8 



THE FARMERS' MONTHLY, JUNE, 1928 



SUMMARY OF DAIRY 



CREDIT STUDY 



Replies were received from 689 farms 

 in response to the letter recently sent out 

 by the county Extension Services. The 

 replies came from all sections of the state, 

 representing herds of all sizes, and all 

 sorts of dairy conditions. The annual 

 turnover in herds as reported was 40 per 

 cent, but a careful study of the replies 

 indicates that actual replacement of obso- 

 lete animals averages about one-third of 

 the herd. Sixty per cent of reported re- 

 placements and 40 per cent raised, the 

 percentage varying in different sections 

 of the state. 



Source of Purchased Replacement 



More than one-half of the replies give 

 the local cattle dealer as their principal 

 source of purchases; one-third depend 

 upon their neighbors or other farmers, 

 while about one-eighth buy their stock 

 directly from Brighton. 



The Extent of Borrowing 



More than one-half of the farmers re- 

 port that they always pay cash when 

 purchasing cattle; one-sixth always bor- 

 row, and one-fourth borrow occasionally. 



Sources of Loans 



The reports show that 47 per cent of 

 those borrowing depend upon the local 

 bank; 36 per cent use the local cattle 

 dealer, and 16 per cent depend upon 

 private sources of credit. The cattle 

 dealer is more important as a source of 

 credit in the eastern part of the state, 

 and banks are more important in the 

 western counties. 



Rate of Interest on Cattle Loans 



Reported interesting rates vary from 

 nothing to as much as 10 per cent. More 

 than three-fourths of those who borrow 

 pay 6 per cent or less, and only nine 

 farmers reported rates of more than 8 

 per cent. Apparently interest rates on 

 cattle loans compare favorably with rates 

 on other types of commercial loans. 



Time Required to Pay Loans 



The reported duration of the loans 

 varies from a few days to more than a 

 year. One-fourth of the loans reported 

 are repaid in 3 months or less, while two- 

 thirds of the loans are repaid within 6 

 months. Only 6 per cent run for more 

 than a year. The time is shortest in the 

 eastern counties where the cattle dealer 

 furnishes most of the credit. 



Are Present Sources of Credit 

 Satisfactory ? 



Two-thirds of the replies to this ques- 

 tion indicate that present sources are 

 satisfactory. The dissatisfaction is great- 

 est in those sections where credit is sup- 

 plied by cattle dealers. 



Causes of Dissatisfaction 



The principal cause of dissatisfaction is 

 that cattle dealers often charge a higher 

 price for cattle purchased on time. 

 Interest rates are too high in .some cases, 

 and the time of loans is too .short. 



Do Dairymen Need More Borrowed 

 Capital? 



More credit is needed accoi'ding to one- 

 half of the replies to this question. How- 

 ever, only one-half of the farmers sending 

 in schedules answered the question, and 

 the tone of the replies indicates that there 

 is not a -strong demand for more credit. 

 H. W. Yount 

 Department of Agricultural Economics 

 Massachusetts Agricultural College 



Farm and Home Program 



Ctintinued fi-om pag"e 1. column 2 

 up to Date on Feeding Problems, A. H. 

 Smith, Yale University; Range Troubles 

 and Control, W. E. Ryan, Jr., Stoughton, 

 Mass. ; Developments in Breeding, F. A. 

 Hays, M. A. C. ; Selectiing Pens for Lay- 

 ing Contest, L. Banta, M. A. C. ; Shipping 

 Baby Chicks, J. H. Vondell, M. A. C; and 

 the Egg You Had for Breakfast, J. E. 

 Rice, Cornell University are some of the 

 subjects and speakers that poultrymen 

 will hear during the program. 



Fruit growers start their program 

 Tuesday morning at 9:00 with a round 

 table discussion on Spraying, Dusting and 

 Other Pest Control Methods led by C. H. 

 Gould, Haydenville; G. E. Taylor, Shel- 

 burne; H. P. Gilmore, Westboro; and H. 

 M. Rogers, Southington, Conn. 



Marketing Cider, C. H. Gould; Crop 

 Prospects for 1928, S. W. Funk, Boyer- 

 down, Penn. ; National Fruit Problems, 

 R. W. Rees, N. Y. Central Railroad; Ro- 

 dent Control in Orchards, O. C. Roberts 

 and E. M. Mills, M. A. C, and several 

 orchard trips are scheduled on the pro- 

 gram for Tuesday and Wednesday. Tues- 



day evening the fruitmen will hold their 

 annual dinner, discussing the marketing 

 question from several angles. 



Large Program for Women 



The home makers will have the largest 

 program of any of the groups which meet 

 during the week; having four full days. 

 What's New in Nutrition, Food Presei-va- 

 tion, One Dish Suppers, Vegetables in the 

 Family Diet, Clothing, Home Furnishing, 

 Music in the Home, Literature for Chil- 

 dren, Recreation in the Home ond Com- 

 munity, and Larger Interests in Home 

 Life are but a few of the subjects on the 

 program for home makers and mothers. 



Cash crop farmers, home garden enthu- 

 siasts, horticultural manufacturers, bee- 

 keepers, dairymen, and live stock raisers 

 are all having interesting programs. 



Complete programs and information 

 may be obtained from E. S. Carpenter, 

 M. A. C, Amherst, Mass. 



Use an 

 Effective Disinfectant 



after removing reactors 

 We carry Parke, Davis & Co.'s 



COMPOUND SOLUTION OF 

 CRESOL, U. S. P. 



Recommended by the U. S. Dep't 

 of Agriculture 



Price right for quality. Free 

 delivery in gallon lots. 



WISWELL THE DRUGGIST 



82 Main Street 

 Northampton, - - Mass. 



> 



There is a DUPONT Paint or Varnish 

 for every purpose around the Farm 



A coat of Paint or Varnish improves the looks 

 of your Buildings or Farm Implements. It also 

 protects them from the weather — We have color 

 cards for you for the asking. Try DuPONT. 



That Good Hardware Store 



Tel. 11 



162 Main Street 



Foster-Farrar Co. 



Northampton, Mass. 



Open 



Saturday 



Evening 



