The Powder River County examiner and the Broadus independent. [volume] (Broadus, Mont.) 1919-1935, 1922-03-03
Farm Loan Association
Soon to Be Organized

4 general meeting Of AZ land own
crs in this county socn Watlbe called
for the primary purpose aY organiza-
tion in order to procure FEDERAL farm
loans. This meeting will be held in
Broadus as soon as the roads become
passiblo possibly by tho latter part
Of this month. Definite date will be
announced next week through the col
umns Of the Examiner.
Considerable interest ia manifested
In such an organization as proposed
for federal farm loans cannot be Sc
cured otherwise, and tc. give lnforma-
ton on the subject in advance the Ex-
aminer herewith publishesh the ent' re
text of q government bulletin. How
Formers May Form National Farm
Loan Association 1t follows:
Farmers want cheaper money. They
ought tc have 1t The Eederac Farm
Loan Act aids them to get It.
The operation of this law IL under
the control Of the Federal Farm Loan
Board. The board Is the head Of the
Fedearl Farm Lean Bureau which is
under the TREASURY department at
Washington. d. G..
The Federal Farm Loan Act provides
way Of getting mortgage loans for
farmers at low rates Of interest, at
lengths Of time to suit the borrower
and en- easy terms Of repayment. All
farmers have to do IL to form them
selves into national farm loan asso-
ciations. The government will do its
part In helping them. Farmers can
easily form loan associations as pre-
scribed by the new law. Let US see
how this may be done.
Ten farmers may unto to form a
national loan association. Tha. is the
least number the law allows. and
farmesr only can be members. II
more than 10 get together for this
purpose, so much the better. But #
only 10 farmers are willing to Join
an organization to borrow on farm
mortgage. that number satisfies the
law.
Let us suppose these 10 men are
farm owners. They may all be close
ne!ghbors and know each other well
But they may live some distance from
each other, though being IN the same
community, or district, or county. In
that case they may net know each
other so Well. But that makes do diff
ference. They all have the same thing
in view. They want to borrow money
on farm mortgages at six per cent In
terest. They want the mortgages ia
run S. 10, 20 cr 10 years. perhaps
They want to pay the mortrssesde de;ot
of a little at a time. They know
this will help them and so they get
together.
Now, these 10 or more farmers ir
community call a meeting. 1t may
be held in schoolhouse. hall. a
church, or in one Of their houses most
cory enient for them all.
When the farmers have come to-
gether, they discuss the subject infor.
maliy and decide to form themselves
into an association to borrow money
on mortgage. They appoint commit
tee to draw up articles of association
These articles should set forth the
object Of the association and the ter.
ritory within which it proposes to &c
business. They may follow Il pre-.
scribed form furnished by the land
bank, or they may be modified to suit
the needs Of any particular body o1
farmers. But nothing can be included
in the articles of association that Il
contrary to the letter and spirit o1
the law.
The farmers who thus unite them
selves into a national farm loan asso
citation then sign the articles. \ cop,
CT them Is made to be sent to the fed
eral land bank Of the district within
which the association is situated
When the articles of association ar,
received by the land bank they arr
filed for future refernce.
1non nnr,vuitoo NJ fbrA., n, no ~
must be appointed to pass on leans
A written report is drawn up by then
efter they have examined the lands
The committee examines the farms ant
farm lands for the purpose of ap
rraising their value. The report o
this loan comm 'ttee, signed by al
land hank with the articles cf asso"ia
tion. All three ,nembers must sign tn
report or It will he worthless. Th
land bank will not consider the re
quest for loans unless all three n1em
hers sign their cport about the valu
of the farms. Their report shoul,
state distinctly that the said commit
tee had examined the lands and ap
praised their values. The lands an
farms should be described. and tn
value Of thoseu pom whic1, the mem
besr desire loans should be stated.
1t is very important that the loa
committee put Just valuation on tn
lands. Care should be taken not
put the valuation too high nor too low
The former would be rejected by tn
land bank: the latter might proven
| the farmer from getting as high
| loan en- his farm as he wanted.
Loan committees should remembe
that their apparisement is only pre-
l!minary: It IL not binding Oh the Fed
eral land bank Of their district. Fa
later on the land bank will serd II
own appraiser to fix his values on th
same farms. It would be a fine thin
for the members OF the association
the two Independent ~appraisements {
the same farms should come close Il
gether. Il would prove to the e1fIce,
Of the land bank that they were deal
ing with an upright. intelligent bod
Of farmers. That would be NOR:
and Intellectual credit to the comras
nifty. II certainly would help the
dnaacial credit. SO loan ccmmitt.l
should be fair at the beginning. Il
them fix' 1net values on ne farmo