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Newspaper
Westville Indicator
Location
Westville, Indiana, United States of America
Date
Aug 17, 1916
Page
1
The act establishes a federal land bank system in the continental United States divided into twelve districts. It sets up a Treasury supervised board led by a farm loan commissioner, outlines banking powers, loan rules, collateral, and tax exemptions, and allows federal reserve interactions and fiduciary investments.
Summary of sections detailing structure in land bank districts with officers and board, share stock rules, government participation limits, capital retention, mortgage operations, asset handling, and borrowing powers for the Federal Farm Loan Banks. Includes share issuance, dividend rules, and government bond investment requirements.
Section 7 allows ten farm owners seeking loans totaling $20 000 or more to form an association. Affairs are run by five directors including president and vice presidents, plus a loan committee. Officers such as secretary and treasurer are compensated by the association and paid salaries fixed by the farm loan board.
Section 16 describes a private corporation of ten or more with at least five directors may operate in its home state and a contiguous state. It requires $250000 minimum capital and double liability for shareholders. The United States government must not own shares. Bank can start with half paid in cash and lend on farm mortgage security. It may issue farm loan bonds up to fifteen times its capital and surplus, subject to federal land bank restrictions and required semiannual examinations.
A clothing dealer installed two full length mirrors one concave and one convex to flatter different customers. A stout shopper views a slimmer silhouette in the concave mirror while a thin shopper sees the opposite in the convex mirror, as noted by Popular Mechanics.
A group of Columbus businessmen in the Bassett building faced a humorous moment when Omer Scudder, a real estate and insurance agent, declared he could eat any ice cream they bought. They bought 60 cents worth for a half gallon, hoping for a quart, but Scudder finished the half gallon and asked for more as the others watched.
Three genuine philosophers go for a drive in a motor car. After twenty miles the car breaks down. The first philosopher speaks of studying aspects of nature and the prospect it offers. The second notes a farmhouse nearby and contemplates food and observation.
Indiana troops under Maj. R. H. Tyndall report Llano Grande camp conditions improve after land and water shortages. One death Private Wolf of Fort Wayne due to overexertion while swimming. Many discharge applications filed, few desertions. Officers from Indiana propose several lieutenant and staff appointments under new army bill, though approvals uncertain and age and exam requirements apply. Governor Ralston notes potential reorganization of recruiting duty amid War Department shifts.
Under orders from the War Department Indiana commanders detail a squad from each organization for recruiting statewide. They must report to the mustering office at Fort Benjamin Harrison before touring Indiana. Infantry picks include Miller Harris Nay Selb Burger Chambers Taylor. Coronel Coulter has not finished details. officers listed include Talbott Haggerty and Colonel Kuhlman of the Third.
The article notes Indiana troops are being hardened for border duty near Texas rather than for drills at Fort Harrison. It cites a possible U.S. army move into Mexico to police the border, discuss smugglers, and mentions deserter rewards, local incidents, and various Indiana towns reporting related events.
A commerce department report from Indiana analyzes industrial growth from 1904 to 1914. It notes 8022 establishments in 1914 versus 7968 in 1909 and 7044 in 1904, with total output valued at 730.795 million in 1914. Wage and material figures are detailed for 1904, 1909, and 1914.
Color Sergeant FR M Vanetta from Munich set a record in the camp. At Lake Geneva he became war secretary of the Y M C A for Germany France and Great Britain. A new machine gun company member yelled about a person in the ammunition tent after taps, but guards found no one.
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