The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1919-05-09
GROWTH OF FEDERAL
LAND BANK STEADY l|.!l||
6 PER CENT DIVIDEND IS PEAN
NED ON AUGUST 1-FARMERSSi
PAY PROMPTLY. -, S#

The Federal Land Bank of st. Paul
which celebrated - its second ami
versary last Thursday, is in -snchsa
sound condition and is making such
good profits from its steadily grow
ing business that the payment of Sa
per cent cumulative dividend On
August is contemplated, President
r. G. Quamme l1nounced.
This dividend would be in addition
to the bands setting aside, the sur
pulls required by law and dividends
will be held annually hereafter, said
President Quamme. ~ :S* s
All of the organization expenses
payment is planned because of the
extent to which the earnings have
accumulated: - $sss Z
Service Growing Monthly :sS
1.-THE farmers have shown thatssthey
understand and appreciate the esserv:
ice given by this Federal instintion
and the demand for, this service, is
growing every month" 7. said Mr. tehasd;;
me.
From the number of applications
now being received indications are
that we will do greatly increased
volume of business the coming year. "
The st. Paul Federal Land Bank
is the second largest bank of its kind
ins the United States and has a rec
ord for growth, profits and collec-
tion on loans to Northwest farmers
which is especially commended by
government officials and financial
leaders.
Only Three DeIinquents.
The bank has only three delinquent
borrowers and these owe on the ag-
gregate only $118.50.
"The second annual statement,
shows total assets of $40, ILL, $685."
said President Quamme. During
this period we have chartered 457
farm loan associations in our dis:
trict, comprising all of the states Of
Michigan, Wisconsin, Minnesota and
North Dakota. More than fifty more
are in the process OF organization.
We also have established and chart
cred eight agencies in the various
states.
During this period we have loaned
to the farmers $2S,564,700. This has
been loaned to 1925 farmers. These
loans have been distributed as fol-
lows:
North Dakota, 4,764 farmers$14,086,8 800
Minnesota, 1859 farmers. 7,548,6o0
wisconsin, 1,459 farmers. 2,983,5OO
Michigan, 1904 farmers. ... 3,945, 800
26 Million On Books.
The bank has issued and outstand-
ing on it's books s26,75o,ooo in Fed
eral farm loan bonds. The paid
in capital of the bank on this date
is fi2,123, ,45s.2o. OF this total $1,42s,-
235 90 is owned by the farmers and
| $685., ,224. 20 is owned by the govern
ment and independent stockholders.
The bank aready has reached the
period of repaying the government
stock. 4 On November 1, $54,775. 80 of
the original subscription by. the gov
Eernme was retired. A certain per
cent will be retired semi-annnally
until all the government subscription
has been repaid. 5. Ssss.
Interest and amortization & pay
ments to the amount Of s1,2S0, ,629 .46
have been collected on mortgage
| loans, and $1,o72,161.11 has been patitdt! ttt!
ont in interest to bond holders. In
terest is, collected twice a year: We
have found that the farmers meet
their interest and. amortization pay
ments promptly" " .:5:; ...5
I. Bad are those men who speak evil
''of the good. III. T. Riley h .Ss, s5