LOANS REFINANCE
FARMERS DEBTS IN
NORTHAMPTON CO.
Neighboring County Farmers
Loaned Over A Quarter
Million Dollars
A total of $290,400 of Federal
land bank and Land Bank Com
missioner’s farm mortgage loans
was made in Northampton County,
North Carolina, from June 1,
1933, to May 1, 1934, according to
Farm Credit Administration.
Of this total, farmers in North
ampton County used approximate
ly $255,000, or 87.8 per cent to re
finance their indebtedness. By re
financing, farmers obtained new
mortgage loans which they used
to pay their old debts. They gen
erally reduced their annual inter
est charges in doing so. In a num
ber of cases, scale-downs, of in
debtedness occured in connection
with the new loans. These and
other advantages benefited farm
ers primarily. Secondarily, credi
tors benefited from the receipt of
cash or bonds in exchange for ob
ligations they held.
Of the loan money used by farm
ers in Northampton County for
refinancing their debts, about
$116,400, it was estimated, repaid
their debts to banks; $6,100, their
debts to insurance companies;
$3,200 their taxes; $1,500, their
debts to merchants; $127,800,
their debts to “others,” or credi
tors not separately classified, in
cluding private mortgage lenders,
mortgage loan companies, retired
farmers and many others to whom
farmers were in debt.
A total of about $35,400 of loans
in the county was used for pur
poses other than the refinancing
of borrowers’ debts. Of this sum,
$26,700 was used for the purpose
of land and equipment, the con
struction or improvement of build
ings, and for general agricultural
uses, including the provision of
capital, while $8,700 the balance,
was used for the purchase of stock
in national farm loan associations,
for loan fees, etc.
Throughout the United States
approximately $675,000,000 of land
band and Commissioner’s loans
were made to refinance debts re
sulting from the long period of
low farm income.
Generally farmers pay consid
erably less interest each year on
the new than on old loans. Land
bank loans made through national
farm loan associations carry an in
terest rate of 5 per cent, but there
is a reduction to 4 1-2 per cent
until July, 1938. Loans made direct
by banks carry a rate of 5 1-2
per cent, but there is a reduction
to 5 per cent until 1938. The rate
on Commissioner’s loans is 5 per
cent. Against these rates farmers
in most cases had been paying
from 5 per cent to 8 per cent, but
on numerous loans they had been
paying 9 per cent, 10 per cent,
and even above 10 per cent.
Until March 26 the land bank
and Commissioner’s loans were
made in cash. Commencing on that
date they were made mainly in
the government-guaranteed bonds
of the Federal Farm Mortgage Cor
poration. These bonds are exempt
from all Federal, state, municipal
and local taxation, except sur
taxes, estate, inheritance and gift
taxes. They are guaranteed fully
as to principal and interest by the
United States government. In a
relatively short period after they
were issued, they sold above par
and had met a favorable reception
from farmers and their creditors
all over the United States. With
the use of these bonds, the refin
ancing program is going forward
rapidly.
TOWN
TALK
_ _
Mrs. J. W. Hopkins, of Wil
liamston, visited her sister, Mrs.
J. H. Williams, last week.
Claude Williams is "visiting rel
atives in Williamston this week.
Heywood Williams has return
ed from a visit to New York and
Washington.
—
Friends of John McDonald will
be glad to know he is recovering
nicely from a recent operation at
Roanoke Rapids Hospital.
Mr. and Mrs. Emmet Wood, Bil
ly Wood, Mrs. M. F. Edwards
and Miss Myrtle Edwards spent
Friday and Saturday in Hopewell,
Va.
Mr. and Mrs. John Cranwell and
children, of Fayetteville, N. C.,
visited relatives here last week
end.
Raymond Hughes, of Erwin, N.
C., visited his family here last
week-end.
Mr. and Mrs. Johnnie Brantley
spent Sunday in Ahoskie, N. C.
Mrs. Annie Brantley, of Ahoskie,
is visiting her son, Johnnie Brant
ley.
Mrs. Ruth McLeod, of Fayette
ville, N. C., is visiting relatives
here.
Arnold Hughes is spending this
week in Erwin, N. C., with his
father.
Miss Louise Shaw has returned
to her home in Ebony, Va., after
a visit to Mrs. Grover Taylor.
CHRISTIAN SCIENCE SOCIETY
Sunday services, 11 a. m.
Wednesday, 8 p. m.
Reading room open Tuesdays
and Fridays from 10 to 12. The
public is cordially invited to at
tend our services and visit our
reading room.
Subject Sunday: “God The Pre
server of Man.” Woman’s Club
House, Jackson Street.
CHOCKOYOTTE CLUB
GOLF CHAMPIONSHIP
STARTS THIS WEEK
Country Club Membership
Has Increased 150% Since
Dues Reduction
The annua] club coif champion
ship for the Chockoyotte Country
Club gets under way this week,
with qualification rounds this week
and next, June 11th through June
24th.
The play will be divided into
three flights of 16-men each, and
will start on Monday, June 25th,
running through a period of two
weeks with finals being played
Saturday, July 7th, in all three
flights.
Reverend S. H. Bradley, who
recently moved to Norfolk, is the
present club champion, having
won last year’s tournament. Mr.
Bradley will not be present to de
fend his title this year.
The tournament will be in
charge of a committee composed of
E. B. Manning, D. W. Seifert and
Fletcher Dickens. The committee
is also planning other tourna
ments during the year and will
probably arrange home and home
matches with neighboring clubs at
Warrenton and Henderson, and
possibly Emporia and Suffolk, ya.
Since January 1st the dues of
the club have been reduced from
$5.00 to $3.00 per month, which
entitles all dependents of a mem
bers family to all club and golf
privileges without additional cost.
The membership of the club has
increased over 150 per cent since
that time, there nowp being 51
regular golfing members in addi
tion to a good many ladies and
junior members.
The silver cup which was do
nated in 1926 by the then presi
dent, Mr. Chas. R. Emry, will go
to the club champion this year. J.
M. Jackson now has two legs on
the cup.
Dr. E. P. Brenner
CHIROPRACTOR
Roanoke Rapids, N. C.
NATURE
YOUR BEST FRIEND
She gives you your soil. . . Your
seed, and Chilean Natural Nitrate
What a friend old Mother Nature is to every man who makes a crop.
Your land—Nature created it. The seed you plant—Nature creates it.
Sun and rain—gifts from Nature, too.
And Chilean Natural Nitrate—this magic plant food is one of Nature’s
miracles. Into Chilean she put the vital “impurities”, each one a plant
food in itself. They are all essential to your crop.
Chilean Natural Nitrate is the ideal side-dresser—proved by over 100
years of use on Southern crops.
Two kinds of Chilean—both are genuine. Champion Brand (granulated)
and Old Style.
Protect yourself. The way to be sure you get what you want is to say
Champion Chilean or Old Style Chilean when you order. Play safe.
Chilean
NATURAL NITRATE
THE ONLY NITROGEN THAT COMES FROM ^
THE GROUND: THE GENUINE ORIGINAL "SODA" tS.