The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1922-01-19
WILL DETERMINE WHY FARM
LOAN FUNDSARE NOT AVAILABLE

The members Of the Minot Farm
ers National Farm Loan Association
at their recent stockholders meeting
set the machinery in motion to deter
mine why money is not available fol
farm loans thru the Federal Farm
Loan Bank of St. Paul. The farm
ers of North Dakota are not at al
satisfied with the results in getting
money thru this bank and suspect thai
the money which ought to be used II
North Dakota is diverted to Minnesota
and South Dakota to finance the loans
on the high priced lands.
Halvor L. Halvorson has been auth.
orized to take charge Of petitionsl
Anyone who desires petition may
secure one by writing to Mr.. Halvor-
son at Minot.
We, the undersigned, farmers of
North Dakota, both shareholders and
in the National Farm
Loan Associations, both members and
members of the Farm Bureau, but
residents of the state of North Da-
kota, owning land therein, and in need
Of the benefits which would result
from an active policy on the part of
lIlc l. cucIdl lldIlU DdHh az ocilllC L dul'
Concur in the resolution passed by
the Minot Farmers National Farm
Loan Association at their January
tenth meeting, and respectfully ask
our senators and representatives in
to immediate and effective function
not only not functioning properly in
SLie fo%n I,,f loo1ir1e rs f,,~~ ,scL,
to local associations for
the purpose of applying for loans,
and this, at time when such loans
count rates are low and said bonds
would sell readily on the market.
Resolutions
The following are the resolutions
that were passed:
At meeting of the Minot Farmers
National Farm Loan Association, held
at Minot, January tenth, 1922, the
shareholders passed the following res
olution: -
WHEREAS, the Farm Loan Act
has practically eliminated all private
loan agencies dealing in the farm
loans in this state; and,
WHEREAS, the farmers of the
state can at present obtain loans only
under said Farm Loan Act, or the
State Rural Credit System, and
WHEREAS, the Federal Farm
Loan Bank at Satni Paul is not func-
tioning in this state, and no applica-
ton blanks are being furnished. or
taken for loans therein,
except in very limited degree, some
thing like three loans having been ac-
cepted from this Association during
the past year; and,
WHEREAS, the Federal Loan Act
that it's Board Of Direc-
tors to the extent of six members
thereon, be elected by the shareholders
which has not been done since the act
became effective, and,
WHEREAS, the urgent need of a
rural credit loan agency such as the
act contemplates, exists at this time,
and.
WHEREAS, the shareholders Of
this Association believe that the Sc
,urities issuable under farm loans
should find a ready market if offered
At this time, said securities being in
effect equal to fifteen per cent. in
come when held by persons having
5100, 100000 income, by reason Of their
AK exempt qualities, and said share
lolders believe that sufficient effort
S not put forth to dispose Of said
securities and to furnish money nee
essary and adequate to assist all de-
;irable parties;
NOW, THEREFORE,, BE 1T RE-
that we, the shareholders in
he Minot Farmers National Farm
Loan Association, do hereby petition
our senators and representatives in
Congress that a thoro investigation be
made into the reason for the failure
If said Farm Loan Act to function
and that the matter be also
to the National and State
Farm Bureau and its local units. with
the view of enlisting their aid in
bringing about the desired results,
to-wit:
The operation of said Farm Loan
Act and the Federal Land Banks es-
tablished hereunder, in such a man.
her that all desirable loans needed by
farmers in this and other states, be
available at all times and within
date after application
and that if legislation be
needed for that purpose. such add: