St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-05-26
LOANED ON MORTGAGES.
The Loan Association Fixes Rates for
all The Counties in South Dakota.
DIVIDED IN EIGHT CLASSES.
Old Loans Being Paid up Well and
Lower Rates Are to Be
Had.
Special to the Globe.

Special to the Globe.
HURON, OAK, May 24.-Early last fall
the Dakota Mortgage Loan association
held meeting in this city and adopted
scale of values for lands and improve
mentS in South Dakota. These values
went into effect and were carefully
adhered to by the various loan COM
panies doing business in South Dakota
as members of the association. 1t was
soon discovered that while in the ma
Jority of counties the values were all
right, in other localities radical changes
were necessary. After giving the
scheme trial for six months or more,
1t was decided to either rearrange the
scale or abolish it entirely. To this
end
MEETING WAS CALLED
by the executive committee, and the as
ISOLATION assembled in this city. Nearly
two days were consumed in the discus
sion of this perpleXing scale of values.
Many of the members favored abolish
ing the scale, but to do so would give
too much leeway to agents. 1t was
finally decided to revise the rates and
give the new values a thorough trial.
10 this scale the twenty-five companies
doing business in South Dakota sub
ScrIbed their names. The fifty-siX
counties were divided into eight classes,
as follows:
The amount loaned not to exceed 30
per cent of the maximum valuation of
the best unimproved lands not affected
by proximity to railroad stations.
Glass I.-CountieS: Buffalo, Campbell,
EmmonS, Mcintosh and WalWorth,
lands less than 2 miles from railroad
station, value S700; 2 and under 5 miles,
5000; 5 miles and under 10, $3.50; 10 and
over, $500.
Glass II. Counties: Charles Mix, Ed
mundS, Faulk (weSt 2 tiers of town
ships, Hand (west tier of townships,
Hyde, Hughes, Jerauld west tiers of
townShips), Mcpherson, Potter and
Sully, less than miles from railroad
station, $3.50; 2 miles and under 5, S700;
miles and under 10, 5000; 10 miles and
over, $3.50.
Glass II.-Counties Aurora, Beadle,
(west tier of townships) Brown, (west
| tier of towhships) Brule, Douglas,
Faulk, east tiers of townships, Hand,
all south of township 112, east of range
70. Sanborn and Sphinx, west 1 tier of
townships, less than miles from rail
road station, $500; 2 and under ), $3.50;
3 and under 10, $3.50; 10 and over. 5000.
Glass 1V.-COunties: Beadle, all ex-
cept west 1 tier of townships. Clark,
Day, deuel., Dickey, Graut, Hamlin,
Hand, all north of township Ill, east of
range 70, Marshall, Roberts, Sargent
and Sphinx, except west l tier of town.
ships, less than 2 miles from railroad
station, $1,000; 2 miles and less than 5,
5000; 5 and under 10, $500; 10 and over,
S7OO.
HIocc " ro,,D+;oc. prooI,;,o.o D,.o,,,,,
except west l tier OF townships, Coding-
ton, Dawson, Hanson, Kingsbury, Lake,
McCoOk and Miner, less than miles
from railroad station, $1,000; 2 miles
and under 5, 81, 100; 5 miles and under
10. 1000; over ~ miles, $500.
Glass Vl.-COuntieS: Hutchinson,
Moody, and Turner, less than 2 miles
from railroad station, $1,000; 2 miles
and under 5, 81, 400; over and under 10
miles, $1,000; 10 miles or over, S1,lOO.
Glass VII.-Counties Bon Homme
and Lincoln, less than miles from rail-
road station, S1,700; 2 miles and under
5, $1,000; 5 miles and under 10, 400;
over 10 miles, $1,000.
Glass VIII.-COunties: Clay, Mime
haha, Union and Yankton, the fixing of
values is left to the lender.
LOANS ON BUILDINGS.
The following is the maximum to be
loaned on buildings, and in no case
shall an amount be loaned in excess of
the insurance policy, with usual mort
gage clause. Nor shall building be
counted as increasing the amount
loaned unless built of brick, stone OF
lumber, of separate value of $500:
Within two miles of railroad station
the loan must not exceed 1914 per cent:
two miles and less than five, not to ex-
coed 80 per cent; five miles and less
than ten, not to exceed 25 per cent; ten
miles and over, not to exceed 20 per
cent.
VALUE OF IMPROVEMENT.
Improvements shall be valued not to
exceed 33T per cent of valuation. Land
plOwed two or more times and in good
state of cultivation, will be valued at So
per acre; fences and buildings at actual
value-not cash.
AN ILLUSTRATION.
The above schedule will be readily
understood by using this example: Sup
pose farmer desires loan on 100 acres
of land under class w, located four
miles from railroad station, it would
be valued at 5000, of which 40 per cent
would be $3.50; 80 acres of cultivated
land, S240; 20 acres of new breaking,
$40; fence, $50; total improvements,
aside from buildings, $3.50: of which
1873 per cent would be $40; value of
the buildings, $500, of which so per cent
would be $50, thus making the total
amount to be loaned on this farm, 1920.
LOANS.
Many, in fact the greater number, of
loans made at the time of the big rush
four and five years ago are now due, or
will be due by the end of the present
year. Already agents are hunting up
the mortgages and arranging to make
other loans. A great many will be
ready to meet their obligations when
due, and although Overtures for making
a new loan at a more moderate rate of
interest than heretofore, farmers who
can will free themselves from carrying
a heavy Indebtedness on their farms.
The prospects for an abundant crop at
the close of the present season is so en-
couraging that money lOaners will not
reap as great harvest in the fall of
1888 as in previous years.
PLANTATIONS LIBRARY