The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-07-02
S1o, 100000 To Loan Farmers For Pur-
chase of Pure Bred Live Stock.
Must Organize Loan Committee.

The following information is sent
out by the above corporation and is
Of vital interest to all who wish to bor-
row money at low rate of interest for
the purchase Of pure bred live stock.
II is important that farmers and
business men in your locality be fully
informed as to the reason and purpose
of the Agricultural Credit Corporation
which has established headquarters in
Minneapolis and of which c. T. Jaf-
fray is Chairman of the Board of Di-
rectors.
This corporation which was orga-
mixed at the direct instance of Presi-
dent Coolidge and Secretary Hoover
has paid in capital stock of $4,000
90 subscribed by business interests OF
New York, Chicago and the Twin
Cities.
1t was designed to relieve the pres
ent agricultural emergency In the
Spring wheat belt and is already func-
tioning in the relief of normally sol
vent banks temporarily embarrassed
by frozen credits.
However, one of the chief functions
of this corporation will be the making
of loans direct to farmers for the
purchase of additional breeding live
stock either cattle, sheep or hogs. The
officers of the corporation are, A.P.
Kemp, President; r. S. Hume, Secre-
tary and M. O. Grangaard, Vice-Pres-
ident in charge of the livestock loan
feature of the Corporations activities
A sum of 81 100000 has been par
ticularly set aside for this purpose;
funds will be available since the cor
oration has a rediscount privilege
18th the War Finance Corporation up
TO ten times the amount of its capital
stock.
The terms and conditions under
which livestock loans are made as fol-
lows.
1. Local Farmer Business man
Loan Committee must be organized.
2. Either Farm owner or renter
may apply for loan by filling out APP
pIication blank.
3. No loan to one farmer exceed
ing 100000
d. Must be for purchase Of breed
ing cattle, sheep or hogs, either male
or female.
5. Full purchase price Of livestock
together with necessary expense will
be loan with no collateral demands ex-
rept livestock purchased and its in
crease.
6. Rate of Interest," per cent.
z. Insurance against accidental
death will be maintained by the Agri-
cultural Credit Corporation for pro-
lection both of farmer and Corpora
at l per cent per year for the first
three years.
8. Easy terms of repayment dis
tributed over four years for cattle and
three years for hogs or sheep.
Borrower and Credit Corporation
nrchasing Representative both have
oice in purchase Of live stock and the
consent of both is required before
purchase is effected.
10. Borrowers application for loan
must have the recommendation Of To-
cal loan committee.
1t will be noted that the Corporation
provides a means of handling loans
of kind which would be excloded by
the rules which necessarily govern
many banks and the rate of interest
to be charged by the corporation wher
such loans are accepted is lower thar
x.
the ruling rate Of many banks.
AS before stated, the corporation
was organized as a relief measure ant
livestock loans are thus favored will
the purpose Of stimulating a program
of increased livestock on northwes
farms and the benefits have mos
quickly come to those communitie
whose commercial clubs or other rep
resentative organizations have inter
ested themselves in the matter. Whe
requested to do so our Agriculture
Development Agents have attende
meetings which haeve been called 70
the purpose Of organizing local CON
mittees as required by the Corporate
and to the extent it is possible the
nil respond to other like invitations