Credit Corporation Loans 

 Available on Storage Bins 



COMMODITY Credit Corporation 

 will make loans to larmcrs up to 8^ 

 per icnt of the eost o! new stora^t^e 

 bins, auorJint; to an announcement 

 made by tlie L'. S. Department ot Ayri- 

 culture on June ~. 



Interest rate on the loans tor buildini; 

 storage will he tour per leiit. a year 

 and the loan may be paid back in ti\e 

 annual installments, or in a shorter time 

 it' the tarmer wants to. 



On lune 1, the Produaion and Market- 

 lilt: Administration ot the Department ot 

 Agriculture announced a corn resealing 

 program. Under this j-irogram, farmers 

 were offered H) cents per bushel it they 

 extended their loans on 19 iK-crop corn to 

 mature July H. lyio. Deadline on ex- 

 tendinjj loans is Oa. il. 19 IV. The 

 same offer applies to torn covered by 

 purchase ai;reements. 



Under the original setu[\ loans on 



19i>S-crop torn became due on Sept. I, 

 19 19. The new offer gives farmers the 

 option of paying off loans at that time, 

 delivering tlie torn to CCC. or. not 

 later thaii Oct. M, 19)9, extending the 

 loans to mature July 31, 19''0. 



As ot May 1, Illinois farmers had on 

 their farms 11.937,008 bushels of corn 

 uiuier loan and J2.6()8,3'> I bushels 

 tovered by purchase agreements. 



On June 7 the Department of Agri- 

 culture also announced that in areas 

 where wheat already has been harvested 

 and where conditions permit outdoor stor- 

 age, distress loans would be offered to 

 farmers on wheat stored on the ground. 

 Lo.ins would be at 7*> 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 University of Illinois College of Agriculture students pose In front of the lAA 

 building during a tour of tlie Chicago offices of the Illinois Agricultural Association. 



Illinois farm Supply Company's new towboat, the llllnl, with its low of six barges is shown 

 on Its maiden voyage to Kingston Mines from Louisiana. This tow carries about 2*/] 

 ml//lon goffons of fuel or twice the capacity of the fwo other IfS lowboats combined. The 

 elevator at right is the Havana River Grain Company elevator wh/ch Is affiliated with the 

 lAA's fffinois Gram Terminafs Company. 



TO 



Erik Smith 



French Peterson 



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 I:rik Smith .is 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 I A A. 



Smith has been working with the Illi- 

 nois Grain Terminals (iompany and Illi- 

 nois I'arm Supply Company {x.-rforming 

 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 imluding E. P. 

 Strandberg Co., Lundoft-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 -i3 

 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 exix-ricnce including i 1 

 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. 



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I. A. A. RECORD 



