The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-06-07

assets, 1t collected more tnan MIL
lion dollars of funds, which were
loaned or rc-deposited with the var
ious insolvent banks in the State
by the former management. With it's
funds so releaced, it resumed the
payment of checks and other remands
upon the Bank in the usual course of
business, and in the spring of 1922,
commenced, on a moderate scale, to
make farm loans to actual farmers
residing in the State of North Da-
kota. The success of the new man
ager Of the Bank, {. r. Green, in
| handling of the finances of the bank
! in these most trying times, and un-
der the most difficult of conditions,
has been nothing less than remark
able AS a result of his careful and
wise management, this large insti-
tuition which was in vcritablc state
Of insolvency, which was discredited
at home and abroad, with it's funds
scattered everywhere throughout the
State in all forms Of frozen and slow
assets, has been steadily and success
fully rehabilitated, and has been put
in position, not only where it can
meet the demands of it's depositors
in the usual course of business, but
carries on large and continuous
farm loan business, and makes ad-
vances from time to time to various
state educational, penal and charit-
able institutions, which have been in
need of financial assistance. The
record of the Bank, in its farm loan
activities, has been exceedingly good,
and should commend itself to all fair
thinking people. Whereas the form
err administration made farm loans
out of the public deposits therein in
the period of two and one-half years,
in the amount of approximately two
million, seven hundred thousand dol
lars the new Management has in the
same period of time, completed farm
loans exceeding twelve million dol
lars, or more than four times the
service rendered by the former man
agement; and, whereas the former
management made all of its loans out
of the public funds, the new manage
ment has made virtually all of its
loans out of the funds secured from
the sale Of rural credit bonds, and
has sufficient bonds sold to cover all
advances made by the Bank for loans
now in the progress of negotiation
1t is interesting to note that dur
ing the period from April 1st, 1922,
to April 1st, 1924, the Bank of North
Dakota has made farm loans in this
State, in the number Of seven hum
dred and twelve more than the Fed
eral Land Bank has made in this
State in the same length of time, and
the Federal Land Bank is recognized
as the greatest farm loan agency in
the Northwest Not only has the new
management exceeded the record o!
the former management in the
| amount of loans made by more than
| four to one, but the character Of its
loans are uniformly better 1t will
be recalled that during the former
administration, such excessive loans
as the Mcmahon loan for twenty-five
! thousand dollars in Golden Valley
| County, the Ray Mckaig loan in Nor
| ton County, and other large specula-
| tive loans were made to persons who
were not only not farmers, but many
of whom were not residents Of the
State, and all of which turned out
many others like them were in such
excessive amounts that the security
was not enough to cover the amount
of the loans, and it has been neces
sary to foreclose them, and take over
the lands. Of the two million, seven
hundred thousand dollars of farm
loans made by the FORMER admins
tration, it has been necessary to
foreclose on mortgages in default
. amounting to Seven hundred and
twenty-five thousand dollars ($725,-
OOO.O0), which loans were of such a
poor character and in such excessive
amounts that the debtors have fail
ed to make a sinA.e payment In the
four years since they were negotiat-
ed. Contrast that record to the char
acter and quality of the loans made
by the new management, wherein it
appears that out of the Twelve Mil
lion Dollars of loans made, only
about One Hundred and Twenty
Thousand ($12O,O0O.OO) is past due on
the interest and principal Install
ments.
Successful Operation
In face Of this record of success
full operation in the farm loan de-
partment of the bank, under the
management of the independents, and
the bank, under the management of
the Independents, and in spite Of the
dcplorable failures and awful con-