North Carolina Newspapers

;Ti.iHIii'ii't m i mStl l sVlllTwIf' aBBMMMB MM i k r . THURSDAY. OCTOBER 1. 1925 THE CAROLINA MOUNTAINEER 1 ft. V'' Ui LONG TIME FARM LOANS. The following is explanatory: Wm. A. Band, Eeditr Carolina Moun taineer: Dear Sir: We are in the market for practi cally an unlimited number of appli cations for long time farm loans to be secured by first mortgage on so lect farm lands. It is quite probable that you know of some parties at this time who con template applying for loans a little later on, and if so, we urge that appli cation be made to us just as soon as possible in order that there will be no chance of the loan being delayed beyond the date the money is de sired. We offer prompt appraisals and quick closing of loans. For your information, we require in all of our loans that the borrower carry a fire insurance policy in ar. amount to be determined by us. We trust that enclosed circular will prove of interest to you. Read it carefully as it will answer any ques tion pertaining to our raothod of making loans which you might wish to ask. Application blanks will be gladly furnished upon request. Trusting that we shall have the pleasure of receiving some applW lions from your locality as a result your efforts, we are Yours very truly, Atlantic Joint Stock Land Bank of Raleigh. Details Plainly Explained Herein. 1. Question. What is the nana of your bank, and under what lnw arc you nuthoiized to do b' sine5. and in wl'nt states? Answer. The name of t i hank s At'antic Joint Land Svc!: Bai.k of JKcgh, North Carolina. Tin' brink VhK chartered by the F...1 id Farm I.' pr Board, a bureau of (he Treas i'y Departmen of tn -. Jn'"d Stn'.es viiTuncrt, pirsuur. ' f Nlr.ns of Fede-V Farm L- -i Aft The bank is authorized to make farm loans ri ip p rovca f.ist far i- .rl i'jr'-v in Ino states -f Nor'h awl Corel. i a 2. Q. Explain briefly the purpose and workings of the Farm Loan Act. A. As a farmer and land owner, in order to adequately finance you oper ations, you find it necessary to pro vide yourself with a certain amount of working capital, llto use of which you can depend upon for a definite time. This you have accomplished ordinarily by obtaining a loan on your farm and giving a first mortgage as security therefor. Following estab lished practices, you paid interest cn sist that you pay your regular semi annual payments promptly, on the date due. All loans made by this bank will provide for the payment of installments semi-annually. Due con sideration of the obligation to pay your installment when due should be given by you in the management your finances, as well as in the oper. ation of your farm. You should ar range in advance to have some money crop or produce, ready for market, to that you many certainly meet your installment when due. Experience has shown that diver: fication is the only safe plan for tho farmer to follow, the "one crop' method cannot be relied upon. Diver sification of crops, keeping of dairy cows and crop rotation, not only as sures success for the farmer, but will bring to this state the recognition es a leading agricultural state, which its natural resoruces so abundantly justify. 3. Q. What is a loan on the amor tization plan? A. A loan that you do not have Ij pay back, it is sometimes called. It is a loan so arranged that it never be comes due ao long as the borrower meets his semi-annual payments reg ularly and promptly. To amortize debt is to kill or ex tmguish it through a series of reg ular, small payments. One cannot make an amortization loan without the same time and the by the same act, executing the sure and certain death of the loan. Ths is beeaus- with the first semi-annual payment a small savings account is started which increases with each additional semi annual payment until the entire debt is entirely wiped out. Loan of $1,000.00. Old Plan You pay 6 per oent on J 1,000.00 for thirty-three years .$1,980.00 Principal still to pay l.QOO.t'-O such loans at rates varying from 0 per cent to 12 per cent, together wiui frequent commission and bonus charges to agents for the privilege of obtaining the loan. The rate of in terest and the amount of commission paid depended Iarg?ly on who you were, where you lived, and how badly you needed the money. These loans were made ordinarily for a period o' from three to five years, and when they fell due you had to repeat the transaction and pay the same com mission and bonus charges over again. You have never liked this system and you don't have to endure it longer. The Federal Government, by ;ne en actment of the Federal Farm Loan Act, has planned a better system ; f farm loans for your benefit. It ic commends this system of loan to you. Could you ask more? The purposes for which the Farrr. Loan Act was passed ni e best state I by quoting the title of the net: "To provide capital fur iiricultur al development, to create a standard form of investment based upon farm -mortgages, to equalize rates of in terest upon farm loans." etc. Federal Farm Loans are made only cn the amortization plan, nnd for a period of 33 years, at 0 per cent n tercst and without commission o' bonus chargest. Ioans are made by this bank in amounts ranging from $1,000 to $50,000. Loans are made only after the land has been appraised by a Federal appraiser, who is a Government officer. Loans may be made on a basis not exceeding 60 per cent of the appraised value of the land and 20 per cent of the appraised value of the insured improvements. as ascertained by a Federal appraiser The bank cannot loan unless favor able report is made by the Federa' appraiser, nor can we loan more than fs recommended by the appraiser; vre may loan less. While this bank was chattered ui der the Federal law and opeifctes un der Government supervision, the money we loan is in no sense Govern ment money. After our initial paid in capital has been loaned ve obtain additional f inds to make loans, by lasninar our o-nds. whic-. we sell to the general Investing public. We pay the interest on our bonds on the exact data it is due. Ours is a solemn obligation and we guard it jearloualy. Naturally, we not on'y expect,. but Insist upon our borrowers keeping aame faith with us In .their obligation. We are happy to nrovide won with cheap money for a 4Jtag period of years, and on the moat fayorable possible terms, bat will in 1 .r" V Total - - $2,9'n.0G This Bank Plan You pay in thirty-three years sixty-six semi-annual in stallments, including in terest and principal S2.;'04 23 Principtl to pay V-r-.e Total - - $2 0I '.7 Actual saving to you $ 675.7V rou children inherit the farm not the mortgage. T-ils tlle shows the savi j r.n loan of $1,000. On loans of Rrexler amount, saving would be proportion ately gi-eater. 4. y. If I mortgage my farm to your bank, how long oenel en pay T the debt A. Your loan will im!c ri :ha ir.ertizatioii ;-iv which will i-i yra v3 years in which to pay the snnie. Your note and mortgar provide thu' you can pay all or v ju'l of yi.ur in after years, 'louever, it ,vj)i !h the policy of this bn., if the bor- '. .er wishe? to pay ' i 1 a. befv 5 years, to allow him to do so, by -pedal arrangement. Thus you see you are guaranteed your loan for 33 i ears, with the optional privilege of paying the same practically at any time you desire. 5. Q. Will I be required to buy stock n your Danic in oraer to obtain a loan? A. It is the policy of this bank. : cling in accordance with the wishe: jf the Federal Farm Farm Board, not to require or permit the borrowers to mrchase stock in connection with, o- af n consideration in takine a loan. . y. Upon what kind of securifr io you make loans? A. Loans will be made by this bank only on first farm mortgage security n the states of North Car olina and South Carolina. Loan will be restrictel to improved farm lands, in cultivation, and that are in every sense productive farms. V do not make loans on wild or swamp lands, city or town property, truck Kardens, or orchard propositions; nr do we make loans on business build ings. warehouses, personal property, or other chattel security. We do not make loans on second mortgage". Our loans must always be a first ir- prior lien on the farm land. 7. Q. In what amounts do you maV" loans? A. While we will accept loans in amounts ranging from $1,000 to $50,000, we are especially interested in obtaining doans ranging from $3,000 to $50,000. 8. Q. Is it necessary that I be an actual fanner, and actually live on the land in order to borrow from thi bank? A. It is not necessary that yon ann ually live on the land or persor.-Jly farm the same in order to borw from this bank. 9. Q. For what purpose does the bank make loans? O. Keeping in mind the r.rlrit of 'I.c law which has for its nltimrte object the prom it i of nurkmlttne, loans made by this bank most be used 10. Q. Do yon make loans to cot po rations ? A. We are not permitted to mane loans to corporations, but will loan to persons, either as individual. joint owner or partners, 11. Q. What ia a farm? A. Our loan must be against complete farm unit, sufficient in acr age, in fertility of soil, in diversity of crop production, and in nearnM to market to assure the average farmer, under normal conditions, net earnings sufficient to maintain his family and discharge the semi-annual installments on his loan promptly. The farm unit must have such sent'al and necessary improve mcnts as will assure the proper op eration of the same, giving due con sideration to provision for th-s com fortable living quarters of tht ;p- pl'cant. l2. U. If I mortgage my vn to o. rk, will it prevent my stuiij it, or any p.1 of t? A. Not in the least. You may sell yur land to whom you plo-c and under your own terms. All th.r. this t-ank wiil require is that lit no- ' fed of the sale, so that tho pur- aser may execute proper papers tn assume the loan. As inciter of fact experience ha 'down rn:! the p'ai Ing of an amortixat!o- plx:. l-.an . farm makes it more ittrac'lve to a purchaser than otherwise. 1.1. Q. What commission do you charge? i'he bank ch-rcs no c iais- sic whatsoever, icr is . -w -lie au thorized to charge the bei-.iwvr a ci. mission in con.icction vi.'h hi- 0-.Il t. Q. Do you charge any fco for n iing a loan: A The only chaige ma-4: by the bank is for the reasonable cost of appraisal of the land and the determ ination of title. This is to cover ex pense incurred in connection with making appraisal of the land by the Federal appraiser, and the expense of the mank's attorney in examining and passing on the abstract of title of the bank's attorney in examining etc., incident thereto. This tost va ries from $15.00 to $150.00, deo.nd ing on the amount of the 1 mil The borrower, of course, pays the expenses for recording of mortgage and other proper instruments. No revenue stamps are required on the notes of this bank. The borrower furnishes, at his own expense, ab stract of title acceptable to the bank. the cost of which is to be paid by the borrower, and is a matter for arrangement between the borrower and the attorney engaged to prepa.e the same. 15. Q. Who will prepare abstract of title required b ythe bank. A. One or more attorneys have been designated in each county, to prepare abstracts of title in connec tion with our loans. These attorney will be furnished with abstract blanks and full instructions concerning the requirements of the bank in the mat ter of the preparation of abstract?. The cost of the preparation of ab stract is to be paid by the borrower, and is a matter of arrangement be tween the borrower and the attorney who prepares the same. Loans made by this bank most be on first mortage secruity only, there fore, our lien must in every way be a first and best lien against the mort gaged land. We cannot make loans otherwise, and there is no way we can can satisfy ourselves that our lien is a first and best lien unless we are furnished with an abstract of title brought down to date, which th;n must be examined and passed upon by our attorneys at the banK. In no case should you aringe with an attorney to prepare yo .ih-'tra-.t of title, until you have been notified notified by this bank thai your loan has been approved. When notified of this fact, you should then imme diately arrange with one of the de?-' ignated attorneys to prepare yov abstract of title, at which time you 1 should have a definite understanding, with the attorney as to his charges! for this service. 16. Q. What will I have to do to pet a loan from this bank A. Your dealings are dirc tly with the bank. You are not required to join any organization or association in order to obtain a loan. As a matter of convenience to borrowers, we have representative in most of the counties who are eo-operating with us in our efforts to promote the agricultural development of our country, and who, without commis sion, will be glad to explain any thing not entirely clea to you, and to assist you in preparing your ap plication. In the event we have no representative in your county, we will, upon request, furnish you ap plication blank, which when prop erly nued out ana , received oy us will be given prompt consideration We furnish application blank with- Each and BLACKWELL BUSHNELL Distributors. CO. MRS. HOUSEWIFE--- you bo not iiy jyiUT ijfti. baking SATisf Action means until you have used KANSAS EXPANSION flOllR EVERY PARTICLE Of FLOUR IS TAKNN OUT, LEAVING ONLY THE PURE, WHITE VELVETY PRODUCT. ASK YOUR GROCER TOMORROW your deed. There will be no unusual delay in connection with our procedure and no red tape involved; we have ample funds to close loans promptly. Th? promptness with which we are abUs to complete a loan depends largely upon the borrower, and the accuracy and promptness with which he meets nur requirements. The bank will require as an "evi dence of good faith, a deposit of $15.00 in connection with each appli cation for loan, which will be applied a credit on the expense charged in connection with your loan, and which, as has been previously stated covers only the reasonable expense of appraisal and determination of title. In case your loan is rejected, the unearned balance of the $15.00 deposit will be returned to you, but at the present time it is costing $15.00 or more to make the appraisal. In n ocase will application be consid ered unless accompanied by an initial jeposit of $15.00. Nuses Wanted Pupil Nu.-si's want ed for State Hospital at Mi rint u. foO.CG per month for banners, with .crease for teond and t'lird yc ir up to $40.00. Board, room ) separate, rom Hospital wards,) laund'y and1 uniform furnished. Opportunity for, course in Nurses Training bchi.ol for young women. Add re's Super-, intendent, Dr. John McCampceK, Morganton, N. C. 4tc-Octl5' A Clearance Sale t is -i i OF ALL Diamonds.. Watches an J Novelties. Everything in our Store At great R eduction T jewelry. JERE DAVIS Jeweler and Optometrist Three Homes for Sale in the heart of manufacturing district of tho town, two five room 'cottages with bath. These cottages never been occupied Price $3,000.00. One four room house on acre lot skirting Richland Creek. Price $2,000.00. This is the most de sirable place to live in Waynes ville at anywhere near the price, all boose having lights, water and sewer. Terms one-fifth cash, balance to be arranged with buyer. Apply to R. L. Lee, You CanoutteTheOf Your s n :.i.-ttew. 9 i- ' . a2 4E E. T. bbckktt. Prop., Main Street Prices Are Low Weynesyille, N. C. in connection with farmirg operation. or to liquidate exisiting indebtednisjlout cost to the borrower. against the land being mortgaged, .'every question in the blank must be The money may be nsod to buy land, answered plainly and definitely. to provide equipment, to bay live, Tescription of the land being mort- stock, fertiliser, etc., to provide m gaged must be the correct legal, de- prorwnents, or to pay off existing in debtedness. jftcription of the land.. It should be I the same description that appears ir. LI LCL L New SPECIAL SIX SEDAN 4-wbed , brAc balloon tbt and 5 diae " wbdb Inclodedat no extra coat All over the country they're look ing at other cars in the field of this new Special Six: Sedan-ami then buying te NtiK ptbduci. There's no cecret to it-it's the appeal of quality. 2 . stssaMal iiiiiMiitiiliSMliliiTii iiiii' ' '-" --'"-J'L---- li i.Tlniiiiiiiff4TiWBMii1iiliiiifif .mM, fin-n i - - - - v-;vw.-!Sj: 1 - .-i- f V i i "