Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1933-06-22
FARMERS MAY NOW
GET LOANS under
new FEDERAL PLAN
Four Secretaries IN County
Now Ready to Receive
Applications

S...rxs mrs.~ If f.,zr Federal Land
Rank Para Lean associations i'm
Sheridan .x,ssufx arY ready Ia r.
ceix- applications for real estate and
personal rr.s~.rFy leans under the
term. If President Rsrys1yeIfvs new
farm, mort 81 law
Ii waS generally conceded that
this i the most liberal loan eyer
offered To- lii. nations farmers and
rhos.. In touch with the administra-
ton OF the act expressed the opinion
that ii will have rapid and perman-
eut effect in rehabilitation Of north
eastern Montana-s agricultural IN
ferrsrs-
The. four associations i'm Sheridan
county with the names Of the sec
rrfaries are. Liberty association at
comerfown. H. T. Fitzgerald. Ante
Iog#. X. II Leland. Outlook, Frank
Rooster. Outlook. Iagmar. Chris
Madsen.
G. G. Nav. representing the Fed
ernI Land bank If Spokane. who has
l-een In charge If the banks work
i'm Sheridan. Daniels and Roosevelt
counties for Sanae time. told the
Herald this week. that NIL apfIica-
tlons for the new loans must be
made through secretaries of the As
soc~iafions. aud that ma agents would
he authorized 10 receive apTIica-
lions
1t was explained that these loans
differ from these made through the
Bank I'm tine Exz~f in that they will
I've direct federal leans made thru
the Farm Lean Commissioner The
principal difference fsetw ZEN Fed
eral Land bank loans and Com
rnisSionerx- loans il that the land
hank loans are made only ON the
farm property and eann0t exceed 30
percent of the normal appraised val
nse Of the Land plus 20 percent Of
the insured and permanent improve
naenas. where ~ the Commissioners
loans. such as are NOW to be made,
NAV be - percent of the Normal.
appraised value and second mortgaE-
Is ON personal property may be az
cppfed-
To ScxSc Down Debts
lit il expected. through these
loans. that there viii be d subsfan-
tial Srale-dowu i'm fhe debts of many
borrowers I'M Sheridan county as
well - all over Montana and the
northwest. IL farmers getting the
loans will he able to offer rash for
settlement Of debts which he might
not otherwise he able to pay.
Commissioner loans are being
made to reduce and refTnaner farm
er's debts on a longer term basis. to
sunrlv working ranitsl and to ref
nance fprsxiosexI farms. The coElatf
eral asrx4g,tess i first or second mort
cages uraeu nm or m part of the
farm property. real or personal. in
Guiding crosss- OF course. before the
Commissioner makes a second mort
I'm re loan he win nh the holder OF
Ii first ms.rt sxa~p to waive fore
closure right lin nee with the
COMMISSIONERS regulations
Loans are limited to a maximum
of 5000 each These loan plus aII
prior mort = or other evidences
of indebtedness secured by the farm
property may mot exceed % percent
Of the appraised value thereof
During the first three Years the
loans are In effect borrowers Will
not be required to make Pa mems
on lhf pfaheapaL u anFt oHe hos
oah@fAAsf IN ntiahi@ AAAh l-SpTe. "
ans s"'"aa'"ns " covenants W an
- - s.Is.1
- III a--~a-- ~.
-. 1 -
- - nL -
nos,sa- -. 1-,r...,~ssn.a- 60
49, - - - - - !.
made through the Federal Lane bank
under terms az fhe Emergency
Farm Mortgage act. The rate OF in