The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-12-13
CROP PRODUCTION
And REF|NANClNC
LOANS SPEEDED Up
$50 Farmers in State Get ST.
673,900 During Month Of
November Alone
MONTHLY TOTALS CITED
Appraisals Continuing at More
Than 5000 a Week;
Demand Continues

North Dakota borrowers have re.
ceived more than 100000 during tho
first IL months of the present year
from the intermediate Credit Bank
OF st. Paul. one Of the four coordin-
ate units Of the Farm Credit Admin
istration, it was announced Wednes-
day.
These loans were made to agricul-
tural credit organizations and to state
and national banks directly or through
the discounting OF notes and mort
cages. The intermediate bank makes
no loans directly to individuals.
In addition. $50 North Dakota farm.
ers during November alone received
loans totaling $l.673.900 from the
Federal Land Bank OF st. Paul This
total is nearly three times as much az
North Dakota farmers received dur
ing the first IL months of 1892.
The rapid stepping up in the clos.
ing Of Federal Land Bank loans is
illustrated by comparison OF monthly
totals since the rush began with en-
actment Of legislation by the special
session. This was climaxed by the
November figures, which showed that
378 more North Dakota farmers OBJ
tanned loans In that month than dur
ing the previous 10 months, and that
the November loans exceeded the pre-
vious 10 months loans by s733,600.
$l6,214,0O0 In Four States
Since June the Federal Land Bank
has loaned q total of $l6.2l4.O00 to
GAIT farmers In North Dakota, Min
nesota, Wisconsin and Michigan.
Appraisals are continuing at mors
than 5000 per week and the appraisal
division steadily is gaining on the
volume of applications, often referred
to as the backlog, although there
have been II times as many North
Dakota applications this year as for
the corresponding period Of last year.
and requests for Is times as much
credit.
In November there were 1905 ap-
plications for practically $4,000 Of
credit in the four states, and for the
year to the first Of December there
had been more than $4,000 farmers
asking for almost one-third OF q bill
lion dollars.
At the beginning of this year, North
Dakota loans from the intermediate
bank were only $6,697 GOO. BY Dec
l. however, the total had increased
to $l0,761 900.
Total loans in other states during
the same period, swelled to: Mime
sofa $685. 600; Wisconsin, 1881 900 !:
and Michigan $46l 900.
Swelled to S23.45l,OO0
The total Of intermediate bank
loans outstanding for the four states
last Jan. was $8,971 900 and this was
almost trebled during the IL months,
| giving a total on Dec. Of $23, 451 600.
| The intermediate loans and dis
counts to credit institutions are IL
addition to $233, 900 outstanding Dec.
l, comprising loans directly to COOP
erative marketing organizations OF
various types. The cooperative loans
are secured by warehouse receipts or
shipping documents covering products
owned or processed by such coopera-
tives.
The intermediate bank has assumed
! q new function with the organiza-
ton OF production credit aSsocia-
tions," that Of discounting the notes
and mortgages st those associations
given for short time production loans
which are to be passed on to indi-
vidual farmers who comprise the
membership OF such associations,
Such associations are being organized
by the Production Credit Association
Of st. Paul.