April 20, 1920. [H. R. 9065.] [Public, No. 182.] Federal Farm Loan Act Amendments. Deputy authorized. CHAP. 154.—An Act To amend certain sections of the Federal Farm Loan Act, approved July 17, 1916. 66 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the seventh paragraph of section 3 be amended by adding after the word "Act" the words registrars and may appoint a deputy registrar who shall during the unavoidable absence or disability of the registrar perform the duties of that office" and also by adding after "registrars," in the sixth line of said paragraph the words "deputy registrars," so that the paragraph as amended will read: Farm loan registrars. Vol. 39, p. 361, amended. Deputy registrars. Appraisers and examiners. "The Federal Farm Loan Board shall appoint a farm loan registrar in each land bank district to receive applications for issues of farm loan bonds and to perform such other services as are prescribed by this Act, and may appoint a deputy registrar who shall during the unavoidable absence or disability of the registrar perform the duties of that office. It shall also appoint one or more land bank appraisers for each land bank district and as many land bank examiners as it Other employments shall deem necessary. Farm loan registrars, deputy registrars, land bank appraisers, and land bank examiners appointed under this section shall be public officials and shall, during their continuance in office, have no connection with or interest in any other institution, association, or partnership engaged in banking or in the business of Temporary employ making land mortgage loans or selling land mortgages: Provided, That this limitation shall not apply to persons employed by the board temporarily to do special work." restricted. Proviso. ees. Appraisal of lands. Action of loan committee on applications for loans. Vol. 39, p. 369, amended. Vol. 39, p. 366. SEC. 2. That the first paragraph of section 10 be amended to read as follows: "That whenever an application for a mortgage loan is made through a national farm loan association, the loan committee provided for in section 7 of this Act, shall forthwith make, or cause to be made, such investigation as it may deem necessary as to the character and solvency of the applicant, and the sufficiency of the security offered, and cause written report to be made of the result of such investigation, and shall, if it concurs in such report, approve the same in writing. No loan shall be made unless the report is favorable, and Submission to land the loan committee is unanimous in its approval thereof. Approval. bank. Powers of land associations. To fix charges. ed. Proviso. Property ownership. Loan restrictions. re "The written report required in the preceding paragraph shall be submitted to the Federal land bank, together with the application for the loan, and the directors of said land bank shall examine said written report when they pass on the loan application which it accompanies, but they shall not be bound by said appraisal." SEC. 3. That the third paragraph of section 11 be amended to read as follows: "Third. To fix reasonable initial charges to be made against applicants for loans and to borrowers in order to meet the necessary expenses of the association: Provided, That such charges shall not exceed amounts to be fixed by the Farm Loan Board, and shall in no case exceed 1 per centum of the amount of the loan applied for; to acquire and dispose of property, real and personal, that may be necessary or convenient for the transaction of its business." SEC. 4. That section 12 of said Act be amended by striking out in quirements modified. the second provision the words "additional payments in sums of $25, or any multiple thereof for the reduction of the principal, or the payment of the entire principal, may be made on any regular installment date," and inserting in lieu thereof the words "the mortgagor may, upon any regular installment date, make in advance any number of payments or any portion thereof on account of the principal of his loan as provided by his contract or pay the entire principal of such loan," so that the provision as amended will read: Amortization agreement required. Vol. 39, p. 370, amend ed. "Every such mortgage shall contain an agreement providing for the repayment of the loan on an amortization plan by means of a fixed number of annual or semiannual installments sufficient to cover, first, a charge on the loan at a rate not exceeding the interest rate in the last series of farm-loan bonds issued by the land bank making the loan; second, a charge for administration and profits at a rate not exceeding 1 per centum per annum on the unpaid principal, said two rates combined constituting the interest rate on the mortgage; and, third, such amounts to be applied on the principal as will extinguish the debt within an agreed period, not less than five years nor more than forty years: Provided, That after five years from the date upon which a loan is made the mortgagor may, upon any regular not limited. installment date, make, in advance, any number of payments or any portion thereof on account of the principal of his loan as provided by his contract or pay the entire principal of such loan, under the rules and regulations of the Federal Farm Loan Board: And provided further, That before the first issues of farm-loan bonds by any land bank Provisos. Determination of in the interest rate on mortgages may be determined in the discretion terest rate. fied. And that the fourth provision in said section be amended by Existing debts specistriking out in subdivision (d) all after the word "mortgaged" and inserting in lieu thereof the words "incurred for agricultural purposes, or incurred prior to the organization of the first Farm Loan Association established in and for the county in which the land is situated," so that the provision as amended will read: "Fourth. Such loans may be made for the following purposes and Purposes of loans. for no other. Purchase of land. stock, etc. "(a) To provide for the purchase of land for agricultural uses. "(b) To provide for the purchase of equipment, fertilizers, and Equipment, live live stock necessary for the proper and reasonable operation of the mortgaged farm; the term 'equipment' to be defined by the Federal Farm Loan Board. "(c) To provide buildings and for the improvement of farm lands; Improvement, etc. the term improvement' to be defined by the Federal Farm Loan Board. debts. "(d) To liquidate indebtedness of the owner of the land mort- Payment of prior gaged incurred for agricultural purposes, or incurred prior to the organization of the first Farm Loan Association established in and for the county in which the land is situated." Farm loan bonds. SEC. 5. That section 20 of said Act be amended by striking out $25 and $50, in line 2 of paragraph 1, and inserting in lieu thereof modified. the numeral $40, and also by inserting after $1,000 the words "and such larger denominations as the Federal Farm Loan Board may authorize," so that the paragraph as amended will read: "SEC. 20. That bonds provided for in this Act shall be issued in denominations of $40, $100, $500, $1,000, and such larger denominations as the Federal Farm Loan Board may authorize; they shall run for specified minimum and maximum periods, subject to payment and retirement, at the option of the land bank, at any time after five years from the date of their issue. They shall have interest coupons attached, payable semiannually, and shall be issued in series of not less than $50,000, the amount and terms to be fixed by the Federal Farm Loan Board. They shall bear a rate of interest not to exceed 5 per centum per annum.' Denominations, terms, etc. ed. Interest limit. sions. Additional officers authorized. SEC. 6. That the last paragraph of section 21 of said Act be Special bond proviamended by inserting after the word "president" the words "or vice president" and by inserting after the word "secretary" the words "or assistant secretary" and also the words "For the purpose of signing such bonds the board of directors of any Federal fand 154272°-20-14 Form requisites. Vol. 39, p. 377, amended. Vice president. Certificate by Farm Loan Commissioner. bank is authorized to select a vice president who need not be a member of the board of directors," and also by striking out the words "and shall" and inserting in lieu thereof the words "such bonds shall also," so that the paragraph as amended will read: "Every farm-loan bond issued by a Federal land bank shall be signed by its president or vice president and attested by its secretary or assistant secretary. For the purpose of signing such bonds the board of directors of any Federal land bank is authorized to select a vice president who need not be a member of the board of directors; such bonds shall also contain in the face thereof a certificate signed by the Farm Loan Commissioner to the effect that it is issued under the authority of the Federal Farm Loan Act, has the approval in form and issue of the Federal Farm Loan Board, and is legal and regular in all respects; that it is not taxable by National, State, municipal, or local authority; that it is issued against collateral security of United States Government bonds, or indorsed first mortgages on farm lands, at least equal in amount to the bonds issued; and that all Federal land banks are liable for the payment of each bond." Approved, April 20, 1920. CHAP. 155.—An Act Granting the consent of Congress to Madison and Rankin Counties, in the State of Mississippi, to construct a bridge across the Pearl River between Madison and Rankin Counties. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the consent of Congress is hereby granted to Madison and Rankin Counties, State of Mississippi, and their successors and assigns, to construct, maintain, and operate a bridge and approaches thereto across the Pearl River, at a point suitable to the interests of navigation, one end of said bridge being in Madison County and the other in Rankin County, State of Mississippi, at or near Meeks Ferry, in accordance with the provisions of the Act entitled "An Act to regulate the construction of bridges over navigable waters," approved March 23, 1906. SEC. 2. That the right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, April 21, 1920. CHAP. 1'56.-An Act Granting the consent of Congress to the city of Youngstown, Ohio, to construct a bridge across the Mahoning River, at or near Division Street, in the city of Youngstown, Ohio. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the consent of Congress is hereby granted to the city of Youngstown, Ohio, and its successors and assigns, to construct, maintain, and operate a bridge and approaches thereto across the Mahoning River at a point suitable to the interests of navigation, at or near Division Street, in the city of Youngstown, in the county of Mahoning, in the State of Ohio, in accordance with the provisions of the Act entitled "An Act to regulate the construction of bridges over navigable waters," approved March 23, 1906. SEC. 2. That the right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, April 21, 1920. CHAP. 158.-An Act To amend section 600 of the Act approved September 8, 1916, entitled "An Act to increase the revenue, and for other purposes.' April 23, 1920. [H. R. 12260.] [Public, No. 185.] Printing paper. Tariff provisions amer.ded. ed. Duty on. Minimum value in creased. Proviso. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 600 of the Act approved September 8, 1916, entitled "An Act to increase the reve- ed. nue, and for other purposes," be amended so as to read as follows: "SEC. 600. That paragraph 322, schedule M, and paragraph 567 of the free list of the Act entitled 'An Act to reduce tariff duties and to provide revenue for the Government, and for other purposes,' approved October 3, 1913, be amended so that the same shall read as follows: "322. Printing paper (other than paper commercially known as Vol. 34, p. 144, amendhandmade or machine handmade, japan paper, and imitation japan paper by whatever name known), unsized, sized, or glued, suitable for the printing of books and newspapers, but not for covers or bindings, not specially provided for in this section, valued above 8 cents per pound, 12 per centum ad valorem: Provided, however, That if any Countervailing duty country, dependency, Province, or other subdivision of government if export duty, etc., shall impose any export duty, export license fee, or other charge of any pulp. kind whatsoever (whether in the form of additional charge or license fee or otherwise) upon printing paper, wood pulp, or wood for use in the manufacture of wood pulp, there shall be imposed upon printing paper, value above 8 cents per pound, when imported either directly or indirectly from such country, dependency, Province, or other subdivision of government, an additional duty equal to the amount of the highest export duty or other export charge imposed by such country, dependency, Province, or other subdivision of government, upon either printing paper or upon an amount of wood pulp or wood for use in the manufacture of wood pulp necessary to manufacture such printing paper. imposed on paper or ed. Free list. "567. Printing paper (other than paper commercially known as handmade or machine handmade paper, japan paper, and imitation japan paper by whatever name known), unsized, sized, or glued, suitable for printing of books and newspapers, but not for covers or bindings, not especially provided for in this section, valued at not creased. above 8 cents per pound, decalcomania paper not printed." Maximum value in To expire in two SEC. 2. That this Act shall expire by limitation at the end of two years. years from the date of its passage, and section 600 of the Act approved September 8, 1916, entitled "An Act to increase the revenue, and for other purposes," as in effect prior to the passage of this Act, shall again become operative in its stead. Approved, April 23, 1920 CHAP. 159.-Joint Resolution Authorizing the Secretary of War to turn over to agricultural fertilizer distributors or users a supply of nitrate of soda. April 23, 1920. [S. J. Res. 180.] [Pub. Res., No. 39.] Nitrate of soda. Sale from Army reized, to meet fertilizer serve supply author Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That in order to meet the existing emergency in the shortage of fertilizers the Secretary of War is hereby authorized to sell for cash at the prevailing market shortage. price, at the time of the sale thereof, to such distributors or users thereof, in the United States, as shall request the same, and in such quantity to each, not less than one ton nor more than one hundred tons to any purchaser, as he shall see fit, not to exceed in the aggregate one hundred thousand tons of nitrate of soda, now held as a reserve supply of the War Department, the proceeds of such sale to be repaid to the proper item of the current appropriations originally made for such purposes: Provided, That the Secretary of War shall Report to Congress. report to Congress not later than December 6, 1920, the names of all Use of proceeds. purchasers of said nitrate of soda, together with the prices for which April 24, 1920. [S. 4073.] [Public, No. 186.] Missouri River. pany may bridge, Kansas City, Mo. CHAP. 160.-An Act To authorize the construction of a bridge across the Missouri River near Kansas City. Be it enacted by the Senate and House of Representatives of the United Missouri Valley States of America in Congress assembled, That the Missouri Valley Bridge and Iron Com Bridge and Iron Company, a corporation organized under the laws of the State of Kansas, its successors and assigns, be, and are hereby, authorized to construct, maintain, and operate a highway, trolley, and railroad bridge and approaches thereto across the Missouri River at a point suitable to the interests of navigation between the Chicago, Milwaukee and Saint Paul Railway Bridge and the mouth of the Big Blue River, in accordance with the provisions of an Act entitled "An Act to regulate the construction of bridges over navigable waters, approved March 23, 1906. Construction. Amendment. SEC. 2. That the right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, April 24, 1920. April 24, 1920. [H. R. 11578.] [Public, No. 187.] Postal service appropriations. Vol. 5, p. 81. Postmaster General. Equipment shops building. Maintenance. ors. Post office inspect Per diem. Provisos. ance. CHAP. 161.—An Act Making appropriations for the service of the Post Office Department for the fiscal year ending June 30, 1921, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following sums be, and they are hereby, appropriated for the service of the Post Office Department, in conformity with the Act of July 2, 1836, as follows: OFFICE OF THE POSTMASTER GENERAL. For gas, electric power and light, and the repair of machinery, United States Post Office Department equipment shops building, $5,500. FOR SALARIES OF POST-OFFICE INSPECTORS: For salaries of fifteen inspectors in charge of divisions, at $3,000 each; thirty inspectors, at $2,400 each; twenty inspectors, at $2,250 each; thirty-two inspectors, at $2,100 each; twenty inspectors, at $2,000 each; thirty inspectors, at $1,900 each; ninety inspectors, at $1,800 each; sixty inspectors, at $1,700 each; sixty inspectors, at $1,600 each; and seventy-eight inspectors, at $1,500 each; in all, including increases hereinafter provided, $931,500. For per diem allowance of inspectors in the field while actually traveling on official business away from their homes, their official domiciles, and their headquarters, at a rate to be fixed by the Postallow-master General, not to exceed $4 per day: Provided, That the Postmaster General may, in his discretion, allow inspectors per diem while temporarily located at any place on business away from their homes or their designated domiciles for a period not exceeding twenty consecutive days at any one place, and make rules and regulations governing the foregoing provisions relating to per diem: And provided further, That no per diem shall be paid to inspectors receiving annual salaries of $2,000 or more, except the thirty-two inspectors receiving Clerks, division head- $2,100 each, $363,500. Limit. quarters. For compensation to clerks at division headquarters, fifteen, at $1,800 each; fifteen, at $1,600 each; twenty, at $1,400 each; thirty, at $1,200 each; ten, at $1,000 each; and twenty-five, at $900 each; in all, including increases hereinafter provided, $184,825. |