Wisconsin bankers' farm bulletin
Wisconsin bankers' farm bulletin. Bulletin 38: how to borrow money to buy cattle PDF (1.0 MB)
How to Borrow Money to Buy Cattle "Most bankers are as willing to extend credit to the farmer as to the logger or manufacturer. Progressive banks are not now satisfied to be merely brokers. They have taken on the funotons of development agencies and community builders. The live stock industry is growing in banking favor. Many bankers stimulate the industry, encourage better breeding and urge farmers to use their banks in order to get better live stock." Few people doubt the wisdom of live stock farming. In the long run, no other branch of agriculture averages greater success. It wins because it is sound. Money and credit are the biggest advantages some Wisconsin farmers lack to build up, in their communities, a still greater profit producing live stock industry. "How can we get better stock?" "Where?" "What breed?" "How organize?" 'How can we safeguard ourselves in the purchase of breeding animals?" When these questions are answered to their satisfaction, we can look for still greater development in the live stock industry of many Wisconsin communities. With the sole object of creating more wealth in their communities, the business men of some of Wisconsin's many progressive cities have helped the farmers to build up their live stock industries by simple methods of furnishing "ready cash." THE "ASHLAND Seeing the necessity of developing agriculture to take the PLAN" POPULAR place of a declining lumber industry, Ashland business men conceived of a plan which, because of its merit, has been adopted in many other sections. The Ashland Commercial Club made a survey of the country tributary to Ashland, which showed the number of farmers who would buy cows if credit could be arranged. Each farmer was asked to sign an application showing the number of cows he then had, the number he wanted to buy, the breed preferred, whether pure bred or grade animals were desired, and the number of acres cleared. He agreed to raise all heifer calves, to accept the cows purchased, and to pay actual cost at Ashland, paying within three years for the cows bought from his monthly cream check and at the rate of not less than $3.00 a month a cow. Payment was secured by chattel mortgage on the cows and their progeny, and if necessary, other personal property. HOW THE MONEY WAS FURNISHED. Two banks agreed to furnish the money to buy cattle, with interest at six per cent, If the business men would guarantee them against loss; in other words, if the business men would lend their credit to the farmers. This was done. The bankers then appointed a committee to pass upon the applications. A competent committee was selected to buy the cows.
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