Newspapers / The Elkin Tribune (Elkin, … / May 8, 1930, edition 1 / Page 10
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THURSDAY, MAY 8, 1030 I I 1 J_ "Did you ever see such Bargains?" (;, "Ads. always carry a wonderful message, my dear." I I if ( . ; I hi ! ; Newspaper| II / I \\ Advertisin| if Costs Less I j «*:«» w J •) Than ■ ' Waiting j i' i : T° | L Advertise ! I'i I ) 1 '! i i * ii f s : ===== i . n i. • ELKIN TRIBUNE ♦ COVERS \ THE FIELD i >, ' M j \ a■ * I 1 ——— "■" iu— —■»——BUBB THE KLKIN TRIBUNE, SUSS NORTH CAROLINA [Millions Availa ( Farmers Needi I RESOURCES OF I fSDHRAIi IN | TERMETHATE CKKBIT | BANKS HARDLY TOUCH KI» AH YKT We have hoard a greut deal about that Five Hundred Million Dollars which the Federal Farm j Board has at Its disposal with which to finance cooperative marketing. We hear very little these days about the Six Hundred and Six ty Million Dollars which the Fed eral Interemdiate Credit Banks are authorized to use for financ ing individual farmers. Here is practical farm relief a vailable to every farmer in the United States who can take ad vantage of it, yet so little is known about it by farmers gen-' erally that there are 5t1115585,- 000,000 of this credit available. That is $85,000,000 more than the Farm Board has at its com mand. Within a few reasonable lim itations, any farmer, anywhere, who can demonstrate that he can make productive use of more captital than he has on hand, can borrow money from the United States Government in two differ ent ways, and by combining with his neighbors to form a coopera tive marketing association, un j der the recent Farm Board law, he can borrow in a third way. | All this has been told time I and again, but there are still tens of thousands of small far mers who either do not know it or who have not clearly under stood how to go about getting use of these funds. First, there is the Federal Farm Loan Board, which super vises the operations of the Fed eral Land Banks, and those banks lend money on your land and improvements, taking a first mortgage at 5% interest as se curity and giving you, if you wish it, as long as forty years in which to pay off the mortgage in annual installments. These loans are made only for the purpose of making definite improvements to the property such as draining ditching, fencing and such other improvements as be come part of the real estate and increase its value, and they are limited to 50 percent of the im proved value as determined by local appraisers. But that sort of long-time mortgage borrowing does not mean the need of the farmer who could go into livestock feeding 1 for example, or dairying, if he I only had the money necessary to make the initial investment in cattle, cows, sheep or hogs. For those who require help in* their crop seasons betfreen planting time and marketing, the Federal Intermediate Credit sys tem stands ready to help and help liberally. I mention feeding and dairy ing because those two lines of agriculture which are not as yet overcrowded, in which the Gov ernment believes there is a good future and in which the security in the shape of livestock is tan gible and easily checked. The far mer with corn in the bin wheat in the elevator or tobacco in the warehouse or any other staple farm commodity which he is holding for better market can al so borrow from the Intermediate Credit Banks. He does not make ! the loan directly, but through a local cooperation and if there is no such local credit • corporation in his vicinity, he can get other farmers, town bankers and mer chants to join in organizing one for the benefit of the whole com munity I How'these loans arrf made has' been described so well by Mr. George M. Wilber, president of the Federal Intermediate Credit' Bank of Ijousivllle, Ky„ # which| makes such loans in Ohio. Indi anna, Kentucky and Tennessee, I shall quote Mr. Wilber's con cise statement on the subject. I may add that Mr. Wilber is him self a practical farmer and for |Bst and most successful sheep years operated one of the larg- ' farms in Ohio. "Intermediate Credit Bank loans are designed to fill the gap 1 between farm mortgage loans and short term commercial loans i to provide the worthy farmer with needed working capital at ] reasonable rates." says Mr. Wil- ] ber. "Such loans, however, are 1 not made directly to the farmer but through bankß, credit asso ciations and properly set-up co- operative associations. Since the 1 organization of the 12 Intermed-1 late Cre,dit Banks now function- ing throughout the country, un-1 der the same management as i each of the 12 Federal Land! Banks, hundreds of cooperatives 1 and agraicultural credit corpor-1 orations have taken advantage of i the opportunity for obtaining ffn-1 ancial aid for their members and 1 bringing a measure of prosper- lty to their respective communl-1 ties. 1 "The organization of an agrl-1 cultural credl ctoporatlon for 1 the specific purpose of discount-.] *> lng farmer's notes given for ag- Irlcultural purposes with the In termediate Credit Banks can be effected with but little effort ] the part of any interested group.! You draft cooperation papers i (model form will be sent you up on request) specifying a mini mum capital of 110,000 and ob tain State charter. Your agricul tural credit corporation is then ready to function.. Usually such corporation are permitted to dis count farmers notes to the ex tent of six to eight times their paid in capital and surplus. Such paper, of course, is indorsed by the coporation when it is dis counted at the Intermediate Credit Bank. "Upon organization such cred-. purchase SIO,OOO or more of it corporations are required to Federal Land Banks and deposit such bonds in the Intermediate Credit Bank. Against these bonds the Intermediate Credit Bank in Louisville will discount not more than- ten times the capital so pledged and up to 75 per cent of the value of the commodities offered when applications are ac companied by properly executed notes, satisfactory propetry state ments and chattel mortgages on sufficient property to safely cov er the loan requested; all notes statements and mortgages must of course, have the approval ctf your credit coporation and the Intermediate Credit Bank before the loan is granted. 1 "The present-rate T>f interest for loans obtained from the In termediate Credit Bank in Louis ville is 5 percent Loans are made to run from six months to three years depending on the kind of commodity offered. Credit cor porations may charge not to ex ceed 2 percent (2 1-2 per cent on livestock loans) above the cost of money to them. "Federal Intermediate Credit] Banks are particularly adapted ] for the making of dairy loans, I being authorized to rediscount farmers notes secured by dairy cows and to accept monthly pay ments may begin with the first month after purrhase, due credit for interest and principal being allowed. Thus purchasers of dairy herds are placed in the very favorable position of being able to pay for such herds from the proceeds of their dairy pro ducts "In* the case of the farmer raising, breeding, fattening or marketing livestock the Inter mediate aßnk is especial ly attractive at the present time. Through this soud financing plan he may obtain cash to buy feed ing cattle, hogs and sheep at prices now decidedly favorable. He will profit as the livestock in dustry profits and , according to K. G. Smith, secretary of the Ohio Live Stock Cooperative As sociation. The opportunities for livestock interests was never greater than today.' oans are available include tobae "Approved commodities on which Intermediate Credit Bank co. wool corn. wheat, canned fruits and vegetables, raisins, coi t>n, rice, barley, rye, flax, 1 beans, oney, hay, broomcorn, peanuts, and other nuts, maple syrup, ol ives and olive oil." The Federal Farm Loan Board in the Treasury Department Washington. D. C., stands ready to furnish any farmer informa tion as to the Federal Intermed iate Credit Bank doing business in his territory, and from that bank he can find out whether here is an agricultural credit corporation in his vicinity which le can join, or obtain assistance n organizing one. I This is practical farm relief vhich only too few farmers have yet taken advantage of, though t has been in operation since 1923. NOTICE North Carolina, Surry County. In The Superior Court The Federal Land Bank of Col umbia, Plaintiff, vs. R. L. Doby and Wife N. E. Doby et als. I' The defendant above named, R. L. Doby. and N. E. Doby will t»ke notice that an action entltl d as above has been commenced in the Superior Court of Surry County to foreclose a certain mortgage on land executed by R. L. Doby and wefe, N. E. Doby, on • the 23rd day of March 1922, re corded in Book 64 at page 126, ecords of Surry county, in favor of the plaintiff, default having been made by the defendants In Ihe payment of the Installments due on the note secured by the Slid mortgage, and In the pay went of taxes due for the years 927 and 1928; and the said de fendants will further take notice that they are required to appear within 30 days -after th® comple tion of service of this summons by publication at the courthouse of said county In Dobson. N. C., and ansyer or demur to the com plaint in said action, or the plain tiff will apply to the court for the relief demanded In said com plaint. This sth day of May, 1930. F. T. Llewellyn Clerk Superior Court Way 8-IR-22-2» I>uke Reilljr Says, "The Rat Died It." Three sizes, 35c, 65c, $1.25. Before Reaching the River." gold and guranteed by "Since moving near the river Abernethy's Pharmacy 2 years ago, we've always used Surry Hardware Co. j RAT-SNAP. Watched a vicious Turner Drug Co. water rat nibbling at RAT-SNAP outside th,e hoiise. About 15 min utes later he darted off for the Mrs. Franji Whitaker and Miss water to cool his burning atom- Brace Snow spent Wednesday in ach, but he died before reaching Winston-Salem. r »———d———^ Lyric Theatre THIS WEEK THURSDAY-FRIDAY RAMON NAVARRO in. "GAY MADRID" Just Been released. Also News Matinee 10-30 c Night 20-40 c SATURDAY Buster Keaton, Anita Page and Robert Mont gomery in— "FREE AND EASY" ALL-TALKING Also News, Serial and All-talking Comedy 10c 30c NEXT WEEK MONDAY-TUESDAY "STREET GIRL" Betty Compson Jack Oakie and others ADDED NEWS AND VITAPHONE ACT Matinee 10-30 c Night 20-40 c t WEDNESDAY A BIG PICTURE i ONLY 10-15 C t Silent t U— - Wd MOTHERS' ml DAY Mi Lady's., choice—every., time— Jr sweets, daintly boxed and sent with oceans of love from YOU. v/ Candy that is specially prepar er ed for this event. SUNDAY IS MOTHERS DAY I Remember her with a box of Pangburns, Whit j mans or Nunnally's candies. Turner Drug Company "The Friendly Drug Store" j W. D. Turner Geo. E. Royall agsg=BC= I l-Sgg-Bgjggß ~ T FOR SALE OR EXCHANGE few 1^ H j hand mules. You can buy them f iMn^ ■ Hb se " mules, that'f my business" C. A. BOLES "Under McNeer's Warehouse*' EtKIN, . N. C.
The Elkin Tribune (Elkin, N.C.)
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May 8, 1930, edition 1
10
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