508 AGRICULTURAL APPROPRL\TION BILL, 1924. 



was loaned about $1,481,787 to 11,968 individual farmers in Idaho, 

 Montana, North Dakota, South Dakota, and Washington. 



Mr. Anderson. What was the maximum loan allowed under that 

 law? 



Mr. EsTABROOK. $300. 



Mr. Anderson. In both cases ? 



Mr. EsTAHROOK. Yes, sir. Most of the loans were for consider- 

 ably less than that. The applications were scaled down to make the 

 money go as far as it would. In the autumn of 1921 an attempt was 

 made to collect the loans that were made that spring, and again in the 

 autumn of 1922 we have carried on a most energetic campaign to 

 collect as many of those loans as possible. Up to November 4, 

 1922, we had collected of the 1921 loans $822,007, or 42.3 per cent 

 of the amount loaned in 1921. Up to the same date, namely, No- 

 vember 4, 1922, we had collected of the amount loaned in the spring 

 of 1922, $450,662, or 30.4 per cent of the amount loaned in the spring 

 of 1922. If those figures are totaled it will be found that in 1921 and 

 1922 we made 25,903 individual loans, amounting to $3,427,494, of 

 which there has been collected to November 4, 1922, $1,272,666, or 

 31.1 per cent of the total. That leaves outstanding and unpaid and 

 yet to be collected $1,123,703 of the 1921 loans, and $1,031,125, of 

 the 1922 loans, or a total of $2,154,827 for the two years, or 62.9 

 per cent of the total amount loaned j^et to be collected. 



I have here a statement showing the number of loans and the 

 amount collected in 1921 by States and counties, and a further state- 

 ment showing the amounts loaned and the collections to November 

 4, 1922, by States and counties for both yeai"s, with a summary of 

 all. 



Of the $2,000,000 appropriated for seed-grain loans in 1921, 

 $1,940,002.20 was loaned to farmers, according to this statement, 

 and $52,464.98 was used for administration expenses in making and 

 collecting the loans, leaving an unexpended balance of $7,532.82 to 

 go back into the Treasury. Of the $20,000 available for administra- 

 tion expenses of the seed-grain loan appropriation for 1922, $19,509.4S 

 was actually expended; $2.61 remains as a liability, making the total 

 expense $19,512.09, with an unexpended balance whicli will be 

 returned to the Treasury of $487.91. 



INTEREST ON LOANS. 



Mr. Anderson. Do these loans carry any interest? 



Mr. EsTABRooK. They carry interest at the rate of 5 per cent. 



Mr. Anderson. Have there been any instances in which interest 

 has been paid '. 



Mr. EsTABitooK. There are a good many instances in which in- 

 terest has been paid. A complete record o\ that is kept in the seed- 

 grain loan oflicc at (Jrand Forks, N. Dak., but the statement from 

 that ollice to which 1 referred does not show the interest collected. 



Mr. Andkrson. What chance is tiiere of collecting the remainder 

 of this money, or some ])ortion of it ? 



Mr. EsTAMijooK. The collections are coming in at tlie rate of 

 $15,000 j)er day. At the prrscnt time they are running around 

 seventy or eighty thousand dollars ])er week. It varies from week 

 to week. We had ex))ected much larger returns because of the good 

 croi)s. The North Dakota crops this year were 27 per cent better 



