Pleasant Grove Review | 1935-02-15 | Page 1 | Farm Loan Group Re-Elect R. D. Wadley President

Farm Loan Group Re-Elect R. D. Wariley President The annual meeting of the Pleas-1 ant Grove National Farm Loan As-j sociation was held in the Pleasant, Grove High School auditorium,! Wednesday at 10:30 a. m. Mr. H. W. Browning, vice president and treasurer treas-urer of the Federal Land Bank of Berkeley and Mr. W. S. Guilford, field service co-ordinator, were present. pres-ent. Fifty-eight members were present pres-ent representing a total cf 1443 shares of stock. R. D. Wadley, president, was in charge and gave a brief history of the organization since 1917. C. L. Warnick, secy.-treas., gave a financial finan-cial report showing there were 68 new loans made during the year 1934 amounting to $189,700.00. This makes a total of 207 loans in force amounting amount-ing to $583,300.00. The election of officers resulted as follows: R. D. Wadley, president; Alexander Lowe, vice president; C. L. Warnick, secretary-treasurer; D. B. Thorne, investigator for Loan committee; and Joseph E. Smith, member of Loan committee. These officers constitute the board of directors. di-rectors. I The Federal Land Bank loans are made at 4y2 per cent interest, for the emergency period on an amortization plan and running for an extended period of time. Where borrowers have found it impossible to make principal payments during these stress times the bank has offered an emergency plan whereby the interest only may be paid and still keep the loan in good standing.