The Algona Upper Des Moines from Algona, Iowa on March 29, 1934 · Page 11
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The Algona Upper Des Moines from Algona, Iowa · Page 11

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Algona, Iowa
Issue Date:
Thursday, March 29, 1934
Page:
Page 11
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The Algona Upper Des Moines, Algona, Iowa, March 29,1934 4^MMMMHfc ..'... Farmers Urged to Keep Records For "Proof of Compliance" FIGURES WILL BE ASKED FORK FUTURE JPsarna. Record Books May J Easily Be Obtained and Will be Big Help the keeping of a farm re- is not mandatory, certain figures bL -will be required when the f arm- «r flJcs lite statement of "proof of ymg«jt flit* nee with the corn-bo^ cen- to-act" will be readily available if some Torm. of record is kept, J. c. Oalloway, «rte««fori economist from Iowa State ffe. told to the county agent at- ing a district conference in Clarion 22. This meeting is one of ten conferences t*ein« held this week in Iowa to •«uair»t county agents with informa- «** k««ptor records in connection corn - n °g program and on crops. EJ s. Dyas, crops soils metn from, the extension service. «XXaeu8sed substitute crops and •wl»afc ta>e farmer can plant to comply with the contract. E. P. Graff, district extension agent, discussed the dirties of the newly elected county allotment committees. The AAA farm record book which will be furnished free of charge to all farmers signing adjustment contracts, provides blanks for keeping the necessary figures on production and sale or disposal of basic commodities such as corn, hogs and wheat, said Mr. Galloway, it does not, however, provide for a complete record of all commodities. The AAA book does not include forms for the analysis and summary of the farm business which makes it possible for the operator to compare his business with the state average prepared each year by the extension service. The Iowa Farm Record Book, available from the extension services, provides for such summaries and also shows the net cash Income, net farm income and other measures of profit. Blanks for net worth statements showing the inventory values of the farm and its supplies and equipment at the beginning and end of each year are ln» ducted in the Iowa Farm Record book. This is an important measure'of the financial progress of the farm, said Mr. Oalloway. He suggested that a complete farm record will not only provide the data needed in connection with ttie corn- hog program but will also help in making assessor and crop reports. FARMERS ATTENTION SEEDS Tliis elevator has always been the leader as regards y-OTu- SEED REQUIREMENTS . . . this year will toe no exception ... all our bookings were made before any price advance had gone into effect. We are fully covered on Street Clover Timothy—Choice AJ*yke Clover Sudan Grass Ivf ed. Red Clover Millet—German Sib. Alfalfa—Orimni's, Cossack and Dakota 12 Get CHtr Quotations -;- "We'll Save You Money | Make This Elevator Your Headquarters for Ames Poultry Feeds '* There Is JS'o Substitute for a Farmers Elevator" Farmers Elevator Co. Hobarton, Iowa We Pay More. A Fine Type of Guernsey Bull Here is the kind of herd sire that Is helping build Iowa's best dairy herds. This Guernsey bull was recently proved by production records of his daughters in the CMrnaviUo Cow Testing Association. The bull's daughters averaged 408 pounds of butterfat each, ot 63 pounds more than their dams. NATIONAL FARM LOAN ASS'N ANNOUNCES NEW BOND PLAN H. D. Hutchina Receives Complete Details From Farm Credit Adm'n H. D. Hutchlns, secretary-treasurer of the Algona National Farm Loan Association, received word today from Wm. I. Myers, governor of the Farm Credit Administration, Washington, D. C., that federal land bank loans and land bank commissioner's loans will be made in the future through the federal land bank in bonds of the Federal Farm Mortgage Corporaton, which bonds are guaranteed by the United States Government both- as to principal and interest, which will be at the rate of 3>4 per cent per annum for the bonds to be issued at this time. These bonds wiM take the place of the cash dlstri- butlon in the disbursement of the unclosed loans previously approved by the Federal land banks. The bonds of the Federal Farm Mortgage Corporation, according to the statement by Governor Myers, will have behind them not only the unconditional guarantee of the federal government. oa to both principal and Interest, and the capital of the Federal Farm Mortgage Corporation amounting to about $2W,000,000, but also the consolidated bonds of the Federal land banks Issued in exchange for the bonds of the Federal Farm Mortgage Corporation and the mortgages accepted by the land bank commissioner as security for loans. Attractive investment Governor Myers assurett Secretary Hutchina that the Federal Farm Mortgage Corporation bonds win be an attractive investment. "They will be as readily marketable as bonds of the United States Government and they will be quoted in all of the principal markets," he continued. "Holders who Mr. Farmer— Spring is Coming Around the Corner Before Buying Your Supply of Motor and Tractor Oils >n, compare our prices and the quality of our products Let Us Quote You Our Price for the Quantity You Need FREE EASTER EGGS SATURDAY i rarson driving into our station on Saturday, March 31, will receive a of candy Easter Eggs FREE. No purchase is required. Drive in and let's get acquainted. Coryell Service One block South Iowa State Bank. have to dispose of these bonds should not aeil them without flrst ascertaining their real market value." The governor particularly stressed the fact that country bankers probably will >e large Investors in these securities since the creditors of farmers who are being refinanced may not all be in the position where they can hold the bonds so acquired and will find it necessary ;o sell them. Secretary Hutchins states that these bonds, which will be tendered farmers' creditors in payment of the refinanced Indebtedness, are "exempt From all federal, state, municipal and local taxation, except surtaxes and estate, inheritance and gift taxes. They are lawful security for fifteen-day borrowings by member banks of the Peder. al Reserve system. They are also lawful investments for all trusts, public and fiduciary funds of which the deposit or investment is under the authority or control of the government. The payments of the interest on these bonds and the repayment of their principal are guaranteed by the United States, which means that if the Federal Farm Mortgage Corporation should ever be unable to meet the pcyments on the bonds, the Treasury wild assume such payments. Bonds $100 and Up "These bonds will be issued In denominations of $100, $800, and $1,000 However, amounts less than $100 will be disbursed in cash. For example, a loan of $865 would be made in a $500 bond, four $100 bonds and the rest in cash. In addition, to provide for oer tain debts, such as taxes which canno be paid in bonds, cash covering th required amounts will be provided. "Loans which have been applied for and approved, toot on which the cash has not been paid out, as well aa those approved by the bank in the future will be financed on the above basis This arrangement in no way disturbs or alters the other provisions of th loans. The interest rate on new loans will continue to be 4% per cent fo the emergency period when mad through a national farm 1 loan associa tlon and 5 per cent, when made direct ly by the bank." Farm Adjustment News A digest of torrent development* |n the agricultural recovery program. The latest report from Washington shows that more than a quarter mil lion corn-hog contracts have been signed. The last Iowa report showed that between 160,000 and 161,000 sign ed In this state, 104,909 of which had been tabulated. • • • A series of meetings will be held this week to further acquaint county allotment committees with their duties, to adopt budgets and to complete othe business details not finished in the business meetings held two weeks ago A series of meetings was held last week in each of ten districts for county agents. Extension workers explained the use of farm records and substi tute crops. The agents are now hold Ing township meetsinga where they are passing this Information on to th farmers. • • • Farmers who keep the new recort books now beinff distributed by the AAA to producers who take part in the var ious adjustment programs will be for tifled with valuable information neces eary to signing a contract. They wil be able to establish past productioi claims when they apply for contracts and will be in a position to prove com pllance with the contract terms after they are in effect. Production record are also said to be of value wh«n thi fanner makes application for loans. • • • The Farm Credit Administration has reduced the interest rate from 4 to 3 >-i per cent on merchandising loans to farmers' cooperative associations. The change, which went into effect March 16, applies to an new loans of this typ made after that date by the centra bank for cooperatives and its 12 regional banks. • • • Many farmers have written to AAA headquarters in Washington in regarc to the length of the corn-hog contract The contract now being signed is onl; for one year's duration and does no apply -to the 1935 or later crop years The agreement calls for a reduction by Individual signers of 25 per cent in hog production during the one-year period, Dec. 1, 1933, to Dec. 1, 1934. It contains certain other limitations imposed for the 1934 season to help assure that the outcome of the corn- hog program will uot increase production of other agricultural products. • • « A million more animals were handled by farmers' cooperative sales agencies operating oa terminal livestock markets In 1933 than in 1932, according to estimates recently made by the cooperative division of the Farm Credit Administration. Some of these agencies received animals in the country in iHnn fc> those handled *t the terminal markets. The value Of this 1933 increase in business is placed at seven READY FOR YOU NOW! A New and Complete Tractor and Motor Truck McCormick- Deering Tractors Are Built Right Our Service Keeps Them RIGHT ... Always Service Station For the benefit of MoCormick-Deering Tractor and International Motor Truck owners we have organized a modern, efficient Service department, After a careful survey of requirements we have arranged for adequate space, help and equipment with which to render intelligent, helpful, low- cost Tractor and Motor Truck service. Genuine I. H. C. repairs will be used when replacement parts are needed Inspection now may bring to light two or three things which should be done to put your tractor in A-l shape for the hard work to come. And probably the two or three items which should be repaired—if let go would cost far more later on. It will pay to have your tractoi inspected NOW while you can spare'it. Also we want you to investigate our NEW P 20, its new features will be of interest to you. ASK US ABOUT THEM. Come in and |see our newly equipped service department. High grade service work at low cost. ' McConnick-Deering Store ALGONA, IOWA Matt MurthvManager Otto Barenthin, Salesman. A. G. Palk, Service Man Of Interest To Prospective Borrowers from the Federal Land Banks and the Land Bank Commissioner is the information contained in the letter, printed in a separate column, from Wm. I. Myers, Governor of the Farm Oedit Administration, Washington, D. C. DON'T FAIL TO READ THIS This letter means that those who are to henelit from the funds obtainable for farm loans, on the credit of the Government, will all do their part in helping to distribute the securities of the Government. It means that THE GENERAL PUBLIC WILL NOW HAVE T1LK OPPORTUNITY TO INVEST IN GOVERNMENT SECURITIES OF THE HIGHEST CLASS AT A GOOD RATIO OF INTEREST FOR BONDS OF SUCH SURPASSING QUALITY. These bonds are not only one of the safest forms of investment in the world, but for larger transactions they can be used practically the same as cash. NOW IT THE TIME TO APPLY FOR YOUR 'GOVERNMENT LOAN' Before the busy days of Spring come on. Cave the Federal Land Bank and Commissioner's Office ample time; as they are very, very busy. These loans necessarily take considerable time to complete. The Algona National Farm Loan Association is headquarters for Kossuth County and adjacent Iowa Townships in the placing of Federal Land Bank and Land Bank Commissioner Loans. The record of The Algona National Farm Loan Association places it among the top-notchers of Iowa in the number of loans closed during the last year. Our knowledge and facilities are always at your service if desirous of obtaining a "Government Loan" on the long term, low interest basis. Feel free to call upon us at any time for complete information about these loans, or consultation concerning your special farm n'naneing problem. Or drop us an inquiry by mail. Algona National Farm Loan Association II. 1). Hutciiins, Secretary-Treasurer. _ (Over Barry's Eecreation Parlor). _ -_i K State Street, Algona, Iowa. Tel. 205-W. Use the Want Ads to Find What You Want!

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