Show FUNDS AVAILABLE T TO HELP FARMERS FAR ERS lacklan any boust coust lerable amount of cash on hani haul in fit the state land food lal lot accounts for berding out to firmer of tile lie states state john T ellrod Oll rod tale state land commissioner has decided to t place at their disposal close to to oo in bond bonds now colnel own I 1 by the state fund funds taking five yet an I 1 ter e ir notes I 1 ie e said paid yesterday the commis stoner is willing illing to utilize entry pos poi sille means to provide funds tor for the farmers of utah at a time when they are sorely in nee teel I 1 cf but are unable to obtain it at their local bank banks to take adan advantage tage of this offer the borrower will virtually late lae to par from 7 to 8 per cent anteal I 1 of the 11 leg il rate of 0 per cent tent obtainable should shoula be be able to wait for a cash loan loar from the state land jana commissioner but in ill the prefect present con llalon of the money mar mat ket in utah many farmers are protest ing g that it la is not so much a matter of the the rate of interest inter cut to be paid as the obtaining of money at any tiny price mr ur now has on tile file applina eions in excess of la in farin farm loane loans letters of are coming to his office every day be he states ai as to when the state will be able to tend tie tl e writers need the money at once either to make necessary necessity improve lent on holdings or to meet obligations already incurred and low falling all iii dac due the aim of alis tl office said aid mr ur win will be to place at the dis ills dosal of abe t s tanners of the state all the bonds we hac lime ni as well as any other funds fonds that we can make available aal lable at rates of interest that are not excessive in the present market and at a time when the banks of the state as those of all other states are unable to care for the far farmers mera the banks are not in position at the pros pres ell eat t 1 lime to make many loans of any kind and any loans that are being made are on shott time paper end nd at rates of 8 9 to 10 per ent eat interest the functions of this office as in dilated by the lawa laws lo 10 1 are first to bring the rate of int ast 1st al lowed by law 6 per cent to all the principal in the office chief ly of course the state echal 1 funi funt principal and second to ue use the moaby where it will da do th state ani and itsell its tit eizens the greatest possible good I 1 As an example of what the land commissioner am missioner li Is planning ings it may be mentioned that he has in his custody of state roal bond bonds issue of 1917 and of state road bond bonds giue of 1019 1010 these obligation st due to n twenty years bear interact inter ct at tit 4 per cent bome of the most reliable bond lending ing house houses whom mr vr has consulted con cited state that these bonds will bring on the pre present sent market aal rox ml tely SO 89 cents on the tile dollar a utah farmer former tomes to mr ol 01 aroi d a office offering amyle tf fe curit curl ty lut I 1 ut ia to dire need ns Is ii frequent ly tl it e case of ready realy money moneys it 1 e corn com ml ioner is I 1 unable to make a cah call loan 10 to lim he ile can boeer ho eer ofir him hint road in lieu of cad casl anil charge 6 per cont interest on tin loan if the citizen wants v ants a loan of 5 th ahm can ako he him five 1000 state road I 1 onda alie ng the doali oan on the land commissioner look looks at cash with ith interest inte reit it 6 per cent tl tie e commissioner can alo altos as a result of ills hi inquiries among ama it 11 I 1 ond oria ig aig house houses tell tie c cj stomer where bese these bond bonds can be marketed fora tor say 83 cents cc Is ou on the dollar tua tid the bor lurer io er obtains 12 1210 in cash in lieu of 1 ils n note ote fer for at 6 per cent cents occur ed sm by a first mortgage on fal roved f farm a land worth at in the ease c a of 0 f the state road bond bonds and of other securities of this charne ter mr announces that he Is willing tv make the note payable in tea tem years clai ising the am discount as if it were interest paid lu in advance advances and dividing it throughout the ten veara vears the borrower will practically be pacing payin g for his amonoy at the rate of per year for ten years ai as interest this as commissioner figur se make makes the he interest rate 7 per ceat cent per year considerably under the prent eat market |