The star-progress. (Opelousas, La.) 1917-1921, 1920-02-07
FACTS AND FIGURES
ABOUTLOCALFARM
LOAN ASSOCIATION
Has Done Great Work for the
Farmers Of Parish During
Its Brief Existence
MANY THOUSANDS ARE
PLACED IN THE LOANS
Large Number of Applications
for Loans Pending and Bus
mess is on Increase

The St. Landry National Farm
Loan Association has done big bus
mess since its establishment but a
short time ago. Many thousands have
been loaned to farmers to take up ex-
listing mortgages at a higher rate of
interest, or to make improvements,
etc., to farms clear of debt. The fact
that the money loaned is paid off in
small installments, principal and in
terest, covering long period of time,
makes this method of lending money
a very attractive one to the borrower
and as this is becoming better known
the association is receiving more and
more applications for money.
Secretary Lamson of the local as
ISOLATION furnishes the following in
tefesting report, (which shows that the
body is in very flourishing and heal
thy condition indeed. 1t is interest
ing reading and the wise farmers of
this parish would do well to peruse
it closely:
Opelousas, La, Jan. Is, 1920.
To the Members of the st. Landry Ma
tional Farm Loan Association:
You have to be congratulated for
this year. Last year, in my report, |
said something to the effect that your
officers had met many problems, and
at that time / did not think that there
could be many more complicated or
troublesome than those that had been
solved; but this year | have to report
that we had more problems confront
ing us than before, and | think that
we have met them equally satisfac-
ltorily~ pl'7 "
This system of borrowing money
| is becoming rather generally known,
and we are receiving applications
from every part of the parish. There
is a map Of st. Landry parish in the
office of the association, on which
are marked in red the locations OF all
the properties on which loans have
been made and the red is sprinkled
all over the map.
This year has been one of great
disappointment to the farmers al
over this part of the country and has
caused many to come to the Farm
Loan Association for help. Without
this help, many would have been ex'
ceedingly hard pressed, and. some
might have lost their homes. How
ever, we have been ready and willing
to help all, and have been OF great
service to many.
On December 81, 1919, we haC
made sixty-one loans through this
Association to fifty-nine different
people, two men having made two
loans each. These loans total over
two hundred thousand dollars, OF
more than fifth of a million dollars
Three of our members have sole
their properties and have paid w
their loans, thereby eancelling thell
stock and ceasing to be members.
Several have sold out to men who
assumed the mortgage and stock Of
the old members and have been ad
mitted to this Association.
We have received 159 applications
many of which are now pending, anC
several Of which have been rejected
or withdrawn. Several will be fin
ished up in the next few days.
AS a rule, the amortization pay
ments are met promptly by our mem
bers, but sometimes they are neglec
ted and become delinquent. The
Land Bank is very strict IN this re
gard and has advised us that the!
will notify a delinquent once Of
twice before final demand is made
and then, if no settlement is forth
coming. they will instruct our loca
attorney to proceed with foreclosure
This makes it very necessary for eaci
one to meet his payments promptly
and il a borrower finds himself IN
position where he absolutely can no
pay the amount due, he should re
mort this fact to the secretary-treas
urer in plenty of time, so that ar
rangements can be made to help hin
out, if the board of directors decide
to do so. Eight per cent is charged
on all deferred payments, as well a
twenty-five cents for each notlc'
sent out. These notices will be sen
out every ten days until final pay
ment is made.
All payments should be mad
through the OBSERVATION-DISCLOSURES, ant
checks and money orders should b.
made payable to him. This helps t,
keep our books and accounts straight
Payments should be made few day
ahead, if possible, so that the none.
can be transmitted to the Bank il
plenty of time.
The capital stock has been in
creased from $4,000 to $4,000. O
this, S10,080 has been paid up, ant
nearly all the balance subscribed
Eight hundred dollars has been re
| funded to borrowers who have pait
up, leaving $9,2S0 of capital stocl
paid up and outstanding.
It is not probable that this Associ
alton will declare dividends this year
as the Board. is Of the opinion that /
is better to hold the money that is OF
hand at present in a reserve fund, s.
that delinquent members may b.
helped out, if necessary, and also t.
be able to meet any emergency.
January 5, 1920, the Federal Ian,
Bank OF New Orleans declared divi
dends of six per cent on all stock Is