The Bismarck Tribune Newspaper, July 24, 1934, Page 2

MACHINERY BEING SET UP 10 ASSIST DEBTORS ON FARM Federal Judges Naming Com- missioners to Administer Frazier-Lemke Act Editor's Note: Below is presented one of the most interesting and informative articles on the workings of the federal farm moratorium act which has come to The Tribune's attention. It describes how the act is intended to operate, what the farmer must do to take advant- age of it and how the government intends it shall work. It was written by Frank Ridgway of the Chicago Tribune’s Washington staff and was first printed in that newspaper. (By Frank Ridgway) Steps are being taken to set up machinery in every corner of the United States to aid farmers in hand. ling their debt problems under the federal bankruptcy act and its recent amendments including the Frazier- Lemke amendment. Federal judges are beginning to ap- peint conciliation commissioners to help farmers over the legal route that may lead them through a bankruptcy sion of congress. It is estimated that 2,700 conciliation commussioners will ‘be appointed. Many already have been named in Illinois. Under the federal bankruptcy act as it is now amended farmers with debts will be protected for the next five years. The act providing for the Frazier-Lemke amendment was ap- proved by the President on June 28, 1934, 12 Billion in Mortgages The farm mortgage indebtedness to- gether with the personal and collat- eral debt of farmers in the United States probably exceeds $12,000,000,000. ©: this amount roughly $8,500,000,000 is represented by farm mortgages; $2,000,000,000 is classed as short-term commercial bank loans, and the bal- ance is due merchants end dealers in other interest-bearing debts according to the latest official figures. When the farm mortgage indebted- ness reached a total of nearly nine and a half billion dollars within re- cent years the mortgages were held as follows: Federal Lard banks, 12.1 per cent; joint stock land banks, 7 per cent; commercial banks, 10.8 per cent; mortgage companies, 10.4 per cent; insurance companies, 229 per cent; retired farmers, 10.6 per cent; active farmers, 3.6 per cent; other in- dividuals, 15.4 per cent; other agen- cies 7.2 per cent. These figures show that between one-fourth and a third of the farm mortgages are held by farmers and other individuals. 36 Per Cent Mortgaged In 1930, 36 per cent of the mortgaged Rs farms were mortgaged for more than 50 per cent of their value. It would take all of the gross farm income for any two of the last four years to pay off the American farm- ers’ aggregate debt. Farmers burdened with debts of various kinds, including mortgages on their land, may handle their cases in one of three ways: First—Most farmers are not ex- pected to make use of the bankruptcy law and its amendments until after they have made every effort to handle their debts on a voluntary basis. By working with their creditors many farmers will be able to reduce their debts to the point where they can be refinanced through independent agen- cies or through the Federal Land banks and the land bank commis- sioner, both a part of the Farm Credit administration at Washington, D. C. Most Creditors Reasonable In discussing the work of the 42 state adjustment committees set up within the last year, the Farm Credit administration points out that through court, as provided for at the last ses-| Wé The farmer may then pay for the Property under liberal terms over & Period of six years, provided the hold- ers of the liens consent. If the se- cured creditors make written objec- tions then the farmer may retain pos- session of the property by paying a fair annual rentel for five years. He has @ right to buy the property at any time during the five years by paying the full appraised price. Under either arrangement the farmer debtor may remain in possession of all or part of the property. May Pay Slowly If the farmer wants to buy the property he may pay for it over a period of years, paying 1 per cent in- terest the first year, 2% per cent of the appraised price on each of next two years; 5 per cent on each of the following two years, and the balance the sixth year. He also pays the taxes. The commissioners are paid for their services through fees. Each time a commissioner dockets a case he re- ceives $25. Of this amount $10 is paid by the farmer at the time he places his application for a composition or ar. extension. These commissioners already have established their offices and are ready to assist farmers in straightening out their debt worries ‘and in preventing foreclosures on their farms. CT 2 | Weather Report | Fair to- FORECAST Bismarck and_ vicinity: ednesday; For tonignt and We cooler tion ~~ and We 5 FAIR Possibly some local thundershowers except north portion Wednesday; cooler tonight and east and south por- tions Wednesday. For Montana: Unsettled tonight cooler northwest and north central portions; Wednesday generally fair. For Minnesota: Probably some lo- cal thundershowers Tuesday night or Wednesday, except fair Wednesday in northwest; cooler Wednesday and Tuesday night, except in extreme southeast. GENERAL CONDITIONS h area overlies Al- . Marie, 29.88). Tem- peratures continue high over the Mis- sissippi and Ohio Valleys while mod- erate temperatures are elsewhere. Scattered precipitat has occurred in_most regions. ismarck station barometer, inches: Normal, January ist to date .. Accumulated deficiency to date NORTH DAKOTA POINTS High- Low- est est Pet. 95 00 61 BISMARCK, clear Beach, peldy. Crosby, _ elt Devils Lake, clear Dickinson, peldy. Drake, peldy. . Grand ks, clear ... # BSSASSISRSRAIAISSLSB, & SOUTH DAKOTA POINTS High- Low- est est Pct. Huron, clear ... 104 7402 Rapid City, clea: 68 us now. the hard cash is coming from. Stangler is correct from his That lets the Bank of North Dakots,|chair at the Bank of North Dakota the businessman and farmer get out/looking out, but for the good of the from under these poor mortgages, |state its farmers are the backbone of these past due store bills and cash for/that bank and if he will come out I cattle not fit to ship, etc., seemingly |will arrange = meeting. No oratory: no end of cash for every purpose. But) but just to get to him our viewpoint. {3STATES TO SER RRR IT SCAG RDN Re RP EE PRIMARIES DURING , | taxes, did not care if we had a crop, *|and those years when he had a crop let’s take another angle and try to look into the future and see the same picture. When President Roosevelt went into office the treasury was broke, They tried at first to balance the budget but expenditures have been necessary due to drouth and un- employment and now the government is in the red five billion and going further every day. They have no other revenue but taxation, it would seem. Let us suppose that I have a farm valued in 1914 at $8,000, a federal loan | to of $4,000, barn yard loan Other debts of. $1,000. ‘The average income from this farm in the ?ast 10 years has not paid the Tunning expenses, taxes arid interest. That is, it has run at @ loss for 10 years, as has the government, the Of $2,000, Commissioner for a loan. Everyone pulls for as large a loan as possible so our bank, merchants, etc., will get out as near as can be. That's patriotism or what? The fact is that our government is paying 100 cents for a 80 cent mort- acquiring the visible, tangible wealth of this U. 8. A. into their keeping. If the very rich climb aboard and spend with the gove-nment to break this depression, those tax exempt bonds the government is ex for mortgages on homes, farms, rail- roads, coal mines, in fact everything that is real, will be paid sometime. But the NRA and every other en-|‘#rmers later. deavor has been money out of our treasury and some of it going to those same ultra rich, instead of their jumping in. Those tax exempt secur- ity holders are still uemanding their pound of flesh. One employe of the Federal Land Bank, not speaking for the bank, said no man on earth ex- cept Hitler of Germany can make a bond holder take le than par for a dosh Bias aaa ‘The poor simp. ‘When the president signed that Frazi.r-Lemke bill he cid that very thing. Also when this new deal pays $200 for $100 worth of real estate and gives bond for it. Their bords and guarantee to pay taxes and interest on the mortgages is just an inducement to get those bonds sold and keep the price above par until they get control of a satis- factory amcunt out of this country's invisible -ealth. The bondholder who held my $4,000 federal bond at 4% per cent net, no he sat by and helped keep prices down so that year after year we sold for less than cost of production, As a result, for the last 10 years, we have farmed and raised stock at @ loss. Now if you are foolish enough to keep on supposing that this govern- ment is going into the red to the tune of five or six billion a year, when a billion dollars profit in our national budget is all the taxes we can ever hope to bear, without a plan if things go wrong, without an ace or joker in the hole, then let me turn that hole card over for you. When this country gets in bad if and when—it won't find itself, that is, us, in the same fix Hitler found Ger- many when he went to bat. As Roosevelt found the U. 8. A. when he took the oath of office, the ultra ‘rich had the bonds—tax exempt some of them—covering every taxable proper- ty in that and this country. And before the U. 8. A. could expect to get in taxes from its real estate those same bond holders had to be paid in | full first. Hitler drove out the Jews and with a firing squad enforced his plan. The Jews here or in Germany are no more guilty than others, only perhaps hold more, respectively, in their keeping] (00 | but this new deal has a way out. Its joker in the hole if plans go ‘wrong, which they are bound to do if capital swamping the bankruptcy court. ernor’s move. That is the Farm Union, and the balance of us farmers’ matum. Remember the State of North Dakota, its counties, school districts and towns are all bonded, all in debt, as badly off as the farmer. Don’t rock the boat or we will have to throw the Editor, Tribune: gust, which we are holding for Valley Haven't the Miners always I claim that the Frazier-Lemke bill] 4s not intended to put the farmer into| bankruptcy nor does it hurt his credit for this date is ‘and 9 Republicans, to October 15. or the credit of the state. It is one Democratic member of the house lppi— Former Governor) Other resolutions recommended founded on our ability to pay and we Democratic Fights Inte in already has com-| Theodore G. Bilbo has been that the state game and fish com. will honestly pay all we can, to keep intense IM vention and no an active campaign for the senate| missioner introduce a bill in the nexe our homes, Missouri, Nebraska, Ohio, | ¢0 the other eight or to Senator Harry /seat held by legislature providing ® bounty on ‘The trades people who deal with me F. Byrd. Democrat, who is a candidate for re-| crows, and urged that North Dakota ~ would be money ahead in the end if California West Virginia—Clam L. Shaver is buy ® migratory duck stamp and a my debts were acaled down to my seeking the Democratic resentatives have opposition for re-| tach it to their hunting license. , ability to pay. Because when these aii! aia nomination in a large field. ‘tion. \ gratuities we are getting from Uncle] (Copyright 1934, By the Associated) I—All thirteen members of| South Carolina—All six incumbent Process T: Le Sam dwindle down, as they are bound Press) the house of representatives, Demo-|Democratic representatives have op- Ss Lax aves do, their businesses and your) Nominations for seats in the United |crats, elected at large, seek renomina-| position except Thomas 8, McMillan. Balance on Ledger bank will show no profit when we|States senate will hundreds tion in districts except Milligan and don’t. As long as these high taxes/of thousands of voters in August. pea continue, as long as those tax exempt|Each Tuesday a stirring campaign or| Kansas—Four Republican and three » July ‘Farm security holders must be paid before|two will be decided at the polls. Of] Democratic members of the house seek administration officials are lamenting the doctor, the butcher, etc., the|13 states which have primaries dur-| renomination. that they cannot spend faster the sooner you folks realize that you are|!ng the month eight will choose can-/ August 14. one-third of a billion dollars paid by losing that store bill now and take|didates for the senate. Arkansas—Seven Democratic repre- American consumers to finance the what you can get the better we will] In West Virginia, Missouri, Nebras-| sentatives have opposition for renom- reduction of farm acreages in the fis- be. Let’s start to scale down to our|ka, Ohio, California and Mississippi ination. cal year just ended. | ability to pay. Let's balance our bud-|the rivalry for Democratic nomina-| Mullen Leads Nebraska An audit of the organization's books get on the farm and your bank and/tions is particularly intense. Senator sh from immediately Or hold out for your pound of flesh and make us all dishonest and, as you fight these recovery moves be- cause it hurts a little, remember it’s all that’s keeping this country of ours from a bloody revolution and its to help straighten out these inequalities of profit sharing, is all that's keeping us farmers from business will balance Simeon D. Fess, Republican, has op- afterward. Parties will record preferences for the senate also in Tennessee and Wyo- raing. The month will see candidates named for ten seats in the senate, 118 ‘seats in the house and for nine gover- norships. Already parties have chosen candidates for 181 of the 435 ‘seats in the house which will be filled at the November elections and for 11 of the 35 seats in the senate. which will be decided. Governors to be elected in November total 35. Can- didates for governor have been named in 11 states. Seventeen states have decided congressional nominees by Primary, convention or both or by lack of opposition. That moratorium is not the gov- ulti- state into bankruptcy first and the August Primaries Listed Next month’s primaries are: JOHN W. HANKS. August 2, Tennessee—Senator Kenneth : Mc- Kellar is opposed for the Democratic nomination to succeed himself by John R. Neal, of counsel for the de- fense in the Scopes evolution trial. Nominations will be made for nine WANT SUNDAY GAME Beulah, N. Dak., July 19th, 1934. ‘The Beulah Miners have asked Bis- MONTH OF AUGUST se ne Position for renomination in Ohio./tion ‘Republican November August 25. Fecommended that tic. mem- a the 30-day shooting limit be Hiram W./ each week, but that the four days of by districts and publican, is four] open dates each Sun- S. W. Thompson Re-Elected President of Sportsmen to the senate. Mullen is supporting, ments to farmers, removal of sur- representative Edward R. Burke for Group at Annual Meet ments to farmers, remova lof sur- fTuere are Tear comer cuistieree ‘Thompson of Devils Lake Feaving 99500192 for the credit of . * of I tative Compton _t.| Vy Soe tia tenet ie. | the. ledger. The total amount sent to each state .| includes: Iowa, $5,207,408; Minnesota, $2,326,651; Montana, $4,411,461; North Dakota $10,160,771; South Dakota, $3,672,629; Wisconsin, $601,898. Summary statement of rental and poe Payments to June 30, 1934, in- clude: Minnesota — Wheat 1,310,085, to- bacco 25,699, corn-hogs 990,886. Montana—Wheat 4,411,461. North Dakota—Wheat 10,160,771. South Dakota—Wheat 3,605.435. enable men to descend 1,500 feet deeper than formerly; the new cages are 40 per cent lighter than old types. Unless they are supplied with fresh water, hens reduce their production rere and finally cease laying en- 3 4 ae tty ay ru marck for s Sunday ball game and following is Bismarck’s answer taken from a letter to the Beulah manager dated July 16th, 1934. “We have no open date until the latter part of Au- City and Jamestown.” It evidently appears that neither Valley City or Jamestown have asked for a date at but still the hee management will turn Beulah down on a Sunday game hoping to be able to book other games in the future. given the Bismarck fans a good baseball game? If Bismarck’s management will just go back over their records, they will find that as late as the spring of 1933 the Bismarck gate receipts were £0 small that it would hardly pay any visiting club to go there and play with them. Why the big gate receipts now? The answer is that Bismarck had to spend a lot of money for.a ball club to beat the Miners. It is a safe guess that the majority of baseball fans on the north line are 100 per cent for the Beulah Miners as they feel that this team is really the north line team and any partiality shown the Miners is pretty much dis- tributed over the whole line. ‘The north line is one of Bismarck’s direct trade territories and a good amount of business is taken from this line to Bismarck each year. Isn't this appreciated by Bismarck, or would they rather show. favors to Valley City and Jamestown, which territory never spends anything with them? It is only a short time ago that Bis- marck needed help, in fact the ballot ink is hardly dry yet. The north lines cry was “Keep the Capitol in justice to your neighbors? ‘The writer has at this time a bill of the N. P. Shop Team and Bismarck game day. feel How's BUSINESS? ON THE BOOM! IE YOU HAVE SENSATION LIME THIS ek the x f MINNE:! that . have taken a reasonable auitude ie SOTA PiMgh= Low |docan't go ia and furnish improvemsent,|card than the Miners? ‘This lll also Bu ers come with a rush to et i making adjustments, est est Pet. | as they were told to do, $10 for every|advertises the Bismarck club as 1933 y' i It is only an occasional unreasonable | Minneapolis, pear. 06 78.00! one the government spent. champions. The management had Seite ar’ dleg|rarane ot omg grares |e cna wear altamerememoereeret| the tire that defies fast tread-wear | =: see=ces = advantage of str d fi debtor ATHER IN OTHER STATES per cent o! e wealth of} a minut and go over year’s ome for the purpose ‘of selfish gain’ aaa Seer High- Low- | this country is converted into tax ex-| records it will find that Bismarck and ‘i the 0 datowards ine 1 the com- Fad Pairk munity al nation 7 worthy farm families, icici 2 so 43% more miles of real non- These commi , established in|Chicag + 9 7 00 “ td most of the states, ilable to 88 64 (00 ment wi elr creditors. In this ‘ tremendous ease the farmer and a of ha credite eee Looking at the situation from the lous popular response rs must agree to a justment: rf Miners’ 51 can one Program. Pas a % ey two things and that is Bismarck sans sane Second—If the debt cannot be ad- ™% 00 ment is so narrow that it does EREB'S thrilling news for the millions justed on 9 voluntary basis with all oa # not realize that it is biting one of the who are scanning the business hor- Parties agreeing, the farmer may make o 3 that 1s feeding it, or ts afraid) zon for signs of increasing sales. eee cee te a pees tet oc . 4 00 he is insolvent or unabie to meet his 7% 00 Yours very truly, the panel dary ay anes will buy if debts as they mature and that he de- 7 50 00 ‘A Baseball Fan. ph ap cg . sires ¢ to prod a composition ¢ or an ex. 2 = you build wl 'y want. Greater safety, quicker stopping, e to pay 108 58 00 eee ee eer N.D,| And the cash registers of 30,000 Good- longer wear. 8. 8. e, » rain 8 64 16 July 20, i9s4.| year dealers from coast to coast are ring- Beatile, Wash, clear .. 89 62 00 H ing with the news that car owners waat poe dame Go Senet Snaiation oop otlBioux City ta” Bidy’ 10k 1600 |" This ne (July sth) I had the) 43% longer non-skid mileage. og Bookane, "Wasi, peidy. 4 80 Lemke bil bo Ustening to our next pone Phan ig il in the tire body— 8.09 the holder o _ An overnight success Papen satrap nacew a Sy gp /curties whe “G.3" is the magic name that released euch « treed without tie Grsdyear . 88 62 «00 /or factory this flood of buying. ply material. — ™% 66 00| Now “G-3" is the tire that stood up under the Ye J 8 Et toughest tests ever dealtout bya test fleet. pai wisn Ou tie —_ sm “G3” is the tire that heeps ite grip 43% would make the “G-3" more expen ay Washington, fer - & % 00 longer than former All-Weathers—twice sive, e wi " oe Py Sere sie. mekice, by. sharp on fens 90 other tics tested eteiant It does cost more to build this sens . yeditors. In the end he will find “G-3" is the All-Weather Tread Good- cational new tire—but you pay no that be, lath miiboet nay acdemonts year tire that gives you a broader, flatter more to buy it! basis tread—more rubber in the tread—more These plain facts started the rush rs and they coming rubber against the ground. lh genmtane palate bese are buying at Goodyear denlere! Test’ ad amen oe It gives you more non-skid blocks inthe” Sem 7h Geedbvor Tire @ Reiter Company, int. good iden for you to join the crowd adjust- milk for the children? center of the tread—16% more, for i ‘ 35 | ‘AKRON, Omno ~ gFae i i ret eg eal the right to delete such parts of letters as ma; v be mecessary to conform to this policy. and to ree quire publication writers game where Spetice an make [EE i re 2 tf zytust a iH F rE tas advisable. fed v s F E i ae ER i si i i elt 4 ai git iE E gf Hi i rH E sora (ora mh eee sass ceili ais a i | ae oe eaee est ©6~6— CORWIN-CHURCHILL MOTORS, Inc. 0 POE RT REET STR O