Rural Credit Liquidation Sees Long Road Ahead in South Dakota
Pierre May 16 with 1370 loans active and 2 acres of land to dispose of the rural credit department still years from liquidation. Liabilities total 12.5 million, assets about 40.6 million. land holdings about 22 million and loans 11.8 million. Land sales could take roughly 13 years at 107,500 acres yearly if no new foreclosures occur. Bonds retirement spans around 12 years, with annual debt service near 200,000 initially. About 12,300 loans exist, 3,42 active, 1,059 current, 2,382 delinquent. many maturities extended up to 30 years due to refinancings and land contracts. Revenue for liquidation comes from a 1.45 mill levy, gasoline tax diversion, and tax proceeds, totaling over 10 million to date and projected annual 2.69 million from gas tax and taxes, with sales tax expected to surpass gross income tax for future revenue.
MENTIONED IN THIS ARTICLE
Pierre
South Dakota
Rural Credit Department
Brie
Department
Immayers
Aberdeen official paints bleak city finances
Aberdeen officials warned of five years of expenditures exceeding receipts, a phantom 99,651.13 sinking fund, and looming bond obligations within six weeks. Fred H. Gannon urged a full audit and an 80000 refunding bond issue, but commissioners postponed action pending audit per Mayor J. N. Douglas who urged knowing the needed amount before setting refunding figures.
MENTIONED IN THIS ARTICLE
Aberdeen
Fred H. Gannon
J. N. Douglas
Sus
Rural credit funds struggle amid 1935 outlook
About 20 percent rather than 14.24 percent is allocated for rural credit. To avoid deficit over five years the department must raise nearly $2,000,000 annually for debt retirement and operating expenses. Income in early 1935 totaled $4,424,250.99 with receipts from three tax sources about half. Expenses reached $1,535,166, including $565,053.68 in interest and $750,000 retirement of bonds. payroll fell to $13,376.48.
MENTIONED IN THIS ARTICLE
Department
Disrud To Address Seniors At Cavour
May 24 will feature Rev S D Disrud of Huron delivering the commencement address at Cavour High School. The 19 graduates include Fern Beall Kathlean Coughlin William Fernan Faye Lind Mary Maag Harley Rauch Richard Rauch Delbert Sweet Lavery Woelpert Clifford Edwards with Fern Beall William Fernan Faye Lind Mary Maag top four. Commencement week opens with baccalaureate services on May 16 with C D Arms delivering the sermon.
MENTIONED IN THIS ARTICLE
Fern Beall
Willam Fernan
Faye Lind
Mary Maag
C. D. Arms
John Morrell declares regular quarterly dividend
The board of directors of John Morrell & Company yesterday declared a 5 cent per share quarterly dividend. It will be payable June 15 to stockholders of record May 25, with the information received from Ottumwa, Iowa home office.
MENTIONED IN THIS ARTICLE
Sioux Falls
John Morrell & Company
Ottumya
South Dakota Income Tax Revenue Rises Sharply
ABERDEEN May 16 Residents of South Dakota paid 249 414 58 to the federal government in income taxes for 1934 an amount larger than payments for the prior two years. Four month totals show receipts of 600 002 18 with 3 587 returns filed 2 687 in 1932. Delinquent back taxes reached 48 751 74. Kasper notes the rise reflects better finances, not higher rates.
MENTIONED IN THIS ARTICLE
Aberdeen
South Dakota
T. C. Kasper
Internal Revenue
Kasper
South
District Meetings Begin Across South Dakota
M A Kennedy state relief administrator opened district meetings with county directors to discuss relief program development. Readouts report plans to remove farmers from relief rolls and loan funds via the rural rehabilitation corporation. Kennedy said 37 000 farm families on relief would shift to rehabilitation within 69 days.
MENTIONED IN THIS ARTICLE
Pierre
M. A. Kennedy
South Dakota
Mitchell
Rapid City
Aberdeen
State Relief Headquarters
Rural Rehabilitation Corporation
Kennedy
Rehabilitation Corporation
Seed Loan Totals Rise for 1935 Spring Plantings
Seed loans totaling 6 608 786 were issued to South Dakota farmers for 1935 spring plantings through May 1. State records show 280 loans from the Omaha office of the Farm Credit Administration seed production division. Applications in April averaged 35 weekly, dropping to about 30 weekly by May 10. The office has produced around 40 000 seed bars across Iowa Nebraska South Dakota and Wyoming, with roughly 75 percent allocated to farmers in this state.
MENTIONED IN THIS ARTICLE
Pierre
South Dakota
Farm Credit Administration
George O'Neill
Omaha
Iowa
Nebraska
Wyoming
Abandon Plan To Buy Baby Chicks For Relief
Pierre may 16 officials said the plan to buy 800000 baby chicks for distribution to South Dakota relief clients has been dropped. Loans for chick purchases are available to rural relief clients through the individual rehabilitation program of the Rural Rehabilitation Corporation.
MENTIONED IN THIS ARTICLE
Pierre
South Dakota
Tom Berry
Washington
I H.byrne
Relief Department
Rural Rehabilitation Corporation
Spencer to Head School at Lemmon
Spencer named superintendent of Lemmon city schools in Lemmon South Dakota. Professor Lloyd Spencer history instructor at Aberdeen high school and former instructor at Northam State Teachers college in Aberdeen also served as Legion post commander there. John Hines resigned his new post upon appointment as state superintendent of public instruction.
MENTIONED IN THIS ARTICLE
Spencer
Lemmon Lemmon
Lloyd Spencer
Aberdeen
Lemmon
Northam State Teachers College
Legion
John Hines
Pierre man sentenced under 1935 liquor act
Woodrow Atwood, a civilian conservation corps worker, was sentenced by Circuit Judge John F. Hughes to 300 days in jail and a $100 fine plus 0.82 costs for possessing an unsealed original package of liquor in a public place. This was the first arrest in Pierre under the new liquor law.
MENTIONED IN THIS ARTICLE
Pierre
Woodrow Atwood
White River
Civilian Conservation Corps
Here
John F. Hughes
Atwood
Mallow Acquitted of Reckless Driving in Meade County
Meade county circuit court jury acquitted Leo Mallow of reckless driving after a three hour deliberation. He had pleaded guilty but changed his plea as Judge James C McNenny sentenced him to 90 days in county jail with 20 days bread and water and a $400 fine for the April 14 accident near Kilburn that involved Warren Owens of Rapid City. T. E. Thorson of Rapid City defended Mallow while John F P Everett, Meade county state’s attorney, prosecuted.
MENTIONED IN THIS ARTICLE
Mallow
Sturgis
Meade County
Leo Mallow
James C. MccNenny
Warren Owens
Rapid City
Kilburn
T. E. Thorson
John FP
Everett
Plans For Legion Meeting In Hot Springs
Preliminary plans for the annual state American Legion convention at Hot Springs August 5 and 7 are being shaped by Battle Mountain Post No. 71 committees. Housing, drum corps, entertainment, speakers, and scheduling will be handled by the convention arrangements committee with state leaders like Department Commander Zwicky of Rapid City to consult. The Hot Springs event aims to draw a large crowd, leveraging the Black Hills region as a key attraction.
MENTIONED IN THIS ARTICLE
Hot Springs
The
American Legion
Battle Mountain Post No
Black Hills
Zwicky
Rapid City
Black Hills Hot Springs to Host Legion Convention
Posts in the Black Hills pledge full cooperation with Hot Springs to develop an elaborate entertainment program. Legionnaires statewide have received notices urging them to reserve August 5 6 and 7 for the convention. Many have already booked at Hot Springs, signaling plans for the Hills vacation visit.
MENTIONED IN THIS ARTICLE
Black Hills
Hot Springs
Also Mentioned on This Page
R. GC
Disrud
Cavour
S. D
Bea Ey
Loelow
P. H. Hares Knitting Company
Winston-Salem
N. C
Hanes
Calmenson
Haron
D. Urquhart & Sons
Rinso
Dei Aly
Bulova
Mass
America
Huesgen’s Jewelry Shop
Ni Dakota
Llose
Chilfons
Geyerman’s
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