The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1927-06-30
LAUNCH PROJECT TO
CHECK FARM SLUMP
$25,OOO,OOO Corporation
at St. Paul Formed to
Aid Four States =.
DIRECTORS ARE NAMED
Four Major Functions Are
Listed for New Midwest
Finance Move

st. Paul, June 2S-Capltalized
at $25, 100000, the Northwest
Land Finance corporation was
formed here yesterday to re-estab-
liSh land values and rejuvenate
economic conditions in North and
South Dakota, Minnesota and Mon
tana.
Organized at a meeting of 100
public officials, bankers, business
men and holders of Land through
foreclosed mortgages, the corpora
ton will begin operation as soon
as necessary details has been COM
pleted.
The plan of organization . in
cludes four major functions, each
under a separate department. They
are to:
List and acquire lands in four
northwest states suitable for agri-
culture now held by foreclosers of
mortgages and virtually without
use or value as a result.
Appraise, classify and improve
acquired lands for immediate ac-
QUESTION by colonists to be used
for thss purpose to which they are
best suited.
Maintain a field, sales or immi-
grafton service to interest and So
licit renters and farmers who find
it difficult to make a living on
high priced land in their communi-
ties.
Employ every agency to bring
competent farmers to the north
west to farms in. condition for i'm
mediate use which can be acquired
with a small cash 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 for their farms and
equipment without hardship.
The board of directors elected
yesterday includes three from St.
Paul, two from Minneapolis and
two each from Montana, North and
South Dakota.
The organization will be incorp-
GRATED under the laws of South
: Dakota.
Members Of the board are en-
phatic in insisting that the corpo-
ration is for public rather than pri-
vate benefit and that it will be OPP
Grated on quasipublic basis in or
der to derive the benefit of wide
public knowledge Of and interest in
its activities.
A statement of the plan of the
corporation said:
eff 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 corporation to be derived from
free and general publicity and
public interest will be lost !"
''The corporation is to be fl
nanced largely through eastern
capital. Of the $25,O0O,O00 au-
thorized capital, $10,000,00O will
be in preferred worcestershire vot-
ing stock, to yield cumulative an
nual dividend of five per cent.
"It is thought that those who
subscribe to this stock are doing
SO 1O1 Vic lliull GU UClIC-
fit which their own business will
derive from the operation of the
company and for the general bene-
fit to accrue to the northwest" the
plan states.
"To give the organization a SEM
ipublic character and the benefit of
general publicity and public inter-
est, those who invested money in
it shall be limited to a return of
their money with a real rate of
interest"
The board will he continuously
active for some time, members said
today in order that the corporation
may begin functioning as soon as
possible and begin the release of
money in hundreds of northwest
banks now tied up in ''frozen as
SETS" further announcement re-
garding the progress of the corpo-
ration will be made soon, members
said.