6 X
THE BEE: OMAHA, SUNDAY, JUNE 19, 1921.
Great Strides
Of the Federal
Land Bank Here
Efforts of Private Interests to
Stop it Have Failed
It Forges Ahead
Swiftly.
The decision of the United States
lupreme court upholding the con
stitutionality of the Federal Farm
Loan act in every particular, cou
pled with the sale of a large amount
of federal farm loan bonds during
the last two weeks of April, has re
stored the activities of this system
st the time of the farmer's greatest
need.
The Federal Land bank of Oma
ha has made a remarkable record
during the past four years.
The total loans to April 1, 1921,
were $47,322,840, distributed as fol
lows: Iw t!S,S7!,7BO.OO
Nebrask. 14,40,840.00
South DakoU 7.907,950.00
Wyoming 1.S08.301.00
0 .,
Total
Bond. Outstanding
Capital Stock.
t47.322.840.00
44.200,000.00
2,672,720.00
Roaorv lea.ooo.oo
Surplua or Undivided Froflta 805,730. 2'J
Dlvld-nd. Paid 285,031.01
The Federal Land bank of Oma
ha has recognized that the test of
success is not so much in the volume
of business as in the placing of the
loans so conservatively as to justify
. the continued wjnfidence of the in
:J" vesting public so that the bonds will
. atwavs be attractive to investors. In
ft,1! this respect, the record of this bank
tH is little snort oi pnenomenai in view
ft!' of the widespread financial string
!'j ency which has slowed down all col
);. lections. The federal farm loan sys
;i! tern makes loans unon an amortiza-
M U tion plan whereby 1 per cent of the
H Yj, principal is collected each year. The
15 total of these principal and interest
il payments which matured to April 1,
5 la: 1921, was $5,646,384.56. Of this
Si'' amount, $624,793.18 matured March
S!! 1, 1921. The total of delinquents
!ir April 1, 1921, was only $13,183.63, of
S !ij which total about $10,000 is approxi
n mately only 30 days past due.
;jr Critics Silenced.
i f The farm mortgage companies and
ij other private commercial interests
f have persistently attacked the feder
t i al farm loan system for four years.
3 their assault culminating in the suit
6 . attacking the constitutionality of the
a act, which resuled in a complete vic
j ' tory for the farmers' loan system.
Jf These critics have been silenced be-
cause of this decision and because
of the unquestioned, conservative and
successful management of the sys-
$ ' tern.
ft Not alone the farmers, but bankers
and business men of all classes have
n i had an impressive lesson as to the
J usefulness of a system which will
provide a sure, constant and cheap
supply of funds for the American
t farmer.
The blocking of the continued op
eration of the system during the past
year was a contributing factor to the
1' . "tight" financial conditions in every
5 rural community in the four states of
this district Iowa, Nebraska, South
Dakota and Wyoming. It is equally
true that the resumption of activi
ties by the Federal Land bank cf
Omaha will be a strong contributing
factor in the relief of the farmer and
the business revival which all men
are hoping for, but which cannot
come in full measure until the credit
needs of the farmer have been cared
for.
New Use for Funds.
The system which, four years ago,
was looked upon by many conser
vative business men as a radical ex
periment, is today recognized as one
of the most important governmental
agencies which must be called up
on to restore the nation to a normal
agricultural and business basis.
This is evidenced by the sugges
tions by leading statesmen and fi
nanciers that the system may be
utilized for handling financial oper
ations of the government not con
templated in the original farm loan
act. For example, some financial
authorities are reported to have rec
ommended that $100,000,000 of the
profits of the federal reserve sys
tem should be loaned through the
federal land banks to the cattle men
who, as a class, have probably sus
tained the greatest Iqsses in this pe
riod of deflation and depression.
The present administration, like
the administration of the opposite
political party, which ' inaugurated
the system, is in complete sympathy
with its objects and purposes and
seems disposed to use it in every
way possible to bring relief to agri
culture and business generally.
Omaha's Position.
The system is recognized as a
permanent and most important
branch of the federal government.
It will never again be the subject
of partisan or - class attack and it
will grow in power and influence, as
a part of our national financial poli
cy and as a fit companion piece of
legislation with the federal reserve
system, which together will carry
the nation through final depression.
Omaha, as the headquarters of the
eighth district of the farm loan sys
tem, has been further strengthened
in its position as the one city of this
district to which the agricultural in
terests look. The directors of the
bank are: D. P. Hogan, president;
Joseph M. Carey, vice president: C.
M. Gruenther, secretary; E. D. Mor-
cum, treasurer; Merton JL. Corey,
attorney, and Warren C. Baker.
This Hawaiian Must Learn
When in Rome Don't Be Irish
Oaklarld, Cal.," June 18. Manuel
Neves, wife and eight children, ar
rived here from the Hawaiian islands
to make their home. Manuel bought
a vacant lot. Asked about a house,
he .replied blankly: "Why a house?
We didn't need one in Hawaii."
Event of Day Here
In '71 Departure
Of Frisco Limited
Depot at Foot of Capitol Av
enue Passengers From East
Came Over From Bluffs
by Ferry.
In 1871, when The Omaha Bee
was established, the event of the day
in Omaha railroad circles was the
departure of the Overland Limited
for San Francisco. In those days
there was just one westbound pas
senger train out of Omaha every
day. The depot was clown at the
foot of Capitol avenue. Passengers
from the east came over from Coun
cil Bluffs by ferry and took the
Overland to the west.
That single train to the west car
ried all the passengers. All local
stons between Omaha and San
Francisco were made. The running
time between the Missouri and the
Pacific was four and a half days.
Prairie Schooners.
Prairie schooners to the Puget
sound country were still passing
through Omaha by the thousands at
that time. Every day a long line
of the schooners went west over the
Military road, passing up through
Clarmont addition, leaving Cuming
street just where the boulevard now
crosses that thoroughfare. Where
the trail crossed Hamilton street a
regular canyon had been worn by
the tens of thousands of schooners
and ox-wagons. Further west the
train was marked hy the bones of
dead horses and oxen and by the
graves of men and women who had
succumbed to the hardships of the
long trek.
The Overland went out in the
afternoon in those days. It had to
wait the arrival of the single train
from the east and the transfer of
the passengers across the Missouri.
It carried sleepers and coaches, but
no dining car. In fact, not for more
than 20 years was there a dining car
west of the Missouri river.
Three Roads Pull Together.
The three Omaha-Chicago rail
roads in those days, the Northwest
ern, Burlington and Rock Island
"pulled together" instead of at cross
purposes. There was not sufficient
traffic east of Omaha for the three
roads- So they divided the business.
On Monday and Thursday , the
Northwestern operated a train to
Chicago and the other two did not.
On Tuesday and Friday the Rock
SURETY AND INSURANCE SERVICE
Charles Sundblad Co.
Surety Bonds - Insurance All Kinds
In Business Here Since 1914
JAckaon 3320
Omaha
238 Keeline Bldg.
Island ran the only "fast" train be
tween the Missouri and the Great
Lakes. On Wednesday and Saturday
the Burlington took all the business.
On Sunday all three of the lines "laid
off." There were just six "fast"
trains 24 hours was the scheduled
time per week from Omaha to Chi
cago when The Bee made its first
appearance as a newspaper. Today,
the Northwestern alone operates
more trains to Chicago in a single
day than all the railroads combined
did in a week when "Volume 1, No.
1" of The Omaha Bee appearedl
One Train to Coast.
And the one single Pacific coast
passenger train out of Omaha in
those days has grown into seven per
day on Union Pacific alone, four on
Burlington and as many more on
Rock Island all within the memo
ry of The Omaha Bee.
There was a single freight train,
daily, between Omaha and San Fran
cisco, in those days: This train did
all the local work as well as carry
ing the through freight. Also, it car
ried third-class passengers. The
schedule running time from Omaha
to San Francisco was nine days.
Often the train was four or five' days
late and 15 to 16 days between the
Missouri and the Pacific was usual.
Flocking Into West.
At that time thousands of settlers
were flocking into the west and to
California, and practically all of these
traveled third class, using the mixed
passenger and freight train west of
Omaha. There were no sleeping fa
cilities on the train and passengers
sat up the entire distance, sleeping
in their chairs when sufficiently ex
hausted to withstand the jolts and
jerks and bumps.
There wasn't a mile of rock bal
lasted road between Omaha and San
Francisco. The 1,029 miles from
Omaha to Ogden used dirt ballast.
From Ogden to the California line
the ballast was sand. The rails were
56 pound iron. Today the Union
Pacific uses 110 and 120-pound steel
rails, with Sherman gravel ballast
between Omaha and Ogden.
28 Days in Snow Drift
C. S. Stebbins, one of the old
time railroad men in Omaha, was
secretary to General Superintendent
T. E. Sickles of the Union Pacific,
when the first number of The Bee
appeared. Mr. Stebbins came to
Omaha in 1870. During the winter
of 1871-1872 he remembers that his
road was blocked for days at a
time by snqw.
"One train was 28 days in a snow
drift in Wyoming," Mr. Stebbins
said. "Provisions , were sent the
passengers from Fort Steele by men
on snowshoes. The entire road was
tied up for that length of time upon
that occasion."
Mr. Stebbins also remembers a re
port which came into his office tell
ing of a train on the Kansas line
which was tied up by a blizzard. . A
great herd of buffaloes took refuge
on the lee side of the train and
crowded so close to the cars that
passengers could reach out their
hands from the car platforms and
touch the shaggy beasts which were
wedged in so tightly they were un
able to run.
Those were the days before
"standard" time was adopted by the
railroads. In those days Omaha
used four different "times."
Four Different Times.
First, there was Omaha "sun"
time. This was the time used in the
courts and by banks and business
men generally.
Next, there was a separate "time"
for the railroads between Omaha
and Chicago. This was "Chicago"
time and was 33 minutes faster than
Omaha local time.
Trains between Omaha and Kan
sas City used "Missouri" time as
furnished from Jefferson City, which
was 20 minutes faster than Omaha
local time.
And then there was Union Pacific
time, which was 11 minutes faster
than Omaha time.
After Stebbins had been in Omaha
a few months he asked General
Superintendent Sickels how Union
Pacific got its time.
"I'll be blessed if I know; I wish
you'd find out for me," answered
Sickels.
Hunts for "Time."
Stebbins called on the different de
partments of the road in his search
for "time." Finally, in the course
of his hunt, he came to J. J. Dickey,
at that time superintendent of teleg
raphy of Union Pacific.
"Sure, I know," answered Dickey
to his query. "There is Union Pa
cific time." And he pointed to a
clock on the wall. "All Union Pa
cific time is taken from that clock.
It hasn't been set for three years,
and in that period it has gained 11
minutes. That's why Union Pacific
time is 11 minutes faster than Oma
ha local time."
Thereafter, every day, "time" was
secured from the observatory at Ann
Arbor, Mich., and the Union Pacific
clock was set back one minute per
day for 11 days, until the road was
operating on correct time.
There was a trl-party consolidated
ticket office in Omaha in those days.
"Better
Be Safe
Than Sorry"
- N Omaha organization always at your service to Investigate the title
f to any property and guarantee the result of their investigation. Our
records are the net result of 15 years' hard work.
Our growth has been steady and persistent- Incorporated in 1915, the
Company has now a force of practically twice its original size. .
270 titles investigated in 1915 (six months)
929 titles investigated in 1916
1,268 titles investigated in 1917
1,343 titles investigated in 1918
2,129 titles investigated in 1919
2,040 title's investigated in 1920
E. P. Mathews, the President, has been a resident of Omaha and Ne
braska for thirty-four years an Omaha boy, a Nebraska University man
and a graduate of Omaha High School.
L. J. Crosby, the Secretary, has been a resident of Omaha for ten years
a Brigham Young University man and Captain of Battery "B," 127th Field
Artillery, durine the War. the first Omaha unit called to th lnrs ami
served in France six months.
Kerr Title Guarantee & Abstract Cc.
305 South 17th Street
Phone Douglas 5487
C. S. Carrier, who is now with the
Milwaukee Omaha office, was one of
the ticket sellers in that office about
the time The Bee appeared. North
western, Burlington and Rock Is
land were the three roads in the
consolidated office. ThTe was no
competition because no two of the
roads operated a Chicago train on
the same day. With the increase in
travel until the toads each operated
a Chicago train every day the con
solidated office was discontinued.
Where one train per day operated
to Chicago when The Bee was estab
lished today there are about 30 trains
daily to the Windy City. And the
one lone Pacific coast train per day
has given way to 15 palaces on
wheels with the appurtenances and
conveniences of the best hotels in
America. All within the memory of
The Omaha Bee.
A Cat's Tale.
San Francisco, June 18. Does no
body love a cat any more? The
Society for the Prevention of Cruelty
to Animals reports 954 cats were
humanely put to death by the society
during the past month.
Historians Duped on
Purchase of Tanks
Paris, June 18. Thirty-five francs
or less than $3 apiece such is the
price at which the French govern
ment has been selling British tanks
which lie out nlong the Chnnin des
Dames. Most of them arc damaged,
but as old iron it is thoiiRht they
would realize at least $o00. The
tanks are scattered around Fort de
la l'onipellc, which lias been cI;ism
fied as a historical monument. When
the Rheims Reconstruction socieiv
heard that it was proposed to sell the
tanks it offered to buy two to he
kept as mementos of the fierce hat
tie which raged around the fort. The
society was referred back to the
contractor who had bought the tanks
in the first place. He sold two tanks
for 3,000 francs. The price was ac
cepted and it was only much later
that the society heard that the con
tractor had bought the tanks at 35
francs apiece.
The bee want ads are business
boosters.
A Circle of Faith
For thirty years land buyers have known the Payne Investment
Company as an institution founded on a basis of faith and fair
dealing with all comers. Those who have dealt with us know
in advance that their faith will not be abused.
For our part, every passing month in these last thirty years
has found us still betting our own faith and business success
on the present and future of farm lands. That faith
is unbroken, and our firm looks forward still to a future as
profitable and glowing as ever the past was.
THE CIRCLE OF MUTUAL FAITH
Payne Investment Co.
..Omaha..
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Omaha Grain Exchange
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The World's Grain Market
I r lMAHA was first awakened to its opportunity as a grain market a
LVJ littlfi OVPr fift.ppn vpnrs nor TVip first sposinn wnaViolrl in IQflA arr
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in that year the total receipts of grain was about sixteen and one-half
million bushels. Ten years later the receipts had increased almost
four-fold, approximately sixty-nine million bushels. During the year 1920
the total receipts of grain at the Omaha markets was 62,176,800 bushels.
When theN Omaha Grain Exchange first came into, being it had but twenty
active concerns holding membership. At present there are in excess of
63 members, practically all ' of whom are actively engaged in business on
the trading floor.
At the time the Grain Exchange was first started the grain handled was
practically all from our own state, Nebraska. Now the Omaha Grain Ex
change is drawing grain from all the important grain territory of the
Middle West.
,The building which houses the Exchange is very properly one of the objects
of pride of the members. No expense was spared in the erection of a build
ing which would be symbolic of the advancement and civic pride of the
city. The paramount desire was to build something that would be repre
sentative something to stand as a fitting monument of the early efforts,
present needs and future growth of the Omaha Grain Exchange.
Confidence in an institution is something which cannot be purchased except
by its integrity. The man who ships his grain to the Omaha market and
the man who purchases there knows that he is dealing with an organization
that will treat him on a square, conscientious basis. The continued rapid
growth of the Exchange is conclusive evidence of the confidence the ship
pers have in the Omaha Grain Exchange.
Omaha holds a unique position, compared with other markets it ships
grain to all other markets, but receives no grain from them. All its re
ceipts come from the country stations, which receive their grain direct
from the producer, resulting in the receiving in Omaha of only the virgin
grain, making the Omaha market essentially a primary market in every
sense of the word.
When the Omaha Grain Exchange was first organized there were but three
terminal elevators and one mill in the Omaha market. Now there are six
elevators and twenty mills.
Omaha is growing fast, but conservatively and with her grows the Omaha
Grain Exchange, an institution actively engaged in furthering the develop
ment of Omaha into America's Grain Capital.
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