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Thc Fcdcral Synopsis of Its Sal by H. M. Hanson, Se Mortgage Bankers' FEDERAL FARM LOAN AC 'Passed by the House of Representa tives and the United States Sen. ate June 27 and 28, 1916, Respectively. Signed by the President July 17, 1916 3.-l'rovides for 1a f',b";al land bani systern In the cont inent i 1'ii ted State! (exclusive of Ais!ka). 'lividing thi eulntry into twelve ba bruik dlstriet - .oiposedt of whto1le) states. 3.-The systell is operated as a biu 'zeau of' til I ted staites treastury de :partment 11nd41 s ristied by the fed -aral farm loan board. The secretaor. "ot the trasury Is ex-ollieio clairmuai -4t the board with four other members --appointed by the presidelit for eight years at an annual salary of $10,000. "One member Is designated farmn loan -commlssloner and Is the active execu Zhe offleer. 3-Appointees of Board: (a) Farm loan registrar for each land bank dis 4rict and (b) One or more land appraIsers for -"mch hand bank district. Salaries paid by federal land btatil or joint sto'k Sand bakil for whilch they iet. (c) Land bank exaitiers; salaries Paid by he United Statt's. (d) Attorneys, expert s, nssistiaints 'and oth ert etjploykees to Ie i)1ild by tihe United States. 17.-Powers of the Board: (a) To orgai.' anilmlri t rt eerni landl banlks, Jolnt siu'k h.ba nk ieiiis aind tin tionlal 1'ar r 4t1:t1 assovcia tio ins. (h) To review inti alter t be rate of Intetrest t hoe harged by fed eral lan d bunks for loas. (W) TO oapp r r reject any or all loans for loetd issue ant1d to grant or refnse a3 peef issuet of f arm loan boids of federn al ld banks and jolit stock land banks. (d) To regulate charges for ap praisal, examnining titles and record . Aug. (e) To appaIlse lanid securing mort "gages for bond issue. () To exercise general supervisory autheirity over the federal land banks, ftarm !oan associations and joint stock land blnaiks. 30.-The farm loan commissioner 'shall examnine the laws of every state and If on exanttInation the laws of alny tste are shown to aitord Ilsufficlent protectlei to holders, Its mortgages shfll be d eled lielgible under this act du 1i 0 he cotnt~liunce of the laws secretairy of tle treatitry is authiz,"I to ieplosit I-iited States funds In i-deral hild banks tat current go vermaent r111-s of intereist. the fg gr'Tea I f suh foiti not to exceei $600Mat any on ace 'Ilmte. FEDERAL FARM LOAN BANKS ORGANIZATION. .Sectiona 4.-- -nie ini eaeh lan id bank dist rict. ib'aniches per'tuaitted wi tin its dlistrItet. a ilh'ers: IPresidient, vice *presidentc, secr'etar iy andie tr'easurerea - dI retr:six r'epr'esemaia o of fm'mi loan HssocIations tuta thrteet represent. lag thle pubalic literegst. At torn'eys, as *(santts. ~eperts attie]d o' eupldoyees, .Al I salanries9 fixed by farmt~ loant board -and ;:nid by batik, Subject to senilati enje~ tneinatic.,. by lhun batnk exam. CAPITAL STOCK, Sec. 5.-$750.000. Min y be Oned b nl~uted States andl state governmtents. -iN.~ r.-shn r-es, $5 eaceh. *ee- 5.-Atl stock t'ematinilng unisub. books~ tire opb4eed shll lbe subsrih~let by the UnIted Staites atnd thereaftet Only the Unitedt States gover'nmentt atu -)orrtowers may iiequltre shaires of stock -Sec. 5.-Ute1d States governmeni -not to p~articpte in diidaendls. Al -other stockholdheri shiar'e dlvidendu -equally. -shall be gradually retire'd after the stock held by farmta loaan asselatioi shall amoutit to $75t0,000. See. 5.-Not less thatn 5 per een of capital shall be invested In Uiltet States governmaet beonds. POWERS. See. 13.-To buy larst fairm nmort ~gages wIthin its, dlsttrict and to Issu1 and sell farmt iotanI bods. See. 18.-To re~ceive fr'oma farm loni - Associations iterest and amao~rtlztioi vaymentsa on mortgages and fairtm loal bonads. Sec. 1.-To acquire nnd dispose o real and per'sotnal p~roper'ty niecessar 'for the Convenient transaction of buas nless; and Iland taken in sittis9faction o debts or p)urchased tunder jtudgmaente decrees or mortgages hlcd by it. Shal Slot hold title exceeding d~ve years. Sec. 13.-To accept deposits of 64 ~urities or current funds from inembE aslsociations but pay no Interest tje194 - *c O-~~ bortow money 'r$, uit &f4 ay~ ltelsest theteen, "4~ ~1'~.'~ bly .d dI 'Vafte Farm Loan Act ient Features Prepared pretary-Treasurer Farm association of America. r or be made part of loan and paid in amortization payments. Sec. 14.-To accept mortgages only from farm loan associations and ap proved agents. Sec. 14.-To accept deposits of cur rent funds only from its stockholders. Sec 6. -To become financial agents of United States government and de pository of public money. Publc de iosits eninnot be Invested In inort gages or farm loan bonds. Sec. 13.-To deposit its securities aid current funds subject to check with i a in member bank of the federal reserve systei and to receive interest tIIreoni. BONDS. Sec. 2.-Issued in series of $50,000 or more. In denomInations of $25, $50, $100. $500 and $1,000. Sec. 20.-May bear a maximum rate of 5 per cent Interest per annum. Sec. 19.-Mortgages ' and United States government bonds equal In amount to the farm loan bonds issued are retained as collateral security by the land bank registrar. Sec. 14.-The outstanding farm loan hnds shall not exceed 20 times the enpital and surplus. Sec. 21.-Shall be guaranteed by bank of issue and all other federal land balkls. Sec. 17.-No Issue is authorized without the approval of the farm loan board. Sec. 22.-Substitution of mortgages anid United States government bonds held as collateral to farm loan bonds Is permitted. TAXATION. Sec. 20.-The capital stock, sur plus. mortgages and farm loan bonds aid all Income derived therefrom are exempt from federal. state. municipal and local taxation. Sec. 26.-Real property taken and held under- the provisions of sections 11 and 13 is not tax exempt. AGENTS. Sec. 15.-Incorporated banks, trust Compianies, mortgage companies or chartered savings Institutions may act as agents for federal land banks if no farm loan association has been formed In a given locality after one year. Sec. 15.-Borrowers securing loans through agents are required to sub scribe 5 per cent of the loan to the capital of the federal land bank. Sec. 15.-Agents are entitled to a commission of one-half of I per cent per annum on unpaid principal of each loan they negotiate and the bank shall pay agent for actual expenses for ap praising hand. examining titles. exe cuting and recording tile mortgage pa pers which shall be added to the face of the loan. Sec. 15.--Agents shall indorse and b~ecome lIable for the payment of thle loans they negotiate anld the aggre gate unpiaidl prIncipal of such loans shall not exceed ten times the agent's capital and surplus. Sec. 15.-Agents are required to miake good any default witin 30 days after notice. Sec. 15.-All collectIons made shall be remitted without charge. SPECIAL PROVISIONS. Sec. 22.--Amortization and other payments constitute a trust fund to be invested as follows: (a) To pay off maturing farm loan bond1( Issues. (b) To purchase farm loan bonds. (c) To lend on first farm mortgages within the district. ' (d) To buy UnIted States govern Sec. 28.-Reserve and divIdends: No liilt Is placed on dividend distributions after a reserve account has been bulit up fronl earnings equal to 20 per cent of the capital stock and' after 5 per cent of the net earnings annually thereafter are added to the reserve ac count. Sec. 28.-Reserve funds to be invest ed as prescribed by the federal farir loan board. Sec. 27.-Farm loan bonds are lawful Investments for fiduciary and trusi fundis and security for all publIc de posits. Sec. 27.-Federal reserve bank may buy and' sell farm loan bonds. Sec. 20.-Provision is made for die solution and the appointment of a re celver. Sec. 14.-No commission or charg. not specifically anthorized in this acl shall~ be demanded .' received. NATIONAL FARM LOAN ASSOCI ATIONS ORGANIZATION. . SectIon 7.-Ten farni 'owners deslr lng loans aggregating $20,000 or mor may fornm such an association. eec. 7.-Its affairagre admini terst Iby 0ve. dlre4tloag incibding pres det 'Vtc4 president and p loagp c n(nmee o 'tb(eo serving without compens ios " M'a eretary treasurgt* wlt ~al b&th*' fttn loan bot1 ,an' the capital stock of the association which in turn subscribes an- equal a millount of stock in the federal land bank. Sec. 8.-Shares are paid for. in cash or (0) the amount may be added to the face of the loan and retired ii amorti zation payments at par. In such case the face of the loan shall not exceed the 50 per cent and 20 per cent lim. itation. Sec. 7.-Assessnent on shares may be levied for operating expenses if funds are not otherwise available. POWERS. Sec. 10.-'To appraise land for mort gage through its loan committee of three. Sec. 11.-To indorse and become liable for the mortgages of its share holders. Sec. 11.-To receive and deliver the proceeds of loans to borrowers. Sec. ll.-To acquire and dispose of property necessary for the convenient transaction of its business. Sec. 11.-To issue certificates of de posit for not longer than one year and to pay 4 per cent interest thereon. convertible Into farm loan bonds at the federal land bank of Its district. Sec. 7.-To reev" and transmit to the federal land bank payments of in terest and principal and amortization payments. LOANS. Sec. 12.-Loans shall be secured by first mortgages on land within Its land bank district. Section 12.-To run from 5 to 40 years with amortization and with ad ditional optional prepayments after five years. Sec. 12.-Interest on loans shall not exceed 4 ner cent per annum on the unpaid principal. Sec. 12.-Borrowers shall pay 8 per cent simple interest on defaulted payments. Set-. 12.-Loans may be made for the following purposes and for no other under penalty: (a) To purchase land for agricul tural purposes. (b) To purchase equipment, fertil izer and live stock for the operation of the mortgaged farm. (c) To provlde buildings and for the improvement of farm lands. (d) To pay debts existing at time of organization of the first national farm loan association within the county. Sec. 12.-Maximum loan $10,000; minimum loan $100. Sec. 12.-No loan shall exceed 50 per cent of the value of the land mortgaged and 20 per cent of the permanent in sured Improvements. Sec. 12.-No loans shall be made to any person who is not at the time or shortly to become engaged.,in the culti vation of the farm mortgaged. Note.-All applications for loans originate with the national farn loan associations or agents and all loans are made and closed by the federal land banks. This does not apply to joint stock land banks. TAXATION. Sec. 20.-Samie as applies to federal land banks. SPECIAL PROVISIONS. Sec. .-Associations may retain as .commission one-eighth of 1 per cent semiannually froi interest payments on the unpaid principal of loans. Sec. O.--Asociations may borrow from federdl land banks at 0 per cent annual interest up to one-fourth of its total stockholdings in said bank. Sec. 24.-lteserves and dividends: No limit is placed on dividend distri b)utionls after the reserve account, built up from net earnings equals 20 per cent of the capital stock and after 2 per cent of the net earnings annually thereafter are added to the reserve ac count. Sec. 25.-Defaults must be made goodl within 80 days after notice. Sec. 20.-Provision is made for dis solution and the appointment of a re ceiver. JOINT STOCK LAND BANKS ORGAN IZAT ION. Section 16.-A private corporation subject to the requirements under this act which may be formed by ten or more persons with a board of directors of five or more. Sec. 10.-Maay operate within the state in which its principal office is ho. cated and within some one contingu, ous state. Sec. 28.-Subject to semiannual ex aminations by the federal land bank examiner. CAPITAL STOCK. Sec. 10.-$250,000 mianiu. Sec. 10.-Double liability of share holders. Sec. 1.-The United States govern meat shall own none of the shares of stock. Sec. 10.-No farm loan bonds can be issued until. the capital stock is fully paid, although the bank may begin business wvhen one-hnlf of the capital is subscribed andl paid in cash. POWERS. Sec. 16.-To iendi money on farm mortgage security. Sec. 1.-To issue and sell farm loan bonds. Sec. 1.-To issue farm loan bonds up to 15 times the amount of its capi tal and surplus. Sec. 16.-10xcept as otherwise pro Svided it hans the powers of and tis sub .ject to the restrictions imposed on Sfederal land banks. PRIVILEGES. Sec., 1.-Mlay lead more thami $10,O0 to any one borrower, but not Ai#Fnd -50 Der cent of the valnye Wf 'tR - e the purposes prescribed for aatjonaI farm loan assocIations. Sec. 10.-Loans may be' made to farm owners regardless of whether en gaged in cultivation of the land mort gaged or not. Sec. 10.-Interest on loans shall not exceed more than I per cent, the In terest rate established for its last series of bonds, nor more than 6 per cent in any case. Sec. 10.-Commissions or other charges not speciflcatly authorized by this act shall not be demanded or re ceived. BONDS. Sec. 20.-Issued in series of $50.000 or more, in denominations of $25. $50. $100. $500 and $1,000. Sec. 20.-May bear maximum rate of 0 per cent Interest per annum. Sec. 10.-Bonds shall be so engraved as to be readily distinguishable from federal land bank bonds. Sec. 19. - Mortgages and United States government bonds equal in amount to the farm loan bonds Issued are retained as collateral security by the land bank registrar. Sec. 17.-No issue is authorized with out the approval of the farm loan board. Sec. 27.-Federal reserve banks are authorized to buy and sell the bonds of joint stock land banks. Sec. 22.-Substitution of mortgages and United States government bonds held as collateral to farm loan bonds is permitted. Sec. 27.-Its bonds are lawful invest ments for fiduciary and trust funds and security for all public deposits. TAXATION. Sec. 26.-The capital stock, surplus and earnings are subject to the taxing powers of the state. Sec. 2.-Its mortgages executed un der this act and its farm loan bonds and all income derived therefrom are exempt from federal, state and munic ipal and local taxation. Sec. 20.--Real property taken and held under the )rovislons of sections 11 and 13 is not tax exempt. SPECIAL PROVISIONS. Sec. 0.--Joint stock land banks are made public depositories and funancial agents of the United States govern ment. Sec. 0.-Public deposits cannot be in vested in farm mortgages or in farm loan bonds. Sec. 16.-Rates of interest for loans under 6 per cent are not subject to review or alteration by the farm loan board. Sec. 13.-Shall receive no deposits except public deposits. Sec. 22.--Amortization and other payments constitute a trust fund to be invested as follows: (a) To pay off Its maturing farm loan bonds. (b) To purchase farm loan bonds. (c) To lend on first mortgages with in Its prescribed field. (d) To purchase United States gov ernment bonds. Sec. 23.-Reserve and dividends pro. vIded for as in the case of federal land banks. Sec. 29.-Provision is made for dis solution an(l the appointment of a reA ceiver. THIS .DEALER HAD REAL TACl Stout and ThIn Customers Use SpecIal Mirrors In Wearing Apparel EstablIshment. A dealer In wearIng apparel, noticing that hIs stout customers and his very thin customers oftedi were sensitive as to their figures, installed two full length mirrors of special design, says Popular Mechanics magazine. One was slightly concave and the other slightly convex. When a saout customer tried on a suit she wvas led to the concave mirror for self-inspection, and was able to see her figure as It would appear with its measurements reduced. When a thin person came in to try on clothes she was taken to the convex mirror, where the Opposite effect was pro duced. Only Moistened HIs Lips. Omer Scudder, a Columbus real es tate and Insurance agent, told some of the other business men who have of. flces in the Bassett building that he was hot. They agreed that they were just as hot as he was. "I can eat all the ice cream you fellows are willing to buy," Scudder declared. The others made up 00 cents and sent out for a half gallon of cream. They had a notion that Scudder would eat about a quart after wihch they would divide the remaining quart among themselves, Scudder surround ed the entire half gallon of ice cream, smacked his lips and asked them whether they were not going to - get him enough Ice cream for a real taste. The business men looked at each oth er, smiled sickly and returned to their places of business, -- Indianapolis News. The Three Pitilosophere. 1Por the dirst time in .their lives three genuine, aimon'pure ' phIl~s ophers went out ridingin mptor care A fter they had riden - i tWenty miles out in the eduntt the car broke dlown. Said the dfli !!~osopher: "I have long wanted to ady: 'ertain e. pets of nature, ands his affords me the particular prospeot 'I most ad ilre." Said the *econd philo$ppher: "I observe these Is a4* Ohe ovver there whete fdod csa > T be hb tained in suielt d ~id the third pblik 6t o ong TOBAGCO MARKETS OPEN FOR SEASON BRIGHT 'PROSPECTS IN SOUTH CAROLINA BELT FOR FARMERS. WEED BRINGS GOOD PRICE Growers in Many.Sections Have Reas. one For Rejoicing in First Sales of the Season. Columbia.-Opening' for the season with bright prospocts, the big tobac. co markets of the Pee Dee section of South Carolina began operations August 1 for 1916. Something less than a million and a half pounds, ac .cording to reports, was -'sold, the weed bringing very good prices. Prices paid ranged from 4 cents for the lowest grade of "sand lugs" to the high mark of 60 cents a pound for the best tobacco gathered and cured be fore the storm which recently swept the 'Pee Dee section. Sumter repof'ted 100,000 pounds sold; Timmonaville, 200,000; Harts ville; 106,000; Darlington, 100,000; Marion, 50,000; Lake City, 224,000; Conway, 125,000; Aynor, 65,000; Loris, 75,000: Kingstree, 125,000, and Man ning, 75,000. All signs, according to reports from the tobacco markets, point to a sum mer of good times in the Pee Dee, with high prices for tobacco making up for the destruction caused by the recent storm. Delegates to Road Meeting. Columbia.-Commissioner Watson, at the request of the governor, has appointed delegates to the convention of the Southern Appalachian Good Roads association in Lexington, Ky., September 5-8. The delegates named are: LaCoste Evans, Columbia; Thad C. Coleman, Whitmire; Paul V. Moore, Spartanburg, Dr. R. H. Smith, Glenn Springs; C. 0. Hearon, Spartanburg; W. F. Robertson, Greenville; P. F. Patton, Greenville; J. W. Norwoodt Greenville; J. Thos. Arnold, Green ville; Dr. B. F. Goodlett, Grenville; J. 0. Wingo, Greenville; J. C. Cothran, Greenville; W. H. Willimon, Green ville; R. L. Hartley, Glenn Springs; Z. F. Wright, Newberry; Dr. W. E. Pelham, Newberry; F. H. Shirley, Westminster; W. M. Brown, Wal halla; H. F. Watson, Greenwood; A. F. McKissick, Greenwood; J. Mack King, Anderson; Arch B. Calvert, Spartanburg; John M. Jenkins, Gaff. ney; J. E. Sarratt, Gaffney; J. E. Plaxico, Blacksburg; J. B. Humbert. Laurens; J. B. Hitt, Laurens; J. C Sample, Newberry; J. J. Vernon. Spartanburg; H. Stribling, Spartan burg; J. C. Cook, Lancaster; T. Y Williams, Lancaster; John T. Stevens. Kershaw, A. Patterson, Jr., Columbia; W. A. Stevenson, Abbeville; W. T Magill, Abbeville; M. H. Mundy, Ab beville; James B. Craig, Pickens; J M. Laurenis, Calhoun; J. L. Jeter Union; B. F. Alston, Union; J. C Mobley, Whitmire; Thos. W. Bond Lesslie; John R. Hart, York; John T Roddey, Rock Hill; R. E. Grabel Gaffney; W. F. Timmons, Rock Hill W. R. Bradford, Fort Mill; B. F Ramseur, Blacksburg; W. C. Foster Richiand. Te Urge Rate Making Bureau. Columbia.--"My position has been that inasmuch as there is so much complaint as to ratc making, it would be but a proper step for the state tc maintain a fire insurance rate making bureau. I have carefully worked out a plan along this line," said Gov. Manning in a letter to James A. Co field, well known insurance man o1 Spartanburg. The governor in his letter presents his views on the fire* insurance situation in South Carolina. "As a matter of fact, the insurance laws of South Carolina should be com pletely revised and brought up to the requirements of modern business life," the governor continues. Gov. Manning states that he will make such recommendlatins to the next general assembly as "will lead to a satisfactory settlement of the di! ficulty." Big Timber Cargo For Aiiies. Charleston. -- When the British steamer Westbury sailed from here with 1,500,000 feet of timber and crossties, her cargo completed -a total of about 7,000,000 of South Cariolina grown and South Carolina salved tim. ber that has passed through this port consigned to the allies "somewhere in Europe" in the last few months pnd every thousand feet of thi tim ber that has passed through -this ibort ha. mean the expenditure of $18 t~o $20; to total espenditure of. some ting like $1,400,000. ~affdeiy to -Have County Ps yr ,AIey.-,Announcement sha been l~~rliGeffey Chathibar 0tCom ~~ ~ Geffney will h~eve a two f~i~ air -this yqdrK R, 10. ~ ~the Chamber' nth~oiierce h i $tned .prelimi~ ,lans -and v* funimittso' t,1 a'ke up e-he dy Id exhibits will a rJod j 4baeball park. r~u ~fA~dlg$are to ,;be ~ 1 TP~ti~h~*fd wo;~0 NWEINO- SAY~ HIS WIFE Stopped MWat Terrible Suf. f in Getting Hertydia 73 lkhaln'sVegeta ble Compound. Denison, Texas.. ".After my little irl was born two years ago I began suf fering with female trouble anjd 0ould hardly do myWork. I was very. nervous but just kept drag. ging on until I as t summer when I got where I could not do my work. I would have a chill every day and hot flashes and dizzy spells and my head would al most burst. I got where I was almost a walking skeleton and life was a burden to me until one day my husband's ste sister told my hlusbih& if he did".not dO something for me I would not last long and told him to get your medicine. So he got Lydia E. Plnkham's Vegetable Com. pound for me, and after taking the first three doses I began to improve. I con. tinued Its use, and I have never had any female trouble since. I feel that I owe My life to you and your remedies. ''hey did for me what doctors could not do and I will always praise It wherever I go."-Mrs. G. 0. LowURY, 419 W.Mon. terey Street, Denison, Texas. If you are suffering from any form of female ills, get a bottle of Lydia Pinkhamn's Vegetable Compound, and commence the treatment without delay, "Huntve oure" is guarantend to torer ano rie h itI CM Pounded for that urpose and our money will ae promp~tly de witout uest ,, nt's Oure fallto ure toh ilaemaTreuto RIng Wolrmn or any other Skin riaease. 500 tho oz. For sale oy ail drug stores or by mail from the A. D, Richards Medicine Co., Sherman, TeX, WHY NOTTRY POPHAM'S ASTHMA MEDICINE Gives Prompt and Positive Relief in Eviry Case. Sold by Drug lste Price 61.00. TrialPackage V a K& Zoo. WILLIAMS MFG. C., Prop. Cleveland, S. Imitation Pearls. Clever imitation perls have been made by filling thin glass bulbs with a solution of fish scale nacre. Another method is to coat the inside of the glass bulbs with a 10 per cent gelatin solution which i allowed to become only partially dry before a small amount of sodium phosphate is added, then the drying Process is continued slowly. The imitations look much like genuilne pearls, but they can be detect. ed b)y noting the place where the bulbs have been sealed. Going It Too Hard We are inclined nowadays to "go it too hard ;" to overwork, worry, eat' and drink too much, and to neglect our rest and sleep. This fills the blood with uric acid. The kidneys weaken and then it's a siege of backache, dizzy, nervous spells, rheumatic pains and distressing urinary disorders. Don't wait for - worse troubles. Strengthen the kidneys. Use Doan's Kidney Pills. A South Carolina Case Robert G. Smith, 140 E. Lacey St., Chester, down in health and 1 o a t weight a n d strength until I was in bad shape. I suf fered constantly from backache and other annoying idney ahl ed me until Itried Doan's Kidney Pills. Thoy cugend me, im a d , increasing my t D)OANS "I"zqu FOSTsaJnW.5u3N co.. BUFFALO. N. y. Every.Woman Wants D e a waer E pelvi catarh~aratin an ane mad.. tee need byLdia M A healing wonder for nasal tnh throat and sore eye. Eeennicai~ DR. SALT ER'S EYN LOTION SORI YE