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About The Coquille Valley sentinel. (Coquille, Coos County, Or.) 1921-2003 | View Entire Issue (June 1, 1934)
CHOOSE THE TIRE CHAMPIONS BUY «*« •r*»«M**« tafiteapeBs A total of $125,600 of Federal land bank and Land Bank Commissioner’s farm mortgage loans was made in Coca County from June 1, 1933, to, May 1, 1934, according to the Farm , Credit Administration. Of this total, farmeiu in Coos County used approximately $114,000. or 90.9 per cent to refinance their in debtedness. 'By refinancing, farmers obtained new mortgage loans which they used to repay their old debts. They generally reduced their annual interest charges ha doing so. In a number« of cases, scale-downs of in debtedness occurred in connection | AUTO SHOW AND with the new loans. Theue and other | advantages benefited farmers pri marily. Secondarily, creditors bene- flted from the receipt of cash or bonds in exchange for obligations1 they held. Of the loan money used by farmers 1 in Coos County for refinancing their ‘ debts, about $33,500, it was estimated, | AL GILLETTE repaid their debts to banka; $23,700, their taxes; $3,800, their debts to merchants; $53,100, their debts to J “others," or creditors not separately classified, including private mortgage 1 MU IVM RBW n rettone AIR BALLOON FOR IBM The new Fieesieae Ale Bailee« fee 1934 lenders, mortgage loan companies, re tired farmers and many other« to I whom farmers were in debt. A total of about $11,400 of loans I m the county waa used for purposes I other than the refinancing of borrow- I era* debts. Of this sum, $5,800 was I used foT the purchase of land and I equipment, the construction or im- I provement of buildings, and for gen- I eral agricultural usee, including the I provision of capital, while $5,600, the I balance, was used for the purchase of I stock in national farm loan aasocia- I tlons, for loan fees, etc. I Throughout the United States ap- I proximately $675,000,000 of land bank I and Commisisoner’s loans were made I from June 1, 1933, to May 1, 1934. I Most of these loans were made to re- I finance debts resulting from the long I period of low farm income. . I Generally farmer« pay considerably I leas interest each year on the new'I than on the old loans. Land bank I loans through national farm loan as-11 sociatkms carry an interest rate of I five per cent, but there is a reduction I to 4H per cent until July, 1938. Loans I made direct by banks carry a rate of I 5H per cent, but there is a reduction I to five per cent until 1938. The rate I on Commissioner’s loans is five per I cent. Against these rates farmers in I most cases had been paying from five I per cent to eight per cent, but on 11 numerous loans they had been paying I nine per cant, ten per cent, and even ' above ten per cent * Until March 26 the land bank and , Commissioner’s loans were made in t cash. Comemncing on that date they < were made mainly in the government- t guaranteed bonds of the Federal | Farm Mortgage Corporation. These f oonds are exempt from all federal, ] state, municipal and local taxation, except surtaxes, estate, inheritance and gift taxes. They are guaranteed fully as to principal and interest by the United States government In a * relatively short period after they ' were issued, they sold above par and had met a favorable reception from ‘ farmers and their creditors all over the United States. With the use of c these bonds, the refinancing program ‘ STAGE RADIO ENTERTAINERS JACK NASH OF KGW COVERED WAGON DAYS Bathing Review and AMERICAN LEGION COMPLETE CHANGE OF PROGRAM DAILY Buy Your Tickets Now from Participating Merchants ADMISSION 10c DOOR PRIZES AFTERNOON ADMISSION 10c EVENING 1000 BUCKS GIVEN AWAY WITH EACH ADMISSION vs. Gordon. C. Rasmussen. , M$y 26—State of Oregon by State Highway Cusnmission, va. Ben ,R. <‘handler et al. May 39—Lucille Franklin vs. Fred M. Frank!!«. Suit for divoi^e. May 31—State Industrial Accident Colnmisieon va. Herbert L. Owen. Calling carda SO for $1.00, WARRANTS TAKEN Ml Repair Work, Parts, Nei and Used Cars Southwestern Motor Co. Ilobate Court Felix Castor was last Friday named a* administrator of th« <700 estate left by John Bickford, who died April 17. The appraisers are <H. J. Leaf, S. E. Ssmuelson and Sid Foss. A petition for administration of the aatate of Lyman J. Davison was Sled by C. R. Wade, yesterday. The aa tate is estimated to consist of <1400 in real property and $0500 in person al. Lucq Spooner Shelley wan yester day confirmed as executrix of the $4500 estate left by Geo. W. Shelley. I. S. Smith, M. E. Everett and Perry Emigh were appointed appraisers. hi going forward rapidly. Geo. F. Burr "Motor Company COQUILLE, OREGON Coquille Boy to Graduate The following news item regarding Claude T. Gerlach, of thio city, who graduated from C. H. B. in 1930, is ‘urnwhed the Sentinel by his fra ter- nity house at 0. S. C.: school fall of Coquille Valley Sentinel QJirtHfACE B1U. HATES NtXANS . UKC <*/ BUT Ht'5 MlCHTT gASttfUL wonUr SQUADS------- tvta. S ince hf HAS TRAlbEP iy TH» PAPOOSES R)ND PARENT ITS f t«N JUST 0N< L.jARRASSnG- MtNABNT AFTER. ANOTHER ! . SHE -THINKS giu is gop or . |vW trVHww •
