REGULATIONS GOVERN
ING RURAL CREDIT ACT
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Thomson Brothers
For Merchandise
Three complete departments from
which to choose your every need
Hardware
Is all the name implies and nothing
more. Some hardware is better than
other. That depends.
We carry complete lines of Hard
ware in the best known and more
widely advertised lines.
Vaughn & Sons
Hardware Dealers
People's Cash Market
Phone, Main 73
Wholesale and retail dealers in
FRESH AND CURED MEATS
Prompt attention given all orders.
HENRY SCHWARZ, Proprietor
I Want Land
TO SELL TO THE 31 BUYERS WHO WILL BEGIN
rO ARRIVE HERE ON THE 6th OF THIS MONTH
If you want to sell, send me the full particulars, and des
cription of your land, also a full list of what goes vrith
your ranch if improved, and a full description of ALL
improvements. Land NORTH of the Base Line preferred
but can sell land anywhere in Morrow comity.
THE LARGER THE RANCH THE QUICKER 2 CAN
S"ELL IT. My charge for selling land is FIVE Per Cent
The quicker I hear from you the quicker your ranch will
be sold.
W. D. NEWLON.
LEXINGTON, OREGON
We will pay Portland prices without commission
for shipments of veal, all kinds poultry and fresh
eggs at your station. Ship direct to Manager
BUTTE PUBLIC MARKET, Butte, Mont
We pay express and same price you receive in
Portland.
Heppner, March 26, 1917.
Editor Gaxette-Timea:
The State Land Board is now ready
to receive applications (or loans un
der the Karat Credit Amendment of
the state constitution and the act of
the recent legislature providing the
means for carrying the amendment in
to effect. I am handing you here
with the regulations governing such
loans in the hope that you will give
currency to same through your paper.
Who Can Borrow.
Any land owner who operates and
occupies the lands offered as security
Is a qualified borrower. Persons
deemed to answer the above require
ments are as follows:
(a) When the applicant lives on
the land offered as security and
where such land forms a single hold
ing, and where such applicant mana
ges the land himself, performing the
labor thereon with the assistance of
his family or hired help.
(b) When the land offered as se
curity is made up of noncontiguous
holdings, on one of which applicant
lives and from which he operates the
different holdings as outlined in sub
division (a), the noncontiguous hold
ings to be not more than five miles
from the one on which applicant
lives.
(c) Where on account of lack of
water or any other condition which
in the judgment of the Board makes
the land offered as security unfit for
rural home, but where the mana
gement and work are performed as
provided In subdivision (a).
(d) Where for any reason the
applicant must be absent from the
land offered as security not exceed
ing nine months each year, but main
tains his legal residence on said land
and operates the same as provided in
subdivision (a). ,
For What Purposes Loans Will Be
Made. .
Loans will be made tor the follow
ing purposes only: To pay for lands
purchased, to purchase livestock and
oher equipment, for making improve
ments, which in the judgement of the
Board will increase the productivity
of the lands offered or add to their
value as a farm home In a degree to
justify the expenditure, or to satisfy
Incumbrances upon such lands, which
in the judgment of the board were
Incurred or assumed by the applicant
for the foregoing purposes.
Security.
Loans will be made only on first
mortgage liens on farm lands.
Amount of Loan. '
Loans to any person will be for not
less than $200.00 nor for more than
$5000.00. All loans will be limited
to fifty per cent of the actual cash
value of the security offered ex
clusive of perishable improvements
and in no case will more than $50.00
per acre be loaned on any land. In
arriving at the value of lands offered
as security, water rights appurtenant
to the land will be taken into con
sideration. Rate of Interest.
Interest on loans will be five per
cent. If however any issue of bonds
sold to procure the loan fund shall
sell for less than par, the interest
rate on loans from the proceeds of
such issue of bonds may be increased
accordingly up to one per cent ad
ditlonal.
Time of Loan.
Loans will be made for not less
than ten years nor for more than
thirty-six years. Payments of $50.00
or any multiple thereof, in addition
to the amount due under the mort
gage, may be made at any amortiza
tion date.
Amount of Payments.
Payments will be for the same
amount in each year of the time loan
has to run and the amount of such
payments will pay the loan principal
and interest within such time. If
excess payments are made, such pay
ments will not decrease the amount
of subsequent payments, but will
shorten the time the loan runs.
Additional Loans.
1. Purpose for which loan is de
sired mast be clearly stated in the
application and become a part of the
mortgage contract.
2. Repayment of the loan will be
required on six months' notice, if
moneys borrowed are applied to pur
poses other than those hereinbefore
stated, or if the lands, mortgaged are
leased or sold to any person not ful
filling the conditions and purposes
provided for in the contract with the
state.
3. Bnt one loan will be made to
one person. When a person has a
loan and desires another on other
land, the old loan must be included
In the new application and one mort
gage executed covering the entire
security.
4. Applicants for loans must fur
nish abstract of title and same will
be kept in the office of attorney for
the Board or his successor and re
turned to the borrower when the loan
Is paid.
'6. A fee equal to one per cent of
the loan applied for must be trans'
mitted to the Board with the appli'
cation, provided however, that no
fee shall be less than $10.60. Mort
gagor must pay for recording his
mortgage.
Respectfully, '
C. B. WOODSON
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IONE, OREGON
mum
Frank Anderson was among the
Eight Mile farmers attending the
Farmers Union meeting in Heppner
on Saturday.
Guy Boyer is now the pround pos
sessor of a new Hudson super-six,
purchased this week from Vaughn &
Sons. The car is certainly a beauty.
John Mnlrtment and Andrew Neal
were over from Lone Rock on Frl
dav. returning home Saturday.
Thue. orontlomfiTi are among the
prominent sheepraisers of that sec
tion and are somewhat concerned
over the weather conditions at this
time. Limbing will begin this week
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raw wlnda will make the Job rather
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the. Huddleston ranch witn gooa suc
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in the Lone Rock country but cold
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rtwinr to the worst car shortage
of the season the Heppner Wood Yard
has been unable to get lump coai.
There has not been a car west from
Rock Springs in two weeks and the
situation has become acute. We are
still making every effort to get lump
coal, although at the present time we
have on hand a good supply of nut
coal.
coal. N. A. CLARK.
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RAILWAY LANDS
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J. O. RASMUS, Mgr.
Sales Room in Yeager Blbp;., Main St.
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BLDG., PORTLAND, OR. ,
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