Albuquerque Morning Journal

NATIONAL FARM LOAN ASSOCIATION FORMED IN MESILLA VALLEY

(Special Correspondence to The Journal.)

Las Cruces, N. M., Jan. 20.—Mesilla Valley National Farm Loan association was formally organized at a meeting in the Temple of Agriculture here January 19, when these officers and directors were elected for the year:

President, H. H. Brook, Las Cruces.

Vice president, W. P. Thorpe, Dona Ana.

Secretary-treasurer, M. B. Stevens, Las Cruces.

The directors are F. J. Rigney, La Mesa; S. G. Kilgore, Berino; H. W. Conklin, La Union, and the president and vice president.

The personnel of the loan committee will be announced later.

The territory to be covered by the association consists of the Mesilla valley, within the confines of the Elephant Butte irrigation district as defined by law and as shown by the plat on file at the office of the county clerk, and does not include the Picacho district, west of the Rio Grande.

It is understood that from $200,000 and $300,000 will be available, probably in March or April, for loans on approved applications.

By the terms of a resolution unanimously adopted by the board of directors, applications for loans will be placed in three classes by the board and considered in their consecutive order, as follows:

Class A—Applicants having matured mortgages facing immediate or early foreclosure.

Class B—Applicants desiring to purchase land or to provide livestock, improvements, or equipment for land owned by them.

Class C—Applicants who are now sufficiently financed but who desire to secure a farm loan solely for the purpose of refunding obligations at a lower and better rate of interest.

Within the foregoing classes applications for loans will be considered in the order as filed with the secretary-treasurer, provided always that no application shall be considered as filed until and unless accompanied by the required fee.

The Mesilla Valley association is a member of the Federal Land bank at Wichita, Kans., whose territory comprises Kansas, Oklahoma, New Mexico and Colorado.