Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-05-23
EXPLAINS DETAILS
OF new FEDERAL
FARM LOAN ACT
E. H. Forristall, Secretary of
the Federal Land Bank of
Springfield, Mass, Addresses
Members of State Board of
Farm Loan Appraisers, the
County Agents and the Direc-
tors of the Local Farm Loan
Association.

The State Board of Farm Loan Ap-
praisers, the county agents, and the
directors Of the local Farm Loan AS
ISOLATION met Tuesday forenoon at Ho-
tel North in conference with Hon.
Bertrand G. McIntire of East Water
ford. vice president of the Federal
Land Bank of Springfield; E. H. For
ristall, secretary of that bank; and
P. w. Thayer. representing the legal
department. The meeting had been
called by Mr.. McIntire for the pur-
pose of making clear to the various Of
ficials the details of the new Federal
Farm Loan act.
The appraisers for the State of
Maine who were present were Will
liam T. Guptill of Topsham. John r.
Graham of Augusta, Hugh T. Gallag-
her of Bangor, John A. Cunningham
of Ellsworth and Guy C. Porter of
Houlton. The county agents in attend
ance were H. j. Shaw of Topsham. NJ.
D. Jones of Orono and A. l.. Deer
ing of Augusta. The representatives
of the various local Farm Loan AS
sociations were as follows: Augusta
e. H. Ingraham, president; and Her
bert E. Locke, secretary and treasur-
err. Norridgewock-H. L. Ames. sec
rotary and treasurer; J. w. Bacon of
Mercer and E. j. Holway of Norridge-
wock. Dexter-A. l.. Farr. secretary
and treasurer. DIR. Leon :. Merrill,
dean of the College of Agriculture of
the University of Maine, also was
present.
After speaking very briefly, Mr.. Nc
Intire introduced Mr. Forristall. who
explained at considerable length and
with much detail the provisions of the
Farm Loan Act. This act calls for a
federal farm loan board at Washing
ton consisting of five men. and the
establishment of II federal loan banks
in various sections of the United
States. The Springfield bank is for
the territory including all of New
England, New York and New Jersey.
The act, Mr.. Forrestall explained en-
ables the farmer to borrow up to SO
per cent. of the valuation of his farm
property. and makes it possible for
men of limited capital to secure loans.
The only purposes for which loans
may be obtained are: To provide for
the purchase of land for agricultural
uses, and to provide for the purchase
of equipment. fertilizers. and necessary
live stock. 1t is the duty of the loan
committee on receiving q loan appli-
cation to visit the farm of the appli
cant, to take note of the stock the
buildings, and the man, and thereby to
Judge whether or not the request is
| justified.
The terms of the loans run from five
to 40 years. 1t is preferred by mem
bers of the Federal Board, stated Mr..
Forristall, that the 36-year contract
be adopted. This contract makes pos
sible smaller payments for the first
five years than do those of longer
terms. After the first five years the
borrower may make as big additional
payments as he chooses. There is a
strong sentiment for having the pay
ments annual instead of Semi-annual,
said Mr.. Forristall. Under the 36-year
contract the payments would be $50
per year on $1,000.
Mr.. Forristall urged that in the or
ganizing of associations the small and
remote communities desiring member
ship shall not be excluded. "Be broad
minded" he said. Give the benefit
of the Federal Farm Loan Act to all
that you can"
Tuesday afternoon Mr.. Mc1ntire
held a conference with the appraisers,
in which a thorough discussion of the
duties of these officers was had.
Today Mr.. McIntire, Mr.. Forristall
and Mr.. Thayer will go to Auburn to
confer with the members of the An
droscoggin County Association.
At 2 o'clock in the afternoon the Ken
nebec National Farm Loan Association
met to complete the work of organiza-
ton which was started in the middle of
March but which was suspended be-
cause of inability to get the necessary
blanks. Hon. Bertrand G. McIntire, E.
H. Forristall, and p. w. Thayer were
present and assisted in the organiza-
ton work.
1t was voted to restrict the jurisdic-
ton of the association to Kennebec
county and the town Of Bowdoin in
Sagadahoc county. Fifteen farmers ap-
piled for loans to a total amount of
over $4,000. AS the act requires that
there be 10 applicants for total of not
less than $4,000 the association was
we'll within the terms of the act. The