Wisconsin bankers' farm bulletin
Wisconsin bankers' farm bulletin. Bulletin 38: how to borrow money to buy cattle PDF (1.0 MB)
THE RESULTS WERE GRATIFYING. In 1913, five carloads of grade cows, repre- Banks don't loan money senting an investment of $9,475, were pur- to everybody. A sati chased. By January 1, 1914, $2,613.74 was re- factory arrangement de- paid. No guarantor was called upon to make pends somewhat upon the good. Worthy farmers got their cows on three man asking for the loan. year notes, interest at six per cent, secured by chattel mortgages and not by mortgages on their farms. There was a better understanding between farmer and business man, better conditions in the country, improved homes, more silos, better barns, intelligent feeding, and a general educational campaign. Live stock raising has become the leading industry in this community. Creameries and cheese factories have been built. Community breeding has been made effective and testing associations are flourishing. AT IRON A Bayfield county bank loans to a farmer owning or living upon a RIVER piece of land that he has bargained for, money with which to buy cows. This banker insists that the farmer be a man of good habits, industrious, and prepared to care for and feed the cows, and that he deliver his cream to the local creamery. The bank takes his notes for the number he buys, and secures them by a mortgage on the cows and all the increase. To provide a fund to meet the notes when due, he must agree to have the creamery issue to the bank its check for one-half of all the cream he delivers. When the bank receives an amount from this half sufficient to pay the notes with interest, the mortgage is discharged, the note delivered to the man, and the cows, as well as any increase, are his. GET PAY FROM INCREASE. ANOTHER Some bankers think it is a good plan to pay for live stock from the IDEA increase rather than from the cream check. The Lumberman's Bank, Shell Lake, follows this scheme. A CREDIT In Vilas County, Town of Phelps, the Finnish Farmers' Credit ASSOCIATION Exchange has been organized. Under this plan, a small group of farmers pool their personal credit after the methods of the European credit associations. As an association they borrow a sum of money on the joint credit of their organization. From this fund they purchase cattle which they pay for by monthly installments taken from the cream checks given by the creamery. Membership is limited and granted only to men of high standing in the community. The association borrows its own capital, makes its own loans, buys its own cattle, provides live stock insurance features, and furnishes bred-for- production sires. In Marinette county, the Ashland Plan, with some modifications, has been operating very successfully. Nine carloads of dairy cattle have been purchased, five during the present season, with entire satisfaction to the farmers. The guarantors have never been called on to make good any losses The details for the organization of the plan used at Marinette have been published in bulletin fornl and may be had for the asking.
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