL
| land banks. by maintaining high credit
: ratings, could borrow money more
| cheaply, and. in turn. could lend to,
! farmers more cheaplv. This he saiUc :
/ should be their goal.
! Names Secret of Success.
I The success of Joint stock land
! banks. wherever operated and how.
! ever owned, reflects the adva ntage Of
! the system as q whole and 10 each in
/ dividual institution. BY inCrea sing thP
| popularity Of all joint stock land
! bank securities-by enhancing theE
market value and making them mora
! easily sala ble-the system in which
/ this organization is vitallv interested
| is brought to a larger measure Of sue
! cess. Conversely. TO permit a decline
/ in the value of any banks securities
! reflects TO the disadvantage OF all X
| concluded Mr.. Huston.
Chapin-Sacks Stock Exchanged. -,
| Frazier & Co, Inc. investment
| bankers, announced today that over IS :
per cent Of the common stockholders
/ of Chaplin Sacks, Inc, had exchanged p
! their shares for class 3 stock of South.
| ern Diaries, Inc, under the recent
/ merger plan, -
| Time limit for the exchange expires
| at noon on September ), at which TING.
| Edward S. Perot, president Of the cor
poration, expects 95 per cent Of the
| stock to be exchanged.
! Railway Common Declines. 80.
I Common stock Of the Washin gtot,
/ Railway and Electric Co. showed
I declining tendency on the local e4-
. change this morning, selling off TO IL
. cI1
| only slightly lower al 179. 70,
4 poor demand at prevailing prices
! was evident in every active issue
Railway preferred brought So on u
! sale of 10 shares. but recovered e.
( quarter point on subsequent sale o. .
( like dimensions. Nergenthaler Line
/ type dropped several points 10 1851.
| on a sale Of 10 shares and National.
! Mortgage and Investment preferreG,
! was easier at ga. Union Trust Co.
/ brought 1873 and Lanston 81. Capita
/ Traction was firm at par and half.
! In the unlisted department District
Title Insurance sold at 1855, Washing
ton Title Insurance at Sa4 and one
/ share of Chapin-Sacks S per cent pre-
ferred brought s72. Bonds were r
hagain hstless. =
Treasury Calls for Funds
The Treasury Department has Is
Sueu a call IOT payment 1hurSQay On
33 Is per cent of the proceeds remain I.
ing with banks arising from the June Z,
Is sale of 3 per cent one-year certif-
! Gates of indebtedness. The call will
involve $24 ,07s. 100, leaving S,158, ,10e. r
or 3Sa4 per cent, OF the original loan
of 24,247 900.
Committees Soon to Be Named.
Francis G.. Addison. jr. president q
the District Bankers Association. viii.
call his council of administration to
gether on September 10 for the pur-
pose Of assembling the future year =
work. This will include the formation.
Of an adequate budget and the an
pointment OF standing committees.
heads for which have already az
cepted.
/ The meeting viii be held in associs y
ltion headquarters at the Masonic TEN
pie at o'clock.
Pennsy Financing RumOred
Rumers are again heard in the,
financial district that the Pennsyl-
vania Railroad will take advantage o..
its favorable earnings position to
finance new improvements and posS-
BILE acquisition by the sale of stocks
The roads shares are now selling only
a few points below their $50 par valuet
the price at which q new issue prob.
ably would be offered. Barred froRa
selling new stock below par, most
. l,.oi lS IN hayn q