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New Act For Relief of
Farmers Is Explained
By Land Bank Official
New Emergency Farm Mortgage Act Recently Passed Should Do
Much to Relieve Distress of Farmers Who Are In Debt. In
terest Rates Are Lowered and No Payment On Principal
Expected During Specified Number of Years
Frank H. Daniel, President of
The Federal Land Bank of Colum
bia, has made the following state
ment regarding the new Emergency
Farm Mortgage Act:
"The Emergency Farm Mortgage
Act of 1933 which recently passed
Congress and was approved by the
President May 12th, is of great im
portance not only to the borrowers
from the Federal Land Bank of Co
lumbia, which operates in the states
of North Carolina, South Carolina,
Georgia and Florida, but to the
thousands of other farmers who are
now in debt. To the Federal Land
Bank borrowers it means that for a
period of 5 years beginning July
relieved by Black-Draught
"I decided to take Thedford'B
Black-Draught, as I had been hav
ing bilious spells," writes Mr. Chas.
E. Stevens, of Columbus, Ind. "When
I set bilious, I feel sleepy and tired
and do not feel like doing my work.
I get awfully dizsy. I know- then
that I had better take something.
After I found how good Black-Draught
Is, that ts what I have used. I gruesa
it rids me of the bile, for I feel bet
ter don't feel like I am dropping
off to sleep every time I sit down.
That, to me. is a very bad feeling.
Now you con pet Black-Draught in
the form of a BYRUP, for CHLLOBUBM.
This Is the Day of the Eight Phone 25
Pontiac changes from six to eight—Chrysler changes
from six to eight—Studebaker changes to an eight—
Packard has changed to an, eight—and those that
haven't will. A ride in the New Ford V-8 will be a rev
elation to yeu!
Elkin Motors, Inc. Elkin, N. C.
Goodyear Tires— Phone 66
Get ready for Spring driving. Let us make your car
safe by installing a complete new set of the world's lead
Double Eagle Service Co. Bridge Street
Furniture— Phone 70
Make your home more attractive this spring with new
furnishings. Now is the time while prices are low. We
have everything for the home.
Reich-Hayes-Boren, Inc. Main Street
Real values in farms and city properties in Elkin,
Jonesville and Arlington.
D. C. Martin Office in Telephone Bldg.
One Stop Service—
Glcoe Batteries, Gulf Gas and Oil, Greasing, Free Air
and Water, Vot Lunch and Groceries.
North Elkin Service Station, N. Elkin, N. C.
2% miles north of Elkin on Highway 26
Kamera Klub Notes— Phone 70
In making snapshots, remember this: Be sure the light
is right. Be sure your shutter is set at the right speed.
Be sure the lens opening is right. See that the shutter
is not set on Tor B. Be sure to roll up film after each
exposure. Do not allow film to unroll after or before
W. F. Burgiss Over Reich-Hayes-Boren
SHIP BY TRUCK Phone 238-M
For quicker service, ship by Winston-Elkin Motor Ex- •
press. Service to Boonville. East Bend, Roaring Qan
and Winstou-Salem. Call 238-M for schedule.
Winston-Elkin Motor Express, Elkin, N. C.
llth, the interest rate on their long
term, amortized, first mortgage
loans from the Federal Land Bank
will be reduced to 4 1-2 per cent.
The rate of interest paid by the
borrowers from this now var
ies from 5 to 6 per cent, the aver
age being not far from 5 1-2 per
cent. This means an average reduc
tion of one per cent a year in the
rate of interest which the borrowers
will have to pay this bank during
that period. To the borrowers from
the 12 Federal Land Banks, total
ing near 400,000, it will mean a
saving in interest of approximately
$11,000,000 annually or a total of
$55,000,000 in the next 5 years.
Fully as important as the reduc
tion in the rate of interest to old
borrowers is the announcement that
under the new act the Federal Land
Bank will be able to make loans,
through national farm loan associa
tions, during the next two years, at
a rate not to exceed 4 1-2 per cent.
This low rate of interest will con
tinue until July 1938, and is consid
erably lower than that which pre
vails throughout this district. By
reducing the rates charged by the
Federal Land Banks it is anticipat
ed, indeed expected, that rates
charged by many other mortgage
THE ELKIN TRtRFNB. EI,KIN. NORTH CAROLINA
holders will be reduced as these
banks, since their organization in
1917, haye established a minimum
rate in the farm mortgage field,
other Institutions and individuals
following closely behind.
The Emergency Farm Mortgage
Act also provides that borrowers
from Federal Land Banks whose
loans are in good standing will be
required to make no payments on
the principal of their loans during
the same five-year period. Loans
which are not made through nation
al farm loan associations but direct
ly by the bank will bear one-half
of one per cent higher rate of in
terest until such time as a new as
sociation is formed In the borrow
; er's community when the rates
charged will be the same as on loans
through associations at that time.
All borrowers will have to purchase
stock in an amount equal to $5.00
for each SIOO.OO loaned.
"During the next two years the
Federal Land Banks have authority
to issue their tax-exempt, long-term
bonds in an aggregate not exceeding
$2,000,000,000. These bonds may
bear an interest rate not to exceed
4 per cent and this interest is to be
guaranteed by the United States.
To make these securities still more
attractive, Congress made them el
igible as security for 15-day loans
from the Federal Reserve Banks to
member banks. This gives theirt a
greater marketability dnd liquidity.
These bonds may be sold to the in
j vesting public to secure funds to
! loan or they may be exchanged with
banks, loan companies and individ
uals who now hold duly recorded
first farm mortgages. Also, after a
period of one year they may be sold
ito refund outstanding Issues of
| Federal Land Bank bonds provided
funds from such new bonds are not
needed to make new loans.
"The mortgages held by banks,
loan companies and individuals
which may be accepted in exchange
for bonds must have been in exist
ence prior to the passage of the Act.
The amount of the bonds so ex
changed must not exceed in each in
dividual case the unpaid principal
of the mortgage on the date of pur
chase or exchange or 50 per cent of
the appraised value of the land
mortgaged and 20 per cent of the
value of the permanent, insured im
provements thereon, whichever is
the smaller. The mortgaged farms
will be appraised in the same man
ner as farms upon which loans are
made by the Federal Land Banks
through national farm loan associa
tions. After the exchange the farm
er's mortgage will be owned by the
Federal Land Bank and he will be
entitled to repay it over a long se
ries of years.
"Holders of first mortgages in
this district wishing to make such
exchanges should'apply to the Fed
eral Land Bank of Columbia. Upon
receipt, of proper applications, to
gether with customary appraisal
i fees, the bank will give considera
| tion to the applications for the ex
change and, unless it appears inad
visable to do so, it will have the
property appraised in the usua!
manner and will determine the max
imum amount of bonds that it will
be willing to give for the mortgages.
"On all loans acquired by the
Land Banks, either through ex
change for bonds or by purchase
the borrower will pay the reduced
rate of interest and will have the
privilege of paying only interest for
the 5-year period.
"Farmers also, of course, may
take the initiative in an effort to re
finance exisiting mortgages and in
debtedness in order to obtain the
benefits permitted under this law.
A farmjer may either apply to the
local national farm loan association
directly or to the Federal Land
Bank in case there is no local asso
ciation, for a loan, and, upon being
advised of the amount of ioan, if
any, that may be obtained, he can
negotiate with his creditors for the
retirement of his indebtedness to
them with the proceeds of this loan.
Aifother course for the farmer
would be to negotiate first with his
creditors and then apply to the Fed
eral Land Bank for the amount
necessary to liquidate the amounts
needed to pay off his debts.
"Quite aside and distinct from
the activities of the Federal Land
Commissioner through his agent at
Columbia. The Commissioner was
voted by Congress a total of $200,-
000,000 for this purpose. With
this money he is authorized to make
loans (1) to refinance either se
cured or unsecured indebtedness of
farmers, (2) to supply working cap
ital for farm operations, and (3) to
supply funds to enable the farmer
to redeem or purchase farm proper
ty lost by foreclosure or involuntary
sale within the last two years. These
loans will-be made to refinance the
farmer after, his debts have been
sealed down or extended in conform
ity with agreements reached be
tween the creditors and the farmer.
"The amount which the Commis
sioner may loan to any one farmer
can not exceed $5,000. The amount
of the mortgage, together with all
prior mortgages or other evidences
of indebtedness secured by the same
farm property, shall not exceed 75
per cent of the appraised value
thereof. Such loans bear an interest
rate of 5 per cent and may be re
paid in installments over a series of
years, but during the first three
years payment of interest only will
be required. To secure such a loan
• • -gW/er of "TH EXECUTIVE"
Supplying a week -to-week inspiration (or the heavy- bunkncd who win hod
THE MODERN MARKET PLACE
"You mean that we ought to do
street preaching," a preacher once
But street preaching is not at ali
analogous to what Jesus did. The
cities in which He worked were both
small and leisurely; the market was
a gathering place where everybody
came at some time—the transfer
place for all merchandise and for
ideas. Where will you find such a
market-place in modern days? A
corner of Fifth Avenue? A block on
Broadway? Only a tiny fraction of
the city's people pass any given point
in the down-town district on any
given day. A man might stand and
preach for years at Fifth Avenue
and Thirtieth Street and only one in
a hundred thousand would ever
know he lived.
No; the present day market-place
is the newspaper and magazine.
Printed columns are tfye modern
thoroughfares; published advertise
ments are the cross-roads where the
sellers and the buyers meet. Any
issue of a national magazine is a
world's fair, a bazaar filled with the
products of the world's work.
it is not necessary that a farmer be
a borrower from the Federal .Land
"Requests for information or ap
plications for Federal Land Bank
loans in North Carolina, South Car
olina, Georgia and Florida, should
be addressed to the Federal Land
Bank of Columbia, Columbia, South
Carolina while requests relating to
the Commissioner's loans should be
addressed to Agent, Farm Loan
Commissioner, care of the Federal
Land Bank, Columbia, South Caro
y Th« new The
GOODYEAR II A N I GOODYEAR
PATHFINDER Ifl A 11 I ALL-WEATHER
Supertwist » Supertwist
Cord Tire WHAT TIRE C " d Ti '«
4.40-21 \ 4.40-21
m 65 ii i | || r o $ 5 85
4.50-20 W MM I lir 4.50-21
$5.00 I rIL U L VI $0.50
~lpb~ GOODYEAR JJS
4.75-10 F p F R § I 5.00-10
WHEN you buy a Good
year you get KNOWN J"-"
' VALUE. Today this value is
the biggest ever.
cn or* This new Pathfinder has g/l 7ft
FULL CENTER TRACTION,
5.25.18 for complete non-skid safety. 0.00-10
»/» dp And 20 per cent thicker tread, ei 1 nn
"O' for bigger mileage. And a
5.50-10 BtiU stouter long-life body 650 19 -
$7.90 of Supertwist Cord. $19.60
• Vet look at the prices for this 1"
Other titer in proportion Improved 4 Quality tire with" Other iJwi in proportion
Au/ua ovtrtHe in the reach Of all." *«/«" over* **
. And think of buying an All-
Weather Goodyear, the
world's acknowledged top-
JB quality tire, for no more fiSSk
money than an off brand,
"nobody's tire" might cost!
wl 1A I lf \J diiJwmM
Every car owner who
Is running around on
thin, wornout, danger- fIH
ous tires, should re- y
place them with safe
tires on hot roads are
a risky proposition.
Afore people.ride on Goodyear Tires: *ny, other kind
Double Eagle Service Co.
Bridge Street Phon2 66 Ekin, N. C.
Clothes and clocks and candlesticks;
soup and soap and cigarettes; lin*
geries and limousines —the best of
all of them are there, proclaimed by
their makers in persuasive tones.
That every other voice should be
raised in such great market-plapes,
and the voice of Jesus of Nazareth
be still —this is a vital omission
which He would find a way to cor
rect. He would be a national ad
vertiser today, I am sure, as He was
the great advertiser of His own day.
To the minds of those who hurry
through the bristling pages, He too
would send his call:
What shall it profit a man if he
shall gain the whole world and lose
his own soul; or what shall a man
give in exchange for his soul?
Thia would be His challenge in
every newspaper and magazine; and
with it would be coupled an invita
tion to share in the joyous enter
prise of His work.
A very successful publisher has a
rule that no photograph shall ever
be printed in his newspaper unless
it contains human beings. You and
Pay your e'cctric light bill before the 10th of each
month. 5 percent will be added after the 10th.
SOUTHERN PUBLIC UTILITIES CO
Thursday. Jane 1, 1983
I are interested most of all in our
selves; next to that we are interested
in other people. What do they look
like? How old are they? What
have they done and said? With un
erring instinct Jesus recognized and
used this trait in human nature. One
of the most revealing of all verses
to those who would understand the
secret of His power is this: "All
these things spake Jesus unto the
multitude in parables; and without
a parable spake He not unto, them."
A parable is a story. He told them
stories, stories about people, and iet
the stories carry His message. He
might have adopted very different
methods—many teachers and would
be leaders do. He misht have dealt
PASS INDUSTRIAL BILL
Opposition in the House to the
Roosevelt $3,300,000,00 public
works-industrial-taxation bill crum
bled Friday night and the measure,
amended to plug up holes in the in
come tax laws, was passed, 324 to
Tailoring Dress Making
A'l Kinds of Sewing
Mrs. Hester Wall Laffoon
W. M. Wall Residence
Phone 140-R W. Main St.