Deming graphic. (Deming, N.M.) 1903-1948, 1916-11-17
Big Gathering In Albuqsrqus l1sv-
smbsr 10th, for Purpsss q o.
Ing Into The Sllua1loN


The federal farm loan board wants
to talk to the farmers Of New Mex
leo when il holds its hearing in the
Albuquerque federal building next
Monday, November 20, according to
Frank r. Wilson, advance man for
the board, who arrived yesterday to
eomplctc arrangements for the hear
ing, says the Albuquerque Morning.
Journal.
"The farm loan act was adopted
for the benefit of the farmer" said
Mr.. Wilson. "and the board is anx-
ious TO apply this legislation so as
hest to serve the farmers. For that
reason il wants the farmers Of New
Mexico to attend this hearing and tell
the board first hand, their farm loan
needs, and to listen to the explana-
ton of the act by the members Of
the board which will administer IT,"
Mr.. Wilson, announced positively
that Secretary McAdoo will attend
the Albuquerque meeting, as will the
other members OF the board, includ-
ing George W. Norris, Herbert Quick,
Capt. W. s. A. Smith and Charles
y. Lobdell.
The board will arrive in Albuquer-
que on the morning of November 20,
as il is on its last lap OF its 25,000-
mile tour of investigation about the
farm needs Of various sections. Dur
ing December il will digest this great
mass Of testimony and outline the
twelve bank districts. The banks
will he established in January and il
is hoped that they will be ready to
lend money for agricultural purposes
in February.
Mr.. Wilson met with the Albuquer-
me Chamber Of Commerce commit
tee and approved its arrangements
for getting this section OF the state
properly represented at the Albuquer-
que hearing.
"The farm loan act has met with
a wonderful response all over the
country said Mr.. Wilson. "The
south and west have been particularly
progressive in organizing to take ad-
vantage of it. Naturally the sections
which suffered from curtailcd cred
il will be the first to grasp new OPP |
poriunitic- provided under this act"
"'rhc government, will establish Il
federal land banks, each with capi- |
tai of s750,000," explained the visit
or. "apd the government itself will
subscribe the original capital Of
these banks. Farmers, to borrow /
from these banks, are required to
group themselves into national farm
loan associations, probably one for
each community. These associations
must have ten or more members,
made up of formers or prospective
farmers who want to borrow. These
groups borrow in bulk from the
banks.
"Thc organization of these groups
is required in oredr to provide the
machinery for governing the banks,
for the valuation Of lands, for the
creation of local responsibility and
for the elimination Of worthless ac-
counts.
"The local associations Of borrow
ers are the foundation stones Of the
whole system and through them the
system is made purely cooperative,
and through them its ownership and
control are kept in the hands of the
farmers themselves.
Farmers are permitted to borrow
mp to so per cent Of the value Of the
land and, 20 per cent Of the value of
the improvements, and if a tenant de-
sires to purchase land, he may get
the so per cent possible under this act
and then he may give a second mort
gage to the original owner for the
difference. So it is expected that
this act viii enable many tenants to
become land owners.
after the original capital Of these
banks is loaned, the banks viii get
additional money for lending though
the sale Of their bonds, thus win
il be seen that this farm loan bank
ing system is a big cooperative ma
chine. which coiIccfs the savinVs of |