Evening star., 1941-02-17
Farm Credit Chances
Urged in Many Bills
Before Congress
Attention of Bankers
Also Drawn to Other
Financial Proposals
BY EDWARD c. STONE.

I6TeSJS, IeldGS W Nd4lOuo OSPoo VI
farm credit. These bills include
refinancing of farm mortgages OF
delinquent borrowers, refinancing OF
farm loan bonds, acquisition Of farm
mortgages by the Secretary of the
Interior and the ref1nancing OF
farm debts.
The following bills, relating to
farm credit and other matters,
have been introduced in the House
during the present session OF Con-
gresS, the names of the Represent
atives introducing them, being IN
cluded:
Hull, Wisconsin. Provides for ap-
pointment Of farm debt adjustment
committees: reflnanClng OF farm
MORTGAGES of delinquent borrowers,
and repurchase of farm property
foreclosed by Federal land banks or
Federal Farm Mortgage Corp. Re
ferred to Committee on Agriculture.
Pierce, oregon. Prohibits def
ciencv judgments in real estate fore
closures by Farm Credit Admins
tration. Referred to Committee on
Agriculture.
Coffee, Nebraska. Provides for
refnancing of certain farm loan
bonds by Farm Mortgage Corp, for
reduction in the interest rate on
Federal land bank loans and for
advances by Federal Reserve banks
to Federal land banks on security
CT mortgages held by latter. he
ferred to Committee on Agriculture.
Other Important Measures.
Peterson, Georgia. Provides for
ecauisition of farm mortgages by
-ecretary of the Interior, the can
collation. of such mortgages upon
CONVEYANCE of farm to Secretary, the
inclusion of the farm land in the
Jublic domain, the availability OF
such lands for re-entry under the
homestead laws and preference to
farm families who are not the own
ers of farm land in case OF such re-
entry. Referred to Committee on
Public Lands.
Kean, New Jersey. Terminates
authority of certain Federal agen-
cies to issue obligations guaranteed
by the United States. Referred to
Committee on Banking and Cur
rancy.
Andersen. Minnesota. Terminates
Government purchase of foreign sill
ar Referred to Committee on Ways
and Means.
May, Kentucky. Repeals the
Johnson Act relating to financial
transactions with foreign govern
r-ants. Referred to Committee on
: oreign Affairs.
Patman, Texas. Provides reduced
interest rate on Federal land bank
and land bank commissioner loans.
Referred to Committee on Agricul-
ture.
Voorhis, California. Provides for
Government ownership Of the Fed
eral Reserve banks. Referred to
Committee on Banking and Cur
Tency.
Another Loan Group Urged.
Ford, California. Amends section
l3b of the Federal Reserve Act to
create an industrial loan corporation
to make loans to or pun chase the OBJ
LEGATIONS and preferred stock of any
commercial and industrial business,
ether directly or in participation
with banks, and to insure banks
insured by the +. D. /. c. against
loss upon obligations acquired from
any commercial or industrial busi-
ness for the purpose OF providing
funds to such business. Referred to
Committee on Banking and Cur
rency.
Ludlow, Indiana Amends Wage
and Hour Act to permit employment
for longer than maximum work week
without payment of overtime If such
employment ispursuant to an agree
ment made as result of collective
bargaining by representatives OF
employees certified as bona flde by
the wage and hour division, which
provides that the employe shall not
be employed more than 1000 hours
during any period of 26 consecutive
weeks. Referred to Committee on
Labor.
Voorhis. California. Provides for
re7nancing of farm debts through
federal Farm Mortgage Corp. Re-
farred to Committee on Agriculture.
Bankers Watching Other Bills.
Voorhis, California. Provides for
financing of national defense by
issuance of MISUNDERSTANDING OBJ
legations. Referred to Committee
on Ways and Means.
Voorhis, California Gives Board Of
Governors Of the Federal Reserve
System right to increase member
bank reserves without limit. Re-
ferred to Committee on Banking
and Currency
Doxey, Mississippi. Reduces inter-
est rate on Federal land bank and
land bank commissioner loans to 3
per cent. Referred to Committee on
Agriculture.
Fulmer, South Carolina. Provides
Government loans to industrial,
manufacturing and commercial en-
terprises, utilizing or proposing to
utilize electric energy distributed or
generated by borrowers from Rural
Electrification Administration. Re-
farred to Committee on Interstate
and Foreign Commerce.
Vienna Bank Joins Reserve.
Hugh Leach, president of the
Federal Reserve Bank of Richmond,
announced today that the Vienna
Trust Co. has become member OF
the Federal Reserve System. This
action is similar to that taken by
many other Virginia banks in re-
cent months.
Alexander Brown & Sons an
nounce that Randolph T. Bliss and
Harvey E. Boyd are now associated
with the firm in the stock depart
ment of the Washington Office.
Virginia and West Virginia bank
ers are planning to attend the A.
B. A. conference at Louisville, March
20 and 81, when the Importance OF
improved and increased banking
services will he featured.
Washington Gas Light preferred
stock onened the weeks trading on