The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-01-18
LAND BANK
farm LOANS
St. Louis County Farmers Make
Loans and Have Stock in
Loan Association.

FARMERS OF 81. LOUIS county, SUD-
scribing SIS per share for each 500 they
have borrowed from the Federal Land
Bank of st. Paul, have purchased more
than 81 ,O7O in stock of the Rice River
Valley National Farm Loan Association,
according to G. G. Francis of Cook,
secretary treasurer of the association.
There are several other associations
operating in ST. Louis county, however,
or have operated in this county in the
past, some not now being active. These
associations and their secretary treas
urer are as follows:
Balkan Township Association, G. M.
Beck with headquarters at Chisholm.
Bear River Association, Miles A. Mel
son, headquarters at Togo.
Cook Association, M. Thornberg, with
headquarters at Cook.
Duluth Association, H. N. Peytor of
Proctor, headquarters in the city of
Duluth.
Forbes Association, Mrs. Katherine M.
Tarvas, Iron, with offices at Forbes.
Gilbert Association, c. A. Palmer of
Gilbert.
Lake County Association, VIM. G..
Peterson, with headquarters at Two
Harbors.
Eloodwood Association, Miss A. G.
Dusek of Floodwood with headquarters
there.
MeadowlandS Association, August
Olson, with headquarters at Meadow
lands.
Pike Association, John A. Aspie,
headquarters at Pike.
Warba Association, G. G. Wilcox of
Warba with headquarters at the same
place.
The shares mentioned above, how
ever, are only those representing the
loans in the Rice River Valley Farm
Loan Association.
THE fine thing about the National
Farm Loan Association said the Sec
rotary treasurer, 'is the fact that it is
local cooperative organization. Every
shareholder is a part of the association
and the loan he gets is obtained through
the help of his neighbors. His neigh
bors are partly responsible for the re-
payment of his loan, and he is partly
responsible for the repayment of every
loan made to any other member. This
is true of interest installments and also
of installments on principal. Principal
inStallmentS are suspended for the time
being, but must be resumed after July
IL, 1888
1T may not be fully realized by all
members, particularly the newer mem
bers who have obtained loans since the
emergency lending program of the
Farm Credit Administration was started
in 1888, that our own association is part
and parcel of chain of cooperatives
that have subscribed for more than
$14,266 900 in stock of the Federal Land
Bank of st. Paul Our own share in
the Federal Land Bank is equal to the
amount of shares that our local menu
bers have subscribed in our local Ma
tional Farm Loan Association which was
$1,070 up to short time ago.
1.-The association indorses the mort
gage of each of its members and be-
comes liable for its payment. The
members stock is held by the associ-
alton as part of the collateral to his
loan, and as each loan is made. the
association buys stock in the Federal
Land Bank equal in amount to that of
the new mortgagor. This association
stock is held by the Federal Land Bank
as collateral to our association loans in
addition to the security of the mort
cages. It is this close tie-up of all the
members with each other that makes 1t