Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-03-02
HUGE SUMS PASS
IN FARM SALES
BANKS HANDLE NEARLY $4,000.
900 IN MARCH TRANS.
ACTIONS.
RUSH 70 CLOSE DEALS
NEARLY swAMps BANKS
Transactions Of Monday Set New
HIGH Mark at Barks--Osposits
Suddenly Swollen and Will Be In
creased When, Turn Over Of Sums
j Involved Finally Are Disposed OF.


| business that ever passed thru local
banks In a single day was the turn
over of money in land and real es-
/ tate transaction, i'm addition to nor
NAL business, that passed thru the
banks Monday. u was settlement
day on farm sales that we're chang
ing hands at high prices-prices In
many instances being new high re-
cords. The day represented. In part,
the closing of the accumulation OF
land transactions in the county dur
| ing the past year.
As near as could be ascertained
today the transactions In the five
banks In the city Monday alone APP
! proximated s2.7s0.O0O or slightly
more, That bankers were busy was
! evidenced by the constant groups
and in some hanks crowds that wait
| ed all day to be served. Real estate
dealers, who iaured in many of the
transactions, likewise had busy day
! and some Of their offices were crowd
! ed with sellers and buyers waiting to
close deals.
Deposits Become Swollen.
| IL was sale by baniSsrs 10 iave
! been the largest single days bust
4 ness most of them had ever handled
! and the aggregate was new. record
for one day. Deposits climbed BY
! leaps and bounds and in most of the
city banks set new high record at
the end of the day. This hungle in
! deposits was only, however, q Sec
! ondary feature of the days banking
| business as in many cases it repre-
| sents merely a temporary increase
that will remain only until the money
deposited has been transferred or
/ checked out to it's final destina ton.
/ Flwever. there will be consider
! able permanent increase ms a result
of the clean up Of land transactions,
as there always is following March
! ] each year.
Clean UP Started Early.
Many Interested, who were fore
sighted. made it possible for the
banks to handle the volume OF bust
ness. large as it was. Had 1t not been
that those interested who started
cleaning up on their deals last week
I the banks would not have been able
to have taken care of all who had to
! be cared of In the single day. There
was preliminary rush Of closing
deals late last week. Many seemed to-
realize that If they waited until
March there would be danger in the
rush Of being disappointed. which
probably would have been the case
with some had not they been fore
warned by the probable congestion.
In this movement for early settled
before March 1 some of the real es-
tate dealers had an important hand
by seeking out sellers and buyers
4 and getting settlements arranged.
i Many Hands Handle Money.
A complication in many OF the
settlements was the nubar of hands
thru which money passed in single
deal Monday and in other recent days
1t has been common for single
payment TO clean up several trans
actions ny passing thru line of per-
sons all OF whom had bought on con-
/ tract and resold. Instances of three
or four buyers and sellers figuring in
one deal in this manner were not I'M
common for the original seller to dell
/ iver deed to the second. thisj or
/ fourth purchaser OF contract. The
mHny hands In some cases that the
money passed thru complicated deals.
but in many cases the same payment
represents a repeated number Of
payments.
i Few Said to Default,
4 Last year when the lard boom was
going so strong 1t was n quite COM
i mon prediction that there would he
4 considerable number of purchasers
4 who would not lie able to negotiate
their deals because of the small mar
4 gins of down payments and the large
sums required to be raised on the
land In order to close. This does not
seem to he the case, SO far as can be
Z, learned or else those WHO have rot
been n lie to finance their deals have
surrendered their contracts and TAX
i en- their loss without sayi.s anything
about 1t
Inquiry seems. however. to disclose
that part 'cally NIL nurchases made on
contract have been eotiuted. This
was made possible. In part by tile
large sums at long terms that owners
have taken back on the land in the
form of mort cages, IN very many
cases the dOWn narrneut hoe hoo,