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Show Farmers Study Loan Program Plan Would Strengthen Farm Borrowing System Cache County farmers who have paid their Federal Land Bank loans but who have not received full credit for their stock in the New Cache National Farm Loan Association would recevie the full par value of their shares under a plan that is being offered by The Federal Land Bank of Berkeley to all national farm loan associations associa-tions in -'Arizona, California, Nevada Ne-vada and Utah. A meeting to discuss this proposition pro-position was held at Logan last Wednesday. Details were explained by Willard D. .Ellis, land bank president, and, Walter , C. Dean, vice president. Directors D. M. Blckmore, Hy-rum Hy-rum Woodward. E. W. Bingham, I and George S. Daines and Secretary-Treasurer L. 3. Christensen 'of the New Cache National Farm jLoan Association attended. The plan, according to Secretary-Treasurer Christensen, stipulates stipu-lates that the Federal Land Bank will provide funds to pay retired stock claims of former borrowers who did not- receive the par value proceeds of their stock when they paid their loans. Provision will be made to so safeguard the financial finan-cial condition of all associations that the hazard of stock impairment impair-ment in the future will be greatly reduced. Consolidation of national farm loan associations and enlargement en-largement of associations' territories, terri-tories, where such action will effect ef-fect savings in operation, conserve manpower, and improve service to members, is also contemplated in the new reorganization plan. j Experience during depression years proved that some associations had too naiTow a base of loan risk and, as a consequence, were unable to pay stock proceeds when members paid their loans. Now the Federal Land Bank offers of-fers a plan which will strengthen the whole farm loan system. Secretary-Treasurer Christensen warned that some persons who hold claims for unredeemed association asso-ciation stock may receive offers of purchase at less than par value. val-ue. All such holders are hereby advised that the national farm loan association which issued the original stock will be in a position posi-tion to pay the claim at par val-1 val-1 ue if and when the reorganiza-I reorganiza-I tion plan becomes effective. |
