Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1917-04-04
PREDICTS LOAN TEN MILLIONS.
That Total Will BE Reached in Year
by Columbia Land Bank.

Columbia, March 27.-F. ]. II. Won
Engellen, president of the Columbia
Federal Land Bank, has returned
from Washington, where he attended
a conference OF the presidents of the
twelve Federal land banks, with
Secretary OF the Treasury McAdoo
and the members OF the Federal
Farm Loan Board.
Mr.. Won Engelken expressed graft
ficatiOn over the fact that this con-
ference had fixed fiat rate OF 5 per
cent, applying to all parts Of the
United States. He declared that this
interest would prove a great boon to
the farmers or the Southeastern
States. and predicted that within a
year the Columbia Federal Land
Bank will have made loans aggregat-
ing 100000.
Mr.. Won Engelken also announced
that the conference of bank presi-
dents passed resolution requesting
Congress to increase the limit of the
loans permitted to an individual bor-
rover from $4,000 to $4,000. He
expressed the hope that the special
session of Congress, soon to convene,
would make this change for the large
borrowers Of the Columbia bank dis
trict.
IN order that more funds may be
available for investment in farm
loan bonds and in turn made avail
able to lend to farmers Of this dis
trict, Mr.. Won Engelken urged the
Legislatures of North Carolina,
South Carolina, Georgia and Florida
Immediately to pass laws making
farm loan bonds approved invest
ments for trust funds, insurance
companies and savings banks.
Mr.. Won Engelken announced that
the bonds issued by the twelve Fed
eral land banks would be placed on
the market at " per cent, but
would probably be sold at pre-
MUM. He expressed qualification
over the fact that the Federal Farm
Loan Board has anticipated that at
least $l00,O00.00O OF these bonds
will be issued during the coming
year, and is making arrangements
which will assure ready market for
them. All of this money will be
made available to the farmers of the
United States at per cent.
TO borrow from these Federal land
banks farmers are required to or
ganiZe themselves into groups con-
tanning at least ten farmer borrowers
aHu edCH group dShlhS lUl at lSttSl
$4,000 of loans. The Columbia
to furnish a blank form Of articles OF
association to make the organization
Of these groups simple and easy.
Other necessary blanks will also he
furnished on application.
Farmers are permitted to borrow
up to SO per cent Of the appraised
value OF their land, plus 20 per cent
OF the value OF the permanent in
sured improvements. Loans are to
be made at per cent and must be
retired on the amortization plan.
which means repayment by fixed an
nllal payments throughout the period
Of the loan. The loans may run
from five to forty years at the option
Of the borrower. The object Of these
long time loans is to enable the far
mer to meet these small annual pay
ments out of the increased earnings
OF the land, made possible by tho in
vestment Of the borrowed money.
This new banking system is purely
cooperative. 1t is for the sole use
Of farmers and prospective farmers.
Farmers will eventually own all OF
the stock Of the Federal land banks
and they will elect the officers OF
nifty for individual profit in the en-
tire system.
The preliminary organization Of
national farm loan associations has
progressed to degree far beyond
the expectations Of the Federal Farm
Loan Board at Washington, and
everything points to the unqualified
success Of this new enterprise
Prospecting for petroleum in Ven
ezuela Is being carried on with en-
couraging success by one American
and two English companies.
Drives Out Malaria, Guilds Up System
The Old Standard general Strengthening tonic,
GROvR's TASTELESS chill TONIC, drives out
Malaria enriches the blood and builds tip the sys.
tenn. A true tonic. Fos adults aud children. SOC.