American Falls press. [volume] (American Falls, Idaho) 1907-1937, 1922-02-24
AGRICULTURAL LOANS
BY MARCH FIRST



the Mutual Creamery for s25OO and
the Stickney Cigar company for $1,000.
Strong support to the company has
been assured by the Amalgamated Su-
gar company. the Utah-Idaho Sugar
company, the Globe and Sperry COM
panies of Ogden, the John Scrowcroft
& Sons company, the Consolidated
Wagon & Machine company, the Ore
gon Short Line railroad and various
interests vitality concerned in the
prosperity of southeastern Idaho.
With the improving market for
many agricultural commodities, it is
generally felt that if adequate finan-
cial assistance can be furnished the
farmers for the crop year now gap-
preaching the economic ills of the
communities involved will have been
cured and the pathway to real and
substantial prosperity opened, free of
obstacles. e es shs8
In Hands of Local Banks.
Under the arrangements perfected
for the operation of the company, all
applications for loans and the loans
themselves will be handled through
the local banks. The farmer desiring
a loan on his chattle or crop mort
cages first makes application to his
local banker. This application is for
warded to the executive committee On
the company. which passes upon it.
With favorable action, the applica-
ton is handed to the trustee for the
corporation, who issues ~debenture
bonds in the amount of the loan, these
bonds to be secured by first chatteI
and crop mortgages. Eighty per cent
of b amount of the individual loan
will be acquired by the wal finance
corporation and 20 per cent by the To-
cal bank through which the loan is
made.
Each borrowing farmer will sub
scribe 10 per cent of the amount of
his loan to the capital stock Of the
corporation. Thus three persons, the
borrower, the local bank and the var
finance corporation, have a concern
IN the character and security of the
loan.
To Cost 2 " Per Cent.
The loans will be made to farmers
at tn per cent for a period of a year.
Reasonable advance will be made i'm
mediately upon approval of the loan
applications, the balance to be adj
vanced as the farmers requirements
Tor planting, blowing and other crop
purposes demand.
Other directors of the corporation
in addition to Messrs. Young. Berry
man and Valentine, are r. ]. Conn
stock of Rexburg, A. s. Stanger of
Idaho Falls, James BisseIl of Twin
Falls and George Wedgewood Of Good
ing.
The counties of southeastern Idaho
have been divided into five districts
for the administration of the corpora
tons activities as follows: No. 1,
from Victor south, including the up
per Snake River valley; No. Q, Bing-
ham, Bonneville. Butte, Custer and
Lemhi counties; No. 8, Bannock. Car
rfbou, Bear Lake, Franklin, Oneida
n Power counties; No. 4. Twin
Falls. Cassia and Minidoka counties.
and Nc. s, Cassia, Blaine, Gooding,
Lincoln and Jerome counties.
Better Times Expected.
While preliminary conferences with
the major commercial fdustraal con-
Germs of salt Lake and Ogden have in
dictated the strong support which will
be pOvided, further meetings Of
bankers and others concerned will be
held tomorrow and decisions reached
as to the amounts to be subscribed.
With the company fully organized
n doing business at its headquart-
ers In Pocatello and the assurances
that cash will begin to pour out to
o Who need it most early next
month, a new and better turn is given
to the whole economic situation IN
southeastern Idaho. Coupled with 9TH
er improvements In the general situa-
ton, this new 10 comes as the last
stone for a foundation of the return
Of good times with a capital &C."