The Bowbells tribune. [volume] (Bowbells, Ward Co., N.D.) 1899-1969, 1919-01-24

TO the Secretary-lTeaSurcr, anu
Members: " .2s--.%@ A..
Your annual meeting will be
held on the 14th day of January
and I hope that all the members of
the association will be present.
Knowing that you will all be in
terested' in the progress made by
the Federal Land Bank Of st. Paul,
am writing this general letter to
all of the Farm Loan Associations
in our district. !, j
AS you know, the bank was organ
iZed and opened for business on
May I, 1917. The first loan,
however, was closed on July II,
1917, and our active business oper-
ations date from that day. There
fore, on the first day of January,
1919, we had been In active busi-
ness operations not quite a year
and a half. The figures and statis-
tics given in, this letter are taken
from our report to the Federal
Farm Loan Board as Of January 1,
1919. ..a. !. -y.' .,{5a;.,S
During this short period of time
we have chartered 419 Farm Loan
Associations, distributed as follows: :.
North Dakota ISL, Minnesota ia,
Wisconsin So, and Michigan 81.
There are 169 new associations in
the process of organization and
many OF them will receive their
charters very soon. u.
The paid in capital stock of the
bank is $l,823,269.20. On Nov
ember 1st We began to repay, ac-
cording to- law, the capital stock
subscribed by the Government, re-
tiring on that date s52,131.S0. We
will continue to retire the stock
'emi-annually on May 1st and Nov-
ember 1st hereafter until the $780,
900 representing the Governmet
subscription, has been repaid. All
If the stock in the bank then VIII
oe owned by farmers who are bor-
overs from the bank.
The Bank has issued Federal
farm Loan Bonds to the amount of
S2O,750,000. q. 3s;s -.
The Bank: has closed 9,753 aoans
;otaling s22,555, 400. These loans
re distributed as follows: ~
North Dakota, 1,1S2,30O;y Min
lesota, $5,847,800; Wisconsin, So
.86,600; Michigan, $3,13S,790: f,s
II These loans have all been care
fSsully selected, from the total Of ap-
llications received throughout our
district. The prompt payment of
interest and amortization payments
would. indicate that all OF i these
loans were first class. On Janu-
,r1r of fhnro lev nj A. ~
lay delinquent payments due the
oank from two borrowers, totaling
S49.90. This is record Of which
we are proud, and it should be
something of which every borrower
from the bank sh9uld be- proud, It
also record that we want to
maintain in the future The sale
If bonds, as well as the success Of
The entire system depends upon the
prompt payment Of interest on the
late when it is due. 81.
In order to safeguard the system
We have been forced to reject and
refuse great many loans. This
has been done, not only to protect
the Government, the Federal Land
Bank, and the bond buyer, but es-
pecially to protect our. borrowers
and the Farm Lean Associations.
AS the Farm Loan Associations and
the members are liaple for the leans
from tho association of double the
amount Of the, stock subscribed, it
becomes Of great Importance to the
Farm Loan Associations that every
loan that is accepted Is one that
will strengthen the Association,
and that none be taken that will
become burden upon the Asaocia=
tion as such.
The first year Of our operation
was, of course, the organization
period Of the Bank and we had
heavy expenses during this period