Deming graphic. (Deming, N.M.) 1903-1948, 1916-11-24
Farm Loan Board Much Interested
In the Developing Of Lands by
irrigation Pumping Plants
DEmlMe MEN ARE QUESTIONED
FouIks, Raithel and McCan Dined
with the Big Magnates of the
Federal Farm Loan Board

A. was predicted in the Graphic
last week, Dcming was right up in
the front ranks at the meeting OF
the National Farm Loan Board at
Albuquerque. .Messrs. Foulks. Raith-
el and McCan representing the iinah
cial and farming interests of the
county. enjoyed the rare privilege of
II luncheon with the big men of the
board, and had most satisfactory
visit with them.
They found out among other things
that the board j. going To be a tre-
mcndouS benefit to the farmers in the
Southwest. The Luna county repre-
>cnatives took occasion To make the
board familiar with the conditions II,
they exist around Dcming, and were
given to understand that the author-
lies look with great favor upon IN
dividual pumping plants.
Although Demng has local board
established Of which Albert Wilsey
is chairman, Hugh Ramsey, secrc-
tary, and q. W. McCan, Frank Bar
rett and J. VI. Emery. all prominent
farmers. are members. The board
asked good many questions of Mr..
McCan rs practical farmer, and
Mr. Foulks was on the witness
stand" for considerable length of
time. answering all questions fired ut
him by the board, every member of
which seemed 10 be greatly interested
in our method of development in Tia,
Mimbrco valley. During the luncheon
hour at the Alvarado they got real
chummy and gave our representatives
to understand that the methods of Sc
curing funds for legitimate develop. .
mcnt would not he n difficult task.
In general way the real estate
can he encountered to fifty per cent
of its real valnc. and Is the value
increases. the further cncumbrancc
can he raised accordingly, What the
government wants is to have the
farms improved and the securities
made ample and the small payments
required assured. In our editorial coll
umn this week we give practical
of the Ioaning of thou
sand dollars for long and short
pcriud>. The board informed our
repre- scniativeS that il was not en-
lircly essential that u man live di-
rcctly OH his farm, providing he had
the oversight of it and was planning
10 develop and make it more valuable
nll the time. One very good feature
of the law i that the money will new
rr cost more than >iN per cent and
H. the business of the farm loan
banks j. increased the rate of in
iercst will he automatically Lowered.
The government furmshe, the first
capital of the bank which is permit
led To loan twenty times it, capital.
For instance it u bank has a capital
stock of >7i0.000.00 it will have
uaniny capacity of fifteen million
dollars. II costs nothing to make APP
,lication for II farm loan, and merely
requires TO know ones desire for the
amount required TO equal fifty per
'ent of the appraised valuation of the
inincumbered real estate.
Luna county has already, as stat
,d above, complied with the first re-
Iuircments. and will be ready TO do
ictual business a. soon as a farm
oan bank is established in New Mex
co.
Every member, that is every bor-
rover. is n direct stockholder in the
business, and only members can be
permitted to participate in its delib-
nrations. No one can secure n cor
ner on the stock, as no stockholder
IS permitted TO have more than twen-
~ votes. There is no limit TO the
number of stockholders. The money
obtained from the farm loan bank
must be used for the purchase OF
land, the payment of mortgage or
debt existing, for the purchase of
or for any other kind of
productive improvements, such as
fertilizer, ,buildings,or other farm ben
efits.
There is a savings feature in con
nection with the local loan associa-