Credit Corporation Loans 

 Available on Storage Bins 



COMMODITY Credit Corporation 

 will make loans to farmers up to 85 

 per cent of the cost of new storage 

 bins, according to an announcement 

 made by the U. S. Department of Agri- 

 culture on June 7. 



Interest rate on the loans for building 

 storage will be four per cent, a year 

 and the loan may be paid back in five 

 annual installments, or in a shorter time 

 if the farmer wants to. 



On June 1, the Production and Market- 

 ing Administration of the Department of 

 Agriculture announced a corn resealing 

 program. Under this program, farmers 

 were offered 10 cents per bushel if they 

 extended their loans on 1948-crop com to 

 mature July 31, 1950. Deadline on ex- 

 tending loans is Oct. 31, 1949. The 

 same offer applies to corn covered by 

 purchase agreements. 



Under the original setup, loans on 



1948-crop corn became due on Sept. 1, 

 1949. The new offer gives farmers the 

 option of paying off loans at that time, 

 delivering the corn to CCC, or, not 

 later than Oct. 31, 1949, extending the 

 loans to mature July 31, 1950. 



As of May 1, Illinois farmers had on 

 their farms 44,937,008 bushels of corn 

 under loan and 22,608,354 bushels 

 covered by purchase agreements. 



On June 7 the Department of Agri- 

 culture also announced that in areas 

 where wheat already has been har\'ested 

 and where conditions perftiit outdoor stor- 

 age, distress loans would be offered to 

 farmers on wheat stored on the ground. 

 Loans would be at 75 per cent of parity 

 and the farmer is supposed to provide 

 permanent storage within 90 days. The 

 borrower will receive the full price sup- 

 port loan when permanent storage is pro- 

 vided. 



A group of Unlvertlty of l/flnols College of Agrltulture studenft pose In front of fhe lAA 

 building during a tour of fhe Chicago offices of fhe Illinois Agrltultural Assocloflon. 



Illlnol* farm Supply Company'* new fowboof, fhe llllnl, with ifs foMr of »lx barges Is shown 

 on Its maiden voyage to Kingston Mines from Louisiana. This tow tarries about 3'/^ 

 million gallons of fuel or twice the capacity of fhe fwo ofher IfS towboats combined. The 

 «levafor of right Is fhe Havana Rfver Grain Company elevafor which is affiliated with the 

 lAA's Illinois Grain Terminals Company. 



TO 



Erilc Smifh 



French Peferson 



lAA Employs 

 Staff Engineer, 

 Ass't Comptroller 



TWO recent additions to the staff of 

 of the Illinois Agricultural Associa- 

 tion have been announced by 

 Charles B. Shuman, president. They 

 are Erik Smith as staff engineer and 

 French Peterson as assistant comptroller. 

 Both men have excellent records in the 

 business field and bring years of valuable 

 experience to the lAA. 



Smith has been working with the Illi- 

 nois Grain Terminals Company and Illi- 

 nois Farm Supply Company performing 

 engineering service in connection with the 

 physical properties of these two affiliates 

 since he joined the lAA staff. He re- 

 ceived his technical training in civil en- 

 gineering at Lewis & Armour Institute, 

 now known as Illinois Technological In- 

 stitute. 



Smith has worked for a number of 

 construction companies including E. P. 

 Strandberg Co., Lundoff-Bicknell Co., 

 both of Chicago, and Walter Butler Co., 

 of St. Paul and Washington. Among the 

 building projects he has worked on are 

 the Palmolive Building in Chicago and 

 North Dakota Capitol building. Smith 

 was vice-president of the E. P. Strandberg 

 Co., when it built the present home of the 

 Illinois Agricultural Association at 43 

 East Ohio Street, Chicago. Smith also 

 was project engineer for the Huntsville 

 Arsenal at Huntsville, Ala., and assistant 

 project engineer for Camp Farragut in 

 Idaho. He is married and has two chil- 

 dren. 



Peterson is a graduate of the University 

 of Chicago with a degree from the School 

 of Business. He has had more than 20 

 years of business experience including 11 

 years with a service company for a large 

 number of operating utility companies. 

 He served two years as comptroller of a 

 steel fabricating and forging works. 

 Peterson also worked in the management 

 consulting field for some years. He is 

 married and has three children. Both 

 Peterson and Smith are living in Chicago. 



IMP 



I. A. A. RECORD 



