The Hays free press. [volume] (Hays, Kan.) 1908-1924, 1921-03-03
Loans to Industries

Loans to Industries
Loans to industries are in about the
proportion previously indicated. The
loan of S65O,O0O to the North Dakota
Mill ad Elevator association covers
the operations of that department
both in the construction of the big
mill and elevator at Grand Forks and
the state owned mill at Drake.
The loan to the North Dakota
Homebuilders' association of $685.
600, is in addition to the direct ap-
preparation of 100000 made by the
legislature two years ago.
Deposits for Farm Loans
The item set forth in the bank re-
port showing S3O7, 900 has been de-
posted in banks in anticipation of
closing pending farm loans, indicates
something of the plan by which these
loans
When the state bank approved
loan, the money necessary to finance
it was deposited in some local bank
which was handling the account.
When the details incident to closing
the loan were finally completed, the
Bank of North Dakota would call the
deposit it had made and at the same
time it would forward a draft by
which it deposited the money in the
same bank to the credit of the ladn
owner.
The report shows $3O7,OOO is tied
up in this manner, some of it in banks
that have closed.
Big Deferred Payment
The statement that the amottize-
ment system of paying real estate
loans put into operation by the Bank
of North Dakota will fall short by
S263.5O of paying the full face of the
loan of 81 900 in the 80 year period
provided is one of the most interest
ing phases of the report. It is touch
ed on very briefly in the report of
the auditors.
According to statements that have
been made by the Bank of North Da-
kota and state authorities, it has been
stated that the payment plan put in
to effect would result in real estate
loans being paid at the end of 80
years. The Bishop, Brissman Co.,
calculation, however, shows that at
the end of the 80 year period less
than three-fourths of the face of the
loan will be paid off. It then will be
come necessary for the farmer to
pay, in the thirtieth year, the assess
ment necessary to complete the re-
tirement of the loan.
The HomebuiIders' Association
The affairs of the North Dakota
Homebuilders' association as dis
closed by the report indicate that the
records are in bad condition. Finan-
cial operations of the department ap-
parently have absorbed all of the
S1O0,0OO appropriation made by the
legislature two years ago, and all of
the income such as payments on con-
tracts, etc. There is an overdraft in
the state bank of s1O,752.52 charged
to the department. All operations of
the department have cost 1919, 699.Os
s Do we want this system of govern
ment in Kansas?
How about the financial situation
in Napoleon, N. D., where school
teachers and public servants received
checks for their services, which re-
main unpaid, due to the financial
tangle of the Bank of North Dakota?
Do we want this repeated here?
Do we want it made possible for
gathering of hundreds of I. W. WIS
and their kind in Kansas under the
protection of our government. which
actually occurred last year in North
Dakota where this meeting was open
ed by one of the most damnable and
unpatriotic. as well as anarehistic red
flag songs ever composed by the worst
enemies of good government.