The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1927-06-23
FORMATION OF SIS, 100000 LAND
FINANCING CORPORATION WILL BE
DISCUSSED AT CONFERENCE MONDAY
Of Four Northwest
. States and 100 Leading Of
ficials. Business Men and
Agricultural Experts In
vited to Attend Meeting at
st. Paul

st. Paul. June 23.-tH PLANS to
thaw out the frozen" assets of the
northwest mortgage forecloscd land
through formation Of a 10000 600
land financing corporation will be
discussed at conference here next
Monday
Through the employment of east
ern capital, it is proposed to market
and reestablish values of more than
5000. 100000 worth Of foreclosed land
in Minnesota. North and South Da-
kota and Montana.
Nearly 100 of the leading offic ials.
business men, financiers and agricul-
tural experts of the four states have
been invited to attend the conference.
aimed to stimulate the movement Of
the northwest agricultural lands.
Seven Sign Call
The call for the conference is
signed by seven prominent men
FROM Minnesota and the Dakotas.
They are:
L. H. Ickler. president of the Amer
lean National Bank. st. Paul: Joseph
NJ. Kelly. Greater North Dakota
Development associations: II. V. Har
Ian. Minnchaha National Bank,
Sioux Falls. S. d.: l.. b. Hanna.
Fargo. N. d.; Roger B. Shepard,
president Finch. Vans Lyck L. Me-
Conville. St. Paul: W. O. Washburn,
American Hoist and Derrick, COM
pany. St. Paul. and Howard Everett,
community colonizer, st. Paul.
Governors Of the four states af-
fectcd have been invited to attend.
They are Governors Christianson Of
Minnesota, Bul0w of South Dakota,
.nl nf Mnnfono anA Cnyltn nf
North Dakota.
The Corporations Aims
According to the call for the con-
ference, the proposed corporation
would:
Form central land listing agency
through which lands in all four
states could be classified, appraised,
managed and offered for sale.
Operate an efficiently supervised
immigration soliciting agency cap
able of interesting competent farm
ers in northwest land bargains.
Place local field organizations in
every section competent to handle
incoming settlers.
Create method of financing the
purchase of lands by experienced in
coming farmers who are unable to
meet terms Of sale now necessarily
required by many banks, receivers
and individuals.
Movement Based on Survey
Mr.. Everett declared the move.
ment is based upon survey of the
causes of present land depression
in the four states He has been in
consultation with leading financial
men of the northwest and east in
connection with the project for more
than two years.
The aim of the corporation, he
said, would be to create a demand
for farm lands by reviving public
confidence in the inherent value of
agriculture and stimulating "back
to the land" movement by providing
capital for purchase on long terms
of payment.
Signers Of the conference call say
restoration of confidence in land
and reestablishment of it's value
will aid in liquidating hundreds of
banks SO paralyzed by overlooking
with frozen assets in the form Of
land mortgages.
During the period from 1920 to
1926, frozen assets in banks in the
four states, Mr.. Everett said, tied
up more than $25O,OOO, 900 in deposi-
tors capital. In addition $40, O,OOO, 900
in bank capital and more than $1O,-
100000 in bank surpluses have been
stagnated. he said.
Much Money Lies Dormant
Mr.. Everett further declared that
more than 500, 100000 is lying dor
mant. represented by mortgaged fore.
closed lands held as bank securities,
and at least another 1t1OO, ,OOO, ,0Ot
uuvn, - - lmsnl - -