The Colville examiner. [volume] (Colville, Wash.) 1907-1948, 1917-06-02
FARM LOAN ASSOCIATION

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dent Woodrow Wilson signed the bill
passed by congress creating the Fed
eral Farm Loan act the first real estate
mortgage under that law was filed
with the auditor of Stevens county,
To be exact and particular. Henry
stokoe. bachelor, on May 81, signed
mortgage covering the southwest
quarter of section &C. township 30
north, of range AZ, east of the William
ette meridian, to secure his note for
$1,000 made payable to the Federal
Land Bank of Spokane; the acknowl-
edgment was certified to by o. F..
Follevaag, notary at Deer Park. and
the instrument filed through the Col
Vile Abstract Co., May 26, 1917, at 2
o'clock D. m. The instrument is plain
ly printed and typed in yellow parch-
ment and presents a modest appear
ance in pile of engrossed and highly
ornamented instruments of similar
character prepared In the general run
OF business. The mortgage recited
that the mortgagor Is to pay per cent
interest per annum for SO years, but
may, after five years from date Of exc
cution pay all or any part Of the en-
tire sum, but not less than $25 or some
multiple thereof The mortgage is one
OF series of loans made through the
Deer Park National Farm Loan AS
ISOLATION, the first association of its
kind organized and chartered in the
state. So It will be seen, the Federal
Farm Loan is no longer an expecta-
tion to die within the shadow of the
forlorn hope so persistently held out
yotn
but is real live thing-an entity in
the financial word to ke reckoned with.
stevens county citizens are not lag
ging In their interest in the Federal
Farm Loan. Colville has organized
the Stevens County National Farm
Loan Association. appraised and ap-
proved by the Federal Land Bank of
Spokane. with some slight modifica-
tions 1t is said, and a charter to be
Issued by the Farm Loan Bureau at
Washington has been recommended.
The officers of the association are Chris
Mcdonnell, president william. E. Mac
Boyle, vice president and John B.
Slater. secretary treasurer. The ap-
praisal or loan committee are Thomas
Graham William e. MacBoyle and J.
F. Vine. With the exception of the
secretary treasurer, the above officers
with Potter H. Stewart, David M. Culp
and Ambrose May are the board of di-
rectors. President d. G.. O'Shea, in his
acknowledgements of the application
FOR a charter, writing under date of
May 90 1917, to the officers of the
Stevens county association, says
I'VE have received all papers in con-
nection with the application for
charter by the Stevens County National
Farm Loan Association, and beg to
advise that we have recommended that
a charter be issued to you and we
expect same to be forwarded for you
forthwith.
I'VE desire to express our commenda-
tion of the splendid lot of papers that
you submitted to u.s. and will say that
II all others had made out their pa
pers with the same care as you have,
1t would much simplify the work for
US"
As time moves along many sugges-
tions are being acted upon by the Fed
eral Land Bank of Spokane and
changes are being made in the general
plan of making the loans to expedite
the work of getting the money to the
farmers as soon as possible after an
application is f1lAd. Two appraisers
to each of the four states of the 18th
district 1t has ben found, cannot do
the work assigned to them by the
500 or more associations being formed
and additional appraisers are being ap-
pointed as fast as needed.
The work of the associations has
been of considerable concern to the
Federal Land Bank officials, and It is
the desire of the bank heads that each
association takes special care to see
that men of recognized good Judgment
in values be selected to handle the
business in hand system of records
Is being prepared for secretary-treas-
urers to conform to the system used
in the national banking system so that
national bank examiners may be able
to expert the books without unneces-
sary delay. All the work of each as
sociation will be subject to rigid fed
eral inspection at frequent intervals
and all officials will be held to strict
account for careful and dilligent at
tention to their duties. Each applicant
for loan Is under oath to expend his
money in the manner stated in his
application for a loan. and field In
spectors. 1t is said, under orders from
the government, will canvass each
tract of land covered by loan to see
that a compliance with the terms of
the loan has been substantial.
Another feature Of the law is that
each association must choose a deposa-
tory for their funds. A Federal Re-
serve bank or guaranteed state bank
must be selected where one is avail
able or convenient. The Colville as
ISOLATION has selected the First Ma
tional Bank here as their depository.
there being no other choice since the
state guaranteed banking law has not
gone into effect.
Associations are being formed in
most of the Stevens county trade cent
ers, among which. besides Colville, are
Loon Lake. Clayton, Hunters. Clifford.
Basin, Valley. Addy. Kettle Falls,
Northport and Deep creek. It Is prob
able that there will be a general sys-
tenn organized to cover this field and
that the heads of the various associa-
tions will effect an arrangement by
which the business of the county may
be handled through a common avenue
to the betterment OF the service. The
officials of the district federal bank,
it Is said. have suggested such an ar
rangement and will perfect plans for
working out an effective system of
cooperation of National Farm Loan As