The Rathdrum tribune. (Rathdrum, Idaho) 1903-1963, 1921-09-30
DETAILS GIVEN ON
THE BILLION LOAN
FARM AND LIVE STOCK MEN FREE
TO BORROW FROM U. S. UP
TO JULY I, 1922.
MATURE IN ONE YEARS TIME
Payment to War Finance Corporation
Will Not Be Extended Beyond
Three Years, 'Tis
Reported.

Reported.
WASHINGTON, d. C.-With the is
} suance by the war finance corporation
of circular of instructions to banks
and bankers, 1000, 900 set aside by
congress a few weeks ago became
available for agricultural and live
stock loans, and advances under the
amendment to the war finance act
will begin as soon as banks receive
the instructions and accompanying
forms and local agricultural loan
agencies appointed by the corporation
organize and are ready to pass upon
applications and submit recommends
lions to Washington. The $1,000 .0Cv,.
600 now available for agricultural
loans is to be treated as a lump sum
and will not. be apportioned or pro
rated among the states.
Applications for loans will be
passed upon by the war finance cor
poration at Washington in the order
in which recommendations are re-
coived from the local agricultural
loan agencies. These local agencies
are now being appointed, those at
Portland, Spokane, Helena, Denver,
and Cheyenne having been nam, Il. |
Agencies at Salt Lake City and Boise /
will be named to receive applications
for loans in their districts and to in
vestigate all applications and make
recommendations as to those loans
to the war finance corporation, which,
in the end, will act ON all applica-
lions.
Borrow Up to July I, 1922.
Advances may be made at any time
prior to July 1, 1922, and will mature
not later than one year from the date
OF the advance. Applications must
agree that upon the maturity of any
of the advances made by the appli-
cant, or of any of the paper discount
ed or rediscounted by the applicant,
upon which the war finance corpora.
tons advances are based, cores
repayment will be made by
he applicant to the war finance cor
ooration, unless with the consent of
he war finance corporation the time I
u payment of such advance or of such I
'aper has been extended by the ap-
'llcant. The time of payment of an S
-dvance by the war finance corpora
ion can not, however, be extended
eyond three years from the original
ate of the advance
Payment of all or any part of an :,
dvance made by the war finance cor. :
grafton may be anticipated at any
me. Interest will be adjusted in each n
ase to the date upon which a pay- 81
lent is received by the war finance 81
d.
el
Directors Determine Interest. 70
The rate of interest on advances b.
the corporation will be determined re
ON time to time by the board of Oh
rectors. Under the law a bank. re
mixer or trust company obtaining is
ivances on the basis of loans made
it for agricultural purposes may al
u charge upon such loans a rate of W
terest greater than per cent in OF
cess OF the rate charged by the war tn
nance corporation. This provision
ould not be construed, however. to
thorlze any bank, banker or trust
to charge a rate of interest
excess of the rate permitted by state bu
W. be
Advances may be made by the de
IT finance corporation against ap
tie executed by the borrower as Sc
aker, or draft accepted by the Dor Wa
wer, waving protest, notice of pro- of
st. notice of dishonor, extension of ag
ne, substitution of collateral or other
lulgence by Endorsement guaranty nu
'dge or otherwise A form of col. 49,
orally secured note which NAV be ere
I'd by borrowers may be obtained moi
m the nearest agricultural loan
sncy. Where drafts accepted by the onl
ROVER are rendered they should be an,
'ompanied by an instrument of ing
age or other collateral agreement hay
Herring on the war finance corpora. dur
4 valid lien on the security to be har
dyed" ma
full