Cottonwood chronicle. [volume] (Cottonwood, Idaho) 1917-current, 1920-12-03
TO ADVANCE
MONEY ON WHEAT
FIRST NATIONAL Il A N h
WILL ADVANCE 75c A Blu.
ON WHEAT RECEIPTS

The fact that the business
men and bankers OF Cottonwood
have the interests of this COM
munity at heart has been demon
strated time and again but never
i'm a more foroeful manner than
in the adoption during the pre-
sent week of unique plan OF
local financing, devised to meet
the peculiar conditions which
exist at the present time.
No one who has not given the
matter study has any idea OF
the immense amount of money
that has been drained out OF
this community during the past
several years, due to the liberal
spending on all sides. 1t has
been estimated, by reliable auth
ority. that our community has
bought from the outside during
the past two OF three years over
half q million dollars worth of
merchandise and securities in
excess of what we have sold to
the outside world in the form of
grain and livestock. Is it any
wonder that the local banks have
not been loaning freely during
the past few weeks? If depos-
it's are withdrawn for the pur-
chase of mining or oil stocks, in
some distant country, this COM
munity suffers. And, even
though the purchase he some
thing of more substantial value
than wildcat stocks, if the money
goes to some distant city our
own community is left short un-
till the crop money begins to
come in. Ponder over these
facts a few moments and you
will know, dear reader, why the
local banks will not take the
chances of allowing their reser-
yes to become depleted, which
might occur were they to make
further loans and allow the
money to be withdrawn from
this community.
On the other hand the wheat
growers pre- not inclined to place
their grain on the market under
the present unfavorable cordi-
tions of price. And the bank
ers and business men realize
that if there is p possibility of a
bettnr rrice that the grower is
entitled TO it and that the whole
community viii benefit if he re-
ceives a better price. They are
therefore anxious to cooperate
with him in every way possible
But wheat in the bin, or in the
warehouse does not paw bills un-
til it is sold ard there is no way
of borrowing morey on it this
year unless some plan can be de.
vised to tenp The money in this
community rntil the return from
the sale Of the crop come in. II
is to meet this peculiar condition
that the plan was devised anC
nut into use. This plan of fin
ancing the wheat crop of this
vicinity was originated bv Gosh
ier w. w. Flint of the First Ma
tional Bank and it is meeting
with the enthusiastic approva
of farmers and business mer
alike.
1t is exnected that it will re
lieve conditions in our own local
itv to q great extent and will fac
ilitate the payment of debts b.
those who have the wheat, bu
,re short of cash at the presen
time. and desire to secure an ad
vance on their wheat so tina
they can settle up their lOca
bills and thus hold their whea
until thev feel that the marke
is favorable.
The rlan in brief is this: TIL
First National Bank has agrees
to make advances on negotlabi
warehouse receipts for wheat +
the extent of seventv-five cent
hushel, at tho REGULAR rate TO
wheat looms. with the priviledg
riven the grower of selling tn
whe"t ord paying the note a
a"v tire he sees fit before tn
firrt of M"v. Paving interes
crlv for +he tirre he holds tn
whn"t. Ino'e"d Of the usus
form of credit on checking at
c-nnt the t""k win Issue re"~oti
ch'e certificates of denoSit i
"~v dcno''irrtionS de Siret
49,. zoe ce'.tific"tos r"trre Arr
mil - ~ L4r. ,y,toroct o