Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1918-01-10
BACKED BY THE Government
Champlain National Farm Loan
Association Organized.
VIII Conduct Business In Chittenden
and Grand Isle Counties. Loaning
Money to Farmers on Land
or Buildings.

Backed by the United states govern
ment, through the First District Federal
Farm Loan bank, located at Springfield.
Mass, the Champlain National Farm Loan
association to conduct business in Chit
tenden and Grand Isle counties, was or
ganized yesterday afternoon at the Office
Of the Chittenden County Farm Bureau
association in the Stannard Memorial
building. H. Linwood White, organizer of
the associations, assisted by County Agent
Dana, perfected the organization; from
the four score Of farmers who attended.
Sixteen farm owners became charter
members to give the association a start,
appljed for loans totalling about $4,000,
and Immediately after the address on the
merits of the association by Organizer
White they held their first session. de-
cided on the name and elected the follow
ing directors to serve until the first an
nual meeting; g. M. Hazard Of Charlotte.
William v. N. Ring Of Jericho. s. f.
Walker of Underhill, Homer Flynn Of
Essex Junction, Aleric Bentley Of Jericho
and r. II. Fink Of Charlotte. The direc-
tors then ballotted for president, with the
result as follows: President, g. NJ. Hazard
Of Charlotte; vice-president. 8. e. Walker
Of Underhill secretary-treasurer. William
" N. Ring Of Jericho.
The loan committee appointed, whose
duties will be to make a survey Of the
farm and buildings on which the loan will
be made and make q written statement
az to the valuation. ETC., and give their
statement as to how much Of a loan
should be made, consists Of Fred p. Tillison
of Underhill. E. II. Fink of Charlotte and
Homer Flynn Of Essex Junction. with
Aleric Bentley Of Jericho and S. E. Walker
of Underhill as substitutes.
The rate of interest on the loans Is So
per cent and will be made through the
association by the Federal Farm Loan
bank of Springfield for a term Of from
five to 40 years, the most desirable term
being IS years because 1t makes the in
terest come in even figures. The loans
may be taken for 500 to $4,000 and can
be made by any farmer or prospective
farmer. The loans may be made to pur-
chase more land. to erect suitable build
ings. to increase the livestock to buy
equipment or to pay off mortgages. For
the prospective farmer, one who has
picked out his farm and has not the de-
sired amount the association will loan
money enough to fill up the difference.
Loans will be made for one-half the value
biased on the loan committees report the
town assessors report and the report Of
a federal INVESTIGATOR Of the land and one
fifth the value Of the buildings. He secures
the money for 61s per cent each year, but
one per cent of that is applied to the
principal and in 36 years the entire prin.
cipal is paid Off. For the first five years
the farmer can pay only the six per cent.
but after that can pay off the loan at any
| time. AS soon as the loan is paid he is
automatically dropped as a member Of
the association. Loans will be paid to the
farmer in about three months after he
applies, owing to the valuation reports
having to be made and sent to Washing
ton. Members may come into the associa-
ton at any time on vote of the directors
but to contract loans. only. Further advice
on the matter may be secured from any
| of the officers.