The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1928-08-22
FARMERS MAY
ARRANGE LONG
PERIOD LOANS
Ample Funds for North Da.
kota Farmers Held by Fed.
eral Land Bank

kOta FARMERS k1elQ Oy CeQ.
eral Land Bank
Ample funds for lending to North
Dakota farmers for long periods on
their first farm mortgages were as
sured members of National Farm
Loan Associations yesterday by F.
II. Klawon, President Of the Federal
Land Bank Of Saint Paul, at . meet
ing here of the representatives Of =
number of these local associations.
The meeting held here was the
fifth meeting to be held in the state.
Others were held at Devils Lake,
Dickinson, Valley City and Minot.
They are called principally to dis
cuss farm credit and long term
loans on first farm mortgages. Rep
resentatives from eight or ten coun-
ties are attending today's meeting.
There are 1855 national farm
loan associations in the United
States dealing through IL federal
land banks, it is said. The associa-
ton in this district makes all loans
through the Federal Land Bank of
st. Paul.
Klawon told them that the i'm
preston that the bank does not wish
to make such loans is wrong and
that its policy is to serve the farm
ers of North Dakota. He assured
them that loans must be made upon
a conservative basis and that the
: earning power Of the lands for agri-
r,,l<,,No1 ha
pal consideration in appraising the
farms for long term loans.
"At present the bank has about
100000 which is available for
first mortgage loans at 5 per cent
interest, he assured the secretaries.
Many farmers borrowing else
where will find it necessary to pay q
rate 2 to per cent higher.
State Well Represented
"North Dakota is well represented
in the business done by this bank,
there being 1867 borrowers who
have loans aggregating $50, AGO, 200,
out of q total 35,417 borrowers of
$136,4S2, 500 in the district covering,
in addition, Wisconsin, Minnesota
and Michigan"
Mr.. Klawon explained that inter-
est on the huge sum amounts to APP
proximately $6,200,OO0. Payments
in installments by borrowers is the
best barometer we have Of condi-
tions in this district. While the i'm
provement is small compared with
year ago, there is no question but
what there is a turn for the better.
We hope it will be possible to reduce
delinquencies in q rev months to
where they are nominal.
During July we sold 26 farms,
twice as many as during that month
year ago. Practically all the sales
are to neighbors. At present prices,
there is no better investment avail
able. Farm lands can be made to
pay a reasonable income by the right
farmer who has a sufficient amount
of capital and equipment. In !. great
many instances farms are being Of
fered for sale at prices and on terms
that are more favorable thar land
could have been obtained 20 or 80
years ago under the homestead Law"
Farm Loan Best
F. G. Wan.k, Secretary of the
Federal Land Bank, stated, "The
Federal farm loan Is the best q
farmer can get and he should con-
slider it privilege to be allowed one.
The interest rate can never be in
creased and through the payment of
dividends on his stock, can be ma
terially reduced. There is no other
loan just like it and none that can
compare with it,
"There has been some criticism Of
the Federal Land Bank system
which has demonstrated that it
plays an important part in the
financial development Of the coun-
try. These criticisms are made by
those who have not possession, Of all
facts, for it is just as true that the
Federal Land Bank system bears the
same relation 20 the development Of
agriculture the Federal Reserve
Banks do to the financial structWe
Of the country.
IF the Federal Land Banks would
not make another loan they would
justify their existence because a.
long as they have the power to make
long time loans at a very low rate
of interest they will always act as q
stabilizer of the interest rate that
agriculture must pay. The Federal
Land Bank of Saint Paul has not
curtailed its operations in any way
whatever and is in q position ia
take care 6f all first class loans of.
fered it, but it does demand that
they be first class loans"
Short talks were also made by two
directors Of the bank, Samuel Tor.
gerson, Grand Forks. and John C.
Smith, Mandan, and r. D. Gwyther
Fort. Rice, secretary-treasurer of the
local National Farm Loan associa.
ton.
F. A. Vogel. secretary-treasurer Of
the National Farm Loan association
was elected councilman from this
group to represent the third district
of the association in dealing with
the Federal Land Bank Of st. Paul
Among members Of the association
who attended the meeting yesterday
are: r. R. Boyd, r. L. Dralle, v
NJ. Craven, I'll of Bismarck; I. O.
Lee, Hazen; r. B. Slime, Morris.
town; r. L. Phelps, Steele; B. W.
Graham. Wing; Fred Heitzman, Nc
Clusky; w. A. Gogsteller, Under
wood; e. G. Sheiser, Martin Dahl, C.
A. Ward, E. o. Brastrou, Anton
Carson, A. G. Heiser, and G. Dele
Briggle, all of Hazelton; Christ LIE
boon and J. w. Zeyer, Driscoll; r.
J. Rausch and Adolph Refill, Ra.
leigh; H. E. Wildfang, Sterling; E.
c. Foearty, Sterling; G. D. Todd
and Christ Christensen, Medina; G.
A. Lenhart, Levona; D. A. Mabe
Tappen; N. Ropp. Bismarck; J. D
Meur, Linton; G. w. Nygard, Wood
worth; e. E. Stith, Carson; F. A.
Crary, Bentley; E. o. Kleif and T.
T. Heitzmann. McClusky; A. Stem.
guist, Albert Aune, and Joe Waimka
Wilton; A. c. Rausch, Mandan; and
w. E. Hurley, Pettibone. !.
Hl Y n>AsAe