Pueblo chieftain. (Pueblo, Colo.) 1889-current, 1921-07-21
IRRLCATlNC SYSTEMS WILL
RECEIVE MUCH FEDERAL aid
Quarter Of Million Dollars To Be Loaned By U. S.
Farm Loan Bank For bitches In
Valley

made, to close up the deal and get the
money into the hands Of the borrow
ers:
Most of the irrigation companies of
meeting. and beside them large num-
Der of farmers who are interested
either as stockholders or as individual
borrowers. Beside these there were
a number of local and valley irrigation
lawyers. and following Mr.. Lasater's
address many questions We're asked and
answered.
He called for an expression of the
ditch officials present as to the amount
each would probably desire to borrow
from the Federal bank. and this
brought out the tentative requests for
loans ranging from $1,000 to 100000
each.
bankers of the valley was held in which
the matter of farm loans was dis
cussed with Mr.. Lasater, and later as
preliminary to the meeting with the
Farm Loan bank president, the irri-
cation company officials met and made
report as to the damages each company
had sustained by the recent floods. 1t
was learned that while some had sus-
tanned losses as high as 100000, there
are at least several such corporations
which have funds of their own to at
least partly make the required repairs
and improvements. few of the
heavy losers are able to make their
plants good without borrowing any
money from the farm bank.
The question arose at the close OF
the afternoon meeting. as to what
would happen IL a ditch company found
that its proportion of the loan assigned
was short n few thousand dollars of
accomplishing the necessary repairs.
Mr.. Lasater stated that with a proper
showing h. fhOtlVhf eftEh or
be adjusted.
II was largely thru the efforts of
the local flood committee. composed
of W. II. Sawhill. C. A. Ballreich. r.
C. C. Thatcher. NJ. G. Saunders and
John II. Thatcher, that the meetings
OF yesterday of the farm loan bank
head with the irrigation officials and
the farmers. was brought about. and
the general opinion was expressed at
the close Of the afternoon meeting.
that most satisfactory results will fol-
low. While already the farm loan
bank has large sum placed on
farms OF this valley. they are con-
sidered perfectly safe by the farm
loan board. and the desire is to go to
the very legal limit in assisting those
who are at this time in distress.
Some loans already carried by local
banks can be transferred to the farm
loan bank at lower rate of interest;
this Will not only assist the borrow
ers, but will give the local banks n
greater volume OF funds for the gem
eral business OF their communities
senator C. w. Burke. of Bent coun-
~. was made chairman of the meet.
ing. and Miss Vena Pointer. secretary
of the Arkansas Valley Ditch asso-
citation. was chosen as. secretary.
Purposes OF the meeting were explain
ed by Attorney F. A. Sabin OF La
Junta. and a number OF talks were
made by others present.
Among tho ditch companies rep
resented were:
Fort Lyons. c. W. Burke: Orchard
Grove, Martin Simonich. oxford.
l.. II. Phillips: Fort Bent Ditch. Ray
Strain: Hollbrook. NJ. F. Miller. Bes-
semer. C. X. McHarg: Marvel Ditch.
Fred A. Sabin: Catlin Ditch. ]. F..
Gauger; Twin Lakes. j. II. Cowden.
With $3.50. 900 at the disposal OF
the ditch companies that need II. and
with funds practically unlimited for
farmers who can give the required Sc
curity, added to the grit and push
which is already demonstrated to be
strong among the aEriculturists of
this valley, the clouds have cleared
quite materially on that phase OF the
great flood disaster.