10 



FARMERS' MONTHLY OF HAMPSHIRE COUNTY 



LAND BANK COMPLETES 



TEN YEARS OF SERVICE 



On March 16th ,the Federal Land Bank 

 of Springfield completed a decade of serv- ; made on the long-term, 33-year plan. In- 

 ice to farmers in the eight northeastern | terest is payable semi-annually and on 

 states comprising all the New England ' the 33-year plan a payment of $15.00 on 



The mortgage is non-callable as long as 

 the borrower meets promptly his obliga- 

 tions to the bank. Even though the farm 

 is transferred the loan may not be called 

 either in pai-t or in full. Most loans are 



States, New York and New .Jersey. This 1 

 ten year period has seen many changes. 

 The Bank was organized when prices of 

 agricultural products and prices of farm 

 lands were rising. This institution then 

 had no precedents by which to be guided 

 and no experience in the making of farm 

 loans for long-term periods. Following 

 the War came a drop not only in the 

 price of agricultural products, but also in 

 farm lands all over this district. About 

 the same time the constitutionality of the 

 law was put to the test by certain private 

 Interests and the business of making loans 

 was discontinued for a year and a half 

 during 1920 and 1921 until the Supreme 

 Court of the United States rendered its 

 decision. 



The funds for starting the business of 

 the bank were furnished by the United 

 States Government, $750,000 being the 

 amount approved by Congress for the use 

 of each of the twelve Federal Land 

 Banks. During the early years of the 

 bank a considerable deficit was shown and 

 this condition continued until the volume 

 of business had increased to such a point 

 that not only was the deficit wiped out 

 but on December 31, 1920, the first divi- 

 dend on stock was declared to the farmer 

 borrowers. Since that date dividends 

 have been declared regularly, the size of 

 the dividend depending upon the earnings 

 of the bank. 



In this ten year period $51,948,020 has 

 been loaned to 16,338 farmer borrowers. 

 These farmer borowers now own capital 

 stock in the bank worth $2,357,055. Of 

 the original $750,000 advanced by the 

 United States Government $394,985 has 

 been repaid and it will be only a que.stion 

 of a comparatively few years until the 

 farmer borrowers of the Federal Land 

 Bank will own the entire capital stock of 

 this institution. 



The Northampton Farm Loan Associa- 

 tion, a local unit of the Federal Land 

 Bank, of which Clarence E. Hodgkins 

 with an office at the Court House in 

 Northampton is Secretary-Treasurer, 

 was organized July 20, 1917. Since that 

 time nearly $400,000 has been loaned to 

 farmers in Hampshire County. Mr. 

 Hodgkins feels that the new 59^ rate 

 which the bank put into operation on Feb- 

 ruary 1st will greatly aid in securing a 

 largely increased business among the 

 farmers of this County during 1927. In- 

 dividual loans up to $25,000 are eligible. 

 The Federal Farm Loan has several 

 features which .should prove of particular 

 interest to borrowers. The low rate of 

 5% interest has already been mentioned. 



the principal for each $1,000 borrowed is 

 due semi-annually. The Federal Land 

 Bank is a strictly co-operative institution 

 and all earnings of the bank go back to 

 the farmer borrowers except for resei-ves 

 necessary to keep the institution in good 

 financial condition. Application Blanks 

 and Folders of Information may be se- 

 cured from Mr. Hodgkins. 



The Federal Land Bank, it will be seen 

 from the above, is a service institution de- 

 signed to supplement and compliment the 

 service offered by local organizations to 

 the end that our basic industry, agricul- 

 ture, may be more stable and more pros- 

 perous. 



AGROSPECTS 



Cheap Hay 



Last summer 



My hay crop was so poor 



That I had to prime the hay rake 



With some old hay 



Before it would work. 



This summer I won't have 



Any old hay left to prime the rake, 



But I don't feel 



That it is a hopeless proposition. 



I have some fields 



With a pretty good sod. 



Not all daisies 



And Queen Anne's lace. 



Which means wild carrot. 



I am going to buy 



Some 8-6-6 fertilizer 



To spread on these fields. 



Three hundred pounds 



To the acre 



When the green shoots 



Begin to show. 



Then I am going to start haying 



Eariy 



And be all done 

 .July first. 



Instead of spending a lot of time 



Raking up scatterings, 



Which I do, 



And my neighbor does. 



Because it always was done, 



I am going to spread on 



Some nitrate of soda, 



125 pounds to the acre 



Or sulfate of ammonia, 



100 pounds to the acre. 



And get a better rowen crop. 



Maybe it sounds expensive 



But I figure I will have 



The cheapest hay 



I ever raised. 



And I won't need 



To prime the hay rake. 



Merritt Clark 8C Co. 



Clothiers, Furnishers 



and 



Hatters 



HART SCHAFFNER AND 

 MARX CLOTHES 



144 Main Street 

 NORTHAMPTON, MASS. 



"Good Equipment Makes j 

 Good Farmers Better" | 



I 



EARLE M. PARSONS j 



15 Sherman Ave. 

 Northampton, Mass. 



Tel. 2059-W 



New 1926 5-Tube 



Freshman 



Radio Set 



^39.50 



Spec. 



G. P. TROWBRIDGE CO. 



129 King St., Northampton 



Phone 48 O 



