Mansfield mirror. (Mansfield, Wright County, Mo.) 1908-1957, 1915-02-18

and adjust its business as To give
preference to those seeking loans
of amounts less than five thou
sand $4,000. 00) dollars. The
board shall so provide that loans
shall be made only to applicants
who offer first liens on perfect
fee simple titles. free from cour-
tesy, dover and homestead eX
emptions, and in no case shall
loans be made for speculation or
otherwise than for the following
productive purposes, 10 wit:
a. To increase the production
of the land mOrtHaged.
b.. To make useful improve.
ments thereon.
C. To pay off liens or encum
brances, or TO make part pay.
ment of purchase price where
the borrower is paying part of
the purchase money.
d. Twenty five (25) per cent Of
the amount lent may be used for
the purchase of stock and ma
chinery.
Section s., In making loans
and taking deeds ~Of-truSt provi-
sion shall be made for the pay.
ment of all or part of the loan at
any interest period, and for the
amortization of the debt by the
payment annually OF semi annu-
ally of the interest at the rate
fixed and small inStallments of
the principal debt at like periods
and for the payment of . of |
per cent to create a reserve fund,
all so adjusted as to discharge
the debt in the number of years
desired by the debtor within the
limit heretofore mentioned. as.
for example: If the loan should
amount to one hundred $500 0Ol
dollars and be made at the inter
est rate. of four and three tenthS
t4.3) per cent, it would he amor
tiled approximately as follows:
Duration Annual Payments
3 wears S22.40
10 years l2.40
Is wears go
20 years $50
25 years 800
If, therefore, the bank. should
sell the bonds for four and three
tenths (4.3) per cent, and collect
"a of | per cent for the reserve
fund, the loan would mature az.
cording to the desire of the Dor
rover IN the above approximate
basis of annual payments 1t
will he seen that if the loan were
made for a period of twenty five
t25) years the borrower would
pay a total of approximately six
and one.half 90 per cent there.
on, made up as follows: Interest,
4.3 per cent; reserve. . of | per
cent; ON the principal, IL per
cent
Section /. rhe state shall be
divided into appraisement dis
tricts and the manager shall APP
point, subject to the approval OF
the board of governors. expert
appraisers in their districts.
The salary of appraisers shall be
two thousand (S2000.00, dollars
per annum and expenses. When
an application is made for a loan
an appraiser shall be designated
to make the appraisement of the
land offered as security. He
shall appraise the land at it's
cash value and make his report
thereof under oath without delay.
giving also in said report such
information as he may have CON
corning the applicant and the
land as to the desirabiIity of the
loan. The applicant must offer
an abstract of title which shall
be examined by the prosecuting
attorney and a report made by
him in writing, giving his opin
ion as to the state of the title,
which then shall be examined by
the encouragement and his o
pinion endorsed thereon. The
manager may require any conn
ty officer and may ask any bank
or trust company located in the
county of the applicants resi-
dence to give without charge any
information desired relative to
tho apnlicant and the loan.
Section 8. In all cases where
service is rendered by a public
officer who receives a salary out