American Falls press. [volume] (American Falls, Idaho) 1907-1937, 1922-02-24
GIANT LOAN CO.
READY TO SERVE
COUNTY FARMERS
THREE LOCAL BANKS SUBSCRIBE
QUOTA NECESSARY TO OBTAIN
WAR FINANCE MONEY-FISCAL
AGENT TO BE APPOINTED.
DIRT" FARMER BENEFITS
Organization Formed at POcatellO FRI
day Elects Joe Young President,
Subscrlbes 100000 Paid In Stock
Permitting $3,OOO,OO0 Loans VIII
Increase Subscriptions.


Power County banks have subscrib-
ed 100 percent to the paid in stock of
the Idaho Agricultural Loan Company
which within the month is expected
to be making loans to local farmers
on security in the nature of crop and
chattel mortgages. Three hundred
thousand dollars had been paid into
the company Wednesday morning, in
the nature of capital stock subscrip-
tions, emitting the Company to make
loans to the amount of $3,000,00
When several large corporations like
the Oregon Short Line, the Consolida-
ted Wagon and Machine Company and
the Salt Lake and Ogden Clearing
Houses have subscribed, it is estimat-
ed that the paid in stock will amount
to approximately $1,000,000 enabling
the company to make loans aggregat-
ing $4,000, 900 in fourteen counties Of
southern Idaho
Positive Assurance Given,
This positive assurance follows a
meeting of the South Idaho bankers in
Pocatello Friday at which time the
Company was formed. One hundred
and twenty eight thousand dollars of
capital stock was subscribed at this
meeting by participating banks, a
board of directors was elected, an ad-
visory committee named as wei as a
president and secretary. Joe F. Young
OF Pocatello, manager OF the Idaho
Wholesale Grocery Co. and one OF
those long intedested in the project
was elected president, Finis Bentley Is
acting secretary and Carl Valentine
of the First Natioal Bank of Pocatel-
10, vice-president.
Power County a Unit.
Details in the plan of organization
are now being worked out at POcatel-
10. 1t is probable that Power County
will be named as one loaning unit
with representatives of the banks as
an advisory board to pass on loans.
The advisory board will select a fl
nancial agent to handle the detail
work involved, which will be a tre-
mendous amount.
The advisory committee will sub
NIT loans to the central committee
which in turn will submit them for
the examination of the state War FL
nance Board. The company hopes to
be able to handle loans by March
first.
War Finance Loans will take prece-
dence over all other titles. The Fed
waive priority for loans made through
the War Finance Corporation. The
loans will be advanced as needed thru
the season.
Result Local Work.
The Idaho Loan Company is the di-
rect result of several months work by
Senator j. T. Fisher, Judge o. r.
Baum and Col, L. L. Evans of Amer
lean Falls. Their original company,
The American Falls Cooperative Agri-
cultural Loan Company was concefV-
ed for the same definite purpose and
the process of its organization has
been followed in the Idaho Loan Com
pany The larger company was form
ed following meeting in Salt Lake
where it was stated that all agricul-
tural loans for the valley would have
to be made through one centrally To-
Gated agency.
The Salt Lake Hardware company
Friday subscribed for $4,000 in stock,