The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1921-10-18

WoAO Ms"NO va ~PpSsS"SsVuS 1AVnA
South Dakota.
Aid for farmers and stockgrowers
in North Dakota is offered through
two agencies, the Agricultural
Agency OF the War Finance Corpora
ton, now functioning in Minneapolis,
and the Stock Growers Finance Cor
poration, Of Chicago. ]. L. Bell, vice
president of the First National Bank,
representative of both organize
tions in North Dakota, has returned
from Minneapolis where he attended
meeting of members of the COM
mittees of Northwestern states for the
Agricultural Loan Agency.
In referring to the War, Finance
Corporation which, is functioning ir
the Northwest through the Agricul-
tural Loan Agency located at Minne-
apolis Mr.. Bell, one of the committee
from North Dakota, said that progress
is being made in the organization
work. ~
''The War Finance Corporation will
loan money to banks upon showing by
them of advances mace to customers
for agricultural purposes. Approved
collateral must be offered, but consid-
cradle latitude in this respect will be
allowed" Mr.. Bell said.
Several hundred requests for loan
forms have gone in from North Da-
kota to the Minneapolis Office, and. the
completed applications will no doub.
be pouring ia within q lew days. The
amount Of detail in handling these
will be great, and some delay will en-
sue, but it is hoped that very shortly
the loans will be approved by the
agency at Minneapolis, accepted by
the Washington Office and funds be-
come available at an carly date for
use in the state.
Banks Can Aid Farmers.
"The banks receiving such loans
will thus be enabled i, quite an ex-
tent to avoid the necessity Of asking
their farmer customers to sell cattle
not fit for the market. BY the terms
Of the corporation loans such stock
may be carried to maturity. It is also
hoped that additional assistance will
be judiciously granted to farmers who
are endeavoring to diversity in their
farm operations and increase the hold
ings of their dairy stock"
Mr.. E. J. Weiser, president of First
National Bank Of Fargo is chairman
of the North Dakota committee, and
the other members are r. E. Barron,
president OF the Second National Bank
of Minot. and j. L. Bell of Bismarck.
The North Dakota committee works
with the outh Dakota and Minnesota
committees. The chairman of the
agency is r. f. Macgregor, vice pres
ident of the Northwestern National
bank, and vice chairman C.. D. Jaffray,
president of the First National Bank
Of Minneapolis.
Stock Growers Aid Plan.
t Mr.. Bell is chairman of the North
Dakota State Industry committee,
Stock Growers Finance Corporation
OF Chicago, an organization perfected
by leading bankers, principally Of New
York and Chicago VINO have combined
to raise funds in conjunction with
banks from other cities, to loan
money to stock growers.
"The minimum loan which will be
4 made is 5000, and loans are granted
on basis of Is per cent of the value
Of the stock. Many ranchers are hard
pressed at this time and seriously en-
barrassed by this fall Ill the price Of
their stock, so that liquidation now Of
their holdings OF stock in many cases
would put them out of business, Mr.
Bell said.
"The Stock Growers Finance Corpor-
alton will carry approved loans with
bank endorsement or other satisfac-
tory guarantee for two years, thus
permitting the stock to, mature and no
doubt improve in price. The corpor-
alton has loaned a large amount OF
money especially in Texas and Wyom-
ing. The Moth Dakota committee ha;
been working only a snort time, but
already quite a number of loans have
been placed, principally through the
western part of the state. where are
the larger holdings of cattle"
All applications for loans are to be
made ~ some member of the commit
! tee. Those associated with Mr.. Bel
in the work-are 7. A. Tollefson, cash
ier of the First National Bank 0
Dickinson. and J. f. Phelan, presiden
20 ~, Nathan Do of po,,r,, ;,