The Oakley herald. [volume] (Oakley, Idaho) 1908-1961, 1921-06-10
INTERMOUNTAlN
MEN FORM BANK
UTAH AND IDAHO 8 hNKERS FORM
LARGE BANK; AMI WILL ASSIST
FARMERS IN BOTH STATES
So, GOO, 900 Will be Available for Agri-
cultural Purposes, Within Short
Time; Prominent Men Behind
Venture Assures Success

Prelimary organization of the Utah
Idaho Joint Stock Land bank, created
to extend long term credits on agri-
cultural real estate, was announced
Wednesday by the directors repre-
senting the 100 bankers of the two
states who are subscribing to the CAPT
tai stock of $250,000.
Formed under the provisions Of the
federal farm loan lending power of
Fifteen times the capital stock or 3d.
100000, which the directors intend 10
distribute equally in Utah and Idaho.
Ii is the first corporation of its kind
I'm the intermountain section and is
probably the most significant cooper
ate financial move ever taken in the
two states. The directors are w. w.
Armstrong, president of the National
Copper bank, who heads thetemporary
organization Charles $. Burton, vice
president of the Utah State National
bank; d. l.. Evens, president of j. N.
Ireland and Company Bankers of Ma
lad. Idaho; II. e. Hatch, president of
Thatcher Brothers bank of Logan; o.
w. Adams, vice president of the First
National Bank of Odgen; o. b. Berg
lund, president of the Gunnnison Val
ley bank of Gunnison, Utah; Carl Val
entine, president OF the First National
bank of Pocatello; Il. M. Kennedy,
president of the First National bank
of Blackfoot, Idaho; John W. Hart,
president of the First National bank
of Rigby, Idaho. n. Il. Porter, former
state bank commissioner of Utah is
secretary of the organization.
The permanent organization will be
effected upon the receipt of the char
ter, for which application will be made
Immediately TO the federal farm loan
board 1T is the aim of the hackers OF
the bank to be ready to begin making
loans within the next thirty days.
Advantages possible to the borrowers
from the joint stock land bank as COM
pared with the borrowers from the
federal land banks are principally
these: that the borrower from the
Joint stock land bank is not required
to make any subscriptions to the capt.
tai stock of the bank that the borrow
er need not necessarily be engaged In
the cultivation of the land on which
the loan is sought that the borrower
makes application for his loan direct
and is not required to become mem
Der of a national farm loan associa-
ton. and that the individual borrower
may obtain any sum up to $37, 800
The borrower from the federal land
bank cannot get more than $4,000.
One of the principal objects Of the
organization of the Utah-Idaho Joint
Stock Land bank, is TO relieve many
If the banks of Utah and Idaho, prin-
.ipally those in the country, from
heir frozen loans on agricultural real |
estate To relieve the banks of a con
siderable amount of this paper will re
ease credits for other and more con-
'tructive purposes in addition to max
ng more liquid the assets of the bank
ne institutions.
While the benefit of the institution
O the banks is expected TO be of very
arge importance the benefit to the
armers who obtain the long-term
oans will be of inestimable benefit
f the banks and the farmers are help
d by the organization, and it seems
ertain that they viii be, all the mem
ers of the communities involved are
ound to share indirectly at least in
he move.