Omaha daily bee., 1916-09-16
FARM LOAN BOARD
TO Quiz FARMERS
Frank R. Wilson, Advance Man,
Arrives in Omaha to Pave
Way for Boards Visit.
M'ADoo WILL JOIN PARTY

1
commissions for making loans tt
farmers the federal farm loan boarc
hopes to find this out September 2.
when it meets in Omaha at the fed
eral building to hear Omaha presen
its claims for farm loan bank.
This is only one of the many thing
the board expects to learn here, ant
in the other forty-eight or fit,
places in which similar bearings ar,
being held. 1t has been strongly hint
ed that commissions have beer
charged in many instances aside from
the regular interest charge.
Frank R. Wilson, advance man fol
the board, has arrived in Omaha te
go over matters of arrangements witt
the local committee. He met Chair
man Frank H. Myers of the loca
committee, and other members of the
committee at luncheon and talkee
over some of the details OF arranging
for the testimony that is to be pre-
sented here when the hearing comes
Want Farmers to Testify.
1--WE want farmers to come in" he
said, "and testify before this board
We want to get the experiences of the
farmers first hand. In some of the
places where meetings have been he'll,
the court rooms were simply packed
with farmers. This shows that the
farmers of community are really
interested in the establishment of .
farm loan bank in their community.
we want the farmers to tell their
troubles direct to the board.
I'VE want to know what the pre-.
vailing rate of interest is in the com.
munity and proposed district.
We want to know whether thu
loan companies charge commissions
I'VE want to know whether it i.
difficult to get extensions.
I'VE want to know whether Ne.
braska farms are nder-developed be.
cause of lack of capital.
I'VE want to know whether or not
the Nebraska farmers have capacity
for organization.
"We want to know If the state has
the capacity to absorb the bonds OF
ths b,nLs Z - | ha se,,,rsd uns io ~. III: aol
bonds.
hoard w.rts 70 % ds,.rr,;na ny mn s Las ny
to learn in the shortest and most con-
else way. / am going ahead as ad-
vance man to talk with the local or
have ,nsde and ~ ~ 20 ,;,,n mnas a,,ap, p,Ann my
t;a,s a nal, ranard ana A. sss s..;. I'm sasses
t;,nn,,, [ w oaatssad 49, A. ss'.,ns lnen tes,
,nnrs ,snr.s. u ,.,.,.,s sU"a,'u aew NY NV
want u i;; ei;n,;rste ~ p J .s,,.s,., ~
o,,s' % ,,.t.sr ~ =, a. go, - eupeiiiu'
~ ~ ..s 10 ~. y .s.s. @ nsas
MeAuoo Whi VISIT omaf1a.
IN Omaha tnis morning MT. Wilson
u nv 'Tra. r,, Si;i,;a., . oeI,eldly TasJy
- -, AZ. @ .hss ~ s..iI Ma; y. ~ MInuo9
Ssfors = !. me as,as.d ~ o n.S jom IL Is poai - !
bo @ orssant ~ % 81 .hs hsa.;an a h au T1ea T1alo
~ " ptsse' .. no meaiias neie hs:e
a nass.n.a 49, fro,r H ri H. s,ao an ~. s nis
p,essnse toa t ~ .h1 towns WhSle %
.aeIslnhsS nase mus 'al peen heia'
ahu 'ne auvaliee man mas eoiis!al,iy
peen urging MN 10 colile anu JOIN the
posIu. sr, /, -.
,,,., ihe opJect OF .tne law, sald MI
Wnson, is 10 give loans 10 tne !afm-
ers Ior long perioas at a rate OF inter-
est NOT 10 exceed 0 per cent. On the
@trength OF Information iurnishea at
these hearings, the Doard Will divide
the United otates INTO twelve districts
and locate one Dank IN eacn aistriet.
Each bank VIII be capitalized At
1oUyUU ana tne local community VIII
be given the first opportunity to buy
its stock. If at the end OF thirty days
the STOCK mas not oeeh rakeh ihe gov
ernment VIII take IL. men me oank
is ready 10 iend money 10 farmers
Farmers Must Form Groups.
"But one farmer acting alone cannot
borrow money. Farmers must asso-
ciate themselves in groups of ten or
more. into what will be called ma
tionai loan associations. These loan
associations then petition the federal
land bank OF that district stating that
their members desire TO make loans.
The federal land bank then sends
annraisers TO view the land and If the
loans desired do NOT exceed 50 per
cent of the value Of the land. the
loans are made and the farmers give
Grst MORTGAGES on their land. When
bank has loaned $50 O00 II takes
th;s Sfirst block az S50000 Of farm
MORTGAGES and uses Il as security Tor