The Oakes times. [volume] (Oakes, N.D.) 1906-current, 1921-12-15
STATE WlLLRUSH
FARMERS LOANS
Manager of This Departments of the
Bank of North Dakota is Busy
Re0rganizing
TO BRING ORDER OUT OF CHAOS
Expects to Be Going at Top Speed by
February

February
w. B. Default, the new manager Of
the farm loan department of the Bank
of North Dakota, is rapidly getting
order out of the chaos existing in the
rural credits business of the state.
incidentally, he is entirely different
from the type of men sometimes seen
in public service-he doesn't talk very
much, and doesn't brag, but he is do
ing things.
Mr.. Default declares it is his inten-
tion to get his department effectively
and efficiently organized as soon as
possible so no unnecessary time will
be lost in closing farm loans. The
department will have considerable bus
mess disposed of before thirty days
have passed and the organization will
be functioning at capacity speed by
February 1.
While the general opinion has been
that very little loaning would be done
during the winter months, Manager
Default declares that there will be
no delay in moving the money on that
account. He will put to work compe-
tent appraisers who can do their work
at this time Of the year as we'll as
after spring opens up.
It is too early as yet to outline a
definite policy, but applications will
be taken up for consideration in the
order in which they are filed and loans
will be closed on strictly impartial
basis of not over fifty per cent on a
conservative valuation.
81 have not received any instruc-
tions from the industrial commission
as yet," says Mr.. Default, "but I
take it for granted that the applica-
tions received and appraised by the
old administration will maintain their
priority rights and be disposed Of in
the order in which they are filed"
Exceptions from this general rule
should, in his opinion, be made for the
benefit of such farmers as have fore
closure proceedings pending against
them and the time limit for redemp-
tion is approaching. Applications
from such sources are deserving of
immediate attention. The best inter-
est of the state demands that these
people do not lose their farms and
homes.
The new manager thinks, also, that
applications for small loans should be
given preference over large ones.
Even if the department gets under
full speed as rapidly as the new man.
ager expects, there are so many appli-
cations already filed that there will be
very little chance to reach any new
business before spring. According to
the survey made, 745 loans have been
made, totaling $2,790,300. In, addi-
tion, 562 applications have been ap-
praised and approved by the retiring
administration granting further loans
for $1,894, 900, which have not been
closed.
There are, besides, nearly thou
sand applications asking for total
of $4,381 ,O90. This means that the
department has unfinished business or
hand aggregating over six million dol
lars, and only when this has been dis.
posed of will new applications come
in for consideration.
Members Of the industrial commits.
sion express themselves as very favor
ably impressed with the work already
done by Mr.. Default and with the
manner in which he has approached
his difficult tasks. The governor be
lieves the unfinished business will be
disposed of before March and that
the entire bond issue Of ten millior
dollars will have been loaned out by
the first Of next June. ,.