Arizona republican., 1922-05-15
FARM UNIT LAND
ELIGIBLE FOR LOANS
OWNERS GOOD NEWS

MESA, May 14-C. c. Clement. sec
retary-treasurer of the Maricopa
County National Farm Loan associa-
ton, Mesa, has received a letter from
Carl Hayden, congressman. enclosing
a printed copy Of the bill committed
to the committee of the whole house
and ordered to be printed on May 4,
1922, making farm unit land eligible
for loan under the farm loan system.
Later advices that the bill had passed
and has now become a, law. effective
Immediately. has been received, which
is certainly good news for the many
farmers who have farm unit land, and
who have been heretofore unable to
secure federal loan by reason of the
technicality which It has not up to
date been possible.
1t is gratifying to receive the news
OF the passage of this bill because il
means that upward of $150,000 in ap-
plications already submitted to this
association may now be accepted and
the applications put on through with
the Federal Land bank of Berkeley
for closing, and we wish to assure the
farmers that every attention will be
given these applications in view of
loans as may be applied for, covering
this class of land.
The Maricopa County National
Farm Loan association was organized
on April 4. 1922, and on such date
chartered by the farm loan board.
with at that time initial allotment of
cash to the first loans of the asso-
citation in the sum of $50, 900. The
association has received UP to this
date, in applications, a total of $957,-
500 approved, and there is before the
office for action additional applica-
tions amounting to $4,000, making a
total of S1,004,9 900 in applications re-
ceived by the association up to May
IL. 1922. Actual loans closed and
the money in the hands of the farm
ers. since charter was granted, April
4. 1922. amounts to $51 400, and addi-
tional loans now in process of closing
amount to s133,100. New mortgages
and notes, with remittances from the
Land Bank, are being received in
connection with new loans. which are
to be closed as rapidly as the indi-
vidual cases can be worked out.
The initial organization was at
fected on November IL, 1921. since
which date applications have been
received.
Our experience in closing these
loans proves that the farmers in
making application must be very
complete and accurate in giving in
formation asked for in the applica-
ton. In several instances infornla.-
tion has been omitted which has
come to light through the title re-
port of the Land Bank Of the local
which has necessitated
considerable effort and time to
straighten out before loan would be
permitted on the property on which
application is made. 1t will save in
all cases considerable time by the
applicant being frank and thorough
in giving this information at the time
o. making application. 1t is the pur-
pose of the farm loan system to help
the farmer to the greatest extent
possible. however. a conservative loan
is compulsory under the act. We find
that a good many are able to secure
federal loan money in order to make
up what may be lacking in order to
farm loan. Arrangements are being
made whereby valuable assistance is
given the farmers in closing his loan
in this connection by securing this
class of money and help which is in
so many cases seriously needed.
The board of directors of the Mari
copa County National Farm Loan
are as follows:
A. G. Austin. Chandler; E. D. Solo
mon, Mesa: A. NJ. Cobb. Mesa: NJ. NJ.
Crandall. Gilbert: j. w. Lesueur.
Mesa; Henry L Peterson, Chandler;
Fred r. Smith, Phoenix.
The loan committee is composed of
three members, namely: Henry L.
Peterson, NJ. NJ. Crandall. j. W.
Lesueur.
The offices of the association are at
90 Chandler Court. Mesa. The asso-
citation is authorized to do business
within the entire county of Maricopa.