THE HUTTIG NEWS.
DEVOTED TO THE INTERESTS OF SOUTHEASTERN ARKANSAS AND UNION COUNTY.
VOL. XI. NO. 3
HUTTIG. ARKANSAS. SATURDAY. MAY 19. 191?.
PRIGE. $1 PER YEAR
To farm Loan Associations.
Copy of a letter to W. R. Rice,
secretary-treasurer Benton Coun
ty National Farm Loan association
—what this land bank is doing and
when it will be making loans:
St. Louis, May 9, 1917.
My dear Mr. Rice:
Your letter just received, and as
the questions you ask are those
that naturally come to the mind of
members of a national farm
loan association or the individual
farmer who hopes to become a
member of such an association and
thus be efgible to borrow on his
farm lands from this land bank in
this district, 1 am going into some
details so as to answer your ques
tions fully.
First—I want to call attention to
the fact that this land bank was
only chartered and organized to get
ready for business on March 1,
last. We have, therefore, had
these past two months March-and
April—in which to get quarters,
work out the many forms for the
National Farm Loan association
and the necessary book forms for
the bank, and have these forms
printed, after being finally appi oved
by the farm loan board, and ready
for use. Sixty days is a small time
in which to do as much work as has
been done by this bank in this di
rection.
Now, farmers who are members
of the National Farm Loan asso
ciations that were organized last
fall, must naturally feel some dis
appointment in the fact that their
land bank has not begun operation
and is not now actually lending the
money to them—unless they stop
to think and consider the facts as
outlined in the paragraph above.
Second, the next step necessary
for this land bank, and the most
essential one of all, was to deter
mine a permanent and rapid outlet
or market for our farm loan bonds,
for when you understand that five
appraisers working in Illinois. Mis
souri and Arkansas, would be able
to absorb this bank's entire capital
in sixty days' work, you will readily
see that we must have a market
for our bonds issued against these
mortgage loans, so that we can im
mediately convert the bonds into
money and continue making loans.
This immediate conversibility of
our bonds is the point that has
been occupying the attention of
the members of the joint commit
tee on currency of the senate and
the house of representatives, and
the entire federal farm loan board
at Washington. We are advised
that this question will be finally
settled in a way that will result in
a contract that is soon to be closed
for the purchase of one-half of all
the bonds issued by all the twelve
land banks for the next six months,
at par, leaving the land banks only
half of the bonds that they may is
sue to sell to the public.
This land bank is now receiving
subscriptions to its farm loan bonds
from the public and, from the nun -
ber of subscriptions that are com
ing in voluntarily by mail and in
person of the subscribers them
selves, 1 can say that there will be
no question about the sale of the
bonds of this land bank all of
these as fast as we can get them
out, if the present demand is any
criterion. One single subscription
of yesterday was $200,000 by an
Illinois banker and capitalist. The
bond subscriptions vary from this
amount down to as low as $500.
You must bear in mind that
these farm loan bonds bear 4.'2
per cent interest and under the
terms of the farm loan act, the
mortgage, notes and farm loan
bonds issued under the pro
visions of this act are deemed and
held to be "instrumentalities of the
United States,” and. as such, "they
and the income derived thereform,
are declared and held to be exempt
from federal, state, municipal and
local taxation; when you consider
that the rate of taxation in St.
Louis is $2.25 on $100, you will
begin to understand why the pub
lic. owning real estate mortgages
and other similar investments, are
anxious to convert their invest
ments into non-taxable farm loan
bonds.
I have gone into these first steps
in the permanent organization of
this farm bank (which, of course,
applies to the entire Federal Land
Bank system) so that you can
readily see why some slight delay
has been absolutely necessary in
the time elapsing between the
temDorary organization of the land
banks and their field work in the
making of loans through perfected
national farm loan associations.
Third The appointment of land
bank appraisers has necessarily
been delayed until the farm loan
bond question has been settled, for
to have made these appointments
at an earlier date would have only
meant that there were additinal
men on the pay roll of the land
bank without any opportunity to
perform services in return for their
pay. While on this subject of ex
pense, it may not be amiss to state
that immediately on payment bv
tne government for the stock of
this f&nd bank, which, under the
terms of the farm loan act, draws
no dividends or interest, this money
was immediately placed with the
strong, local National banks of St.
Louis on a basis that nets this land
bank something like $1700.00 per
month, so we have practically cov
ered our present expenses in this
way.
Fourth—Now to answer your
questions: As soon as the bond
question is determined, I think ap
praisers will be appointed: as this
bank is ready for work in the field;
there should then be no delay what
ever in the making of loans by this
land bank: but, do not misunder
stand me—it will take the necessa
ry time to get to the associations
that are now organized in Arkan
sas, so that it behooves every mart
who expects to be a member of a
national farm loan association to
make arrangements to carry him
self until he can be reached by us.
He may be one of the fortunate
ones to receive service in the very
beginning and again he may not.
He should take care of his needs
locally and the members of your
association should band together
for this purpose and concentrate
your business through some one
channel locally that will cooperate
with you in this way. This is only
ordinary business prudence.
Farm loan associations are in
tended to cover any reasonable
area of territory that the charter
members desire, and are usually
limited to the area that the loan
committee can conveniently cover.
Association limits may overlap;
that is to say, a farmer may live
within the district of an association
and still be a member of another
association. The purpose of this
act is to organize ten or more farm
ers who want to borrow not less
than $20,000 in the aggregate, in
J to a national farm association and,
j if it happens that two or three
farmers within the limits of this as
sociation prefer to join another, or
to organize another one, it is en
tirely permissible to do so. It is
wise to have not less than 1 5 char
ter members with total loans of
$30,000, so that if any droD out
you will still have 10 or more
whose loans will total over $20,
000.
When our appraisers report for
the association has been passed
upon by the land bank, the secieta
ry-treasurer will be notified and an
application for his surety bond will
be sent him and he will be instruct
: ed at the same time to have his as
sociation members secure and send
in their abstracts of title to this
land bank, so that the work of ex
amining the titles can be progress
ing while the loan bank and the
farm loan board are perfecting the
association's charter. '
Fifth—President Wilson has re
cently said, "This is a time when
we must all think, act and work to
gether.1’ The country needs all
the food supplies that can possibly,
be raised this year. Your local
bankers should be quick to do their
part in cooperating with your mem
bership in answer to President Wil
son’s call entirely omitting the
■ fact that it is “good business" to be
1 the local depositary for your asso
ciation and this land bank.
I have said to the commercial
bankers in Arkansas that this land
bank will cooperate with the local
banks that cooperate* with our
national farm loan association. You
are at liberty to make any use of
this Expression that you desire and
the only question that this land
bank will ask will be as to the solv
ency of the local institution that
comes to the front and cooperates
closely with national farm loan as
sociations of this land bank district.
If 1 have not answered your
questions fully, or if there are any
others, which, if answered, will be
of service to you and your mem
bership. 1 shall be very glad to have
your inquiries.
Yours very truly,
Wm. S. Mitchell,
Treasurer.
Assessor’s Notice.
Notice is hereby given that I wifi
be at the following places on the
dates named below for the purpose
of assessing real and personal prop
! erty and listing those subject to
I the per capita tax:
New London. Harrison twp.. Fri
1 day, June 8.
Pagan's Store, Harrison twp.,
Saturday, June 9.
Felsenthal. Lapile twp., Monday
morning, June 11.
Huttig, Lapile twp., Monday af
ternoon. June 11, and Tuesday.
June 12, and Wednesday morning,
June 1 3.
Bolding, Lapile twp., Wednesday
I afternoon. June 1 3.
Lapile, Lapile twp., Thursday.
June 14.
Strong. Lapile twp.. Friday and
Saturday. June 15 and 16.
The last legislature passed a law
requiring you to assess in your re
spective townships or to file a list
I of your property, both real and per
sonal, on or before said day for as
sessing in your township, as you
cannot assess your prroperty ex
cept in the township where said
property is located, otherwise,
there will be a penalty of 25 per
cent of the amount of vour taxes.
Be sure and bring your deeds as
both real and personal property
will be assessed at 50 per cent of
its value. The directors will please
have ready for me a true and cor
rect list of the taxpayers in your
district.
Please meet me promptly on the
above dates. R. E. Harris,
Tax Assessor.
Notice
The Union Saw Mill Company
will pay $50.00 as a reward to any
one, not in its employ, who will fur
nish information from which any
oerson shall be convicted of depre
ciating or trespassing upon the tim
ber of said Company.
This 1st, day of February. 1906.
Union Saw Mill Co.
By F. W. Scott,
and Treas
o yet the news read The New?
Courtney-Reasons.
Miss Evelyn, daughter of Mr.
and Mrs. H. D. Courtney, and Mr.
William P. Reasons were united in
marriage at the home of the bride's
parents at Bayou Chico. La., at 8
o’clock, Saturday evening. May 12.
Rev. Thomason officiating.
The bride is a popular and ac
complished young lady and the i
groom is the assistant cashier of;
the First National Bank of Huttig
and a young man of excellent!
character.
The News joins with the many
friends of both in extending con
gratulations and best wishes.
The Beauty Secret
Ladies desire that irre
siiftible charm—a good
*"F complexion. Of course
y 'T' >11 they do not wish others
%/£ *° hnow a beautifu r
l'as heen used so they
i buy a bottle of
Magnolia Balm
LIQUID FACE POWDER
and use according to simple directions. Improve
ment is noticed at once. Soothing, cooling and
refreshing. Heals Sunburn, stops ’1 an.
Pink, White, Rose-Red.
75c. at'Druggists or jy mail direct
Sample (either color) for 2c. Stamp.
Lyon Mfg. Co.. 40 South Fifth St., Brooklyn. N.V
■■■■■■MW
Learns to Vaccinate Hors.
J. W. Perritt attended the school'
of instruction at El Dorado last
; Saturday where several govern
| ment experts on hog cholera lect
| ured on that disease and conducted
a school of instruction to teach
farmers and others interested how
to vaccinate hogs against this
dread disease which cost the farm
ers of Union “county thousands of
dollars annually.
County Demonstrator W. T. Mc
Kell has not the time along with
his other dutie% to attend to the
vaccinating of all the hogs that
should be so treated, hence this
school to teach someone in each
community how to do it.
Unless the farmers and other
hog raisers awake to the fact that
vaccination is the only sure wav to
prevent this disease and save their
hogs, and have them vaccinated we
will probably suffer in Union coun
ty for meat this fall and winter as
there will be none shipped in here.
Mr. Perritt will gladly teach any
farmer in this community howto1
vaccinate hogs and it is honed that
a number will avail themselves of
the opportunity to learn so that,
there wiH be someone handy to do j
the work when necessary.
H. W. Baskin, who has been vac- I
cinating hogs for some time, will be i
in Huttig on Saturday. May 26. to |
assist Mr. Perritt in vaccinating al j
hogs which the owners w II have1
ready at that time. Come, bring 1
your hogs, or at least be here and i
learn how to do the work yourself
Everybody who wants their hogsj
vaccinated on that date will let Mr
Perritt know not later than Satur
day 1 9th. so he can order the nec
essary serum.
Wedded Here Monday.
Mr. Henry J. Reimke, who re
sides southwest of Elreno. and Miss
Jennie Bradshaw, of Huttig, Ark .
were united in the bonds of holy
wedlock bv Judge R. B. Forrest,
Monday forenoon about 'l 1 :15
| o’clock. The bridal couple were
occompanied by Mr. and Mrs W.
T. Foster and Mr. and Mrs. W F.
Beard, old friends of the groom,
who witnessed the ceremony.
Both contracting parties are fiftv- i
six years old and this is their initial
voyage on the sea of matrimony.
After congratulations by the judge,
their friends betowed the usual
| blessings.—Th3 Elreno (Oklaj
American. j
SI
Renter or Owner
Do you own a farm or does about half you produce
go to pay rent to someone else? Will it be the same way
next year and the next? Why not resolve today to own a
nice little farm and use your money for yourself and family
instead of paying it for rent?
* The way to do it is to begin NOW and deposit all you
can to your account as a farm fund. AddPto it at every op
portunity. even though the deposits have to be small. You
will be surprised how much you can save. When you have
;j| saved half of®the purchase price of the farm you want,
then instead of pacing rent pay the same amount in on the
farm each year ana you will be surprised how soon you can
be the owner of your own home.
Be independent. Start today to buy you a farm by
opening up an account for that purpose at the
THE
FIRST NATIONAL BANK
HUTT1G, ARKANSAS
Interest Paid on Time Deposits.
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MIIIIIUMaiBHinUiniHluniMMHMIIIIfllUM£
You Can ■
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Travel in
Comfort
When You Go By The
Iron
Mountain
Route I
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Call or write for partielars S
F. H. MOORE, i
AGENT, |
HUTTIG, ARKANSAS |
IPI9
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