The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-04-09
FARMERS TO Benefit
BY BIG BOND ISSUE
ARRANGED FOR USE
BY WILLIAM r. SANBORN

by VlLLiANl SAINOonN
This story of millions will appeal to
the farmers, as it is their money,
available to them as borrowers
through the Federal Land bank at
Louisville. The facts cited were pre-
scented at Indianapolis on Thursday
by Leonard B. Clore. treasurer. for
the benefit of the secretaries and
treasurers Of the SO Indiana farm loan
orga nizations doing business with the
Land bank, who were present at a
called meeting. Mr. Clore happened
to be in Indianapolis on business and
was invited to address the gathering.
The meeting was called to select
delegates to the meeting of the Ma
tional Union of Farm Loan associa-
tions to be held in Washington, April
20. 1t being the sense of the gather
ing that Indiana farm loan men had
no interest in promoting that combl-
nation, no delegates we're chosen.
Definite steps were taken, however,
toward the organization of the secre-
taries and treasurers Of the farm loan
men into an association for mutual
benefit w. C. Coryell, of Marion,
acted as chairman and n. G. Mckn-
ley, of Richmond, as secretary. At
the close of the session the following
were named as temporary officers to
hold until the organiZa ton shall be
completed in permanent form. with
state charter, etc: President. j. {.
Sanders, Columbia City; vice-presi-
dent, William c. Coryell, Marion; H.
B. Randolph, secretary. Noblesvllle;
and r. S. Fouts, of Greencastle, treas
urer.
1t is expected that there will be a
general meeting of the new body at
India napolis during fair week, when
the organization will be put on per-
manent basis.
Farmers Pay Promptly
Treasurer Clore, of the Federal
Land bank. stated that both the fed
eral farm loan board and the Federal
Land bank favored such organizations
as those present had met to form. He
then proceeded to give out a lot OF
interesting figures as to what had SO
often been accomplished in this dis
trict for the relief of the farmers
through the various farm loan organ
izations dealing with the bank
The district includes Indiana, ONO
Kentucky and Tennessee.
During his talk MI Clore stated
that since the first farm loan was
made in March, 1917, $27,S25,40 had
been loaned in the Fourth Federal dis
trict. up to March 81 of this year.
There had been $3.50 farm borrow
ers up to April /, and these had paid
off and retired loans amounting to
S1,319,4OO to March 81. There mad
further been a reduction of S44loO
in principal by partial payments, while
interest in the sum of $2,447 ,SS2 had
also been collected.
The payments on interest account
had been so prompt the speaker stat
ed, that only on one occasion was
there any past due interest collect
able on the last day of any month.
Owing to the death Of borrower.
whose estate was in the hands OF an
administrator, there was an uncollect-
ed interest balance of $500 one month,
this being the only time that such
report had to be made. This rec
ord has not been equalled by any
other land bank of the twelve cover
ing the country" said the speaker.
Big Bond Issue Arranged
Within the next 10 days five OF the
largest bond concerns in the United
States will announce the offering OF
from forty million to sixty million
dollars worth of farm loan bonds. 1t
is also said that on April Is applica-
ton blanks for farm loans will be
sent out to the loan agencies. and to
farmers who already have applied
for them. This will be good news to
prospective borrowers in all parts of
the country.
The purpose of the law is that the
farmers shall eventually own the fed
eral land banks, although the govern
ment originally subscribed S742.265
out of the capital stock total of $3.50
900 used to esta blish the land bank
in the Fourth district. This stock has
been reduced by $4,000 through
earnings, according to the trea surer.
the cash supposedly retiring the gov