The Mason City Globe-Gazette from Mason City, Iowa on March 8, 1939 · Page 23
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March 8, 1939

The Mason City Globe-Gazette from Mason City, Iowa · Page 23

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Mason City, Iowa
Issue Date:
Wednesday, March 8, 1939
Page:
Page 23
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MASON CITY GLOBE-GAZETTE OAN ASSOCIATIONS--Assisting Needy Farmers Farmers Outnumber Lawyers in Iowa ieneral Assembly DBS M O I N E S, (IDPA)-- Farmers outnumbered lawyers [in the membership of the 48 * general assembly, an Iowa Daily Press association survey showed Wednesday. Tillers of the soil count 47 members among the 158 legislators while attorneys are close behind with 44 of the seats. The lawyers outnumber the farmers in the senate, 18 to 15 but the farmers make up the deficit and then some in the house. Representatives and senators vhp deal in insurance and real state are third in the membership with 10 seats while physi- cians and merchants control seven seats each. Next in line are the five lumbermen with four former county sheriffs numbered among the law makers. Druggists, produce- dealers, salesmen and ministers each have three scats with editors holding down two. In addition to these various occupations there is one nurseryman, teacher, public service man, theater manager, banker, garage men, barber, abstractor, mailman, railroadman, florist, electrical contractor, hardware dealer, fuel dealer and manufacturer in the two bodies. Use soft water in tractor radiators whenever possible, to prevent liming up the cooling system, advises Otto Bisinger o£ Monmouth, Iowa. inn M A S O N C I T Y , "Good Morning'' Frocks Are Have . Cheerful Colors Crisp and Every Inch Has .-. Style 78 and .57 ;) "if Materials; Linen Challis , Percale Shantung Patterns:! Plaid Stripe F Polka Dot Garden Prints Sizes? .14 .to 52 r Mezzanine Floo*. Organized by Groups ·* of Farmers By FREDERIC J, HASK1N WASHINGTON, D. C.--In this era of co-operative financing no institution is doing so much for cial. the farmer as the national farm loan associations. Time was when farmers who desired to' borrow money had to make arrangement with some private lender or bank. In many instances this was not always easy, for the individual lender usually had more applications than capital, and banks, especially in small communities, where not always in position to make loans on long terms. Thus farmers were often left to shift for themselves regardless o£ their security on which to obtain a loan. That condition has not been completely removed, but the changes made by loan associations have brought a new era for farmers. A large per cent of farmers who now borrow money receive aid through national farm loan associations that came into existence as a result of federal land banks. There are approximately 5,000 of these associations, and the co-operative assistance of members has done much to make it possible for many farmers to. procure loans who otherwise might find it difficult. Organized by Farms The national farm loan associations are co-operative organizations of borrowers through which federal land bank loans are usually obtained. These associations were organized by groups o£ farmers for the purpose o£ obtaining their farm mortgage credit co-operatively on a long-term repayment plan through the facilities of federal land banks. Groups of farmers --at least ten in each group-with a total of at least $20,000 of applications for mortgage loans, submit to the land bank their applications for loans, articles of association, by-laws and organization plans, and make request for a charter. After appraisal of the applicants' farms and investigation of the organization, groups meeting requirements are given charters. The two principal functions of the associations are to indorse federal land bank loans and collect maturing installments. In some instances federal land banks depend on associations for the management and sale of farms owned by the bank. Confined to Farmers National farm loan associations operate under the supervision of the farm credit administration. Membership 3s confined to farmers and livestock corporations obtaining federal land bank loans on farm property. Each member subscribes to stock in the association equal to 5 per cent of the loan -he desires to obtain. This terminates when the loan has been repaid and the stock in the association owned by th« borrower has been retried. A member's stock Is pledged with the association as collateral security for the loans endorsed by it. The association in turn subscribes to an equal amount of stock in the federal land bank. This stock is held by the bank as collateral security for the loans endorsed by the association. When the borrower pays his loan in lull, the bank retires its stock which was subscribed by the association at the time the loan was made. Methods of Securing Loans In localities where there is no active association, the district land bank may direct loans to farmers. Borrowers obtaining direct loans subscribe for capital stock in the bank in the amount of $5 for each $100 or fraction thereof borrowed. A farmer who obtains a direct loan may agree that he will unite with other borrowers to form an association, when there are ten or more borrowers. A farmer who desires a loan on a farm applies to the national farm loan association operating in the county in which the property is located. Since there are some 5,000 national farm loan associations in the United States, practically afl agricultural eoimr- Oes are served and most farmers have reasonably convenient access to the office of an association. When the association receives an application for a loan the security is appraised by the loan committee of the association and the application and appraisal report are acted upon by the board of directors of the association. If approved, it is submitted to the bank. The security is then appraised by a land bank appraiser, who is an independent offi- 260 Rats Killed by Eight Men and Dog M IL F O R D, (/P)--Eight men and a dog killed 260 rats in a nest at the bottom of a corn crib on the Floyd Gottsche farm west of here. Gottsche estimated the rats had eaten 250 o£ the 800. bushels of corn stored in the crib in 1937. . NEWS about suits to meet THE VIEWS OF (With apologies to Arthur Pickford) FARMERS We Know These Suits Will Please Our Many Farmer Friends (and Their Sons) Because --they have everything the farmer needs in a suit of clothes --they are all new style*--for both young men and their dads --they are every one all wool --they are all hard finished "^ --they are all Q ildn " . N - 1 uaranteed --they come In all sizes, 34 to 46 --they are made in regulars, shorts, tails and stouts --they come in grays, blues, greens and browns --they make one of the greatest assortments of $19.50 suits ever.shown in North Iowa Complete Stock Throughout the Season · Also--see oar new slock of gray, green and tan- all wool spring Top Coats .50 VISIT OUR THRIFT DEMONSTRATION ROOM A. great display of thrift clothing--suited especially to the needs of farmers. Clothing for work and dress of Gildner quality--at Gildner thrift prices. Home of Oshkosh B'Gosh Overall* . . . . $1.49 _ __ All Sizes Cat to Know On Federal --· Opposite the Park

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