The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-10-04
R. F. G. ADVANCES
LOANS EXCEEDING
BILLION DOLLARS
Used $1,182,734,958 in Cash
to Aid Agriculture, CON-
merce, Industry
FARMERS GOT 81 MILLION
Report Says 5o7,632 Farmers
Helped Financially For
Crop Production

Washington, Oct. 4.-(R)-Advances
Of $1,l82,734,958 lin actual cash to
aid agriculture, commerce and indus
try to recover from the depression"
were announced Tuesday by the re-
construction corporation in sum-
mary Of loans made during its first
seven months Of operation.
From Feb. through Aug. 81, the
corporation said, $1,118,532,968 was
loaned to $500 borrowers and 1884,
20l $3.50 through the secretary Of ag-
riculture to 507,632 farmers for crop
production purposes.
In addition, advances to states and
political subdivisions for relieving
distress were totaled by the corpora
ton at $35,455,171 from the enact
n:ent Of the relief law in July to the
close of business Sept 30.
The corporations statement, show
ing its financial operations have in
volved approximately one-third of
the $500, 100000 fund placed at its
disposal by congress, dealt only with
general statistics and did not men
ton individual borrowers. Its chair
man, Atlee Pomerene. has protested
the ruling of South Trimble, clerk Of
the house, making public the July re-
port to congress on individual loans,
and Trimble is expected to decide
Thursday whether the August loan
report will be made public.
Many Loans Repaid
The corporation said that Of its ST.
1852, 1868 direct loans, borrowers OF,
Aug. 81 had repaid $50, 890, 1897, leav-
ing $967 ,642,071 outstanding. Loans
Of 1926, 101 1858 had been authorized
in addition to cash actually paid out
but $35,564,412 of this amount was
cancelled by the borrowers and $3.50.
$780, 55 had not been called for.
1.-THE statistics further show" the
corporation said, that there has been
q steady decline In applications for
loans from banks since April. In that
month 1909 applications were re-
ceived, and in August only $780,"
Farm loans made by the secretary
of agriculture averaged $126.47 each
and were made in every state except
Rhode Island. Arkansas led In the
number of individual loans with 49,
1886. Georgia was next with 44,153
and Mississippi third with 40,066.
The corporations direct cash loans
to $500 borrowers included: 1921
banks and trust companies open when
the loans were made: 391 receivers Of
banks closed when the loans were
made; 643 building and loan associ-
atoms; 70 insurance companies; 68
mortgage loan companies; 40 rail-
roads; II livestock credit corpora
tons; 10 agricultural credit corpora
tions; 9 federal land banks; 6 join:
stock land banks and credit unions.
Secretary Is Paid
The corporation said SIS, 000,0 900 Of
the 100000 900 placed at the disposal
of the secretary of agriculture has
been paid that official and that the
balance not used by him is available
for purchasing stock of the regional
agricultural credit corporations be-
ing created.
The 64,2o1 ,e89 loaned to farmers
by the secretary Of agriculture for
crop production purposes included:
State Loan Total Amt.
Minnesota ....... $50 $1,138,89
North Dakota %. 39,047 8.424,943
South Dakota %. 30,313 7,101 ,O62
Up to Sept. 30, the corporation
said, $35, 455,171 had been advanced
in relief loans to Is states and one
territory. OF this amount, $3O.533, 586
is subject to repayment through de-
auctions from future federal-aid road
funds, while $4,921,585 was loaned
through governors to political sub
divisions.
Amounts made available to states
included: South Dakota, $150,O00.
Advances to state subdivisions in
cluded: Michigan, $2,116,000; Detroit,
$l,800,000; Flint, $4,000, and
Muskegon Heights, $4,000. North
Dakota, $4,000, Minot and Ward
county.