Agricultural Credit Corporations Affiliated with Cotton Cooperative Marketing Associations

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U.S. Department of Agriculture, 1932 - Agricultural cooperative credit associations - 64 pages

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Page 32 - OLSEN. I am unable to answer that now. Mr. HAUGEN. But we should be advised as to that. The CHAIRMAN. Just a moment, before you go, Mr. Olsen. Will you please bring up Tune to-morrow morning at 10 o'clock? Mr. OLSEN. Yes. The CHAIRMAN. Now, before the committee adjourns, I would like to state that the representatives of the National Grange, the American Farm Bureau Federation, and the Farmers' Union would like to be heard next Tuesday Mr.
Page 64 - No loan shall be made upon the capital stock of any corporation until the Secretary of Agriculture shall find that the financial structure of such corporation is sound and unimpaired and by him approved, nor shall any loan be made upon the capital stock of such corporation until the management of such company shall be made known to and approved by the Secretary, and the Secretary shall have...
Page 6 - Fulmer shows that total net demand and time deposits of member banks located in places with a population of less than 15,000, in 20 of the leading agricultural States, were $4,118,000,000 in October, 1929. From this level, total deposits declined to $3,320,000,000 in December, 1931, a decline of 26 per cent. The States included in this group were as follows: Arkansas, Georgia, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New York, North Carolina, North Dakota,...
Page 63 - Any person who shall knowingly make any material false representation for the purpose of obtaining an advance or loan, or in assisting in obtaining such advance or loan under this section shall, upon conviction thereof, be punished by a fine of not exceeding $1,000 or by imprisonment not exceeding six months, or both.
Page 64 - Secretary, and the Secretary shall have the right at any time to declare the indebtedness to the Government that may be created hereunder due whenever in his judgment the financial structure of the corporation shall become so impaired or the management become so unsatisfactory as to jeopardize the interests of the Government.
Page 64 - No loans shall be made to individual stockholders on the capital stock of, or to create or increase the capital stock of such corporation, company, or organization in an amount in excess of 75 per centum of the par value of the capital stock of such corporation, company, or organization owned by or proposed to be subscribed to by such individual.
Page 58 - But the law gives them authority to make ten times as much in loans as their capital stock amounts to. That greatly increases the borrowing capacity through that system. Now, there is one thing that I would like to call to the committee's attention in connection with organization of the local credit corporations, and that is the amount that would be required, which we think would be required and which we think is a grave mistake, to require the corporation to subscribe 40 per cent of the capital.
Page 50 - Mr. Chairman and gentlemen of the committee, it seems to me that there are practically two major questions that are before the committee, either of which may at least decide the contest.
Page 65 - ... conditions and subject to such regulations as the Secretary of Agriculture shall prescribe, including an agreement by each farmer to use the seed thus obtained by him for crop production.
Page 32 - We will now adjourn until to-morrow morning at 10 o-clock. (Thereupon, at 12 o-clock noon, an adjournment was taken until 10 o-clock am, of the following day...

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