Show BANKS SALES INCREASE r salt lake city utah july 19 an improved market tor for farm land la Is reflected by tile increased sale bale of farms during the last six alx months upon which the federal land bank lias had to foreclose during the last several years this heartening news was brought to the meeting here today of representatives of 71 local national farm loan association ot of utah and the officials ot of the ecal I 1 land bank fit at berkeley cal atoa ly its president president willard D ellis these farms he continued are moving more rapidly than tor for several years both because the market lias has improved and because of additional dit ional effort by the batik bank to sell its farms at the new appraised reappraised re values in tact fact we have sold more arams in fit utah in the last six she months than wo we did in the entire year previous in all four states served by the bank utah california nevada and arizona during the first half ot of tills this year we sold 57 farms compared with 37 during the previous year thirty eight ot of these farms are in utah and 12 are in san juan and grand counties there are fewer idle farms owned by the batik bank in utah than at any time since it began to these properties more than half of the ag farms still unsold are being operated and 17 sales are now pending real heal estate sales in utah are being made under the supervision of the utah director of the batik bank william al blonell how ell of salt lake city these farms are being purchased mostly by neighbors who know their value and appreciate what can bo be produced upon them the farms have all been appraised reappraised re keeping in mind their worth from the standpoint of their agricultural production capacities and at these values farmers have a real opportunity to obtain properties upon which their capital investment 1 Is s low and which will have a correspondingly small overhead these farms are being sold upon convenient terms and the mortgages bear low rates of interest the federal land bank has been a potent factor in determining interest rates in utah where it is carrying a larger proportion of the tarm farm indebtedness debt edness than in any of the other oilier three states which it serves it has been estimated that its borrowers are paying at least 2 percent less than they were before they obtained their long term loans from this co opera tive or mutual institution that auld make the savings approximately 1 million dollars annually in the four states and at least a quarter ot of a million in utah not only does it thus malce make reasonable rates tor for its borrowers but it has a leavening effect upon the rates charged farmers who borrow funds elsewhere I 1 despite the tact fact that the bank has been forced to carry nearly a million dollars in real estate continued mr air ellis its finan cila position has steadily improved the bank carries per cent reserve against all real estate owned it has added to its reserves on real 4 estate contracts cop contracts tracts during the last six months and to its legal re rc berve after all reserves had been set up there was a net increase Inci ease case ot of in undivided profits on june 29 compared with december 31 last year not only is lite farm real estate market showing more activity Is reflected in the banks sales continued mr ellis but farmers are paying installments upon their loans more promptly taking the tour four states covered by the land bank as a w ahola hol 1 despite the increased v volume ol 01 go business delinquency is as small email as in 1924 25 and 1927 delinquency lin quency in utah Is as small as it has been for the last two years in nevada it Is negligible in arizona tile the lowest in years while in california it shows a slight increase I 1 revenue to the batik bank from operation aaion ot of farms foreclosed upon also increased last year in utah this was greater by the total returns being in california it derived front from such operations and in fit arizona to guard against depreciation of properties upon which it has to foreclose the batik bank I 1 has a receiver appointed promptly I 1 so libat the farm is operated under his direction during tile tha period elapsing between foreclosure and when actual possession by tile batik bank Is obtained this not only maintains tile the farm as an all active property but helps to sustain its market value loans made by the federal land dank batik through the national farm loan associations in fit these tour four states since the batik bank was organized in 1917 have totaled approximately to 18 far farm res some loans have bee been n paid off entirely and all borrowers pay each icar one or two per cent upon the original amount amount loaned so BO that lite total amount outstanding is now in california in utah in nevada and 5 in arizona mr air ellis eilis asked the representatives of the local associations present to urge their members to see that farmers taxes are arc not advanced to heights which are beyond the ability of the farm to pay saying that taxes are a first lien upon propriety pro even prior to first mortgages |