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Wisconsin bankers' farm bulletin

Baker, Raymond
Wisconsin bankers' farm bulletin. Bulletin 38: how to borrow money to buy cattle PDF (1.0 MB)

                                    In 1913, five carloads of grade cows,
  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
  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
                                 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
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
fund to meet the notes when due, he must agree to have the creamery issue
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,
mortgage is discharged, the note delivered to the man, and the cows, as well
any increase, are his.
                         GET PAY FROM INCREASE.
 ANOTHER Some bankers think it is a good plan to pay for live stock from
 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
 European credit associations. As an association they borrow a sum of money
 the joint credit of their organization. From this fund they purchase cattle
 they pay for by monthly installments taken from the cream checks given by
 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,
 its own cattle, provides live stock insurance features, and furnishes bred-for-
 production sires.
     In Marinette county, the Ashland Plan, with some modifications, has
 operating very successfully. Nine carloads of dairy cattle have been purchased,
 five during the present season, with entire satisfaction to the farmers.
 guarantors have never been called on to make good any losses The details
 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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