The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-12-29
LAND BANK Loans
TOTAL $5,SS4,200
IN north DAKOTA
Figures From Federal 0roaniza.
ton Show Great Activity
in District
PICKUP SHOWN IN REPORT
Number OF Deals Closed jumped
From J in June to $50 in
November

Loans received by North Dakota
farmers from the Federal Land bank
during 1888 totaled $685., 200. with
2,447 loans closed during the year.
The seventh federal land bank dis
trict, embracing North Dakota. Min
neSota, Wisconsin and Michigan,
reports that more than $4,000 farmers
In the four states received approx
mately $32000,OOO In 1888. Farm
credit administration authorities In st.
Paul estimated that these funds pass
ing through the farmers hands, In
most cases Immediately to other cred
itors. such as merchants. bankers.
doctors, and firms, have reached co.
COO to 5000 persons and firms.
Official estimates of the antici-
pated volume OF loans in the farm
states OF the district for 1894 are
rot available, but various opinions in
dictate volume OF not less than
500, 5000 and possibly much more
during the next year.
In North Dakota 81 loans were
closed from Jan. to May /, for q
total Of $287 600. In June seven loans
in the state totaled $23,70O: in July
five loans totaled $4,000, In August
q loans totaled $75,90O. in Septem-
Der 80 loans totaled $1l8,80O, In Octo-
Der 148 loans totaled $420,l00, and in
November 689 loans we're closed for
81 ,673 800. For December, officials es-
timated the loans will number 1,454,
and the amount will total 1920. 900.
During tie year the land bank re-
ceived from the entire district $4,000
applications for loans amounting to
somewhat over $400,00O,000. or u
times the number of applications re-
ceived the previous year, and AZ times
the amount Of credit asked last year.
Volume Takes Big Jump
The bank handed out to Is times
as many farmers Is times as much
credit as last year. Bank officials said
this was due to two main cause.-the
unprecedented demand on the bank
because so many other customary
channels for credit had been closed
through the bank holiday, and re-
stricted lending policies OF other
agencies, and because the land bank
began In June to make plans for ex-
banding its facilities to meet the In
crease.
Despite the large volume Of credit
sought by farmers the applications
represent only about IS per cent Of all
farmers In the four states. Their
applications to date are for less than
seven per cent Of the total valuation
of the land and buildings as recorded
In 1880.
Farm credit administration off,
Gals predicted steady flow Of appli-
cations will continue.
With 10000 appraisals made In the
district at the end Of the year, plans
are under way to expand the field
force to 1000 men at the beginning
Of spring, in addition to the apprais-
crs that are assigned to special duty
on various committees In the land
bank.
The men have averaged nine farms
each per week for those actually en-
gagged In field appraisal work, and it
is expected that early next year the
appraisal department will be able to
deliver from 5000 to 5000 appraisals
per week.
Minnesota Has Lead
During 1888, there were 1880 loans
closed In Minnesota for q total Of
$.5,752, 800: $500 loans In Wisconsin
for $751;, $50, and 1890 in Michigan
for 5000, 800.
While the federal land bank is the
largest unit Of the farm credit set-up
fer the district, three other units are
functioning and are making plans for
extensive operations in 1894. These
are the intermediate Credit bank. the
Production Credit Corporation Of St.
Paul. and the st. Paul Bank for Co.
operatives.
The intermediate Credit Bank has
seen 10 years Of service dlscounting
notes backed by chattel mortgages for
banks, live stock loan companies and
agricultural credit corporations.
The Production Credit Corpora
ton, recently set up to organize local
sEort-term borrowing associations for
4SsAA1C4Os - pA044AA6 40 O604NA0t4OAS
campaign and by the end Of January
expects to have associations formed
covering every portion Of the four
states in the district. Shortly after
the first OF February, these local asso-
Citations expect to be In q position to
advance money to their individual
members.
The st. Paul Bank for Coopera-
tives, which makes loans to co-opera-
tive buying and selling organizations
for construction, purchase, or lease
Of facilities. and to marketing organ
izations for efficient marketing Of
farm products, has received upward
Of so applications to date and has
sent out between $50 and 800 appN-
cation forms to co-operatives which
have signified = desire to procure
funds.
ENGLISH NOVELIST DIES
Rudgwlck, Sussex, Eng, Dec. 90
tP-Marraret Peterson. the novelist