Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1922-04-28
FINANCING TIE FARMERS

s-iie1 afforGed 70 Idaho Farmers By
the above company.
The Idaho Agricultural Loan Com
pany was f'rnled solely for the pur-
pose of assisting Idaho Farmers in
producing and harvesting their crops
Incorrect information and many mis-
understandings are uppernost in the
minds Of several Idaho bankers and
farmers as to the function OF this COM
lpauy-
The entire plan is based upon the
arrangements made with the War Fl
nance Corporate n. through Mr. Ell
gene Meyer, IT., Manager. his repre-
se7tatiyes, and in co-operation with
the idaho agency Of the Corpora tfon
and the Clearing House banks Of Salt
Lake and Ogden.
The present plan is the result Of
series OF conferences and understand
ings between the War Finance C0rp0r-
alton and officials OF this company.
and il must be remembered that this
company can only function By strict
! adherence to the plan as aDprc-ed-
( One Of the first. conditions imposed up
on this ORGANIZATION IS that the vari-l
Gus idaho banks in the territory served
: bv this company. enter whoIe-heart-
edly int the Plan by subscribing stock
{ in this company. These stock subscrip
tiOns. together with subscriptions by
numerous wholesale and business firms
form the basis for the loaning power
q this company. Loans can be made
up 70 five times the amount Of paid
in cagital stock.b but ans can only be
submitted through hanks that tie
stockholders in this company. There
fore IT behooves every farmer 70 urge
the bank OF which he is q customer
70 join the company 80 thar the farm
er can submit his application through /
his bank. u re than fifty hanks hav.
entered their stock subscriptions and
applications are coming in daily for 1
approval but many farmers have +
written this company deploring the I
fact tnat they could not get a loan. I
,necause the bank OF which they were I
customer had not seen fit TO join the 4
company. It IS unf rtunate that this 4
condition exists ana il is up TO those
Dahls who have not entered their sub /
scription 10 do so AT once.
This company Is now approving
loans and it Is expected that funds will +
be available in not Z exceed five days
from the time the borrowers appIiea-
tion is sent in from his bank. 4 rep :
resentative Of the War Finance Cor I
is located in this city and will d
pass upon all loans in cooperation
with the executive committee Il this 7
company. Loans do not have to go 10
Washington for approval and as many
shortcuts as possible have been made.
IN order to facilitate the closing Of
al lCans.
great deal of stress has been 7,
placed by various people upon the 4
cost 10 the farmers Of making loan. a
Assume that farmer desires 10 Dor a,
ow $4,000. the procedure will be as Il
ollows:
Ie will go TO his bank 10 make the :,
pplicat-n and must offer a Chattel y.
mortgage on his livestock and mach
merry, and crop mortgage as security
or the amount of money he desires
D borrow The funds on the loan will
e made available through his bank +,
l installments as the farmer needs :.
hem TO mature his crops and he will -
tate in his applicatf n the date and -
mount desired in each installment =. -
nd for what purposes the money is :.
be used. "a
All loans mature on or before De- -
nber 18th, 1922 and interest will be
the rate Of n g per annum but the
rmer has TO pay interest only from
e time each installment is disbursed.
the loan IS paid of before maturity. =,
terest viii cease when the loan Is -
i'd A farmer is required Il take our
e Of his loan IN stock IN this COM
ny which is withheld from the first :
stallment Of the loan and is pledged
additional security. but this money ?
n be returned to the borrower when
E company IS dissolved. less losses. 80
any did
rhe total expense to the y grower 0f son
king a loan cannot exceed $1,000 y
ich includes the recording fees. re- VIII.
der's certificate. the making ont OF the,
papers and inspection Zee. II che cav
'rower's bank viii make ont the Pa sre.
IS and make the inspection free 40 The
rge. which Is being done in most vhe
'ances the tor1l expense So - rll aft6
over $500. Bay
ire insurance wiz only De- Required er
certain crops ana the prewrm n'l hifr,
exceed $500 on $4,000 icrn 30 k
} insurance VIII Dee required only
hose districts shown on nsuuncr
many mans IS han districts ari HHs
nem when required Vin rof eN-
f30N0 on a $4,000 ioan. rfe eN-
ie ~ hail Insurance cann } bf con- ~
Iei an expense of rht i0ar .lsef
fle rfssau lhaf f borrower IS
Dan district na needs Iaa rrrf.r. r
f0r l'asa'f ~ neN as tl Irrf.t ks,
aF. ant iIa nli Insurance rr
81 ur.E. .f H NNr.UaH f.