The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1927-06-28
LAND FINANCE
CORPORATION
Is ORGANIZED
Will EndeavOr to Reestablish
Land Values in Four
Northwest States
CAPITAL is $25,ooo,ooo
Joe Kelly, Devils Lake, and
j. r. Carley, Grand Forks,
Are Directors

st. Paul, June 2S.-tP)-Capitalizcd
at $25,OOO,0OO, the Northwest Land
Finance Corporation was formed here
yesterday to reestablish land values
and rejuvcnate economic conditions
in North and South Dakota, Minnc-
sofa and Montana.
Organized at a meeting of 100 pub
lie officials, bankers, business men
and holders of land through fore
closed mortgages, the corporation
will begin operation as soon as neces-
sary detail has been completed.
Four Major Functions
The plan of organization includes
four major functions, each under u
separate department. They are to:
List and acquire lands in four
northwest states suitable for agricul-
ture now held by foreclosures Of
mortgages and virtually without use
or value as result.
Appraisc, classify and improve ac-
quired lands for immediate acquisi-
tion by colonists to be used for the
purpose for which they are best
suited.
Maintain a field, sales or immigra-
tion service to interest and solicit
renters and farmers who find it diff
ficult to make living on high
priced land in their communities.
Employ every agency to bring
competent farmers to the northwest
to farms Isl condition for immediate
use which can be acquired with a
small outlay on long terms.
Finance purchasers of land through
relations with all existing agencies
Of agricultural finance SO that the
purchasers may acquire and pay fol
their farms and equipment withou!
hardship.
Directors Named
The board of directors elected
Paul, two from Minneapolis and two
each Of Montana, North and South
Dakota. They include: Joe Kelly
Devils Lake, N. D.; J. r. Carley
Grand Forks, N. D.; Norman B. Hoi
ter, Helena, Mont; John w. ..Schmitz
Ter, Floyd, Mont; l.. ". Hill, D. G
Shepard and Howard Everett of St
Yaul, and F. e. Murphy and Curti.
L. Mosher, Minneapolis. The organ
ization will be incorporated under
the laws of South Dakota.
Members of the board are EN-
phatic in insisting that the corpor
alton is for public rather than pri
vate benefit and that it will be Oper
ated OH a quasi-public basis in order
to derive the benefit of wide public
knowledge of and interest in its ac
tivities.
Plan Outlined
A statement outlining the plan OF
operation of the corporation, said.
IF those to furnish the money are
to profit, as would be the case OF
an ordinary corporation for profit
much of the efficiency of this cor.
poration to be derived from free and
general publicity and public interest
will be lost"
The corporation is to be financed
largely through eastern capital. Oh
The $25,O00,0OO authorized capital
S1O,OOO,00O will be in preferred, non.
assessable voting stock, to yield .
cumulative annual dividend of five
,Qer cent.
1T is thought that those who sub.
scribe to this stock IRE doing sc
primarily for the indirect benefi,
which their own business will derive
from the operation of the compan,
and from the general benefit to be
accrued to the northwest" the plar
Of operation states.
"To give the organization semi
public character and the benefit o1
general publicity and public interest
those who invest money in it shall
be limited to return Of their none,
with = reasonable rate of interest"
The board Of directors will be con
tinuously active for some time, mem
bers said today, in order that tn,
corporation. may begin functioninl
Wts. soon as possible and begin th'
release of money in hundreds o
northwest banks now tied up il
frozen assets" nrther announce
ment regarding y progress Of tn.
corporation will bt made soon, mem
bers said.