The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1922-04-20
SANCTIONS NATL
FARM LOAN ASSN
LETTER FROM LAND BANK AT
SPOKANE OUTLINES PLAN
FOR NORTH FARMERS

At the request of numerous farm
ers residing in the country north of
this city, Attorney -Arlie " Foor his
been in correspondence with the Off
cials of the Federal Land Bank OF
Spokane with reference to forming
National Farm Loan Association
for this end of Roosevelt county.
He has finally received a definite re-
ply that conditionally authorizes such
an organization, suggests the plan of
procedure, and assigns the name
Roosevelt National Farm Loan As
sociation." The letter follows:
"In accordance with your request
on the matter of the desire of farm
ers in that locality to organize nat
ional farm loan association, regard
ing which there has been former cor
respondence, we are forwarding you
today under separate cover organi-
forms for irrigation report, and cir
zation papers, loan applications,
culars, all Of which we trust will
reach you and receive attention.
"The enclosed circular illustrates
the terms and conditions under which
applications can now be considered
In addition to the small fees charged
by the bank for appraisal and exam
ining title, an association may charge
applicants not to exceed one per
cent of the loan to meet association
expenses. Once a loan is completed
from the Federal Land Bank, it needs
no renewal or further attention, pro-
vided the amortization installments
be cared for
while the bank is not definitely
making allotments, we hope to be
able to care for your people if char
ter can be secured and the security
found acceptable.
What we would now recommend
would be to get, say about fifteen to
twenty good, qualified farmers who
want to make loans on their farms
and who can qualify as actual farm
ers and furnish good security, and
have them hold meeting and each
one of them sign the Articles of AS
sociation, stating thereon the amount
he desires to borrow. The meeting
would elect from those who sign the
Articles of Association five direct
ors. The five directors then would
meet as directors and elect one of
themselves as president of the assoc
alton, another as president, and
appoint the loan committee provided
~ law, with necessary substitutes.
he loan committee would have to be
:hosen from the members, but direct
RS may serve on the loan committee.
Zach and every person who signs
he Articles of Association should
make out an individual application
or loan, filling out the form pro
erly and clearly. The APPLICATIONS,
7hen completed by the applicants,
hould be handed to the doan COM
littee, who would, after proper in
make its written report,
nd each member of the loan COM
littee would have to join in the re-
ort. The loan committee may ap-
olnt an investigator. The directors
1en pass upon the report of the
,an committee. The forms are in
ended to be easily understood and
ley should be filed out clearly and
"On all irrigated lands the report
\ irrigation should be filled out by
lie applicants.
Please remember that no one can
: a member of a national farm loan
sociation other than borrowing
rmer; that no one can be an officer
an association who is not member
her than the secretary treasurer.
would be advisable to get fifteen to
venty, or more, qualified persons to
yn the Articles of Association, each
e of whom should file an applica-
m, for ultimately ten would have
qualify as a basis upon which
arter could be secured. Those
\ would have to qualify by accept
: in writing the amounts which the
nix could approve for them in sums
$4,000 or more.
'If there be any further inform
on desired, write Us and we VIII
glad to cooperate with you in or
e zing an association there
u prevent duplication Of names,
give your association the name
title of the Roosevelt Nation
Farm Loan Association"
We wish to impress on your peo-
earnestly the fact that progress
i be assured only by your farmers
ng reasonable, fair and accurate;
by your admitting only qualified
reputable farmers who can fur
h unquestioned security and be
,ected to observe their contracts.
Yours very truly,
ID G O'Shea, President"