7

 
 

THE FARMER’S USE OF CREDIT

   
   
  

THESIS FOR DEGREE OF M.S,
IVAN WRIGHT
1917

  

 

 
 

phon, Siebert
& Gates

ook: Binders

astra, Mare h. a,

—_—_—<—<——S er _—

 

Cn bin | |

 
id ~
THE FARMER'S USE OF CREDIT.

Thesis for Deyree of M. S,.

Ivan Wright

1917
10G4186
THE FARMER'S USE OF CREDIT.

Page
Introduction eeeoeeweeveeevee*esosvseeesesseeeeveeeeseeoeee 8 ee 8 @ 1
Claszification of the farmer'a credit .....csee 8
Land purchase and improvement oredit (long-term
or mortgage credit @eeoeseeoeens@eseensege7eesneeeoeenk ee & @ 3
The rise of land mortgage use .....cceoee 4
Amount of Mortgage oredit employed ...... 5
Mortgage credit in the United States,1891 7
Objects for which the mortgage indebtedness
existing at 1890 at been inourred ....coe 8
For farme @#eeoeee#cesesese#rsee8dkrieexs#ee#n#nfneee#8e%ete es @ 8
BuSineBS wecccscrccrcevecsccsvece see 9
Personal property cecccccccccssvvvee 10
Farm and family expenses .....cceoee 10
Minor combinations of objects ...... 121
Major combinations of objects, and
apportionment of minor combinations. 11
Owned and encumbsred farms, .
Objects of encumbrance ....scccveees 13
Factors which contribute to the use of
mortgage credit @eoeeeoe0ee es eeeeeeeet ete ees 14
Farm mortgages in Dane county, Wisconsin,1915 15
Rusk and Douglas Counties in Wisconsin .. 17
Farm mortgage loans in Texas, 1915 ...... 19
Individual mortgage credit wi..ccccceveses 20

The Farmer's use of the chattel mortzage
and ite development in' the farm mortgage. B1

Credit for immediate production and consumption
(Short—-time Credit) c..ccccccrecccccscencvece 23

The farmer's use of non=mortgage bank oredit 26
Page

The farmer's use of non=-mortgage bank
credit in the cotton states with special

Pefarence tO TEXAS ...ccccrcccccvesevvccceces ol
Short time farm loans in Texas .....ccseceees 36
The use of cattle loaned ....ccwerreccvcccvees 37
COTTON CLEGIt crceccvereneccrversrsvesesvseseces 47
TOBACCO CTEMCIt wire cere vcerecsecrversere ee eee 48
Credit on the sugar bdECt .ccrececercccsecvees o1
Credit on the oitrus fruit groves ......c.00% | 53
Crop liens and store oredit ..ccccseccrecvves 53

Origin and results of crop liens in the South. O93
The Merchant's risk @9eeoevoeseeeeoenv,eeseoveVW@edkeevn#eseeoeee 8&8 8 54
Store Credit and the tenant farmer ......ceeee 35

The landlord as a source of credit ...cc.ccccoves 58

Credit on Farm Implements ...cccsccccvcvvesevne 59
The farmer's use of store credit ...ccrceseone 60
The farmer's use of cooperative credit .....e- 61

Cooperative producere® ....ccevccccvevecevee 63

Cooperative dairying ...cereveccccccsccce 63
Cooperative Lrrigation crcccccccccsersccvecs 65

PART II.
Bibliography co eooevc oer ee oer oe oe eee eee eewese ewer e eee eevee eo © l= 86
THE FARMER'S USE OF CREDIT.
Introduction.

It would be a much easier task to re-tell the story
of the farmer's need for credit; the German system of
satisfying rural credit demands; or even to devise a plan
whereby the farmers of the United States could be furnished
with ample credit facilities. But none of these phases
of credit are to be discussed under this head. For after
compiling a bibliography of the subjeot of Agricultural
Credit, as complete as it is possible to make a bibliography
by consulting Pool's Index, Reader's Guide, Faxon, Rhodes
Journal of Banking, Rand MoNally's Banker's Monthly,
Banker's Magazine, Chicago Banker, New York Times Index,

The Experiment Station Record, Agricultural Index and the
Agricultural Credit and Rural Economics files of the Library
of Congress, the writer is unable to find a single book or
periodical pointing out the uses the farmers of the United
States have made or are making of credit. However, there
are a few brief artioles which indicate the use of credit
locally for specialized types of farming as the growing

of cotton, tobacco and sugar beets, Most of these treatises
On the subject will be referred to later, giving full
recognition to the authors and sources of information.

Since the uses the farmers have made and are making
of oredit are undoubtedly the best evidences of their
Capability to handle credit, it is the aim of the writer

to set forth in the following pages, the applications of
-3-

credit by farmers, To do this authentically I shall make
use of such exerpts and hints of the farmer's use of oredit
as can be found in the literature of Agricultural Credit,
the reports of bank commissioners throughout the United
States, Government statistics, the information furnished
by the Federal Farm Loan Bureau and the Office of Markets
and Rural Organization, and personal letters from rural
Organizations, banks, fertilizer companies, implement
dealers, farm supply companies and dealers in livestook
and feeding stuffs and farmers who have mortgages on their

farms,

Classification of the Farmer's Credit.

In order to disouss the farmer's use of credit,
it will be found convenient to separate the subject into
two distinct parts - first, long-term credit and second,
short-term oredit. Long-term credit is the form generally
used to buy land and make permanent improvements as buildings,
silos, drainage, eto., and to carry on cooperative operations
as construction of drainage and irrigation systems; to
establish farmers' dairies, creameries, elevators, fruit
packing houses, cold storage plants, eto,

The farmers have generally employed short-term
credit to buy implements, machinery, livestock, feeds,
seeis, fertilizers; to hire labor and to meet emergent

needs of the family from one season to the next.
Therefore, the farmer's use of credit will be
discussed under the following general heads:

Land purchase and improvement credit, (long-term
credit); credit for immediate production and consumption,

(Short-term oredit) and cooperative oredit.

Land Purchase and Improvement Credit
(Long-term sredit )

Under this division of Agricultural Credit, we
shall discuss the farmer's use of credit to buy land and make
permanent improvements. In general this will involve the
use of land-mortgage credit. But the reader will appreciate
the fact that not infrequently credit secured by a land
mortgage is used to pay off accumulated debts, to make
payments on land purchased, to make permanent improvements
as drainage and buildings, to hire labor, to purohase
implements, feeds, seeds, livestock and even to meet family
expenses, This being the case, it will be found difficult
at times to designate the precise use which farmers have
made of their credit. However, the most universal method
of using oredit for purchasing land and making improvements

thereon has been through the land mortgage.
a

The Rise of Land Mortgage Use.

 

In the earlier days of the United States oredit
for land purchase and permanent improvements was very little
in demand, because the land was a free right or at least,
it could be had for the asking and fulfilling a very minor
obligation to the Government. But with the passing of the
free lands of the West and the Northwest and the decrease in
the amount of farm lands brought under cultivation from
year to year, it became necessary to irrigate the lands that
needed irrigation, drain the lands that needed drainage, and
improve the waete patches that needed improvement. All
this required additional capital. Therefore, the farmer
who would meet these conditions was compelled to borrow
money. How did he secure the money? Ina great many cases
it was obtained through a mortgage on the farm as will be
brought out later by specitic examples. This was not all,
for the farmer who desired to inorease the size of his fam
could no longer get land for a trifle. Land was continually
taking on higher exchange value. So the farmer who would
receive capital to purchase more land must mortgage what he
had. Then there were the young men who grew up, got married
and desired to become farmers. How were they to buy land?
Well, many have not bought and as a result we have that
ever increasing class of farmers known as tenants. Yet many
who were ambitious and had the characteristics of thrift

have saved up some money and bought land, making a small

lL. See Agricultural Development in the United States
1900 to 1910 by Dr. John Lee Coulter.
Quarterly Journal of Economics, Vol. XXVII, 19132

 
-5—

payment and giving a mortgage for the rest. This practice
as well as tenancy seems to have kept pace with the rising
prices of land until now a large percent of the farms in
every state in the United States are mortgaged. However,
not all the farms mortgaged were executed for the purpose
of land purchase or permanent improvement but many are

the result of accumulated family debts and expenditures for

equipment and working capital,

Amount of Mortgage Credit Employed.
There is very little authoritive information as to

what extent mortgage oredit was used previous to 1879 but
during the eighties some very striking statistical faote
are brought out by the work of G. K. Holmes, Carroll D.
Wright and others. Also the investigations made by the
Bureaus of statistice of the various states and the Government
Census throws some light upon the growing use of mortgage
oredit.

According to Census Bulletin No. 63 of the Eleventh
Census, 9,517,747 mortgages were executed during that decade.
The face value of these mortgages amounted to $12,094,877, 793.
The amount of these mortgages unsatisfied at 1890 was
&6,019,679,985. and G. K. Holmes estimates from the Census
figures of 1890 that the total mortgage indebtedness in
the United States was in round numbere $7,100,000,000,
Thus showing that over a million dollars of the mortgage debt
contracted previous to 1880 was etill unsatisfied, The
increase in number of farm mortgages during this period

was about 90 percent and the amount of the mortgagea
increased about 156 per cent. The total number of acres
encumbered during this decade was 6383,855,091. Still
further, as shown by the Census Bulletin "Farms and Homes",
77.58 per cent of the money borrowed on mortgages from 1880
to 190 was for the purpose of purchase and improvement,
This plus the amount borrowed for durable property and
capital makes a total of approximately 86 per cent of the
mortgage credit used during this decade was for purchase or
improvement of land or for durable oapital used thereon.
While it was estimated that 2.83 per cent of the money
borrwed on mortgages had been used for farm and family
expenses,

During the year 1887 the greatest number of mortgages
for any single year were recorded. This was the period when
western loan companies found it easy to dispose of western
mortgages in the eastern states. However, the mortgage
credit at this time was well applied by the farmers.

Of the farm mortgages, 67.05 per cent were for purchase
money, 4.85 per cent for improvement, and 5.48 per cent
for both objects combined, *

On the whole, these figures indicate that the
borrowers were not spendthrifts living in luxury on their
credit but were mostly thrifty persons who had bought farms

through the use of mortgage credit.

* See Census Bulletin No. 63.
oa

Mortgage Credit in United States.
1890.*

The Eleventh Census shows that 886,957 fare,
cultivated by owners, were subjeot to encumbrance amounting
to $1.085,905,960. Among the states having the greatest
amount of encumbrance on farm lands are New York with
$.34,960,703, Iowa with $101,745,934, Illinois with $98,940,935,
and Kansas, Michigan, Missouri, Ohio, Pennsylvania and Wisconsin
with an amount not less than $50,000,000 nor more than
$75,000, 000,

There were four oounties having a mortgage encumbrance
of over $6,000,000. They were Monroe County of New York and
Berks, Chester and Lancaster Counties of Pennsylvania, The
last named county showed an encumbrance of $8,160,268, and it
is the largest tobacco raising county in the United States,

This, in a general way, indicates the distribution
of mortgage credit and the fact that the greatest mortgage
enoumbrance is in the newer and most prosperous agricultural
sectione indicates the objects for which the oredit has
been used. For the Eleventh Census, investigations were made
as to the objects of mortgage credit, the per cent of the
mortgage indebtedness which had been used for each object
and the per cent of families inourring the debt for each
Object. At thie point we shall note the results obtained
through these investigations.

* See Bulletin 63 of the Eleventh Census.
-8=

Objects for Which the Mortgage Indebtedness

 

Existing at 1890 Had Been Incurred.

 

For Farms, *

The purohase of real estate uncombined with any other
object, induced 60.63 per cent of the farm debtor families to
incur 64.38 per cent of the farm debt; real estate improvements
uncombined with any other objeot induced 6.79 per cent of these
families to incur 4.53 per cent of this debt; and real estate
purchase and improvement in combination induced 3.98 per cent
of these families to incur 5.31 per cent of this debt.

The North Atlantic division has the largest percentage
of the mortgage indebtedness representing the purchase of
real estate uncombined with any other objeot. For this
division, 71.49 per cent of the farm families incurred 74.38
per cent of the mortgage encumbrance to purchase real estate;
in the North Central division 58.90 per cent of these families
incurred 63.08 per cent of the debt for the purchase of real
estate; in the South Atlantio division 53.84 per cent of
these families incurred 48.89 per cent of this encumbrance
for real estate purohase; and the loweet of all for this object
is the Western division where 43,83 per cent of these families
inourred 46.338 per cent of the encumbrance.

While the Western division has the loweet percentage
for purohase money, it has the highest percentage for real

estate improvements, In the Western division 9.86 per cent

* See volume 6 of the Eleventh Census, page 148.
~9u

of the farm debtor families incurred 6.36 per cent of the farm
encumbrance for improvements; next for this purpose is the

North Atlantic division in which 7.33 per cent of these

families incurred 5.380 per cent of this encumbtance; in the
North Central division 6.64 per cent of these families inourred
4.09 per cent of this debt for improvement purposes; in the
South Atlantio division 6.36 per cent of these families incurred
4.94 per cent of this debt for this object and in the South
Central division the percentage for these families is 3.95 and
for this object of enoumbrance 2.96 per cent,

Business.

As an object of farm encumbrance, business stands
for 1.63 per cent of the farm debtor families and 1.95 per
cent of the farm encumbrance; in the South Atlantio division
4.13 per cent of these families and 4.75 per cent of this
encumbrance; in the Western division 3.56 per cent of these
families and 3,84 per cent of this encumbrance; in the South
Central division 2.43 percent of theese families and 4.84
per cent of this encumbrance; in the North Atlantic division
1.76 per cent of these families and 1.98 per cent of this
enoumbrance; and in the North Central division 1.33 per cent

of these families and 1.49 per cent of this encumbrance,
-10<-
Personal Property.

The purchase of machines, domestic animale and other
personal property accounts for 2.77 per cent of the farm debtor
families and 1.19 per cent of the farm encumbrance; in the
Western division 3.41 percent families and 1.77 per cent
encumbrance; in the North Central division, families 3,37
per cent and encumbrance 1.53; in South Atlantic division
families 1.54 per cent and encumbrance 0.51 of 1 per cent;
in the North Atlantic division 1.09 per cent, families and
encumbrance 0.35 of 1 per cent; In the South Central division,
families 0.93 of 1 per cent and encumbrance 0.60 of 1 per cent,
Among the state and territories, the highest percentage for
these families is 8.05 for Utah and the highest percentage

for this encumbranoe is 13.49 for Montana.

Farm and Family Expenses.
The Southern States are the most prominent with

respect to farm encumbrance made on account of farm and family
expenses, In the South Central division 18.735 per cent of

these families incurred 13.35 per cent of this farm debt

for these purposes; in the South Atlantio division, families
18.15 per cent and encumbrance 11.389 per cent; in the Weatern
division, families 6.82 and encumbrance 3.13 percent; in North
Central division, families 5.19 and enoumbrance 38.50; and the
lowest of ali is the North Atlantic division, families 4,00
percent and enoumbrance 1.59 per cent. The total average for the

United States is families 5.89 per cent and encumbrance 38.83 per

cent.
ee eee ee
-ll-

Minor Combinations of Objects.

The objects of purchase money, improvements, business
and personal property, two or more combined (exoept the combination
of the firat two), represent 5.01 per cent of the debtor
families and 6.15 per cent of the farm encumbrance. The Western
division stands highest among the geographical divisions,
being, for these objecte 7.14 and 10.48 per cent respectively.
The objects of purchase money, improvements, business and
personal property, combined with objects other than farm and
family expenses, represent 0.84 of 1 per cent of the debtor
families and 1.34 per cent of the farm debt, The objects
of purchase money, improvements, business and personal
property, combined with farm and family expenses, represent
9.85 per cent of these families and 9.58 per cent of the
farm encumbrance. All other objects, ‘miscellaneous’,
represent 3.64 per cent of the farm debtor families and 2.80
per cent of the farm debt respectively.

Major Combinations and Apportionment of
Minor Combinations.

The seouring of real estate purchase money and
making improvements when not combined with any other objeot
induced 71.40 percent of the farm debtor families to incur
74,288 per cent of the farm debt; in the North Atlantic
division 83.03 and 83.93 per cent; in the North Central
division 69.84 and 732.71 per cent; in the South Atlantio
division 64.41 and 65.74 per cent; in the Western division
59.90 and 61.54 per cent and in the South Central division

099.31 and 53.99 percent respectively,
ee.

—a
atin

 

4

——
we
olga

It is believed by the Census authorities that
purchase and improvements combined with other objects, for
the entire United States, represent 89.43 per cent instead of
74.88 per cent of the farm encumbrance,

The second Clase of objects, including purchase money,
business, improvements, and personal property, not combined
with any other object, represents 80.80 per cent of the farm
debtor families and 83.51 per cent of the farm encumbrance;
for the North Atlantio division, 87.44 and 89.71 per cent;
North Central division, 80.49 and 82.77 per cent; Western
division 74,01 and 77.63 per cent; South Atlantic division,
71.67 and 74,02 per oent; and the South Central division,
the lowest of all, 63.55 per cent of the debtor families and
63.58 per cent of the farm encumbrance. The share of the
farm debt due to these objects in combination with other
objects, would represent 93.68 per cent of the farm encumbrance
in the United States.

It 16 obvious from this varied combination of objects
of farm encumbrance, that mortgage oredit has been secured for
a number of purposes and cannot be defined as purchase and
improvement oredit. In corresponding with farmers who have
& mortgage on their farms in the states of Michigan, Ohio,
West Virginia, Iowa, Illinois and Texas, the writer received
& variety of replies. Only about one-third of the farmers
anewering my letters had mortgaged their farm for one speoific
purpose. In the cases considered, 98 percent of the mortgages

had been inourred for the purchase of real estate. The most
~-13=

varied reply was received from a farmer at Marion, Ohio.

He stated that his farm was mortgaged three years ago in

order to get money to build a silo, to buy an automobile

and other farm supplies, to send his son to college, to pay

doctor bills and the family store debt,

Owned and Encumbered Farms.
Objects of Enoumbrance.*

No. of
Farms,

United States ....cccccccvsessccseces 886,957
Purchase Of Real estate ....cccecesee 537,788
Real estate improvements .......066... 60,328
Purchase and improvements combined .. 35.316

Business @®eeteoseeae@@e0aeoaneesf8oeeseees eo @ . 14,393

Farm Machines,domestic animal and
other personal property ....cccercer.s 34,608

Purchase, improvements, business and 44,451
personal property (two or more combined)

Purchase, improvements, businese and

pereonal property (combined with

objects other than farm and family

OXPENGES). cc. cccccccccevccesccvececces 7,410
Purchase, improvements, business and

personal property (combined with

farm and family expenses) .......e..6 87,171
Farm and family expenses .......00+0+ 58,057

All other objects @9eoeteesnvse @eeo#est86ee 8 @ 83,406

* Bulletin 63, Eleventh Census,

Amount of
Kncumbrance,

$1, 085, 995, 960
699,176,464
49,168,733
57,689,492
21,139,559
13,904,833
66,835,107

14,591,604

103,413,519

30,684,018
30,393,643
- 6 & @
°* 6 eo 8
eee
. . a e
« e ° »
7 28©¢ © ©
se > Ff @
e i] s @
7 & * e
 

of Mortgage Credit.

Unrortunately, the Census of 1900 did not seoure
data on farm indebtedness, but the Thirteenth Census collected
inrormation regarding the amount of mortgage indebtedness
on farms operated by their owners. However, since the
Eleventh Census, little effort has been made either by the
Government or individual investigations to obtain statistics
regarding the farmers’ use of credit. The farm mortgage
Statistics collected by the Government in the 1910 Census
shows a total debt of $3,293,000,000 or an increase of 110
per cent over the farm mortgage debt of smiliar farms in 1890.
Although the purpose for whioh this huge increase in mortgage
indebtedness was incurred is indefinitely known, students
of economics believe that the panic of 1893 inure to this
debt; also the increase of more than 100 per cent in the price
of farm lands and improvements plus the frequency of tranefer
necessarily increased the mortgage encumbrance and the farmers
have raised their etandard of living almost beyond parallel
during the past twenty years. In this period, vast sume
have been expended by progressive farmers for buildings and
building equipment, farm machinery and implements, labor,
tertilizers, etc. From 1900 to 1910, the value of farm
buildings increased 77,8 per cent; implements and machinery
68.7 per cent; labor expenditures 82.3 per oent and fertilizers
115 per cent. All this, added to the normal development of

agriculture, certainly has exerted a great influence upon the
-15<

increasing mortgage and other farm indebtedness, In
general, the part these factors of expense have played in
the farmer's use of the instruments of credit, can only

be vaguely determined.

 

 

Farm Mortgages in Dane County,
Wisconsin, 1915. *

 

The records on the Register's booke at the Court
House show 4,430 mortgages against the farm lands of the county.
Of these 626 are second mortgages and 35,804 mortgages recorded
Against separate parcels or land. The amount of land mortgaged
is 390,175 aores, or 53 per cent of the farm lands in the
county.

The average amount ot mortgage indebtedness per paroel
of land mortgaged is $4,599.66 or $44.84 per acre. Most of the
mortgages fall between $1,000 and $4,500 in size, but some
are as low ae $100 and a few ae high as $25,000 and up.

The average rate of interest is shown for 1,890
different cases or about one-half the mortgages. Of these
three-rourths are at less than 6 per cent; nearly one in
thirteen bears more than 6 per cent and almost one-fourth
bear 6 per cent.

Nearly 80 per cent of these mortgages are draw for
@ period ot three to five yeare, about 10 per cent for ten years

and a very few for a longer period,

* Farm Credits in Wisoonsin. January, 1915, Bulletin 347,
By B, H. Hibbard and Frank Robotka.
 

 
-16=-

It was found that residents of Dane County hold
75.4 per cent of these mortgages and 323.5 per cent by residents
of the state outside ot the county, leaving 3.1 per cent in the
hands of people outside of the state. Six per cent of the
farm mortgage loans are made by banks, while 8.4 per cent of
such loans are made through them, Less than 4 per cent of
the money in mortgages is furnished by trust, investment and
insurance companies.

The investigators state that it was a very diffioult
task to learn for what purpose these mortgage loans were made.
For Dane County, the bankers reported the purpose of loans in
one hundred instanoes which run as follows:

Purpose of loan. No. Reporting.

Purchase Of FAM weccececcsvcece 8
Ereotion of buildings ....ccceoe
Purohase of live stook ....ccoes
Refunding miscellaneous debte .,
Purchasing western lands .......

Nag se

The investigatore belie these reports to be representa-
tive of the mortgage loans in Dane County. Of the 81 mortgages
for the purchase of land, many were renewals of such mortgages,
some for the purohase of an addition to the farm, but all
represent the value of land not yet earnest by the farmer,

It should be observed that 93 per cent of the 100 loans were
for productive purposes. The others were mostly made to
enable the farmer to bridge over the shortage of funds

between harvests.
-17-
k and Douglas Counties, Wisconsin.

January 1, 1914, there were 1,101 mortgages on record
in Rusk County. These mortgages represent an indebtedness of
$604,990 on 109,180 acres of land. There is a greater tendenoy,
in this part of the state, toward long-term loans. Two-thirds
of the loans are for five years or less, perhaps 30 per cent
for from 5 to 8 years and a very few for more than 8 years,

At the date of this survey, there were 35 mortgages on record
in Ruek County for ten or mors years, The land companies in
this region sell tracts to private persons and allow the
purchaser to pay down what he oan and give a mortgage for the
rest running from 5 to 8 years, Payments are required annually
and in many cases, the purchaser is permitted to make payments
at will on any interest date, Unfortunately, a great number

of these land contracts are not recorded.

On the firat period loans in Rusk County, the rate
of interest is generally 6 per cent and on the second period
loans, it is higher, usually about 7 per oent.

In Douglas county the rate of interest is about
gix-tenthe of one per cent higher than in Rusk County. The
Other features of the loans are essentially the same in the
two counties,

There is little local money in the northern part of
the state seeking investment. So money must be brought in
from a distance, The fact regarding the obtaining of these
loans were obtained for 1,056 loans aggregating $647,000

in Douglas and adjoining counties, This report is from a
-18—

trust company which makes upwards of 90 per cent of all
farm loans in Douglas County and portione of adjoining
counties, All these loans were made within the three years
previous to the date of this survey. The loans are all
emall, averaging $613 each. The average size of the tracts
mortgaged is 107 acres valued at $31.65 per acre. The loan
on the average represents 36.6 per cent of the farm value,
none exceeding 50 per cent of the value of the land,

Of these loans investigated, one-tenth are at 6 per
cent, 3 at 64 per cent and the balance at 7 per cent. Of
course, one per cent commission is added to this rate and
the borrower has to pay the incidental fees. The average
rate paid by the borrower, counting everything, is 8.04
per cent. The company seoures its money for these loans
from people in southern Wisconsin and in Illinois. Notably
66 per cent of the purchasers of these mortgages are farmers,
These farm lenders have furnished in the past three years
over $400,000 to the northern and northeastern part of the
State. Thus the farmers purchase two-thirds of the mortgages
gold by this oompany and the remaining third is sold to
teachers and other professional people.

In Rusk County, the larger part of the money for farm
loans comes from Madison, Bau Claire and Sheboygan, The
money from Nadison comes from a trust company and the larger
part of the mortgages are sold to individual lenders. The
money from other cities is furnished through banks and loan

agencies and is mainly local money.
~19—

The farmer in the northern part of Wisconsin desires
credit not only to purchase the land but to develop it as
clearing, fenoing, improving the land and for the purchase
of live stook, From farmere in Rusk and Douglas Counties
6835 anewers were received to the question "What was the

purpose of the loan?" The replies were as follows:

 

 

Purpose of Loan* No, Reporting
Purchase of land in whole or in part 154
Ereoting of buildings or clearing land 33
Buying Live stock .... ccc s eres cvcvens 28
Miscellaneous, as "old debte"

"doctor bills" ..... 10

*In many cases more than one purpose was stated in
& single answer, as "buying and clearing land"

However, most all the loans were for productive

purposes,
Farm Mortgage Loans in Texas, 1915.

Bulletin No, 355 of the University of Texas, on
Cooperation in Agriculture, Marketing and Rural Credits, briefly
Summarizes forty real estate loans in eight different counties,
The total amount of these loans was $115,531.00 or an average
of $3,888.03 per loan, These loans were granted on an estimated
survey of $244,525,00. The amount loaned was then forty-seven
and one-fouth per cent of the estimated value back of it. The
average rate of interest was eight and one-fourth per cent and
the average time of the loan is twenty-six and three-fourth
months, The average value of the property baok of each loan

was $6,113.13. The purpose of the loan in five oases was for
-20—

improvements, in five cases for vendor's liens, and in
twenty-seven cases to purchase land, The smallest loan was

for $150 and only eix loans were more than $4000,00.

Individual Mortgage Credit.

It is true that farmers are neighborly in the
finanoial straits of their businesa, Of course, a great deal
of the money borrowed by farmers from their well-to-do
neighbors is short-time credit or personal credit on a
negotiable note, secured or unsecured, running usually for
one year or less, But in many instances, as we found in
Dane County, Wisconsin, a large part of the borrowing
farmers seoure some oredit and many enough from ngsighbors
through a mortgage to pay for their farm, A prosperous
farmer in the community may have a mortgage on his less
fortunate neighbor's farm for which the public reoord shows
no account. This is the chief reason why accurate information
regarding mortgage oredit is so difficult to obtain. This
kind of credit has been very successful because the borrower
lives in the community and the lender knows him personally
and knows the exaot purpose for which he is to use the
money. In fact, the writer is unable to find a single instance
where this form of oredit has not been used for productive
purposes and it have proven a valuable source of oredit for
the farmer who has established a good solvent reputation in
his comunity. The subjeot of short-time neighborly credit
will be discussed under the proper head in the next division.
-2l-

The Farmer's Use of the Chattel Mortgage
And Its Development in the Farm Mortgage.

In some localities, the chattel mortgage has become
a very important instrument of credit. From all the data that
the writer has been able to obtain regarding the use of chattel
mortgages in various sections of the country, it is evident
that this kind of credit paper is used most in the less developed
sections or the region where farming is highly specialized
as in the cotton states, tobacco regions of Virginia, Kentucky,
Connecticut, Southern Ohio and Lancaster County, Pennsylvania;
among the sugar beet growers of Louisiana, Missouri and Michigan;
with the citrus fruit growers of California and Florida; and the
growers and feeders of live stock in the Middle West, While
in the regions of Ohio, Pennsylvania, Indiana, Illinois
and Michigan where more diversified farming is practiced, the
chattel mortgage has practically passed into oblivian and has
been supplanted by the straight mortgage and personal credit,
However, the chattel form of credit has been highly developed
in the above named industries and is handled widely by merchants,
implement dealers, dealers in feeds, fertilizers, live stock
and others. It ia the instrument of oredit used mostly by
the tenant and the new settler,

By the survey made in Dane County, Wisconsin, Mr. B. H.
Hibbard found only $3,000 in ohattel mortgage loans, while at
an auction gale held in Conrath, Rusk County, in the northern

part of the state, November, 1915, more than fifty head of

cows and heifers were sold, most of which were tine sales
-33-

seoured by chattel mortgage. Nearly all the sales were made
to foreignere unable to speak English. Out of these sales,
ageregating $1,400.00, there was paid in cash $533 and the
remaining $886 wae settled by chattel mortgage. The mortgage
covered in most instances, the cattle purchased together
with about as many more which the purchaser owned. Ina

few instances the mortgage was on those purchased only.

Unfortunately, most rural surveys have not taken
into consideration the item of chattel mortgages. So little
knowledge exists in literature regarding the extent and
use of this form of credit.

This form of credit is usually designated ase crop
liens, cattle loans and short-time or personal credit. These
will all be discussed. in their proper place under short-time
or immediately productive and consumptive credit. The point
to be brought out here is that, in many instances, these
forms of credit have accumulated until they finally became
large enough to warrant a mortgage on the farm and home of
the borrower (if he be an owner and if he be a renter, take
whatever chattels he had). Cases of this sort have been
reported especially in the cotton and tobacco sections
ag heretofore indioated. Because of repeated bad seasons
or other unfortunate and uncontrollable conditions, many
farms and homes have been mortgaged and finally foreclosed,
When natural consequences frowned upon the debtor and his

productive capacity was not sufficient to support him and
s+
~33-

his family, new debts were heaped upon the old with added
interest and commissions until at last his entire possessions
were swollowed up by his gorgeous money lending friend,

In most cases, too, this sort of credit has been secured

for productive purposes,

CREDIT FOR IMMEDIATE PRODUCTION AND CONSUMPTION,
(Short-time Credit).

Credits for improvement, equipment and working
capital are so closely related and interchangeable in their
application by farmers that it is not possible to say
dogmatically that either is distinctly a use of short-.
time or long-time credit for almost any of the objects
of oredit have been satisfied by the employment of both
sorts of credit as related to time, While the length
of time oredit is employed has a fairly definite relation
to the kind of credit, it will be expected to find them
somewhat intermingled, due to the fact that in the past
the farmers of the United States have had no organized system
for using oredit. Farmers have borrowed money on one
security for either short or long period and used it for
a combination of purposes, productive or unproductive or
both. For this reason, we are obliged to treat the subject
in the light of the predominating uses of the two sorts
of oredit.
=-24—

Very little use existed for any of the objecte of
short-time credit previous to the latter half of the nineteenth
century. Ante-dating this period, if a patoh of land needed
drainage or irrigation, the possessor simply avoided that
and cultivated the less objectionable part of his fax.

If too much untillable land of this sort was within his clain,
he reached out and took in more territory. The same was true
with regard to the fertility of the soil. The early tiller
left the less fertile spots unoultivated and as the more
fertile fields declined in their productive capacity, he
ignored them and cultivated the virgin soil. In fact, the
use of fertilizers was far more foreign to pioneer farmer
than "rural credits" to the modern farmer, As for registered
live stock, little desire existed. To the average man, one
animal was as good as any other of the same family, weight
and color. While better toole and more hired labor might
have been used to advantage, obvious reasons obstructed

their employment, Very few modern farm implements were then
on the market and many of the most serviceable farm tools

and machinery of today had not yet been invented, An inventory
of the pioneer's and homesteader's farm tools would probably
have consisted of a plow, wooden tooth harrow, mattook, ax,
mall, wedge, cythe, sickle, a cythe blade corn outter and

a hoe. Most all of these he made for himself with the aid of

&® jack knife, blacksmith's anvil, hammer and bellis.
-25<

With the development of scientifio agriculture
and the increase in population, the old pioneer farming has
rapidly faded away. The old regime has been replaced by new
methods, new farmers and new outfits, All these conditions
have merged into the new and more magnifioént just ae the
Old log oabins that once dotted the land have been renewed
by the modern, two story, picturesquely painted farm dwelling.
Consequently, in modern farming, capital must be had aside
from the inveeatment in the farm iteelf for land improvement
as fenoes, drains, wells, roads, etc., for the construction
and upkeep of buildings,- dwelling, barns, silos, stalls,
shafting and building equipment, for farm equipment as
teams, harness, wagons, implements, live stook, production,
eto. All this may be grouped in a general way as necessary
fixed capital. Then there is the circulating capital required
to oarry on business, to hire labor, to market crops and live
stock, to buy seed, feed, fertilizers and other farm supplies.
therefore, the young farmer and many of the older farmers,
have been compelled to make use of credit in order to supply
themselves with this needed addenda or fail to keep abreast
with the drift of agricultural progress. Because of the laok
of credit facilities, many have been unable to cope with
modern advancement. Then let us investigate to what extent
credit has been used by farmers to supply the aforesaid

farming accessories,
-36<

Bank Credit.

May 387, 1912, the Comptroller of the ourrency,
wrote in reply to an inquiry, that no information with reference
to short-time loans made to farmers by national banks had
ever been compiled by the comptroller's office, Mr. E. W.
Kemmerer, at this date, was unable to find any trace of such
investigations by state banking departments, For about a
year, Mr. Kemmerer inquired at every opportunity of individual
bankers concerning their experience with regard to loans to
farmers in different parts of the country. The replies
received were so divergent that no conclusion can be drawn
except that the practice varies widely in different sections
of the country and even in different communities in the same
section, and that probably the farmers of the North Central
and Weetern States borrow of oommercial banks more than do
those of the Eastern and Southern States, Mr. Kemmerer also
received replies from representative banks in different parts
of the country which are summarized as follows:

Neither of the two national banks in the city of
Ithaca, N. Y. makes any appreciable amount of loans to farmers.
Both claim to be willing to do so but say there is practically
no demand. In some of the neighboring cities, however, such
loans by banks are more common, The oashier of a national bank
in a town of about 800 population in an agricultural section

of northeastern Pennsylvania writes:
~37—

Our farmers, as a rule, are not large borrowers and
want loans only in small amounts for short periods,

Farmers in general will not go on each other's paper
no matter how good the parties are, for they have been so often
taken in by wild-cat eohemes that they are shy when their names
are required to be placed upon paper. They realize also that
they are not familiar with business methods in the commercial
world and dare not trust themselves,

There is a moderate amount of borrowing by farmers in
western New Jersey, Estimates made by bankers in Princeton
as to the proportion of farmers in that neighborhood who
borrow for short periods of local banks vary from 15 to 40

per cent,

A former president of a national bank in Indianapolis
writes:

We come very little in contact with farmers. We made
special effort to secure such business by sending to a
considerable mailing list of carefully selected farmers
circulars and personal letters .... but the business did not
come, My interence was that they dealt with the nearby small
banks,

Of the situation in Lafayette, Indiana, a former vice-
president of a national bank writes:

About 50 per oent of our business was with farmers.
They borrow frequently from commercial banks, funds to be used
for crop planting, crop gathering, purchase of agricultural

machinery, improvements on the farm, purchase of cattle and

the carrying of cattle or hogs to maturity. Through Indiana
-38—

these farmere' loans are very usual in the country banks,
many preferring state charters so they may make these loans
not only on personal but also on mortgage security.

Farmers are seldom able to give any but personal or
mortgage security. A large percentage of them are sufficiently
responsible to be entitled to and to receive reasonable credit
without security.

Farmers seem to endorse for eaoh other much more

readily than do those of other oclasees...... The reason is,

I think, clear. Each knows pretty much everything about his
neighbor's financial status, the amount and value of his land,
his live stook, and other visible personal property, the amount
of any mortgage and when due. So much being thus in the open,
there is less of the secretive habit so that the extent of the
invisible personal property and debt is apt to be known,

A similar report comes from the national bank in
Lincoln, Nebraska, from which the following extracte are taken:

The farmers of this state have need of accomodations
of thie kind to carry them through the crop season, As a matter
of fact, they use short-time oredit to fully as great an extent
as do the business men in the city and smaller town. In fact,
I think it is true that in the smaller towns the bankers favor
the farmers in preference to the small business men, ....

There is no doubt about the average well-to-do farmer
in this state being able to furnish satistactory security aside

from mortgaging hie farm for such temporary loans within any
-39=

reasonable limitations. In some cases, the banks take chattel
mortgages on cattle or other live stook and in some cases,
where the farmer has a good equity in his farm, they will

not hesitate to take his personal note,

While I do not know that there is any particular
difference between farmers and other classes in this state as
to their willingness to go security for each other, yet very
little of this is done any more, There was a time when it was
not an uncommon thing but it has become less and less until now
there is very little signing done for others, In fact, the
farmers feel that they are able to take oare of themselves
and do not ask others to sign with them and are able to
handle themselves without such an endorsement. This is true
of all classes in this state,

I have never felt that in this locality farmere suffered
in any way from laok of oredit facilities. ....

A former bank examiner in the state of California,
himself a farmer, writes:

The farmers of California do not to any considerable
extent, make a practice of borrowing money from local banks or
money lenders for short periods. .....

In reviewing the various bank examiner's reports on
some 500 state banks, I recall very few instances of crop
mortgages, and it impresses me that in many of the oases the
mortgage was taken to obtain additional security for loans

previously granted and secured otherwise,
-30—

I think it would be safe to say that bankers, as a
rule, have not favored short-time unseoured loans to farmers,
They are, however, fast awakening to the fact that, as a rule,
these are the safest loans a bank can make and are making an
effort to get in closer touch with the farmer, It is also
safe to say that the average small farmer does not as yet
realize that he can obtain such oredit at a bank.

Our farmers, as a Class, are exceedingly reluctant

"to go each other's security". Two-name paper is mostly confined
to commercial transactions,

A college professor in the state of Washington informs
me that short-time loans to farmers are oommon in that state
but frequently the rate of interest oharged is two per cent
higher than that on commeroial loans, the explanation commonly
given being that a farmer borrowing generally reduces the
resulting deposit credit more rapidly than does a merohant.

In the Southern States, particularly in the cotton,
rice and tobacco seotions, the use of crop liens for short-time
loans appears to be much greater than in other seotions of the
country. * Such meager testimony as I have been able to secure
seems to show that the amount of short-time agricultural credit
extended by banks in the South is relatively small but rather
rapidly increasing, The banks are catering more and more to

this class of business.

* Cf. Testimony before United States Industrial Commission
(Report X), under subject of "Credit System" and "Crop Lien
System", passim,
osle

In many sections, the farmers do not reeort to banks
for short-time oredit but through their local merchant they
are using short-time credit in the form of book accounts and
crop liens, This has proven to be a very expensive sort of
credit. The subject will be fully discussed under the head

of store credit,

The Farmer's Use of Non-Mortgage Bank
Credit in the Cotton States With

Special Reference to Texas.*

 

On the basis of the material available to the writer, **
it appears that only about 4 per cent of the Texas farm owners
do not borrow from banks, or, in other words, about 95 per cent
do. Nor do these loans come at irregular intervals. The
great majority borrow year after year, are perenniale, so to
speak, The most common answer to the question, what per cent
of your borrowers ask for accomodation year after year, was
75 percent; the next most common reply was 90 per cent, or
"nearly all"; only one went below 50 per cent. *** The data
show a rather close correspondence between percentage of
"perennials" and loans to tenants, for tenant farmers are
* Adapted from the survey of farm credit conditions in a ootton
atate by L. H. Haney, University of Texas. Amer.Econ.Re.Vol.Iv,
page 47, 1914,

** This investigation is based upon reporte made by farmers and
bankers, nearly all in central and eastern Texas,

*** Most borrowing was done in the undeveloped sections while

the highly developed German and Bohemian localities borrowed
little.
 

33

nearly all repeaters.

The one great purpose of most farm loans in Texas is to
help "make the crop". The usual items involved in making a
crop are labor (ohopping and picking cotton), feed, seed,
groceries and perhaps mules, Nearly all short-time loans are
for this purpose and about 85 per cent of the longer ones,
Other purposes for which Texas farmers borrow from banks for
short-periods are; commercial and trading transactions, holding
cotton, accomodations to tenants and extensions of preceding
loans for the purpose of tiding over the farmer after a bad
year or until a late orop is gathered. About 15 per cent
of long loans are for investment and improvements, involving
such items as land purchase, stook, buildings and machinery,

By comparing a group of the loans over $1,000 with a
group of $50 loans, it appears that the majority of the former
are for "improvements", with purchase of machinery or land
next in order, while most of the latter are for making crop,
with labor, feed and seed as main items. The latter are
alos applied not infrequently to the purchase of mules, plows,
and to making improvements. One-eishth of the emall loans
were oOlearly for the purpose of consumption.

Taking into consideration all loans upon which this
study is based, the average sum borrowed by Texas farmers from
banks is a little over $500. If these loans of unusual size
which are made for auch purposes as purchasing land and making

permanent improvements* are deducted, the average loan is about

* These loans average aver $2,000 ani run from $450 to $6000.
-33~

$300. Thies conclusion is borne out by the estimate of the
bankers who report the loans to farmers usually rum from
$100 to $300 and rarely exceeding $500.

The questionnaire sent to farmers called for the
amounts of the largest loan and the smallest loan secured from
a bank. The returns show that the average Texas farmer's largest
loan is approximately $1,000 and hie emallest loan is about
$100. Of course, these amounts varied greatly, the largest
running from $70 to $6,000 and the smallest from $5 to $3000,
Examination of the frequency distribution of the size of the
loans shows the most common loan to be $50 and that 45 per cent
of the loans do not exceed $100.

The returns from farmers show that average time for
allloans is seven months (the large loans averaging nine
monthe, the emaller ones four months). The bankers, in their
anewers, show an average duration for all loans of six monthe,
which is also clearly the mode for their data. If we separate
the long-time loans (over six months) from the short-time loans,
we find that the average period for long-time loans is nine
months while three months is both average and mode for short-
time loans. Probably less than 5 per cent of loans to farmers
are for over nine monthe.*

The great majority of the secured bank loans to farmers
are made on chattel mortgage security. Perhaps such security
is required in about ninety per cent of the cases in which
security is demanded at all. Personal endorsement is next

eae,

* Farmers generally borrow in the spring (February - April)
to pay from the autumn crop.
-34—

most common, being the only security given in about 10 per
cent of the cases. A chief item in the chattel mortgage
security is mules.

Not a few loans are made without security, generally,
of course, to substantial land owning farmers, The writer
asked the bankers what proportion of their short-time loans
are seoured, The answer run all the way from 15 per cent up to
100 per cent. From 75 per cent to 90 per cent seems most common,
the state banks show a smaller percentage seoured than the
nationale,

Real estate security is a knotty point for the banker
in farming communities. State banks in Texas are allowed to
take a certain amount of real estate as security for loans and
do so, but, as every one knows, national banks are prohibited
by law from doing this until after the passage of the Federal
Peserve Act, December gard, 1913. ...ccccece

The rate of interest on these Texas short loans
varies from 10 to 12 per cent on the larger ones to 13 per cent
on the emaller short-time loans, say three months or less. .....

In as much as 53 per cent of the Texas farmers are
tenants, we must consider the non-mortgage bank credit used
by the tenant farmer, ....ecec-s

To what extent do banks handle tenant loans? In the
cotton counties, with but few exceptions, from 35 to 75 per

cent of the number of loans made to farmers by Texas banks are
— 35 =

made to tenant farmers, The great majority report 50 per cent
or more of loans to tenants. The more common percentages appear
to be 50 and 75 per cent. The percentage, of course, refers

to number of loans, The amount of loans to tenant would be

a much smaller peroentage, perhaps 5 per cent. Also, it is

to be remembered that the data are mostly from small banks

in small towne. The proportion of tenants who borrow from

banks varies with the character of the tenants, being greater

in counties in which prosperous foreignere are numerous.

(1) The tenant farmer usually borrows simply to
provide teams, implements, and supplies for making a crop,
supplies for teams and family making the largest item. (32)

The average tenant farmer hardly finds it necessary to

borrow at any one time more than $500. In fact, his various
separate loans are generally less than $100, $50 and $75 being
very oommon and his aggregate borrowing during the year will
run from $200 to $600. (3) Tenant farmers! loans are

usually made in the winter or spring to be repaid the following
fall or winter and so averaging from seven to nine monthe,

(4) As security, tenant farmers generally give a chattel
mortgage on teams, stock, implements and crops. Not infrequently
they offer the personal seourity of the landlord or of some
friend acceptable to the lender. (5) The statistics already
cited concerning interest rates on small loans apply to tenant
loans also. Tenants borrow considerable from outside parties.

In this oase, higher rates of interest are usually exacted.
-86—

The following are remarks on short-time loans to
farmere upon evidence gathered in 110 different casea in ten
different counties, They cover the years 1918, 19135 and 1914,
The total amount of the loan is $37,779.00 or an average of
$252.54 each, The average rate of interest is 10-4/11 per cent.
The average time of the loan is slightly over seven and two-
fifths months, The smallest loan recorded is $30.00 and only
four are over $600.00. The interest rates vary from 8 to 15
per cent. The prevailing rate is 10 per cent. As to time of
loans, there are two payable on demand and the others vary from
one to twelve months, The nature of the seourity given for
these loans is interesting. Under the leading chattel mortgage
or lien against orop, stock or cotton, are seventy-five loans,
Personal security is given in eighteen cases. Note and
endorsement, which is the same thing, perhaps, as personal,
1a mentioned in four cases, Vendors!’ Lien is mentioned in
two cases and an open account in one. In ten cases, no security
was required, The purpose for which the loans were made are
worthy of note, Supplies, expensee and to make crop are given
in 71 cases; to pay off old debts, five cases; cattle and feed
together, seven cases; teams, payment on land, to make
improvement and machinery, two each; while in nineteen cases,
the purpose of the loan is not given.
* Adapted from Texas University Bulletin No. 355, on Cooperation
in Agrioulture, Marketing and Fural Credits by Charles B, Austin

and G, 8. Wherwein, Division of Public Welfare, Department of
Extension, 1914, pp. 76-77.
-3%—

We have compiled another table of twenty-five loans on
short time to renters only. The total amount of the twenty-five
loans is $4,949.75, or an average of $197.59 each, The average
rate of interest is ten and one-seventh per cent. The average
time for which the loans run is seven and nine-tenths months,

In three cases, personal aecurity is given; in two cases the
landlord has given his name; in two cases no security is given;
and in eighteen cases the loan is secured by chattel mortgage.
In two cases, the loan was used to pay a debt; in one case, to
buy feed; in four cases, the purpose is not given; and in
eighteen cases the loan was for the purpose of buying supplies
or making the crop. Less than one-fourth of the loans amount

to less than $350.00 each,

THE USE OF CATTLE LOANS

The practice of using cattle as a chattel for security
dates back to the early history of the cattle industry in the
United States. Bankers and dealers in livestock have generally
been skeptical of this sort of isecurity until recent years,

A few cattle loan companies now in existence find that their
tirest transactions of this nature began as early as 1850,
although the real businesa of cattle loans appeared about
fifteen to twenty years ago, The idea was first originated
and promulgated by cattle brokers, commission men and dealers

in the stock yards and at shipping points. There being a daily
-38<

demand for all meat products, these men who handled cattle
in &@ wholesale fashion and on a commission basis knew that the
security of "cattle paper" could be turned into cash any day.
Bo dealers in cattle at Omaha, Kaneas City, Chicago, St. Louis,
Portland, Fort Worth, Sioux City, El Paso and other livestock
markets discovered that this variety of security was perfectly
safe, Interest in the business grew as the cattle ranches
were gradually placed under fence; definite cattle boundaries
were established and the demand and market prices of beef and
dairy products were augmented,

W. P. Dickery, former cashier of the Livestock National
Bank, Sioux City, Iowa, and now President and Manager of the
Portland Cattle Loan Company, North Portland, Oregon, where
he states in 1915 in the Bankers' Magazine that they had
been in business three and one-halt years and had loaned in the
aggregate $20,000,000 with a total loss of less than $600.

These loans on cattle are made to farmers for four
distinct purposes which may be classified as follows:

1. Feeders loans.
2, Stocokere loans,

3. Dairy loans.
4

« Summer grazing loans,
-39—

Feeders Loans.

These are loans made to farmers for the purpose of
purchasing cattle to feed through the winter. This is done
when the farmer has the feed free from all encumbrance,
Often the cattle are bought and advanced by the company to
the farmer for winter feeding on share profits, Clay,
Robinson and Company, Chicago, have found this a very
profitable business in Michigan. Associate banke that
operate in the same manner as the Clay, Robinson and Company
are located at Chicago, Illinois; South Omaha, Nebraska;
Kansas City, Missouri; South 8t. Joseph, Missouri; Sioux
City, Iowa; Denver, Colorado, South St. Paul, Minnesota;
East Buffalo, New York, East St. Louis, Illinois; Fort
Worth, Texas and El Paso, Texas,

Feedere loans are probably used most widely in the
states of Arkansas, Nebraska, Missouri, Texas, Oklahoma, Iowa,
Tllinois, Oregon, Michigan, Minnesota and Wisconsin, As
heretofore stated, the cattle ranches throughout the Weet
are breaking up and being placed under fence due to the
advancement of settlers. This has remarkably reduced the
pasturage area and caused great changes in the industry
of growing market cattle. The methods now in vogue in the
cattle feeding districts ot Nebraska are typical of the
changes which are taking place throughout the cattle growing

territory.
~49-

In Nebraska farmera raise great quantities of corn and
alfalfa. They breed and raise as many beef cattle as the
pastures permit but the bulk of the business consists of
buying feeders - steers one to three years old, inoclosing them
in a large yard and feeding them freely with the corn, alfalfa,
fodder and other forage grown by the farmers themselves. By
producing all the grain and roughage consumed by the feeders,
the farmers who make a business of finanoing cattle for
market, earn double profits on their crops and on their
livestook plus the manure which they have left as a fertilizer
to produce further crops. In the states aforenamed, feeders
methods are being employed similar to those described in
Nebraska. Livestock to the extent of millions of dollars
worth are annually advanced to farmers for this business,

At Kansae City alone, which ie the leading cattle loan market
of America, from 300 to 2385 millions of dollars are loaned
annually on cattle. The writer is unable to obtain any

exact report for all markets and loan companies engaged in
this business, but the figuree for such loans have been
vastly inoreased in all parts of the country since the passage
of the Federal Reserve Act, December 33, 1913, permitting
national banks and state banks which are members of the

Federal Reserve System to rediscount cattle paper.
—41-

Stookers Loans.

Stookere loans are made to farmers to buy heifers,
cows, bulle and steers, Loans on cattle purchased for
breeding purposes as heifers, cows and bulls are made
generally with restrictions to registered stock or very
high class grades. Stockers loans are also made on calves
and steers to be held and fed to maturity. These loans
are usually made on six months time with the privilege

of one to three renewals and sometimes a longer term,

Dairy Loans.
Dairy loans are made for the purchase of high grade

cows and pure=-bred sires with the express object of improving
the dairy business. A good example of the purohase of high
grade cows and pure-bred bulls on oredit is to be found in
the Marinette County Advancement Assooiation, Wisconsin,
This is really a cooperative propaganda. It is the outgrowth
of an effort by the business men of the county and the efforts
of D. S. Bullock, then connected with the Marinette County
Agricultural School, to assist those farmers who are honest
and industrious but have no funds and desire to get into the
dairy business,

Any farmer in the county who wishes to get dairy
cattle and does not have the money to pay for them, can fill
out an application blank for payment on time and send it to

the secretary of the trustees of the association. The trustees
-43-

then carefully investigate the merits of all applications.
If they find an applicant is prepared to care properly for
the stock and is a safe risk, the application is accepted.
When enough applications have been accepted for a car-load
of stock, the purchase is made, Professor F. H. Soribner
of the University of Wisconsin assists in picking out the
cattle and passes on their quality and value. However,
when @ man sends in an application, he names the breed he
wants and the price he desires to pay, together with a
statement of his resources and liabilities, Then he must
take the stook bought for him according to the terme of his
application. Upon receipt of the stock, the buyer gives

a& note in payment whioh is secured by a chattel mortgage.
The note is payable to the trustees and may be paid off

by monthly installments at any bank innthe country.

During the three yeare previous to 1916, for which
time this plan had been in operation, more than $20,000
worth of pure bred Holsteins and Guernseys were purchased
through the association on borrowed money.

A very similar plan to the one just described in
Wisconsin has been in operation for many years in central
and southern Illinois and is now operating in aix or seven
counties in Michigan. The work was begun by W. Scott Matthews,
State Food Commissioner of Illinois, In 1916, at a meeting
of the bankers, business men, feed merchants and representatives

of the dairy interests, a fund of $25,000 was subscribed for
aR ome
~43—

the purpose of feaching the farmers the proper use of this
instrument of oredit and to facilitate the dairy business

in Illinois,

Summer Grazing Loans.

Summer loans are loans made on cattle to be grazed
during the summer months, This is the least important of the
four sorts of cattle loans except in the thinly settled
and range districts, In fact, this type of loan, with few
exceptions, has been found a paying business only in the
range territory where large pasturage areas are available,

In late years, as the ranches have been put under fence and
their areas have become more definite and restricted, the
cattle grazers have had less difficulty to obtain finance

On grazing cattle as security. In the regions where the
ranches have been mostly broken up and large crops of forage
ahd grain produced, grazing cattle has been found much less
profitable than pen-feeding cattle, So the latter is the
chief practice in the more highly developed farming sections.
A good example is to be found in Michigan, Clay, Robinson
and Company have tried both the methods of financing winter
feeders and summer grazing cattle in Michigan. They have
found the winter feeding of livestock in this state to be
avery profitable business when the farmer has grown the

grain and forage. On the other hand, they found the practice
—44-

of buying cattle in the spring and grazing them through the
summer was not profitable, Similar reports have been obtained
from cattle loan companies regarding various parts of the
country. Therefore, the practice of grazing cattle through
the summer is falling into disrepute by the loan companies

and experienced farmers in the more intensive farming sections.

Security of Cattle Paper.

The safety of a scrupulous, well defined cattle
loan is beyong doubt par excellence, Firet of all, there is
the chattel mortgage on the livestock, more than enough to
liquidate the debt and can readily be turned into cash at
any livestock market in the country on any day. Then there
is the financial and moral responsibility of the stookman,
farmer or ranoher back of the business, Behind these
obligations ia the endorsement of the cattle loan company or
"oattle bank" as they are sometimes called, which does a
large volume of business and handles millions of dollars
worth of market oattle annually. Finally, the paper is
secured by the guarantee of the local banker who usually
knowe the circumstances and character of the local cattle
growers. The guarantee of a banker to a security that is
not absolutely safe ia rare. With all this acknowledgement
the "cattle mortgage" is destined to be one of the very

desirable forme of commercial paper in the near future,
~45-

Desirability of Cattle Paper.

At the Kansas Livestook Association meeting held at
Wichita, Kansas, in 1916, Beverly D. Harris, Vice-president
of the National City Bank of New York City, said in paid,
that the desirability of cattle paper is based on the
following considerations:

1. The finanoial responsibility and setrength of
conneotions, supporting the institution selling the paper
and the ability, experience and integrity and safe policies
of the individuals concerned in ite management. The
knowledge that they make careful and thorough inspections
and look closely after the seourity throughout the life of
the loan,

2 The character and responsibility, financial and
moral of the borrower, In the cattle business, as in every
other, integrity and the morla risk are the rirst considerations,
To quote from Mr, Hollings of the Inter-State National Kansas
City, "The brand on the man is more important than the brand
on the cattle",

3. The character of the seourity, amount and margin,
location, arrangements for feed, water and handling; trans-
portation facilities; protection from weather and diseases,

4. Liquidity. Loans which will be naturally liquid
within a short time by movement of the cattle to market, grown
steers in the feed lot are preferred, Stocker loans are
often times very safe and desirable, but this class of paper

as a rule is slower in liquidating.
-46—

5. Loans on range oattle, calves and young stock are
usually subject to more hazards than other loans. All
conditions surrounding loans of this oharaoter should be
looked into very carefully with regard to eafety.

6. The cattle mortgage law of different states varies
very materially in their provisions. They should be studied
carefully and thoroughly understood. The original or certified
copy of the mortgage should accompany the loan, showing filing,
and that all legal requirements have been complied with,

7. It is very important that all the stock mortgages
should have distinctive brands and the location clearly
recorded in the mortgages by which the cattle oan, at any time,
be identified immediately. The cattle should be in pastures
enclosed with fences and the mortgage should cover all cattle
of any certain brand or be a blanket mortgage covering all
cattle of all brands belonging to the borrower, It is very
unsafe to have mortgages held by different lenders on cattle
of the same brand, running in the same pastures.

8, Many purchasers will not buy split loans, This
ig a matter requiring expert knowledge and judgment of conditions
as under some circumstances eerious complications may arise,

9. Renewals should be taken with careful attention to
the laws of various states and with a full understanding of the
circumstances warranting the renewal and that the seourity
is not being impaired or dissipated,

30. Loans om equities or undivided interests are

undesirable,
-~47=
Cotton Credit,

It is not only in Texas that "cotton oredit® is
extensively employed. All the “cotton states" are seriously
affected by this would-be beneficial practice. However, in
Texas there is a greater use of bank credit for the growing
of cotton orop than in any other state. <As a result, the
greater part of the orop liens on growing cotton in the states
other than Texas are held by merchants, tradesmen and landlords.
These are the most expensive saources of credit too. Mr. G. K,
Holmes of the United States Bureau of Census in 1900 estimated
that southern planters paid from 20 to 40 per cent interest on
the capital secured for the production of Crops.

The cotton crop-lien is generally brought about in the
following manner: The farmer (land owner or tenant, white or
colored) desires to grow the crop. In order to do this he must
have tools, seeds, man and animal labor, Also he often needs
food supplies and clothing for his family to oarry them over
from a poor season to a better one, The merchant, landlord or
tradesman views his situation. If he concludes the farmer
@ safe risk, he furnishes him the needed equipment and supplies
and takes a mortgage on his crop and anything elee the victim
may have in his possession. The debt is due and must be paid
as soon as the crop is harvested, The lender gets the orop
at the lowest price and if he is merchant he sells at the

highest price, In case of a bad season, the borrower may be
-48—

unable to meet his obligation and thus swept out of business
or his debt may be so augmented that he will remain in debt
for several years to come, This is the condition through
the cotton states as heretofore indicated. There has been
no definite surveys in any one district or locality, except
the ones referred to in Texas. It is such an old and common
practice that everyone seems to know about it and the
information is so general that specific treatment of the
conditions are hardly possible, Further, the practice is

so historic and so wide spread that a survey and exhibition
of the actual conditions would be too volumnoue for a place
in this work. Some very specific references are treated
under the head of "Crop Liens", "Cotton Credit in Texas",

"Store Credit", eto.
Tobacco Credit.

This is anotner use of the crop-lien. Credit has
long been used by the tenant and farm owner for the making
of the tobacco crop. The oredit is advanced to the grower
by the merchant, landlord or tradesman in the same hanner
ag that described for the production of the cotton crop.
This type of credit is extensively employed in the tobacco
growing regions of Kentucky, Virginia, Tennessee, Ohio,
West Virginia, Pennsylvania, Connecticut, and Wisconsin,
Like the crop-lien system in the cotton states, this
practice is so historic and well known that little has been said

in history and agricultural literature regarding its use, The
-49-

pest discussion as well as the best contribution to literature
on this topic is to be found in the survey made by Professor

H. E, Esswein* of the Ohio Agricultural College. Mr. Esswein
reports, in his rural life survey of the state in 19132,
conditions in the white burley tobacco district as follows:
"Tobacco growing is partly in the hands of tenant farmers who
.remain on one farm for short periods of time in many cases

for only a year or for two at the moet. So numerous are

tenants in some sections that well informed persons say that

90 per oent of the tobacco grown by tenant farmere, usually

on the shares, one-half of the orop or one-half of the

proceeds of the sales goes to each party. The landlord
furnishes his tenant a house, a garden or truok patoh, horses

or mules, and a few farm implements. Owing to the fact that
tobacco is a crop from which one cannot hope to get returns

for at least a year from sowing the seed, a system of advancing
money to tenant growers has sprung up. The system is as follows:
After putting out his tobacco, the grower will come to the store-
keepér usually and tell him that he would like to get an advance
on his crops. The storekeeper finds out how much tobacco he has
out and determines what would be a safe loan on the crop. The
grower then gives his note at 8 per cent interest on the crop.
‘the amount of the note is dealt out at the store by the grower
and his family as their needs require. The storekeeper holds
the note until the crop is sold or else has it discounted at

the bank for 6 per cent, thus enabling him to make 2 per cent

On the deal,

 

* Annals of American Academy, Vol. 50, pp. 186-9, 1913.
~50=

"Occasionally some man will take advantage of the
one who has advanced him money, After having obtained an advance
and having dealt out the greater part of it, he will leave the
locality. The creditor, in order to get his money out of the
transaction, must hire someone to cultivate the orop for the
remainder of the season and harvest it,

"The loss from bad debts usually resulting from a bad
crop or low prices also is very considerable. One merchant in
an Ohio River Town showed the writer twenty notes, ranging in
amount from $15 to $250, totaling close to ¢3,000 against
persons to whom his firm had advanced money on their tobacco
crop. On some he never expected to realize a cent and on others,
only after a long wait, or until another crop is grown or else
by legal process. He offered to sell the whole lot for fifty
cents on the dollar,

"On the tenant's side, the system is equally unsatis-
factory. It keeps him without money of his own for the greatest
part of the year, His family and himself are denied the thinge
they ought to have oftentimes when they most need them. Suddenly
he comes into possession of money, or at least power to purchase,
The tendenoy now is for him and his family to buy more things
than they need. Merchants say that they have to be very
watchful along this line, so apt are these people to buy
unnecessary articles. People who follow this custom seldom

get anything ahead. Hardly ever do they get lund of their own.
-5]—

The value of their orop is lived up before it is grown and
each succeeding year finds them just where they were before,
In some cases, doubtless, they are obliged to pay higher
prices for goode than if they had the cash, though, as a usual
thing, merchants claim to sell on credit the same as for

cash. <A great number of growers look upon the system ae quite
the proper thing and it is a current saying in the region

that the tobacco crop will not grow well unless it is mortgaged.
cseoccees The greatest need in the tobacco sections, next to
getting the land in the hands of those who will cultivate it,
is to provide some substitute for the ruinous practice of
advancing money on the growing orop alike disastrous to the

lender and to the borrower",
Credit on the Sugar Beet.

The growing of sugar beete, like cotton and tobacco,
is largely financed by the advancing system, especially the part
of the business which is carried on by the less well-to-do
farmers, This practice is followed in the best growing areas
Of Louisiana, Mississippi, Missouri, Michigan and other states.
The necessary addenda is advanced to the grower by the merchant,
landlord or tradesman or factory. Then when the orop is
harvested, it is at once marketed to the one who hae financed
its production at the lowest price. As a result, the beet

growers are little better off than the cotton growers.
~53-

Gredit on the Citrus Fruit Groves,

The writer has been informed that the advancing system
is used extensively in the production of citrus fruits in
California and Florida but no definite information has yet
been made available escept the use of cooperative oredit
in irrigating the growers,

This form of advancing oredit is also practiced in
th: production of cantsloupes, tomatoes, and other perishables

grown on a large scale,

CROP LIENS ANP STORE CREDIT.

We shall firet consider crop liens in general, Then
we shall make special studies of crop liens in the "cotton
states", tobacco growing sections, sugar beet areas, citrus
groves and general store credit, There are several local
reporte setting forth the use of crop liens and store oredit.
Most of these, however, are for special types of farming.
Probably the most comprehensive view of this sort of credit
is to be found in the reports from the cotton states. *

The states implied by the group "cotton states" are: Texas,
Oklahoma, Louisiana, Mississippi, Alabama, Georgia, North

Carolina and South Carolina.

* Industrial Commission Report, Vol. X, p. CVI, 1901.
Origin and Results of Crop Liens in the South
By G, K, Holmes.

"It is a general custom of the cotton planters and their
tenants to use their credit with the neighboring merchants to
obtain their:plantation and family supplies in advance of the
maturing of the crop, often even before the seed is planted.
‘the farmer estimates about how much credit he wants and the
merchant tells him to produce about so many acres of cotton,
allowing a good margin against a possible crop failure. fThis
system permits the planter and his tenants to live in the
future and to be improvident and hopeless. It is a direct
cause of the enormous production of cotton with a constant
tendency toward over production and with a low price of the
cotton, The cotton men are beginning to realize that they
are the victimes of a bad system, The store system of the
South amounts to a sort of peonage with the cotton planter.
The rate of interest on the liens of cotton crops averages
at least 40 per cent a year and the planters are at least a
year behind,"

A great part of the cotton crop is grown by tenants,
small farmers and colored folks who are advanced credit by the
country merchant, landlord, a local cotton buyer or some well-
to-do farmer, This credit is often used for a variety of
purposes, Among the objects of credit advanced the cotton
grower are, to buy tools, seeds, mules, wagons and general farm

Supplies; to pay rent; to keep the family in food and clothing.
~54—

Thus the size of a planter's crop may be determined by the
amount of credit he can secure. If the crop faile, the planter
is forever afterwards veholding to his debtor, Cotton is used
here as an example decause it is the chief money crop of the
South but the majority of the orops grown in the South, on

@ commeroial scale, are financed by the crop lien method.

e Merchant's Risk,

 

Mr, Lovejoy, himself a merchant, believes that the
excessive rates are one cause of the depressed agriculture in
the South but justifies them in part by the high risks which
are taken by merchants and money lenders, The merchant, in
making advances of goods to the planters and especially to
laborers and negroes, adjusts the price of the goods to the
oredit of the individual. If a man is practically certain to
pay, goods will be sold at perhaps 10 per cent advance of the
cost; if the risk is high, the advance will be 85 per oent
or more, The purchasers understand that these distinctions
are made and the reason for them. Corn bought at 53 cents is
sold for 60 cents for cash and 75 cents on time, while bacon
costing about 5.4 is sold for 6 cents in cash or for 73 to
10 cents on oredit.

‘The merohant takes a lien on the crop for his advances,
and of course, runs considerable risk since the crop may not
turn out satisfactorily. The entire system which has been in

exiatence thirty years or more, is bad for the merchants as well
-55—

as for the planters. Merchants are not prosperous when the
farmers are not because they lose so much on their advances,
Farmers do not borrow much money on crops and chattel security
from banks but ohiefly from merchants who themselves obtain

loans from the banks.

A majority of the tenant farmers find in the country
merchant their chief source of credit and store oredit and
crop mortgage arrangements form a dark place in the Texas farm
credit system, Virtually all negro tenants and seventy-five
to ninety percent of the white tenents, foreigners and best
black-land tenants excepted, regularily depend upon the
advances of credit from the local store keeper for food,
clothing and various supplies and give mortgages on their
crops as security. Probably less than 10 percent of farm
owners are accomodated in this way and the percentage of white
tenants seems to be on the decrease in most sections. The
nominal interest rate is always 10 per cent.

The system usually works as follows: At the end of
the year those who have secured advances on orop mortgages have
little or nothing left. One of them will go to his merchant
about February lst and ask for credit unt:1 he can make a orop
in the fall. The merchant will agree to extend a certain
amount of credit in turn for a mortgage on the prospective
crope of the tenant and any other property which he may own,

which is often nothing. Frequently, the acreage in cotton
*Adapted from the American Economic Review. Farm Credit
in a Cotton State by L.H.Haney, March, 1914, p. 51,52,53.
-~56—

is considered, and whites may be allowed about $5.00 and

negroes about $3.50 to $4.00 the aore. Generally, however,

the amount is not formally figured in this way but a maximum

allowance per month is set, being about $30 for the whites

and somewhat less for the negroes, The amount varies with

the community and may run up to from $60 to $75 per month in

a German community and as low a limit as $15 may be set. It

depende on the character of the tenant and the number of his

teams. The aggregate amount for the season then is the

product of the monthly allowance and the number of months,

say nine months. The character of the security is indicated

by the crop mortgage form which accompanies the farmers' note.
The orop mortgage system is satisfactory to no one but

the dishonest storekeeper, not all storekeepers are dishonest.

The interest is nearly always deducted in advance and it is

almost univeraally complained that the borrower is over charged

for his goods, If the farmer borrows $300 he gets only $375

in oash and is given the worst bacon and flour at the price of

the best. Once the mortgage is given, the tenant becomes the

storekeeper's man for he must depend on credit and all his

credit is pledged. He or his trade, at least, is regarded as

the possession of the merohant who holds the mortgage on his crop.

Then, at the end of the season, he is not infrequently compelled

to sell his cotton to the storekeeper and as a result, often

fails to get ita full value. (This statement applies in general

to the more ignorant classes. In general the storekeeper

offers a slight advance over the market price of cotton asa
~57—

premium to induce the farmer to sell to him, his object being
that by securing the farmer's cotton business, he can secure
payment of the mortgage obligation out of the price of the
cotton), The same is true of the farmer's other market
produce euch as chickens, butter and eggs. The total interest
paid under such circumstances averages at least 20 per cent.
On the other hand, the tenant is often a shiftless and
unreliable pereon and’ the percentage of bad debts is high.

Not infrequently the merchant has to carry the farmer over
tor another year because of crop failure, In thie way, a big
sum of debt accumulates and in order to out a long debt short,
the tenant "pulls up" and leaves the country.

The tenant ts compelled to get his credit of the
merchant and not of the banker because the bank refuses to make
long loans; the tenant wants credit the whole year and no one
but the storekeeper can do this. The bank will not make such
small loans as the tenant wants; the tenant cannot furnish
the security required by the bank. Banks also do not oare
for and generally will not take orop mortgage security and
this sort of credit business used by the tenant requires
Close supervision and more intimate knowledge than the banxer
can hope to have of his customer's daily duties.

Hence the country merchant acts as the banker's agent
in making orop mortgage loans. From five to twenty per cent
of the loans of many Texas banks are made to country merchants

such loans being "largely" or "almost entirely" used to carry
~58<

farmere on crop mortgage security. The merchant in turn
endorses and turns over to the bank the farmer's note and
crop mortgage as security.

About two-thirds of the sales made by hardware
and implement dealers to Texas cotton farmers are on time to

be paid out of the ootton crop in the fall.

‘the Landlord as a Source of Credit.*

It ia probable that in most parts of central Texas
over 90 peroent of those tenants who owe the store are alse
indebted to their landlords for larger or smaller advances,
Storekeepers, as such, only give credit on food, supplies,
implements, etc., whereas cash or its equivalent is often
needed for mules, feed and other current expenses, The
landlord is practically always involved in supplying this
cash, He may make small cash advances in a bad season and
he often sells his tenants teams and feed to be paid for out
of the crop but for larger cash advances, the practice is not
uniform, In the bottom of the Brazos and Colorado, and ina
few places in the "Black lani belt", there are large "planta-
tione" whose owners prefer, as a rule, to accomodate their
own tenants rather than to stand for them with the bank or
Other lenders. This gives them greater control over their
tenents and unscrupulous landlords may make larger profits

* Adapted from "Farm Credit Conditions in a Cotton State"
by Lewis H,. Haney. American Economic Review. March,1914,p.,54-5.
~5G=e

by charging high rates. To oarry their tenants, they may
borrow several thousand dollars from a bank each year,
Such landlords often make a business of running a sort

of a commissary.

On the other hand, the owners of medium and small
farms in the Black land belt and sandy repions to the East
do not lend any considerable amount of cash to their tenants
though they sometimes help them to borrow elsewhere. On the
whole, they would rather the tenant would get his money in

his own way.
Oredit on Farm Implements,

Very little more than a half century ago farm
implements were of a very simple sort and comparatively
inexpensive, With the improvement of farm implements and
machinery and the invention of new labor saving devices,
the problem of farm toole and working equipment has beoome
more complicated and expensive. As a result of this progress,
tarmere must supply themselves with the best toole,machinery
and labor saving devices in order to keep up with the economic
advancement of farm labor. Therefore, many have been
compelled to employ the instruments of credit in the purchase
of farm supplies, |

The use of credit vy farmers in buying farm implements
and machinery has been employed extensively in recent years
by all classes of farmers and sellers and manufacturers of

farm tools and machinery. Most all dealers from the local
-60—

merchant and the hardware store to the International Harvester
Company have advanced the farmers tools and machinery on credit,
and farmers of all ranks have bought the necessary farm
implements and machinery on oredit.— If you would examine the
books of the various dealers in and manufacturers of farm
supplies, you would find that farmere are credited with every
sort of instrument from a pitch fork and a hoe to a twine

binder and a bull tractor.

The best available example of credit advanced to
farmers on farm tools and machinery is the International
Harvester Company. According to the annual report of this
company for 1915 (page 13), they had outetanding loans to
farmers amounting to $44,000. Since the reputation and business
methods of this company are well known, without any further
comment, this speaks well for boththe company and the American
tarmer, Further information regardng loans on farm implements
and machinery is brought out in the discussion of chattel
mortgages, store credit, short-time oredit in Texas and

credit in cotton states.

‘the Farmer's General Store Credit.
The dependence of the farmer upon the merchant in the
South has been indicated. The aituation is no doubt more
serious in the South than any other part of the country but
this form of credit is prevalent throughout the rural districts.
All farmers must have food supplies, clothing, seed and

implements. Many of the farmers are poor and when they are
-6 la

compelled to buy these articles, must have credit until they
can produce a crop to pay for them. The merchant then sets
his charge high enough to oover all possible losses and most
anyone elee would do the same. It is a business proposition
but often extortion prices are charged just because the farmer
is ignorant and the merohant has him in his clutches and

Foan put it over", The farmer usually employs the merchant's
credit for the purchase of the necessities of lite or the
instruments of production, Many instances may be found in

all parts of the country where this very sort of oredit has
been so prolonged and the store debt has so accumulated that
innumerable farmers, many of whom were once prosperous, have
been 80 swallowed up in debt to the country merchant that

they were finally deprived of a home. These facts are so
generally known that little has been said in the literature

and investigations of oredit about them.

The Farmer's Use of Cooperative Credit.

The writer realizes that this topic is likely to
be misapprehended by the layman, The subject of cooperation
has been discussed and re-discussed both pro and con by the
most able and most humble organizers, not only in this country
but throughout the world. Various phases ot the subject
have been treated elaborately. Theretore, the scope of the

farmer's use of cooperative credit is volumnous and a great
-33~

part of the information is oommonplace and somewhat generally
underetood by everyone who has "dipped" into the subject of
cooperation, Yet there has never been an investigation of

the farmers! cooperative use of finance in this country. Most
intormation upon the subject has been vaguely soanned in
connection with the general subject of cooperation or the
description of some specific organization. Consequently,

it is not the aim of this work to present the theories

Ot cooperation; the principles and benefits of farmers!
cooperative organizations; the problem of finanoing such
organizations or any phase of the general subject of cooperation
but to set forth a few of the principal types of farmers!
cooperative organizations, give one or more living examples

of each and relate very briefly in each case how the organiza-

tion has used its credit for the mutual benetit of ite members.

Cooperative Producers,

There are many varieties ot productive cooperative
Organizations, Among the most familiar organizations are the
the cooperative cattle breeding associations ot Wisconsin,
Minnesota and Maine; Cooperative hore breeding in the Central
West; Cooperative orop improvement associations; (Corn
breeding associations in Illinois, Ohio, Indiana, Iowa, Kansas,
Connecticut, Delaware, Maryland, Montana, Minnesota, Nebraska,
Oklahoma, Texas and Wisconsin).

A cooperative livestock breeding association makes

& business of buying registered stock for the members of the
~6 3~

association as needed, Not infrequantly a man desires to

go into the livestock business and finds it too expensive to
start on a cash basis so the association, having more prestige
and responsibility than an individual, is trusted with the
property. Then the separate individuals who receive the
livestook pay the secretary-treasurer of the association

in installments or in full at some stated time in the contract,
The secretary-treasurer in turn settles the original note for
the livestook. Thus the association enables ite membere to
secure or:dit which they, as individuals, could not get.

The incidental expenses of the association, the hiring
of managers, assistants and expert advice and other similar
needs are met by assessing the members in proportion to the
benefits derived or by a regular assessment upon each member
or as often the case in the crop improvement association, by
cooperative "tips" from those interested,

The writer realizes that cooperative dairying and
marketing assoolations are productive organizations and

Will allot them due spaces under their respective titiss.

Cooperative Dairying.
Many examples of cooperative dairying might be cited
but since our discussion must be brief, I shall name only a
few of the most noted organizations and illustrate their use
of credit by one specific example, Among the most prominent
dairy associations are the Minnesota, Wisconsin, Michigan

and Illinois cooperative dairies,
-6§4<

One of the best living examples is the Ashland Dairy
Plan of Wisconsin. This plan is almost too familiar to the
average student of cooperation to require explanation,
Briefly, the Ashland Dairy Plan is an example of the bankers
and businese men offering their aid to the farmers in the
establishment of a practical and working scheme of rural credits.
several bankers have united to lend money to farmers on a safe
basis for the purchase of dairy animals, Then the business
men's associations of the several distriots zuarantee the
farmere' notes while the dairymen pledge themselves to pay
each month on the loan one-half the amount of hia milk check,
Eaoh farmer also contracts to raise all his heifer calves.
The Animal Husbandry Department of the University of Wisconsin
asaists in selecting the cattle. Many car loads of dairy
cattle have been bought in the Ashland, Iron River, Millen and
Other districts of Wisconsin by this plan. The expense of
purchase and delivery is prorated accordinzl¥ and added to
the cost price of each animal,

This plan has been so successful that it has ssread
into many counties of Wisconsin, 30 counties of Minnesota,
7 gounties of Michigan, most all of central and southern

Tllinois and several counties of California and New York,
-65=
Cooperative Irrigation.

Irrigation projects unlike drainage projects, are
largely carried on as cooperative, partnership and commercial
enterprises. According to the Thirteenth Census, the total
irrigated area in the United States was 13,739,499 acres,

Of thie number of acres, 6,358,401 was irrigated as individual
and partnership enterprises; 4,646,039 acres under cooperative
enterprises, Thus showing that more than one-third of the
irrigated land in the United States was done cooperatively.

The irrigation of land had ite origin among the
Morman Colonies of Utah, From this is spread to Wyoming,
California, Nevada, Colorado, Arizona and Montana.

The project is usually organized on the joint stock
plan with so much capital stock. This is usually sold to members
for so much labor. One share of stock has one vote. Then the
members are assessed a definite tax each year to keep the project
in operation. The stock, of course, is all owned by persons
to be served by water rights. However, funds have been raised
by subscribing oapital, by direct assesement of the capital
stock, by small loans and by bonds. In some cases, settlers
have cooperated in building works by their own labor. Some
of the best examples of cooperative irrigation are to be
found in the citrus groves of California,

"Under some of the mutual companies in the fruit
districts, it was originally intended to have one share of stock

with par value of $100 for each acre to be irrizated. As a rule
-66=-

@ share represented the equivalent of one-tenth miner's inch

of water flowing continuously, although this varied to some
extent. Sometimes there were tén shares per acre, with par
value of $10, so the valuation per acre and per miner's inch
was about the same, Experience proved that one miner's inoh
was hardly sufficient for ten acres of mature citrus orchards,
but it was enough for seven or eight acres, Extra shares

in water companies were purchased by orchardists to prove the
addition water needed for full grown trees so that the par value
of an acre water right, based on present use, is about $125.
Under other companies, one miner's inch gerved only five

acres from the start. The market value of shares is influenced
by supply, demand and various local conditions as well as the
original cost and acre rights are now valued at from $100 to
$300 for citrus fruits."

Many of these companies exist in California. They are
all incorporated under the state corporation laws, Three or
more persons may form a corporation to do business as private
companies. The running expenses of these companies are usually
defrayed by charging for service or by taxing the stock, These
mutual water companies have proved successful. One large
mutual company in the citrus belt irrigates about 30,000 acres.
The largest mutual company in the United States is in the
Imperial Valley and irrigates 100,000 acres. A large part of
this is a trucking region. Therefore, the uses of credit in
carrying out irrigation projects have proven to be a grand

cooperative success.
P A R T If.

BIBLIOGRAPHY

AGRICULTURAL CREDIT

Complete
to
January lst, 1917.
wy Tt Ns . pee ~- ic rk. oY

eal. ee OY ad ee ee dd te ede
7 2 9 ‘ 4. _ ~ . - e a
- 4 eo 7~ Ye “ er ,o@ ay OS AAT -_ ~a 7 4+ . oo a.
i rLio ee eae Wo UO Loar lend a eh a: ewe vio al
” J. “ > - 4
. -l _ oy N77 8 yar
ae ee wk wom Kk mee Su Mk
vot i wv Ah q
Nya om Tt oy
we ied GL wt MB oan Use
Poot: J.- 7 as Loc. TOS Los: 8 LOT coTole
ve ow ae ew AL OO ee ne Sa! ate yy Yue 9 wee OL te wee « fb ? oN! we

Soelortl!s bulde. Locé-looe: Lott-bLece®: Llic: iil:
whl we Oh 6.2 wa it Lk eo buelermlu we Ne te eet WO dle LU ak ood
d ? d ?

SPT. TTA Tm. 3 UF ae a
Lode ; geil“: Lode; we ‘4 y uO &w ee ol Coa r 1, wok fe

id

_ : . foa~-- - ~~ ee ~ ~
: Sawn f ot ma 1. a8 wr) fo ‘ae . 7
eet tluake dk a aera _*? a ar oa, ote & +--+ 7 we ty vv. wy wa Ww ( e
: : -. a - re
. “AS yas a aN 1 : . ~ CoN TT eNO 4 1 17
43 i Ne ee Ws hw c. Loa a~ NV bee a bk J LL 3 a YS e
——
co wv XY Te 7 ~ me Sn “! oO. .~ a ore -3-)] woe . a * y Oe aya wen Ut
VOT lL sLlonsl as Nw dee ND lw men y wet ed oe Ne a rae Noe we Wan ? wide ae te
— .

a a. eT Le, Cc! TT. 2 vr, Tm, gt Ne Se . :
. ! i 3 . \ { : ux C ; ’ ; "
ae Nw sa ohn -~ a maw wb a whe i a ~ a @ he. BS een awe heed v) J w eo

—

. - . : . . - ON -_ mm ow
3 af 7 2 Dy “Aw? q ca < 4 ve js L. ced yr 71
. + : -

as Oe as he ro)

’
re
ros
r
is
’
Q
'
Cy
|

©
s
C
>
a

€
e
C
(
t
C
i
e

sy - ~ “ae 5 co er 7 e 1 —~, on ONE ~~ 7- on a -
c Lm bea yaen of Poa Se ; ;
a ee OC a) i \ Ve mye | or ~ at - ook “oO e@ vat iw b Ate et! @ dul ad “1 t e

. .. — _ 8 _ . sy an _ - -* . ioe
7 , e 7 - + 4 4 .
y 2 LOW QO weiwwitid Ye ete em be UO ec aivged ue

Oe nee fl aa ~y4.. a a . 2 aL. “
ahs POP ay mpoeulturad PLEaGLw Glow weorerac 2 illu.

et TT ” nA as Te tN Oo “ fle ss wey
oad a ae md lee aw Ve ka ee Ae « ot ake ? eee ~
. - : ae) J. a = : -- . . nme Tp
O oe 1 cs yeep te aN - - t+ oof nan ! see pry i’. L Ld

a anes oho bo Lele aes wie 2 WF - oe pat Pare wt wi. a: Wiance gy _ a )
. = eo. . . “y =o ‘ . on * 3. Aj 1.1" - - ~~ oo -r

_ e: ~, : - a oo ~ Seay to. , mpm TT rt hoya’

: iL \ i ! . ou J 1 ad 1 ly wy we | e ae bd whe
12 Cu “. 1 “ tO & ~t ty XQ ne wi tb wy ad oY \ ”
8 g a4 . . ° a J L

To ~ =~ = - . ~ wos - - 4 ~ a! : - - -

r ,, , . ‘ ' 17 es + . an rota ty . . . ce ro
“vy aad, wl, ia Vat whe ew td a. ow ee ON Lak. ace wee ws ww Whoww ek u ‘ty ‘ ? wel tl
Lio Grice sll: nee ts oe - -

eon ’ 1 1 _— vot ~ * .
‘ A i Po Oka wv A wv we a a ww uD Cos waeeen: Soke
cee Fe me aL hd

wm de Ne

en eS
w~-shviaw ©

ie

™

mee
ACADS.Y OF POLITICAL sCLluncy

selling farms on installments. W. HE. Harmon.
ei2o-c6, Oct. 1911.
Co-onerative loan societies. P. Jay. 2:1lce9-Sl,
Jan. lole.
Co-operative savings «nd loan assocations. HE. &.

Pratt. £:159-48, Jon. 1912.

aGelouLTURsL silo CCiSSRVATION CONGRESL

+

Banking reform cnd the farmer.(Acdress delivered ct

iinreapolis, Minn., Nov. 19, 1912) HBdmund Db. Fisher.

AGRICULTURAL GaAguTTe OF CANADA

“a

Bank agsisvtvance to agriculture. 3:179-30, F '16.

Aas. omy y mu yr _ an ery
dba. - dd waal: B aw

The relation of the banker to the farmer.77:1606-8,
way 18, L012. Charoman Joseph. (Address deliveres

at tne 16th annual convention of the V.ashington's

Banker's Association. )
Relationship between the banker and the farmer.

H. H. Stoner. 773;2746-2749, Aug. 10, 1912.

Land and agricultural credit . C. A. Conant.77:
5298-3304, Sent. 25, 19le.

What the bankers are doing to help the farmers.

we D. Vincent. 77:5850-1, Nov. 6, 1912.

Banking reform end the farmer. uu. Db. Fisher.
77:4035-4987, Nov. 63, 1912.

Anerican commissions on g@gricultural co-operation
and agricultural credits. 78:2874-5; 2950-l,report

Aug. £6, 1915; Auge 30, 191d.

A&A UORLO.N BaANiaRo! AcssGOLATIOn

Tne needs of the farmer.(Address delivered at the

-

convention at New Urleans, Nov. 62, 1911.), J.o2.5rown.

aoiDo. AGRICULTUAIST

Credit for the farmer. ti. ifvrieck. 90:456-247,
Sent. 1ole.
The vewish society vlan. Co-operative credit. 02:48,
July 19, lvls.

Another vicvory for farm finances. agricultural co-

Operative banks in New York.92:65, July <5, 1913.
Banking reform progresses. 92:165, Aug. 20, 1915 .

EKaditoral

ALGRICAN BANKERS! ASSOCIATION PROCEEDINGS
Land and azricultural credit. G.::A. Conent. P 189-

503, 1912.

awh lOsi BOOiO:1I0 ASLOCIATION REVIEW

Three phases of co-operation in the West. A. G.
Warner. 2:1.
acricultural credit in the U. S. H. W. nNemmerer.
ei:coe-72, Jec. 1012.
Credit unions in ijassachusetts. A. E. Cance. 3:189-
200, Mar. 1916.
Proceedings of the second annual conference of the
bankers'(Committee on esricultural development and
education. 7.Cook. $:448-51, June 191<c.
Farm credit in the North western states. (@.D.)
Meyer Jacobstein. 3:596-605, Sept. 13, 1915.
Farm credit in Kansas. G. I. Putnam. 5°2£7-37, ir '16.
Rural credits: land and co-operative. 1... T. Nerrick;
and R. Ingalls. 5°'558-G2, Je '!15.

Acricultural credit legislation and the tenentry problem.

GQ?
4
°

Putnam. 5:305-15, D'15d.

Third Nationel conference on marketing and farm credits.

J. uo. Boyle. 6:190—4, Zr '1é6.
ALERICAN CO*OQPERATIVE JOURNAL

Every farmer his own banker. F. Wilson. 12:202, N '16.

Federal farm laan act. 11:571-4 F 'l16.

ANLRICAN FEATILIZ&SR

Need of co-operation between manufacturers end
bankers. F. CG. Schwedtman. 45:6€-8 plus Jl c# '16.
Report of farm credits committee, American Fertilizer

Association. H. H. Merrick. 45:58 plus Jl <2 '16.

NipRLCsl STATISTICAL ASSOCTATION'S PUBLICATIONS

c an ty

Kiortsarce statistics in the U. 5. 1690. G. XK. Holmes.
e:l.

Rate of interest in California. ©C.C. Plehn. 6:350.

ANDOVER REVI

Co-operative banks for working-men. D. ©. Collins.

11:565.

ANT ALS Or AMERICAN ACADELY OF POLITICAL
AND SOCIAL s0laiich

Real estate as security for loans. C. i. Sug. 25:51.
Use of credit currency by country banks. J. P. Houston.
56:654- 3.

scientific farming end scientific financing.46:167-77,

wp $13.

Effects on increasing agricultural production and farn

efficency. :.. ©. Price. 50:183-90, Nov. '13.

Farm credits tnrougn farmers! loan associations.

I. Roberts. 50:191-6, Nov '13.

Rural credit act and its effect on the investment market.

R. W. Robison. 68:235-43 NN '1c6.

seven lean years for western mortsares. 86:510-7,
Oct. 1900.
The country banxer. C. 1). Harser. 101:174-81, Feb.
The farmer and finance. :... ~. Herrick. 111:170-178,
Feb. '135.

The farm loan ect. !.. T. Herrick. Feb. ‘17.

BANDRER-P ARLE

IY
CA

Phases of rural credits. Yt. ii. Carver. p.d. vec.!
Asricultural credits-—vhat plan do we really need.
sei, Harris. 1:5. Dec. 'lo.

A lesson from the Ohio building associations. ik. V.

Hasmaker. 1:6-7, Dec. '15.
, arr cre sr - easaer TT aT 6

C
aa‘al. anda. ST sa voen! . Clo db. cand

Provisions for ecriculvurel cerccits. 12. L. uhlemar

Tn TTT TOTO a - . “Ter is ‘eee vA
oe Crewe rans) la edaetdo ay (i 2 woh.

we ~ 4+ ve a - a e - . 4 7 * “4
lord 27e@ security end business in the United States.

q ° ‘9 a

——_ PO »n- + , ~* 7, .. ors - a acy —_ et r . : + : NN 6 CY
Co-ocsrative vonaxs in tune country cisv~ricts. dUdid.

Ci

cover for lcens. €0:£45.

Cs
‘

Incurance poiicies
Variations in the rates charved by banis From 1044 to

Leese. FO:il-.
™ LTT Peay ™_ = fF 2 . TY = v——_~o
weds neh waa lll: L4 Ci =) YORI)

Orcaninzavion cf credit bans. 3. T. Thorrton. 50:310.
Mational mortsace benks. “.5. Gulick. GO°379.

Orranization of credit banks. “. 7. Thornton. 35:775.
Loans on western Tarms. 7. 2. oticimey. 40:420

Bankine ond acriculture. 60:775.

ASriculture and bankincg fecilities- 60:69c-4. Mov. 'OoOl.
A levcal rate of interest. €4:451. Aor 'Ce.

ao An.

™ vey an Fa) a4 i Dome TEND NA 7 ,
eter tl uw a Cc e \ e abe VW CC ot e tle LDR Cn e@ iG ‘x ©
Blemints of credit Cone Ga: 56-04 "eb '@4

ws real estate Loens- 69:1565-c42. Get '04.

~
CAVinges S Dar
e

Lack cf unifornity of interest rates” Sditorial. 7:

Feb '0Od-

Investment of life insurance funds. Uditoral’ 72£:570. ty

Bone emortisation in theory ona practice. VV. ~. Knifven,dr.

’ ° a ht ’ : m -™ 4. 4. ° “7 .
Savines bens in the United States. VW. . Kniffen, dr.

TUE O7f—cO15. Oct ' oe

' Om o~ ” mm “Ns ; ~ 4. ; ‘ ae, * 5 ‘- > io re ‘ ! oO
77iLE0RKCS. (Co-crerctive savings Danis. p. S05), Dee '0c.

rm re an i 2 es a ~ os l. A . ~ —™ ff a
The voorerative cz yeovles banks’ Alvhonse vesjcarains.
oN e NOT EY) on vw. =~“ a
OtemiN’ 1S wuLlic 16.
tr mente 7 - <> : apt . 7 7 éN ot “~ o a. SO
Mortvus-<@ banks of +exico. oc. o. Cassius. & 75:204-ll.
Farm lands as security for invesesents. uo. Vhite. 79:592—4.

Co-orerative bantting. 20:65. ov. '1l.
wOrtcacve loans end reality values. VW. ol.uiniffen,dr.
B5:170—-24. dl '1ll.

moaning eontinucde SG:l7O—-cl. 2.0

Tarn financing. $4°467-71. avr '12.

~~ y —s ~ oo . 7~ ; ¢ mm 4 TO : ~ <4
PEM 10S a7-6és in on nitez Staves. pLaitoral on revert
7 4 ° OR 6 A) 74

oy une Lensus surecu. Coitce, Gevw 'Lole.

mosN, es 1 . ~*~ MT, OF “ on rr te o™ V5
and oamil curveneye Uscitorel + [b:407- Cet "le:

C

ro -_ _-
+m Ved cnc ~ YN fanan ow ~ ‘ oMe may rye TReAAK f= COTTA f Cc
MOT LLL End LQa°Ti ins Le t e kwh ur.@r. V CO« CU CGmeY ~w i.OVe me
3 7 > , Na “> T aad
IVAN IARQAL awA amin oe © Tae t :
Fronosed Loin Cle lbse eet le-k. wu... lo.
sy

rN
awl

bonis co-orerating with ferwers. of:410-7. scr'1d.

Av, sty 7 “ > yyy” ; ve ot co a ~ . 7 =
Does the Aierican Tarnicr really poy S ser annun for

« - - . 4. : - e veneer ~ cu NN “ “4 od

DC. lie SCCounNesc e ds @ a) Inorea The teu °° oN =f se . wa t LY e
Laon. san: - Donan. . . + .

Cron nNowcsa. &@ currency Yerorit Veasure. .. vOmancscn.

<M 97 a vr i Gs

lg pe hme

4 . . * aon; 5 ge ead yt MN sy04
will curvoney reform cin ec:rlecuLvure’y 2.2. Yours,
NI RON ~ rs

© ° wis ™UG © cetils.

INe a ~e “Ay a r\ eee yr r

bairy lcans on cows. Ov:ll, ‘lo.

Crov moving funds for scuthern bonkers: crop notes.
Cvili. "1s.

Soens on ferm le.ds. SS167. '14.
C)
[a
pfs

Loanz to small borrowers. §&

CO
-
>

enkers Cotion Syndicate. S9:495 !
Formation of credit unions. CO:o017 '14.
Yarn loans for national banks under the Federal Reserve
4ct. &9: 116 '14.
New parer currency under the Federal Neserve Act.89:117 '14.
rederal s.eserve Act. 89O:117 '14.
The bank and the comzunity. 90:7e1'15.
The Bank as a credit machine. E.n.Knifven,Jr. 90-30 '15.
iy guxperience with cattle paper. ‘/.P.Diexery. 90:725 ‘15d.
Cotton laon runds. 90:3l1l1 ‘15.
Farm credit legislation. 91:595 '15.
Cooperation between city end country. 92-480 '16.
Banker and Farmer. 93: 130 '16.
Creating credit by legislation. 035:207 '15.

Ty) i ot ~s.
a! COuasr Ow

by

oT} Tos Qn aT ne oN 116
‘wtdam an a ~~ —_ & wes Ww @ aw ts ie ond ew eS e

t-4
—~10—

BANKING RerFOR!:

Asricultural credit end banking reform. Commercial
banks should lend on liquid assets, not on mortgeaces.

2:6. Ly. 1 '12:

PITA rm

Farm loan act; outline. 11°5-6s: £5 O '16.

BRADBENTOVA LERALD (FLORIDA)

Farm credits. I.2.Barwick. ¥ 'Z2. '13.(Criticism af
i
article in Tmes—Union which disapproves rural credit banks).
More on farm credits. 0 '29. '13. (Further discussion of

I.5.8arwiek's views.)

BREEBSR'S GALCSATTE

Rural national bank prorosed. 64:276+- Aug. '13 '13.

Farn Loan Act. 70:169. Aus. 3 '16.

&

BUSINiSS al GRICA

The right and wrong credit system for farmers.le:16-l19-
C.2.conant. bov.'le:
Can Suropean credit systems be applied in this country‘

what our recent Suropean investigations show. U.!.Breitung
le:21-23. Nov. '1lé.
—~lI—

Land credit fecilities.

(CY

‘A

oo
£

Rural credit. » Ae molmes

riow to operete a morty

14:161-164°

and

ce
Crk wh

~

bee

The saving loan

farmer. 3..._.0owell.

oteve loans to farmers. iw.

4.

Fifty years in t

(

rvs v
+ .ie

Farsons=—sart Land Cre

bh

wile , 000 ,OO00Q. Od loin wich

evins,

S

ena co-orere

“e@ bank.

associations

14: ° O40 Ke

he mortgece busin

in the United States.
wne eleventh Gens
uitural co-orerc tion for obtaining credit oy

tive crcdit orsanizations

‘2

uv» watson. le’e6. Nov '1lée.

bie

13:121-127. '15.
G. .ordruff. sAucg.'15.

+
uu

sive cheap mone: to the

OD

Se De Spe ‘18>
-~-0 Surffus. 14° "oO S0-Kf6E5. wept. ‘1S.

S 14°236-236

4

ess. ‘Vv trons.

aQit Co..pany hes hendied
O75 Loss.)
Ueno. Dent. OF “Acr.

Lrulletin on fears

Uo S e

1 eoeFrrice

wo

by John Familton.

Te 7 Y an t c 7 ofA + ° . A yr .oOrs
axrerinens. svation bulletin 656, n.n.Gl-41. A 10.5:20¢C.
C ata ys c: - SO DE Me prey wre setince, Ke Jnana gr tna
OSvs Gla SOuUrCcCCS Ci aber morula es L0E8nNS5S 1n ene
rey ° a fC L + 7” re , oa v- a”
cnited vtates. 10. ocl4.Aicr. Ful.
aoe £ ,- a r , wen 4 Ww : . - ott rt wr: m4 vee
1.0 LaDLCreo me. LD POVE vail Ver sorrnl crecit. C.... 2.1O1ViDEON.
ne roo, ™..3
Ho e GoO4. 42 I. a val ie
~ 4. a4 <a as 4 ‘7 ov “+ fF Daan. ™
Eew to use fern credit. .. 7. TJorv.er. Wo. E.G.2earm cers! bul.
8 yee 4 ‘ 44 . 4 ~ 7 CT ON aA LL v v at cose 7 7 mT) 1 v mM rm “fy =
Jmortizatiorn  sethods for forma morticce loans. L. E.?Trvescell
~~ ft PIV ay an . moo, ~ Tf ° co on rm os m3 , ro at
CLG ‘4 8 pe sAhhOMmMNSon.s ere bul,. 7 .00:1—lz2 tis. a ClO . Che os ° ~ECWD ve
yee we. “~~ “7 ™~ _ ~ ° ~
"ACD as @ bs’) Smeg ue @ tLSG
~

4

1

sactors effecting interest rates snd other changes

aA

on short time loans. ©.W. Thompson. iiaps. U.d.ac. =.209:1-12'1

mis.
How the Federal Farm Loan Act Benefitts the fermner.

Ce. chonnsons rarners'e. No. 78d. 1l-le '17.

woead of rurcl creditsand imvoroved merket conditions.

&

Va. Ac. Dept. 5. 162:462-5 '1¢.

fapue
Burovean methods of financing; the farmer...c.Tiféndorfer.

e A! -

Va.at. vent. _ ee 109-405 ric.

4

rerm mortsese credit in New mamoshire. G. ©. Snith. Laps:
»eteCOll. Arts crd Sci. nesearch i. 6g:1l-1c!'1é.

mural credits. 2... \.. 1] 088. Pa. Av. Dent. EB. £78: $S5-104 '12.,

ww -

farm loan act. Fla. Jc. Sent. B. £6:2452 J1 '16.

, 7 Om

The problem of rurel credits or farm finence in the U.S.

*
‘
4

velLe-Coulter. Vis. 3. Acre. ©. 1 '15. pp.de.

~~ ay

otudies in a ricultural economics. Sul. Univ. of Tex. gee
‘13 vo. loc.

Can “urovean co-operative credit methods be epplied to

-_- ae <r

Anerican Tarminas. uo... sermserer. 1.Y. Sent. Acr. Dul.47 '1o.

C2

Meonomic studies. Wis. Sul. £40 '14.
r

Cotton crop mortzraye credit. A.L.Bennett. “Acsr.& iech.cch.
TeX. Ext. Bul. 3. 5. 4. po. 16.
Farm credit in Visconsin. B.H.Eibbaerd & F.Rodobaka. State

Bul.247 '15, vp CG. Fics 12.

a

Ferrners' uaritet bulletin. W.Cc.Sta.rermers! market Bul. 3 ‘16.
fo. 14, pp. ce, Ficss l.
Farm credit vroblems in Visconsin. b.n.iibbard. ‘iis. Sta.

“-~

Bul. £66 '1ld. yo. Geed4, F1z

gel.

An outline for the study of current political, economic cna
social problems. Ind. Univ. Bul. le '14, to .7, po. 7%.

(A classified bibldography ,-townshipv end rural communities,
acricultural crecit, taxation of land values and rural schocls

Co-operation in acricultural marketin= and rural credits.

C.o.Austin ond G.B.wehrwein. Bul. univ. tex. No.5oo'la,pp 100.

-~ yor

"NN oy ~. y ™ - * va — _- W a -“y bal - GN At T™ . ™lo
DbUL_S 4 ti. ; a 449 dua a f4anu.. lou dal. DOsiw e

Federel farm loan act. (c-4) ppo.2c9 '16

Nationel farm loan escoaciations .(c-1) rp.4. 2.2. '15.

Not

How farmers may form a national farm loan association.

>

e oO rye.

“N 4s

(c-2) pp. Sd, «

C: >;

hew liortsea_les for old; a story illustratinz the vrectice

~
—| 4m

application of the Federel farm loan ac&. (c-3) rp. 13 '16.

Farm loan primer. (c-5) rp. le '16.

Catholic wWwCrLD

Go-operative credit. 475 'O02 668675 .

nural credit legislation G.neen. 2

Ty eT
La

Aare: +0 ;
VUitbhucs woe el

Land credit bond bankins. C.Taft,cr. 1:174, Feb 'OQd.
(Adventases to be cained by having banking under state
suvervisdon as it is in Europe.)
Farm land ownership. 9:16€9-172, C'05-'0«

anker ond farmers. T.J.Hartman( Banker and farmer work
tozether in Cxalohomea) S2:256-29, ity 18 '1lze.
Mortcase banks for the farmer. $5:7,638. Lec.ud '1lk.

by G.uocdrufr.
Now eon poomiers ascist avriculture?: sert. 7 '1ll by C.t.
Pursley, co:lco-le.

©]

Co-operative farm loans. J.:..Jordan
isletion. Geo. Viocdruff 34:20-<5 Ja.7'1l3d-

Saniters end acriculture. Geo. o.Allen. S4:5-6. cva.lco tlo:

Ls

om

New farm bomnk plan. Geo. Voocmuff .54:7-6G. ir. Le '1S-
cir : am) et, r “4 rr.
wl) ete Ls a eid aes
e . a C, e re,
ewe ricultural Lanes. 6-204.
{
CU 7 Fr TT 7-7 vem oT
Oo sae tue pte
. 7 . =~ j t STN + “a 4 1 f a, vee4 7 ON Fe 7 a4,
anere Gollars urs neighborly. (dewishn cvricultvural
aS 4. : + 4s, A 7 4. + as r+ mM
cre incustriel eid societies «nad federctions of cewich Te
: co A
2 Cle a4 ry4, Dev.
were oR VS - }- mt - ry 3 ~ Cy NNN +° mn 37) ~ 4 “rm +r 7 ~ ~ oC mo ~ . an’
wliSGa 2 Jaoaw vey wider as We Wo tw Ore Uo oC. oe ° Cok re ale On.1 wr)
rose q 5 — /
J 2-1 e Laide bo ts t14.
LN TOOT -_ | aie’ ,
while. a ee is ew
ryt Lom, Poo gee te, -* oN AN TEA
Lol Cac. 6) db ‘oa 4 eultsy Urey ree Oe -. 6 .e wOaiLlf,. oe tase
f cee ; a7 + c =—- ™N, ia 4 = cr 7 ; 4- on : = iN ER e re 7 a
Acviculturel co-ovrretions ra credit. G.Oliver. loc:cel—-co.
~ "ae e7 A
sem © wa ‘*ta e
PWS TNT rts
a hoa bb OV LL we 2b ew ata
aren -~ toe eo + ta ” 7 —_™ Iv ~ ty. °- at, 4. oN 4. y +m
~incty wil’ion uoilsors Lloancsa by ehs cveve to farisers.
vee Me : ™ _a on ard 7 7 wp oO Me - rota ane . mes sy ~ ayy s
fer eourfud. S:5-100 (Speciel in guiry in suctrelic. ond &
hw 4 . d.3, TT : mh 24.
states in the United Ctates.)
Tr Teme TAR TT rat at Om LA A
CO: rw LO! al 2 bed A a RL AS - Ll eld Um y WwW Gia Qf
yt rm wu [NTN AT TY mira SADT IN TM
Sn On ak SO SO Lok. ro Gath vcas dh © Eta ad Waeestsy i L
>= oy e a: . - a4 « <n | ry ° 4 ey .
na rick leurel co-onaration snd rural credits in Uurore.

~~? ° .
I Suropesn informatio

Il Bikliovre.

a

hy of fore

3

isn

litere. ture
-)

ma

Co

TES:

ny
os

~ 7

wee

or lo

mo.

LO

LOT)

-
hee

1s

ol,

CO!

eeenerlca?
ys
Lure
nt vr mn
WS bp Ww @ tw @

e

“Ticu

Le

Til
renort

fh

7
° O
2 m ~ 3 “d
(3 e . . Cy ro 4
[ ) Q) C2 we) won wo J CS
. oy Li) (4 +) uw 4 re
© 42 i) © “4 <i it) CO) a) O ° )
QO & ° tw) 2 8S oo W004? Yer
i) O O 4 “4 4 y ri oe C3
. © ~? ay a . os oq 3 + g@
uy f Ton! 4? w ce 2D © 4 oO cl
~ io . V2 =< re) u C3 c, “d Os
eer r) >) M4 = (Q m4 S$, 0g vs ns
c ) ~ “~ © © a CQ -
4 co e CO . ae ef : OS 4) . 3
O c3 t) rs OQ oO c* i ro r-!
tT) ] y C4 . g | oe) ct us Cc)

UW) O ro ey a a) i cy mS m) rod
ro} oO w) ay . C49 O > ws qt ed
td uy “~ C4 C) © 7) ws m) ° WS
7) wo my tT 7 _ Wo G4 42 U? mi © 49

4 “if ro CS tc) Q Oo “ at Cy U)

® 4 ( r- e fy r . cd Ww f. t oe) ~
Ko) > 4 O oO + ot cH ° rt C4 od
G) T ° r4 : oO G4 ey O “4 a oh ©) m3
4) c o 73 m Co OS c el xo ci O % )
v2 3 io Fd . © ~4 4 rt O S
Q a4 7 w © © G4 gy . oO
: } 0) Oo re =) ©) q, 7 . 45 ©) 4)
Oo 2 8 fe Rt 4 Whe
3 oO t > a wy ) i? 42 in, 2 49 ©) Gj
oO | © oO O) ct +> ts oO oy © cy C,
= S °- 72 = m4 q) 4 oO r %
io C3 rf Cy (2 © ) 4 m4 C) oy
O G4 ro Cay ) QO 4 ° ry i?
ra ¢3 OS nf i . © ) wn C7? C4 Cy 6 O
49 4 iQ i rd > ty m4 4 M4 { +) +
co oO “ “Hd - c) ord ~ OO rt my
ri G4 C . } . PS . 4 ry
6p oa 47 re O) + Go) 49 ) Ton col e -
“-t in oO © ct “4 Oo ° oO “~ 4 3 © “4
ry 'D “4 cS ! 5 S.! OW COP Oo ed - cP 4
MD Oo 0) ~ x! et) T> r— “ QC) mn
r- “4 _ oy uw “4 a ct cy C) +3 rt

47 roa 33 ‘ wd 63 @ Cy fa) “4 f, d) CS Q)
a WJ CO C) EA oO wt ° oO 4) (4 O14 42 eC,
49 tN + b 7 Ci, ~ rc ed 47 ro . 4 O
co. oa O £4 CP ° $4 re
5 O my 64 ° fp ea oO - 4 3 G4 2

Lo C4 4 2 sul C4 O ny a4 C4 . ° ( ] Oo cn

“ a) O CO C) ro wo D Oo t) to )
<3) m4 by fy t Vo# \ 44 42 cf i? O
Cc) O ra co \ ' : a ) ‘ ” ‘cfd C, O
“ o- co oS ro ©) r4 © a) ja O $4
$4 04> a v5 o, ° WS us sO mY QO 4 4 b
+ od © 4 “dd () m4 WO . S, a) ros “4 “4 ty
cS ro C a i) ry CO +2 cy 2 ar cf Cy nt © 0)
3 c) as ro fy \ ws 3 (4 vt C4 C) m4 oO > '3
Oo hy oy wo us : oO +> OQ wo ~ : @ u O Gi
© © fo "<4 ad 4 Pi4 Q) ©) Er4 © by ba O od +4

rm

r

)

"NN
e

a

f

uni

.
tm yee
VOT

wy
3
~h

O

2
~

Crer.c

=

a

OTl

tet
A

.
4 :
: ge
a we

<™ t

O

°
s

LL

. -_
aclu

bec

“
New oe

—\ &>
Cr. 32
1:

che
~- 4

a WV
wd °
Nerows
wili.d
os

ae
~ Wa
ws

Le.
C.

~ 7
iH ew \a

sta
ubin,

L
r : Sewia. Peanatiesl] -etbire lo ocemcatic: ower iceticn
Lubin, wtu' bue a ft UA Liecesl aw niy “ae Doe teom aw we haa, Va ee aL AS

cond rural credits s sven bor ths Unlvwce suctes, “ocarins
before strte devertrent . June S1, 1015. 3 £1; 9 l2/e.
bubin, Cevia. ostaetercont of heariny before suscorrivtee
2 GO..iittee on woricultvure end rorestry. con.c,leoih.
im Cons. Mecord of Ver. S, Vol. © ,
no./7, pp. COlo-cOlo.
neport vo ceelmypeny . 1f0c4¢, bill to vrovice ecpivel
ror errieviseural dovelorwont, to erecvse fuarndarc forms
invect:.out psesec uron Pers. morta ccc, to e.vciline retes
drnvereses uvon Tar. Leoa.gd, to furnish «@ uariiet for .5.
cones, vo create Pineneclisl + oe°ts Tor wise Vrnited staves
“ivh views ef calmorilvuy. C4£tn Ton ., .. lent. “Oo, & 7 tS
eenoluvions atertsed ty vis Vetionsl orancve at ite onnus
mectins, wilminoton, sol., in leat) omtract frei. ccdres:
Oliver ilsen: Berevsean Pam inert. co aycis fs, bo Pl.
Vor. ay cciren, ie. fin Tors. .ceerd or vooewe, Lolé’. vol.

a a roe, oy
3 rc @ am *./ j . woe WEL MMOL 8

t- 4)

“DA. _ Ty be pene a4 tun tee TU Ul ae . 4 to AD : .
Molvoers, ..L. Lervvers outlinins Vs.teorvilie, Vesh., vision

oF correct. idea ef .cfern ¢ -rieuvlture “22. acrrect ides.
vonetional cuverction ori Term crelits. Cok oon. , o.2Lo°
weGeeloes in Concoressionsl --cerrd, ete., 5...578, to wrovid
cearitel for e -ricultureal cevelomocyt, to create © cunt

~~. e . . 4- * N . «<* de . .
- we 7 mos TF roe Ne mea oN “m7 coc; Am , ry Oo ;
tro of LTryvi7t. eiiu toe we We et give) Tle ue. Vy UG wi ioen td blood

of dzterost om far. lovdgs. te Pubrnich © oo rret vor .4

wok 1s .uer Ci u Net. A wa oe sSNA uh Awe T: wad ao) de ve ~ Vo ett e

oe L . _. 4 7 > ss 2 . se 8 . 4
poeta “Cavern 2; eae APago5 ~t fare nejes ron 4

uO Cr OAs, wh we Not Ne VEL a 4 aw Ll ow Nm Nw fw 4 cs. we we ob nee ~ Li ae, tel uM Ne eo he

4 1 rv ' - -~ : - - 2 - - a- 4 ° « - ™

~ nv % 4 , -~ ‘ 7, a me) a "9 - on om ~ —_— No ST wm. om ms, 4- to ct. 7

wi. ' e e 3 cud. i ~ * - c! ae kk t La PO ed Ne e 2:0 - eblto WG wiid we! wba tb

~

q

aN aD 7.4 “1 2 + 4 -: .

rn or . C om, om TERY IDE, ey te an ~ Lo ~a om “~ ve a

eee. we OOS eCali fuel oO ue ne UeCCASC ST ON oOtier m

g
a : 7, os 7 ~ San deg an a ~ a?
Crenits b1llls intros ceca below.
; . id _ 7 f . » 74 ? ° . rd ~ 7% 7 ~~ “~ 7
awn rs ' / We SS s -- 7] ye eon 7 : ts ns
Zsoadtecl Uwe, en 0 ’ QO aro. 1 ce wo Chl mn "2 @ "em Ss ypbrer ane 9 paw 2 Le Lit ii
as ' me
+X, 2 4 2 as - -_ + a) . . ¢ J. % *
oy ome ~ ~ WATS ym - La@2n7 ae 3 = vata cs
Q@lOPViaetlon of roves: 250 OF ar iv rurel-ercdits bill.
Cd
° -- oe . « ” tc ov Cte - NN 3 - : mm a
Van auc AANW ~ 7 co r a2 95 L: om /
we an ,OL. e ~~ W ae ? Vou t j T.O0 Oo {ft 9a e Ro ra [ GmbLon (6 e
+ -
™ Ls e q — on 7 fr 4 ° —~™ gq e 77 “4 5 =~ ~~ ot
o —™ we 7 ‘ eo 7 Of nr AUTON “TY + My 1 oan me
wer Gila LCule | at \ ilo . tJ eA er eel lLiw -w- 6 ( 5] we L. e aol oa. ®
ya
Secord £1, no 44. pp. KMMMMAIEE 9600-020.
7 — aA way aa * ~~ @ tbe @ < Wmv sas ew 0
| 7 . - £ ~ . ry oo t.n. i. . ~ . 7 to e +.
. 7“ - ‘ “~ “N . . -" “ont ~ I we “"N > ~~ a 5 om Or
re oe = ms OTL, -~- @®.43 8 3 Wd asbey om era Wie ne er a) Lit — Le 4 ?
e on = No PS WN : 71 7 -— a .. i, “) 7. Pat Che - of ow SIN TN TIS 7 i m_ U %~ ™~ @ oY ~aAN 7)
a) cy bia ne rl ee ow aw whose, UTS aL ~ Celi 4a ah wat lure @ te Ons --GU a
an, . aN IA 7.4 : LS 7 aS ~~, 7) TS ~ 7633 PrN POR
Wb e741 uy fe i=: ,i- we YU Le ve ? me y “Me ( IOO~mL(UG Oe
as
7 to . an] of ra 9 7~ : . - ° ° aod OL 4 2
- "AF. ~ om IN : I ‘, “~ vera “Ne . Naf . 7tFsN NN ~ -_ TY “oe is > “~ ~ ae
a NUN ae Ces ain - e ~~ —~ rt tLe wn . Nod ‘onset 2s a, oa . os - a eae YY ae W , ae w i ya
—- ’ rT. cog. INIK Tl AN ~ yo
“+ ote es 4 x mos | anes i “AW A ananrr rT i
Qo rsd aoe de ame min ae LOC e Ur-wcenbly Lu Lu e ak wwde ® moeeer7s VOLeun,
aa
ww re : ome
~ 7-7? . (~'. o "aN
r.0 eww > Le em ae Soil fc. e
-, * “ e 4 L 4 e i 3 e 4 7
: 73 -  T- o 7a ~- a8 nN mY ry mn “ 1 tN’ ad . ™ ce a. OT, a ee -—, os yr OF
Meee ve ~ Lc wwurel eCrceci is oil } ww t, ee yi’ ~-Goe ae
> : . ~ [oF . . 7 om vl > om ‘ 7 -
Noor re DO. as TI wep ee at, ts “NAR ONS ayakh © Lol
-~- @ 4 @ Vere yD Lee we Ce nw ese ot Vv tbe +e, 0 dal Ww Ol. e a lCCIr whe we ae Cul wal ts 9 u! 5.
vol. ¢ ro wo er Sm oso GIs Lm Ao Rm Ike
me Os y Le e ‘We ‘Jee vu Us be why ww fe a~ 3 rs
- ye ~s ~” £ VS. vn Yeo. + - 7 ~ ad -™ i ~ .
a4 ‘?T oF oy 2, rn oOo - “gy oc wmy an tL ~L& '
wth Ta Oe 3 ~. e's © 9 wv ai LCe ~~ Ce Ka aa un 1” - Wier o ec.lu, w ‘x e alt
rm - -! aa -~ fF 7, L Tt on 12 a- ~ ~~
~ a ~, er, . ‘ aan ” \ ’ ™ i —_ ‘
yvorie -=CCO: Ve (oo -/OC @ ww } VOL e io y Lio e “= y x. J, — Us e
ae Fe -~ +5 ---, of Wo cotatle as SN Om aa +. ere per er tann Aft Suliclayv bil?
wiv cl he V/ &@ i. te atw dia. UO? ae tin Carle “wl wed oa bs eae “oO Lot.
T:- o” —_o ae 7 nae “= 1 ry ° 7 SF, ~~ 1 i ~ 7 oa r+ “7 7L n A ryt oT
a! VOY: e whe Ik Wa ~w ee. ylvic, Veo ec ote y Yr e “~~ y ‘_ Jeu: me rw @
— a -
. as a Le ete : Toe ye ae f° a. om
« a s+ ~ ey ce . ox | anny I <n omnn.a . “7. Le
aA LEM SOLOM cl I Glo' — - te an - u | so Xs Jy wel ia e mei tJ wa @ Ca a2 oa \ 9
TNR A Ty NOS . os CE OCA T 14
to wu e Jou e ~ 9 re eww 9 ' we mw ) ehrO UG me “xe
° 49 ” 5 + e -_- - Ny . 7 N~N ee a
, os me, = ‘ mn m~ rn 7 ao aC Nm oF -- os qc? ~ “La Le
\ iL ane : ye “2° or -~ + aL wr) ° Ss .. ~ ee Cw ines ws ) Ns wan ss “y at © - @ ww _ - #08 2. 2 Nw } e - @ « New Ler 9
(oe qae: 7 A pe yea tee ae
c . ra 7" q ¢ . ' + ,
sheecis eX Le ae ; we ea oe Wa "y GC eu ets bile: LC wlan y Loca ee . ° PCT O 2 ae cil
te me eR te At YN
Weare was Kee et Vie Ne ee! & Lew We /
NL een ee — ° _ _" 7 Dont m 75. syn TANIA a ] 1 7 “\ @ Tose TV myn ms
aft oleh Owe &. -— @ . @ Le +m om» @ bee ti. --W tewwu er w e ate * ) ate he - ws ke
v7 9 ? a we
‘ . ’ ~ 7 . mn 4 4 — + oo , d. a i 4.
”, f~ 44, of : . . fe + vi . : i + oy ue ’ t 7 a
OCS: ay VO ten ~y) Tic ev‘l, mer eft Ome fie \ tw. & Lae bt wo
« 7 - 4 ~- “; . . . . * . - .
TN OT ee - 7A - | mere a yf - . rly fa r oN oor + “; oN Lm rate wn
amr vw baww a % Oe we we Oe 7 ww ae wie wen Voy ean. L - «4 Ww a ‘ ee a
a
° . 8 ° . .
‘ : ee ‘ , =-. fr 7 a . o ‘ . a. } - i % “7% yu tT tye te oI
. Looe woo . sc Lo Lurs ees aww LC vk S Ma eee ; Cees e
LS

, + , so +f . + ~, mr . re a= ~ 4

Lit 200 e ~eecord 9 Veo 1 ws J TiO @ 1 { 1, wee e Let. tw lo- —1007 (<b

™—~ bd e : . a : 3, a 1 . 7 .- A, 7 + ~ a“ 7 ot ae
wie uilr lc. ws On ee y of % ah! e + ~~ eS al Li wat one te ~O.. P 1014. nae yO
Rerord ~l. no 44, mr TIMEMINE Toot ss

it? 4 Tufpadeata Who ie 0

7s ! Van —™ r | ° tage th 7) 4 3 oe a A AN MT - 7 7
Jlaelicon, - eo.1+® 3 of eater, a Lu Telorn ~ re. poe law iii cet

° ad. °° o °" . a _* . ‘ wee ood _ : 7
r NT YN m~ 7 | — & eee nae seen OS ose SIN TN DTN 7 lL, m7, 7 8 oN ATS
a tw bow be whe we SO wal hea dto tie dk cod de We we wis ln ® abe ok On #-GClawoe lu.

- 7A 67 Rm OS. mS “es myn ~ TRAP LIATE
of err. 14 ,L-1S."0l. cS, no.wvc, pu. 7G55-7CS5.

Teele Ren “7 .f TI4 ~T a bet AG adi a
DUCA EN, 2. CL Late --. & OV ores wot) VOL wtb OTL 2-¥uSiryvlon
. ~- - . . ae - .
_\F - yatean “_ Nas msn Ces oN TER vas a ~ ley Nr Tr [~ 7
ee re ed oe ee ~--OUSSe Gee sew 3 JOLE ° ain ~. Ih _¢ ee COOdl Gy VO nek 3
aa

7, -7 ~ 4s -T 4, “ ae itl 4+ part Coe fa AA An lee
bulitley ccpieulcurel erceéic blll, tomy, ora speeches »

_ ~ oT - « . . _— a (‘ . . -. “ = a 9@ oo — C.
o, — cl . i a ee 3a ~~ * \ loan ’ ™~ mn" mo VN: —™~ i oo; so rN , oj \ e
~e @ ise Clr eee Ss @ - ed. tVvo 4-5 8 mw dn We. sre OMe aM LS eo tr wad We y : wu
rts m7 . Coca mt ~~ Moo | aa mM PR = ms on om
. yw - ra te 5 p+ 7 > ’ \ b ‘ :
vol.ecn, Th e lUe woh Cnae mM hus | 3 ads 3 fn: Ym Uy wv ney ed le

~S .. ~ a - ~ nn ae y. os a4 Tm yt ee e YALA ny | _ 1 A vv.
pitl:zle ry -~v @ ts @ 3 Va NL iLO e a ‘GO Cais Lil = Q o Ww 13 3 uv ‘re Jal
~

Om -s st y Lt a ar ae a5, a --. ~N NF
Conve =ecord of sec. .1, vol.ce, no.lé, mv fo o-o0"%.

{

t

C

¢

C

b

:
O)
bh
ry
O
Os
Fs
rt
0)
r?
—
_3
Cc
0?
C
fe:
4
©
es
4
j—
63
: 4
c
~~
©
Hh
to:
‘
1 —
|
ft
()
-~4
qo
bt
} |
}4

Try Mow ate
TH .

C
b
t
e
iy
C)
©
!
2
yu
©)
+
©?)
e
{
we
(
I-
C
<!
©)
--
e
774
to
~~.
}-4
c
e
4
v4
J
'~
S
e
~
{-
~
cd
77
)
.
e

+ -4 “os .- ~ * “AN — ao

meee

" mie . = - 7 “4 nos ~ , 2 - ~ . 7 ~s - . ~ ‘ - ~~
KaclT Yeeorn 2: 270 COLVAaANS fF SECC wr Py 7 eee COD,

7- . . ren + ° ~ ” yell
Gunes nee Ta ees 7 rhe ~—pehnteur cot fan 7g] iow) 7
reo csi ek Le. ww hh y ne ee oe LU a) Ge e@ eo dt eee EL -y La ee - ° 2 awe fk ote Vase
ty an \ mes War At
Wd 1 ky hee, ‘ be cu Vw hr WJ O
o- - ~ ms. - » . -_ :™ - — a“ _ ' —
oO mY men er 1 NO : an" ” sé Ot ENS c. Om LT a * Vor oc. 5 71 ; ™ e tot ‘ “
NM doe (or Or -~— 8 . @ ue > ee ee bee NN me Oe to aah baw eo-mw w ® whe S 9 whe we AL 4 ws rr
v 9 ? a ~
qv {— - fr 4 oe — ~~ ep 1 mg ~ ¢ - 4 ried ” 2 “= 7
- - wo ~ “x “1 Coe ' 4 os
“SCO: te vol. ~~ te: eg Ub my e fas. Ae wes fe \ a cel ae i too wk
? ? } sa
[os 74 7 we wt , - we Ra ~, 4 oA. 7 oe 4 2 Tome 3
woe es, -' os fA 7 | meee wo —~ - , MN . oT ens ‘4 1 ZN V San , os
Gy buwG a NL Cw a 7 wt a wit wow we. & tae Ler, ‘ Wook ee ei ala hla

- oe - 2 - 4 ao ’ a ye ee
e oN 4 ‘ a7 fo % + ca . ~ ~*~ io oa . ~ yu TT yes “17. oe
i Ne wid ~. _ Le Loe ok Lure ~- .- ~ mw wwe LL. woalo dL ve Law my QO of wm e
hn -
i Amit aay } 4 i x oNT ' - IN ~ ~ ~ me L 7 on “ a=
NA Cn we wee hw —- @ . i! aeou > 6 by we Sead Ll. ~J ew esky Ns tas ff LS wae
) 3 } }
-* go , 2:4 vy oy . s nf . ” 4 ‘>
. st - : as - ~7 3* soe 7 ae
+ LOL + Line ae vas e 2-5 cL O aaks etry POL ewe ro.lwé4 )
a
No? -~ - A ~~
me — | 7 4
. . — aul wey _ e
a +
“| ~~ + vv” L - as A . o - . « . = e a. =~ e = 1
7 GS Y -~ ~ _ ny 9 4
we. Vv L te \J @-- @ ww ws wlon eri u is L ks Ln dicho ew -_ fo loo rN ke Col o) 1o a e v
) )

Tv ~ ‘ ~n + ~ ar a LS ~~ PP 7 cl? 27 ean Is Cle “1l_ Lé .
mk WOT, e i oe | Wo 2 4 ) ae tl “yy VOLeUdy, MYC ¢u ) 2 OO «
ad ~ . Saat a 4 - ™* 1-7 oVny ss ~ LEL&E ry iN ~~ ~ ry rN ite r ©

Sloe. Goon 1 1.0 moe SY CLs ryt- yg uw L/ @ —-- J id ne ml a thy VOL. | &

rr mot mT mo .. bo 7 No. +, .
“_ et —< - - : wy oY r e = Ue . | “Cs
Y.O ervtwv 9 @ ww ar eww Dra e > ~ C..ec od J 2. ‘Le td @ a chi Ly he 3 4 Cue. oAlin,
dhe >

ca’ SIO VIA

o C1 a Cure onus

Le a wn eA
a wor: @
a

bare “Qar
ad

WW de low un

Ip
~V- A ms
ark —
m +

~~ mo mr FR ~ : fT a r 7 A e on ‘ *~ J Mm
gorda, vol. 2, no.7e, nr. 2 oCo--614.5 acrece , LOL.

apigmze boy Serresenative «cderson, .os8s ¢1 Jre.,
* mr -« ~~ F moe ty ~ | ~-+ “ -~ .%

oli Lt!e VO Ea ancl, ary euuodG™ » OLA -}2 iil

a TTL a “APTS 7: con 7 Dp

2., --chsescen, cflin, loore, of re., “cs: ond

a 5N cn . 4 (~~ rN ON NOD mir?

Gy e ~C7TOD 2, vol t+ y 10 lic, De HOMUU LO

s ~ F ; ~- +* . ~ : _— 4 4 - ~~ ~ amy ”
suvervisdon cr oriin in intverstevc ena foreiscn cor:rerce,
oy v TT ee Parl awn aAt + h PNORQN GO weber ww

: oes @ lea a) os 3 ‘eC: One o. ANA GGL he we \e & ving _ i reacor oda we wl tl
as 2 : JA Set “ f° - 1,
sraces bill chnrulca be defected, attitude of we LODK

- AN Re Wot oN tap toe ks A, Tyee TTA Tle 4
i reo’ a “uce Ome. an GS Ye OOox u Ok 1% rO S ay 1 OM e L1ons Dp) v Lor lu 1 ae tO Le,
P| ch Near wd
- i eo 4 2 My ek gery gay ne eA et Lo
HYarnierts are OD Quilon, £6300 GD Warenoussa act; ETON’ On
veene tb pa Aen tam 7
conmittee cervourvanins bill.)
-£ vo . “~ a so Mo. Tt ee ~ . -,. ae 7 Lee
aic ore SO ae YY le “9 neluqaan sy ~CMGariisé bi aos ° rlace ’
ma og7y - 7m r\ “ F re os -" m4 7 e- at ct 4 4%. aod 4 1 mo ~_
a OFS Od Trdg e 3 - “oD aw Lo Wiel be e ? Celle Nd Le Vino On 4 L?@.t e OTT «
a oc c 7 7
record, vol,o5S no.llo,pp.vcloe cs.
? aa
_—e - o ~ + > 7 aa ~ ~ “or ~~ wy — oF tlie . - ~ = ~ “eB STs n
Le TL, 1o1lG, ineluding se asirs by nerurs. cane, Cullen
res 4 1 “7 2 ~ - .

ee, 5 -~at ea NTE, o “wre "Fy es q- T-- <7
atu Oey Henrce., aa eID, 40: Ver, rincheloe 3 ~y Pras

+

a

otoue 7 o. ies s me eT > TZ cle 4. 4 -- <4 - ae me ay
mM ry ae a Rete ae Nw LU ee Ce 9 aeL -_~ Nd by Sy a -e\m Wat ee ha be

a ” 7 ON ("7 1 ~ LS — “NONT O 4A VN “NO
Cor d ol evd } mo. Lad } ae ° COE KBE Ure
mM
— uo

voy Le,lolo, inctutins rescrks by ssevrs. lliorven of Clila.,
a eI VOU . anon Vey, Tha le “9 tH - ~ = vy aan! mw ® T .

Gard Y 9 3-U ee bee ; bw Laity ded Wa Og --ivwile } Ce ba 4 Aw od Li “lL
Cornsg.e“ecord, vol.f,no.1le5, orCoud-CoLn, CO44-co4s-
207 1G, Lois, inclucint Ye.scrhc by nenrs. Younr or “. Oo iota,
Cy aaa lic S113 Cloris. of 1 ay. AA eI APO f
velo Cleve Coy Cu OD, 1 LON, vw Wd. Low ».O-8 } mW ae Ua, i) re C
Fa. ,2ovic of Vom., cory cui enulnen. im conv. Necerd,Vol.ca,
FOX XXAER RXV RRESRAQELXKEKKXEXYREXEE) 1.o.l24, pe.cose-cecd.
LG 1S, leld, oy -.crrs. Puciin, macier, owitcver, iasting,
woeadvadl, 2etsaiien, Howard, Lovor, iloo: of Ind. ,Garcler of
~isc.,Jawley, -cvhes, iclverins, God onc Viaser. vol.t3,

+ - —

no.lel, rz. 0005-0087. (Sill ras cd)
eure 27, Lol®, on conterencu revert by s.erre. --evaer, oor ie
of Clitat, rlavt, suln, Touns of fb. oaxita., ari Yililsvan cf
ari., © Volos, no.lle, po.llove-llcle, L1loo2-l1lcl3
euce 4,lolo, rovirec up 20 rs, OO. dler, and cull. Veoi.cS,no.
AaM?t lv4,n7. lovcG-140cc.
Deraves in 08 60s:
|eresl, Lolo, oy seveley Couet, T1li3s, ...000 a cd @ustins,
anelucinwy the resort ef t.e ¢co:. 1ttce on rurel erecits of
Ohaoner of Calvleree cP vac Vniteqg svatece vol.eU, 2:o.dec,
eo TTC SRP TOS .

ia
Aor. 27,lv1lo, by vosceter corling enc Uollic, inelutins
eriticiscs of hill * Gol. “errice’:, ex-Covernor of O1io.
vol.65, neo.lCe,srn. FoncHvoon:
aor. Bo. Loli, by ecuecer Tho. eson, o.o0t, Sterlinc, ..elson
ond Yeecehes by Gernter Diteheeck, Alr.cc, vol.cc,no.l1lleé
BOCU-—o01lye, SOOB-cC ce.
\
-

° f )
iw |
+r or “~ . °
fy ro nw tO sy
{4 $y ° Cy ri ro .
() aq) Q) e e (3) ty)
an 4 w ~ -_ ro 3 rd ro ° C)
02 tS 02 ooe¢t 2 rn , ° ° t >)
os . O L) rf > ” “4 G4 x > 4? Ls
| ay rl r ~ “rd --2 oD) ra rel7~ “cd |
vo 14 ro - © ty 2: ~ ‘ e CD . rot oD
C5 ‘ “4 > 4 rf U2 «) ) (5 Wi 4? © wo)
t (22 i> a) “2 4) > ) C3 fo {4 oY
© rit vw) . C3 L) my ae Oy an) bs, lo © (>
Os - oO a4 ra . at ry 63 rot Oo 3 ~ ec °
© vs oo f4 rd i> C3 ‘ ) { © ° wey @ ri o)
RO rl i2 } “ od) _ $y <H cd WO “2 Pp ae 6
fy 2 0 a Cc) ©) ve r{ ) $4
“ Q) ty a) ry W G4 ) C rc [4 eft 7
©) _ © $4 > y wl to r ) 3 C4 , tC
“4 42 a) a nf oS c3 ° co * m0) I~
rH 3 t) G4 r-f Fo) . $4 f () + r 2 °
ro ry C) 2 wn - r4 £4 i fey oad a) ae O QO
O $4 co ed ro OQ 4 $y “ “49 ri CS ry
_ ~ >) - | . € “A oa) tS 4 i) @ q)
v? 4 oO oy t) pod Q) ty 4 “ eo ri ”~
o~ ° “4 WO “4 © (4 w) O ri ,> Oo © © QQ
47 te) rd O . 4? oO wk i? o) ey ° Q cs c{ “4 uw)
‘ id rH 4 cry a on + ° ° wos G4 © Sy © r-4 + °
O et 2 oy Oo 4 C) eet a © po u) a3 oe
a to rs ct C) A) C) rs a) uw) a a) G4 a rei fy ‘ O
oY i O C35 m4 GH ca a rd r) cy n 7) ©) KL) oe >
™ 0) ad | Y © (2 $4 ©, €) m4 4 ne 2 3 e & ~
$4 Cn) $4 4 Cc) © 3 r- ) 4? Ley a) r—{ ° e
m rf Q 3 (") . $y . C4 I rf ° w) O64 3 tC)
> C5 +4) m4 a, x Oo ° a ro oy ° >) a | C2 ~ > Cc rd rd
my aes 3 C:) r-I > m) rot ravi ') <I C 2) C) u) ry a)
- ° cy 4 £4 : c3 it) af a , r—| ° i) r> fy 42 ~ 4 ro
O f'4 O 4 ) 4 12 > "3 42 O : Sy a a q) C4
ry Cay ry - i) Sy cl ~ roy 3 C) co) “~
-~ C ~ “4 | | +4 Oo G4 o) - S wt C2 @ a)
ay wy rey fy i) ©) - atl Cs 4? t? ° (> +> Ll ©) a ~
S2 et = a lL.) c 4 id ° oH Ou ° .
rf rc » n i) 49 . 4) ag -~ V4 an } @ cq 3 cy
“ ~ os ° 4) uw) «) 42 tt vid . QO : i mS . 3
Cd . cy UO Oo > rH Oo GH ~ ty 4 cr) PQ \ y
cd ra r4 -d Cy © Cc) ° © C3 W tC ° oO c! q)
a 4 ry 1 6 r >, cy 4 “4 te) fy a G4 “~ oO Gy oed ~ %4
rH rt th ”~ 4 “cd ©) ri O Sy ‘3 my $y Cy a)
~ i ty ~ ~ “~ ct ro ° ~ cf a) cr i G
~ h) “ a) Te) () iQ “ tu) 4 O bo oO rc$ a w) rry 4) wt v3
rt Le i) ra “a cy ‘ 7 Q 'o; w) fy O qo $4 0) C; oy
° a) e $4 ° ~ $4 rd > cl >) C) 42 QO «4 42 ')
yoy r—| >> ro 4 cy e ey p24 a) ~ Cy ro q) WO - OQ, | CQ) ©
a O OS G O ® é3 Oo oO Ss SM) ed > QO Ac OQ Ow et @
en 4 > ' ’ O > {4 ; ‘ c i © rea i) | ro a ’ 4 G) | 4 fo4 : ‘

~~.

c

mary
S de Ne

4r

@tw @ base

a
tw

woe UK

am diow
Tow
‘

anc *

re
KIS
1.

* oe c.

A 1 35
ae ta
fee CO
cl } w

Cc
C

fx
L ’
a

iA
¥

we Ne
a
ol

ro

avy

Cll
4a ae
21

wey

‘

27
,
Ve fa
os
-

ve
70508

4

wo

Ct yao

r

we

re

Cc
ne
iL

-- 0
eo ’ ‘
Noe kk Ne

°

Cue he
MO ele,

Oo
-

~_

4.

Sill

a

coorer

“
way
Cea cre

c

mee

nN
alc.

fl
_l.

u

ae

rel
b

.
\
o
ad

. »<*

este
oN

de @ bs 3

r
7

on

1.
.

uC
“Ol
oe

v

~1le

of
of
Gocdwin,v.5., Of ura. Gorech in House, tiar-4, 1618

on a national marketing commission, with letters by
Chas. surzmen on fluctuating vrices, ete.,indorsinz

the proposition end extrects from senate Doc. «14.
Mecord of liay 15, vol.Sé, no. SO.pt, 2,pp. 3527-c604.
Lne lendsenaf szystven of Germany, &s nov
QAianted to our farmers. mecord cf “lay S, vol.55, nollg,

my ED

Ilelfin, J.v., of Alea.ocveech in couse seve. 17, lvls.
ra

nelverin;,
ed

Tea.e, Of rans. nural credi

aosvsoten whien will briny relief without undue delay.

CO

necord of dan. 15, 1916, vol.53, no.17, no.11lOS-110°.
Te ury, ...L., of vex.,ocvceches in house nace at difrerent times
Record of Jan.6, 1012, vol.&35, no.1l, prn.707-711.

Hollis, (..0., snd Ut. Socecnes in Senate:

vee. le, 1913, necord, vol.cl, no.ll, vv.755-708.
cept. 64,1014, neccrd, vol.sl, no.stl,op. 77055-77006.
Apr. £4, 1016, vhowins how bill will benerit farmer.

“ecord, vol. 55, no.l07, vp.7550-7050-

2

77

7 ° “~ er ; ars Jf a. ~ e ‘ VA @ . ar a ® - e 4 e ad -
Hollis, -.... nav the edministraetion is doings Tor the

Lan wnrs TS cs we, tc QTR aaa ae ao ~N A

,er! icYr, Quire OO y gore wow 3 lglS5- OS: Val VOTO. 9 2 4150 e All.

x

sohnson, A., Of washintvon. iiow vo secure farn loans,

explanation of rural credits bill. uxvention of renarks

. vr 7. 5 a _ cory 7 . “ cr ao oA
in Tllouse. .ecord of Auge Le, lel6, vel.cS, 2o.ndl, pp.

> . % ro oy oO
Lafferty,a.u., of Cres. *“xtention of remarks in i-@use

Cc,

GN. 66, 1lglS° secord of Jan «5d, vol.ce, no.40, fpr.

o> my rm > A om 7 > Oo , wy ae. + As “y ‘ ~ VA
6475-6470. (Tevor of loanins Government money to Tarr.ers).

Lindters, C..4., of iiinn. Extention of remarks in lcuse

concaring special vrivileves siven to notional banks by

the federal Neserve Act with feiluvre of the lioss bill to

give any substanticl relief to farmers and zresertins nian
S al :

which would give en ecuitvaebdle credit system t
veople. mecord of lar. 17, lVlE, Vol.o3. No.74,570.4979-42S6.

Linthicum, C.u., of ude Gxvention of remarks in Mouse,

b-ty

reb,. «0, LO1S- Vol. Se, no.7e, cp. 5595-5395.

meadoo, Ww. nemerks on occasion cf induction into office
of wegmbers of the Federal warn Loan Board. su7-7, 1lels.
Record of Aug. 065, vol.55, no.rle, pp. 15411, 154162.

. ° Sant oa -- * 4 a IITA
wok, Feuo.w, CT 1. Dax operechn an werate ware cc, lulb,

objectin.; to rural crectits bill as recuirins to much

wA 3 o-~ 4 a rf. 7 on Tey bs , + 4 “rh = ‘-, ey ’ yr 4 =
exvonce ond ofvering a cubstitute which onswers denani for
PNT tA $e MA. mene Ae? 7m . Gy peep an
oS 1} iDLLC it: Cute Cian i O11 © ° Vol e UO 3 NO e wo ? YD ew (wore i fb e

7° ar => oT 77 Ne Te n. ’ , n+ 7 OF one

CCU oer, F.eo., Cf P.ook. Sreech in senate, anr. 26, 10s,
‘ os - . a ain re . we dt re 7 . we “ey sey es oa

vroposing an cnend.cernew reducing ell Tarm mortse ces to 4

-- aw + “ Nantel ~ mo o
ear cent interest. ecoré of Jere &

7 ~ ~ - + ~~ Tr. IT °
.c--clier, .....,¢F .e60n., wreecnes in iicuse:
Tree c > ARIAS . - ct 40°. ° , omAyact ,
Jan.00, Lleld, comveriscon cf tne various bills
St Narn aAd = mo wy OMAN LOT PA
LNvecrouvccEea. vol.ce., No. eUU, DP KOSO—HISS.

os I ed i LP -, wr. ~ vee’ on, <- - - 4 Ad 4
oul cesuions to fer:ers who desire to use new rural credits

measure. *“ecord of June 1, L915, vol.5c, no.1l40o. pv. 10405-
o
ct

o
Ky
O

°
-
ctr
bh
m2

CD
fee
}+~
-
cr
-
©
W—
Cy
t-4
f
j--
“)
@
ry
}-
3
cr
©
' d
@
uv)
ctr
Ky
)
cr
Oo
ia
+
O
ry

farmers. Vol. Sc, no.7e, Fd. 5508-5574.

nar. cv, 1216, vrotestins against deley in metters of
ur al erecl + ecis sle vL1on. nerord of ore Ol, vol.535, TO 0G,
“DO. CO0RS-30ce.

n.cre LO, Lvl6, expleinins merits of dill end civins text

as ~resented by him. s.ecorad of fpr. 16, vol.53, no.ece.

Yec. Ol, Lel4, ona Jane, 15, on state aid anc the

the rresent auninistr:.tion towerd rurel

vo

credit levisilation. -ecor

& Cc
cr Jean.e

Os

Oe. ecvrd of wer. O,vol.oe, no.7o. oo. teeéC-cean.
Cn anortizetion plan of repaysent <cf loen in rurel credits

bill. xccord of July 7, 1el5, vol.65, no.lveo.r 7. lee lo-lewls.

?
“ey - e 4 J! ~ ~- » - 4 . a + - “~ - ni L .. 7 - ~ 2 J:
wunrlttin: statesent of rurel credits pill+ “ecerd of i

Oo, LelS, vol.o3, no.loc, pn. locce-1iccs.
norton, P.o0., wf 0. ook. so veceches in Mouse:
6ar. 1, 1915. secord of Jer. 15, vol.5e@, no.co,nt,l
yp. CS7C-CS7TS.
spr. 1a, L016, on need of rural credit svete. Peasre of

— we

° ~N ya r. f % - Soin hed ~
fall e ls, VOLed, ilO. 99, owe 714 = 7145
June o7,101lc. Rurel credit lew end suoctestions es to how

+r

fari.ers may secure loans. -iecord of duly £1, vol.53, no.1&é,

cank, cf Ga. cCneeches in viouse culy 11, 1°15,
Submitting a statement of -ne law. Vol.55,no 173, pp.12459-

12466.

=

Powers ,Caleb of ay contention of rermerxs in rouse,

1915. stecord of ticr. 3, vol.58, no.77, on.€003-COC4.

>

ty

Ruby. T.L., of iio. Szeeches in Mouse may 15, 1916, in

favor of rurel credit biil. -ccoréd cf vune ©, vol.53, no.i43,

9.10€24-103%9°

~4
am +

an) ~ . -? £ Vre, Tr . _ . ad we alr
weaunders, u.u., Of Va. 2xtervion of rereriks in

7

1515. Xecord of ar. 1c, vol.5é, no.cO, nt. 1, po.cd

ohepeard, .orvis, of tex. Landscheft sister of rural credits.

lg1l6, ineludins text of his bill

o
~)

woneeches in Senate,

mc a ee TOO LAs
vVoLl.bo, no.wle av. S565 5551.

©

Scith, «.-., of Taano. Qreretion of rural credit law’
axtention of remarks in tiouse. Record of sent 5, lolc, vol.
OO, NOw.wel, Po. lows4, 1Oeco.

onitno, g...., OF wien. Extention cf reiurxs in House on errors
of rurel credit law. -.ecord of July £5, 191¢E, vol.53,no0.126,

pp. 15403-15410.

~

Gpeeches and extention cf renerks in House, by Neprs. -reen,
of Iowa, liefinle:r of ITll-+ avainst rural credits bill as
benefittin: the South end Tot the North. “ecorae of ji.ay 13,
1616, vol.0S, no.le4, ep.cecS-Cucs.

sneoeath mn“ ot or wT NAG W-- “iL bLsoxn ~ Ta oe _ A WT TS NR +
le 0.18 to 12h - ~Y SE vo ad 1 wid w 4 ds Cue 3 Cyvi 2A VERS ‘ome a cos wu ®

mecori of Vey 15, 1516, vol.o5, no.125, pr. 0C44,72045
2043-0049.
speeches end extention of remarks in House by D. 2... orean,

th

of Okla., 5S. d. ‘thivthle of Ga., J. 2... Gonnoliy cf Nans.,

7T ONG re: - —“
sieteys KJ « a/ @ f

weov.vennett of
of wash. *‘ecord of tay 17, 1916, vol.53, no. 127, op.

9e99—96900, G5O1-2306.

~

mpeeches and extention of remarks in house -..ey 15, 1916,
by *eprs. .organ end :.cClintic of Cxle* necorad of i ay 1é,
1916, vol.55, no. le, vp voCu-e37Ee, 2377-CS7g.

sreeches in Senate apr. £2, 1216, by Shev-ard, Morvis,

sececcehs in house by .ecurs. nlnkelid of sebr., aswell cf La.,

>

neyburn of Teme, worgen of Cirle., Davis of Yex., and Vcreble
of i:iss+ mecord of way £60,10916, vol.55, nold0, po. Cols-
LORS, VORO-elal.

oreeches end extention of remarks in t-ouse by Neprs. La-

weeccnes in louse wey 16 and 15, 1lslS, By sepres sields of
Kkg., Dill of weshe, sicen of vebr., cnd Cliver of Ala.-,
Records of icy £3, vol. 05, no.loe, pe. voCl-c (57,

CO7T1LRC E74, eSSOC-S605, Less-Occo.

Onoacehes and extention of remarks in tleuse by enre.
- " ~“N

. - ~~ om ' eos . ~ an 4 . = ee “_ . . 7 . 4 --« . 5s ley
oveechce end egtentvion of remarxe in rouse vy nerrs. .1sxen

of 3.0., Bleck cf Tex-, Mull cof Yorn. ,Xxmexai: Sex, Burnett

? ?
of Ala., Lee of Ga., Fhelen of ..ess., corsen of Okla., and
vayennort cf Clila. Kheeord of Lay ££, 1916, vol.53, no.134,
Ppe LPOCI-VCCL, CSO7-GoIG0.
eoseches in venive .oay 4, Lele, wy ceretcrs Velsh, cutherlend

“ wa mm. yA LL a " TT + J ot de an 1 —
Gronma, maltn cf Ga,. Willians, Sterling

9

vones, Norris;

t

text cf avmendiients to bill ctfered by wcnators Cronne,
sterling, ena te Guwober; and ereechcs by 2.5 .4ewrins on
taxation features ci cvne bill. +ecora vol.cs, no.1ld,
er. CG27={0607, Chil5-c4cc. (Sill ras:ed@ CU. 57 to 5 here.)

oe ~ ~~ . 7 -~ an ° fe, 7+ 1 “" “Ty =m - Te, - 7a
weecches 1n) SOoUSe ) a ey Y y LO1s, +o) : menor S. -USUINIES,

eA
3

ot be err 77 re? ™ o 4 _— Te, _ / “ ~ Me mw
wteaccll, .cnry, rlatt, .ecradaen, .cseller, Csreawey,

pouchton, Quinn ard Doolittle, vith text cf amendments to

bill, offered by vecors Doolittle, ..croan, rton, Cullon,
end Gareway. meeord, vol.o6, no.lec, tn. CoSS-C7r4.

wocecnes in fouse hy errs: savley of Crest, Cliver ct ila.
end Ohevse of fens. tseord of lay lL, lols, Vol. 55, no.1eé,
raw CO7BG-CS79.

ypcechss in l.ouvse cy -eurs. ooitn of lliinn:, worsen cf Cxla.,

- ne eat Twa e FAs - Nae RT ae a “TOR 7
purrey, Jlowp, tna onydcer. scecerd oF :ay ls, leis, vol.c3,

no.1iG, pn. SLOV-161, S17C-8172 enl D1loo-c 124.

“a a yo - 7; Aw) ft AAP, mR AN BOTT er Te ON JOE
mre. LL OL Sy ° “4 @ 4 Qa aU? } teat oc. bie she ane etal Ao 9 mur °
mecor’ ef Jaen £5, vol.c2, no.45, po. e7O8-2754:
thompson , ¢g. 1.0 CNel. wicecn in Touse can. 22, Pole.
vol. Lh y 11U e “£5 9 Cpe 2/00, tot C.

tvibble, co. ¢. cf Gat, Spceeh in Mouse Dar? 2, 101, in
"
r

. TT Ass
1n 2k? u5Se2 9
loens. “e2or’

“«
oye
NY

Ka

>“
1

- ‘a
cf ravserks

»
~~,

~

C15.

Le

“.Ere

3

ri
4 .
~ © $4 OQ
64 4 C3 64
oO ae GH a)
“4 : rt a)
4. oO CS ° e e q@)
0 w) 4-9 i Q) ri oe) ) G4
“ C) oO 3 ri r 5 ©
© a) u) “4 m7 ‘4 Oy >
oO wy oy, 42 v? “2 ci t us
0) 4) a wc — €) Sy
° ww 64 C) J ry rc 'o C)
>) "4 ca +> u) 4° “ ©)
oD > ry G4 “4 "4 ° Ce)
C2 $4 ad QO Q 4 4 ry u yet
WQ > Oy +? MD a) On
oof ~ 0 M4 3 M4 :
} r3 ve a cy © ¢3 rd
CO Cy 3° Oo 4 G4 a rH
Cd) a j r-4 rs ro O WO “4
CD +) ) i) 63 a Ae
m2 we w) uw fy (D Sy rs
ro +> + aod 42 we) hy GA 9
° wh) “ 4 G4 3 $4 oO O +>
O4 G4 rcs 7) +> .) or
res O ) CO) u) G4 ) cq ms
Tan cs Gy o 0 mq ) O )
x Ot 0) O O G4 ( “4 4
™ CO ae “4 ° C4 ° © + ©
u r vi oO >) K) 14
rH Q) ry c3 v2 29 “4 U2 rH @ rf
e Cy 6) a rs +> 4? ve 4? Wo
O C) i '4 3 C) La S © ~ 4
c G4 vs C. (2 oy ct _ () .-] 12
<) ord “4d 3 c) c,
a ~ tv) m4 fy os c 4 >) .
wD c) . ? (24 °c L.> rf Oi 4
ii) C9 r-4 mod 47 i.) rs rd ro ©)
WY) ~) ct cy wy , 4 oP) tH
° 0) rt Vs a (ie ou ° w
om fy Oo “4d ¢ ° 4 Cop GY “iy
2 md “~ i ~ 03 O vr iS 4 ws) rf
> ra C) a v) mo . w +?
4 q) Ca : Y - ~ “oH
~ ny ~ +? ° hy c~ ° ©
c—D ~ ere 49 m6) G4 C2 | cy
r . ry C: 49 uw > 4 od ° ca
OD) an t> WW : ~ ~ 2 ° » by
rH 4> ¢ ° oO f"
° ~ So or re oan ~
- rp ty oO coe O 0) é
LD a oO 2» O fied sO .
rt ~ UW dood ms 0D WD cj
wa a) m4 oy ~ - uu) rd fy
> uo 4 <4 2 OG = © . ri O
rd r- C4 4 r> 4? ct 4? r >
3 WW 3 3 tag oO 4 C) ra oO “4 v3
*) = 7) G4 oO 9 - r 2 GH

e

50,

t

aN

~tion
cl,

cl.

CONMVE
Vi

S
“y

ao
a
au
CoO...

1

fer:
ore
STA
vw ilb.

‘CU.

1

~~
+
|

oe
4.
We

2-CUSE ,

wr
7
vO
eit
amrles.

-

oe

4

ecors
a
2

liver

+

ab»

5e0ch

‘oe

-~

a
COL

as 7
Py
e
~
_:
we ww

~

wa

|

1¢>
ech

sa.
Zaidi Jao

a)
i

Ws

Currency,

me @. es
yee
@asbvr

_ @

aomnrt
ae bhi

.

)

3
4
A
4
.
mos
oe ad

O

hh
Lsit* 3
we We
YN
ame

1 SS
aw
wo

L

mq 4.
dio
Ol.
dane
we
|
2

”

t
1
e

-

antr

Eb:

~ Wi
\ we

by ban

ovre
ad
™
aed
We

=
—~3Q—

wry _—~ foe

SP VS Tey “;
Ct \ - I ios
Ww wae a = abe ee om ban:

C

m— at

mone cash Tor home veovle. tnterview with
aereveorcen., 7O 4 ev5, July 5, 1315

~~ oo
ble r ois
CA i me

0 rnin.

~ or wee ~ . -.- ~ ° "¢ oy AN
Game end gamble... .0urrie. Cl: a0-0, 110-32,
ZO = CAD? ~AO TO 7 OG; 7 _ A a
Qo kKD a. Uo ww Cs ? ty fe - wv 1 we a lL e ~ ! Ve e
3 ? 2 7 3 ?
# + 1, += - 5 ~ ye 7 o7- a 7
eon For the barnlier. oc. i.e. Collins. El: LES

Voice cP the beanxcr in the southern styotes. S1:673
rr pS '15-

“new is your fara work. %. 1... Hero-er. 1 e S1:575 F
,poren Garelins rurel erecitse. oO. Vinters, 81: 1CCo
J& LE '1S.

nure] crecits in Texas. J.F.ltnerecee. 21: CS Ax

Wwoau the purel credits bill yvrovides. Gl: C6l iz €
“low the new +ederel Lew will revolutionize fern fi
eee we wGuson. Sl: 1CCe-3 S 1S '15.

= aoa >] > ms pocs Lt 2
williros Tor #ecriculture. Cl: L&7l an ct '1s-
ot ' ere 4" ™ Y 4 + -— AN q 7 7 7 ~~. 1. ey,

Cows for Southern Illinois. Benk loans.
~ e - mn ~ ont mm
HS 1L° 0s oa k& mls.

. nm i — ve “7 =~ ~~ ™~ . /. Pp ~ . ~
.eat Meltes money. 3. C. ron Sl: 145 va zu
fn w-F - . aN ~~. ™ a oS -~ ~ v7 - ‘ ™
Cows on borrowed money. Cl: lect ce £4 '1o.

Col.

Loe tle v@lohery.
rt rrr Tr UT 77
COUT TERY bile 4d

mo a tb we os am o aaa cna oN ~ r. 7A ~ ™ a .
vOUTL US an ents Le mortca-e broliers. etentest es OOTLOUP.

— a)

m7 YS 4.
4

harm Creal. Gn & CUSINEes aT’ ‘Ure.

Q)
cr
ar
©)
P.
©)
c

L

-

: a £4 rl vale 7 aA ol + + -~nt mms oan Saar ‘ “s 7T ~ m™ ~7Wv.a
2 OGlilCa PYurast CYertle Sysecm 1O6OPr waMerica. ... uw. ~~. seymour:

mmf ye NTI

writs -- tw, ad ae

Co-orerative fern credits. “. (1. Conxins. 24:004-5, oc '15.

Our Li mre . mT Ty
1 ; aL

St a ee wwe modish bh Caan

ro “- ek ows 4.72, Lm ,. . fm * Fz 1 3 a ! Le e
. o~ > rm ‘ cr, ma ~ oo .
ae LnNGiic bale) Vai dh Cen aL e VO ° OD _ ? oe: band

rt TI7 - “7 ra ~ ~ ~_-
Laat ua. L Cit PY . as Or.

_ ~ o, woe , ons % mane mm e oo V2
wVEOry tarrier as his OWN oem Acr. Do emedbe O ' owe
my New L . 42 . AD. TA ~ a
Those csenverous farm credits. 61:04 cl '16.

cere a. a- 0% . ae . fo hoo - - NN eo mr os “ a
wae Lava or Tarn eretits ~6éen. oO: 1GE F '1e.

™m™7 mC, ‘ OO, ~ “TOL, L Pavey
ae | s? id ~d bad ged “bad —-J 6

-— eye a . vy ~- 4 - - Y. eer . 3 * -- as, o ~~ ® T,
paYLTLN svstem ror tre wortn. lL. mn. O% er.enese ct LEC.
Dairy

Co-operative credit bonis. if... Uelf CG6:l5, e4. loll.

TTL Tram wry Te
at a . bw biawuw Vv we ald a d

9

mr. rr otive I~ 6 a es “4 ~
e YVOrOTere, Lvc wu WP. -—- ©

-

». Lyn/eh. 6. scC.

j
to
a

“> e -” e ces meee Aa . ~ an . a ”- soe “- .- 0 7 ~ ser 7 7 ,
fulldin: end loan essociavions. -. 2. Lydlow. 3:4.
rn asyrnt 4 244 -> 7 7 Aa
Co-oteretive ecrcecait. ©... .. .olff. 4:°:5G6¢.

*

‘ . + 4 .- Me eA AS . “7 7 ore 1.9 2 a"
Co-operative ceniing. ©... volfr. 6:18

| i . we ‘- 7~ cay te ~~ “ ~ * ” : ~~ m . me
vOrOvCercavive Leaning. ua. 2... Leen. Giovl.
rma - . a? 1 « tO. ~s ~ 7 -- e- eer -
vOroreravlve beriting. «. 1. solfr. 2+Gic.

—“ ~ BE Nee ~ ve NTO
Steve Ta Wen}
ad a. . ws wea ee

Farrer's meed for vroauctive credit anrly cared for by

3

present facilities. F. “. Joebel. n. see.,2l, no.ls

4 4 fm ot 77 TN 4
i. ° Sree a | dw Len e
hn

as PO Ne ~~ wF : 1 wen
. we : : ~

f - ow : .
ad J gee hoe OO LAL x2

7 ee « ‘ 1 wo « . « _ +- oe 1 . O71 A 1 ' 1 A
Won Aa A moana TT A ate a” ;
UNs LaICrielLe hoe OL e wu fo Cuk 0 us owt mte :: “p+ «

TAD tee AA oN “ ~AAV7- as , oa a . > 3 1, 4 =.
Ci-lehows cveao.e2 2 ..onmey, Llev-der en strives Firet bin

wv , ~—

DdDioOw ino. erica et the crent evil of tereaerntr.

Cy

9

Btn Page yaad 4 maupedcdged’. ZB:Llec-7 <1 '12
is Liss 4 or eY aoa La & uO ws on WELDLI2BC.. ae e Lece% q ' Oo e
a Shee. fan.

~ Ty 4 7 wee, J nm . a7 eA
‘S110 we Ur or © Ccoreul w peteit.
” - SN mA

~ aok ws | —. vit:
Ohne - « “+ HY oy -. -_
ye £1 ” e oy 3 ‘
Waebw wus Ler eet ae UG bor vaals a
aaa 7 yan ts & xn ™ ~ ~

avli bh CYPouateus ~ @ « «

ov“!
eRe
ment oe

“aT 7
ke

~ - 2 a no
wed Wa rural Cron
+ 1 rr ae

S On enttile. BReuU. hk

‘ 3 e 4
7 ~« ay - 1 ) . ANS
woolen da. Cokin
>. ee ak c~ rN a
1 Le wo. ue wou Lol
oo: - ad 3 ae oben
he
~? 7. -
am bb bee ee
- , e
™ mos ee N ~ mars TON
— AN Ge WN Nae we be rw:
—_ -. * oe
i : ~ 1 1 anne
we «7 y } a) tu;

on
set Aa + 7 a eul
m~ Ww. wae NS wm — a a wee
ww «6@

oN J 7 + nw ~ ee om 4
1 CrecaGiuc Coser Ue

Tou.

‘
de
~
ad 4

-

TINTS

7 NN
wed een a Las

ad
— _- coo ~ ~

a/ @s ©@ ar) 4..0F S °
tm yey ~~ oy
wee Lg
Ay ~ ° Ta em Hl ae
al er e ad © e aa It eas
~ reo

Ns

nd

bheows

craw «a

1 ove . vee id

ba ind

wll

me +
er
- Jat g . nA

~ ye -
aaJYtaaw e - 4 8... 6
oN os
Ye TPT. _

pet Se ON ke 3 ae. ae e

~

ovat Ty ot yu

eH Sah be A Ve tir @ ae

i ur aan ess a -2 4140

Wee Ne QC. a eee we
“4a . L 7— NA
ar Lo}
> ", © 9 YY ao

7 e .
- ras 733% 1 c ve
eanrwri am @

Foye is ,
os te ws 9
ae een 44%
Cv wri un
no
ro oe
- oN. .@
* =. at _ O™
~ id. aa woe
1 J: Vy
: woe Leo
ule 1,
oa] a4

wor lli-l

7 nw OOF
, ts @ te @
Tk. OE rc !
+ . mo ~
Ws tf bw 2Tn
a
- OUT) ' 1
od oe

7 yr” ~
2YU1LVU,y je
T: f mn
a ro e We
7 A %. yo
e -~ wis @ dot.
mT mole
} ad Uv ° vv Nd
3 ™~ - wm on
Poot let,
a ee” ~ e
es 4 ro
1 1 oY
Lut e —' oe) Ww @

De
e

2

"4
"9

C
E
tw
>
¢ a
(9
CQ
~
O
we
1)
C
ti
ei
C7"
by
ren
ct
O
©)
b~- 4
ry
c
ms
.
or
¢

e
1)
CD
4
—
Ha
mr
9%
}-
C)
Fy
©
}>
cr
@)
ry
>
©)
ry
ct

L Ln bat bit + 407 . --
LO tne tri-state convention at FParso, 7. 5. )
eS 2 235 > > ~~ 4... - 4 Ty es ar TO A 7 IN e AOD
eda Mog bulls Worl Mek Nw “Cus ‘¢ wu vie lo, tele, ou . Hoe
sore aay ravcct
o bean. slaly dog

rey . oo, aD ee "Ae ne cmon “Vy > . 79
YO iworove Tarn finencee «eu. Go, loid. v. Sl:1lic
7 NUR Te wages + any YUDes lL a
td... cou VNao Theta ls Coad oe. VA C4 Cre
wh, ~4 a o-™~ -~ "Z ry cy m™
won u e eo 3 i) 1g, V Ol 3 ve ww ke 37 eo
yn i eT a a Qo -” Hi o” 1 en 4. v ~ .. ,
he country bank thet benerite the co umunity. (henville

county, linn. O'Conoor Fros.) Get. 1E, 1els, v. 61, p.1Z15

. ™ sey t _ 77 eNO -

-— dom be wow ew aed nt ao an ad te wban.isn J a
on A ~ 1 = yy47 ro a 47~ 7 te | , a2 50 45 Ln L i”. vere we 4. ary 7 }- 4 t, a >
wl © he r Sek wed LOO Oe | ao Yo be .C u Lo Ne Ve ey ‘ Oo aee Aare bw v er

o
(

ferrm eredit. oe... -ilier. 4e: 7, G1. lole.

-yr At tm > mM

nS i . _ —
aw» wel. bee fs iodo a att oes

’ »- orn o~ ~

estate lean, neticonal bemniic. Tov. JO, lole. ve. ~S:1C076

U

| oa

[a
(
ce
}—J

TI TT

» Weare -

v7 4 - . 4 - | . ~ y 7. ~~ 2 ~ TN a ”

eo Lern farm iIjor Vee es e al eave TU odloes e whe \/ Dot s

oo. 1 --, 4, Len Qe, hooves. 7 a4 7 a ae
MOSLEM Lands anid mertcsa ‘es. J....5siced. ll: <7.

rm ‘ . - -* , ON ~ or, 4 wa . 4. 4 . . ” aA 7

True -eanin«a of fam. mortcrarce statistics. L. Atkinsen.

17:51C.
™ - 4.7 Ls ee | 4 - 244
Yrs 4 NS “| sy, CUT TN , , N , —_ v7
bide ae Son O Nara Led de A OL a te to... Vo bile ~~ Ee We
a7 “A > - fn ‘ A aA N
tN Ge 7 : nee Lol:
we SEles-—_5. actri * kL wv Ns 24 0 °

>

, Qreyt ” 7 . a 5-. - wile Aw c,°= 7 7)
sk. Li OWTSr ship wee tt Ls dus "elke wee Goria COoO—-0 i,&

ome myers ~ om; oN OTN ON
Vr ° LO7e vu ? JCC. Lt oe
a ye od o- “™ “4 ’ — eee
Tis. Lads. aoaaban. a a -e- teaae il: ao
_ * 9 wy wo f— °°
IAN $7 Ly be mt “yy o sf
Dros. or v mi] ii. ° ~~: @s e lL. rah, The — @ WY rey
e }
Ts + wees 4 - ryan te ~ ° Lor bal 7 ff. e 1 7"
wie Uy oh titwaiinty ©@ --+ @. 6 C e - 4 @ rs @ ae ° w/e
fo ai TINT IT. — { - me soa yy ee
GU Vesela. ind wah oe to vada. Wad
ural creaits-coovernstivs Tinenes. 27
eel. n wes ae ELL . ‘ Ad ow oo ace ee e ~_s a-ha
~ 4 See 4 ys y.o + -} need ™ mo aa
: VTP TN ON ., YN NWN ae: a
delivered «ut Lichwond, Va. tec. ©, tl
ae — ~ WN Neem Tm. OF 1 IYO YT
Va en boa Va he OW ed we A ~ — di
rt t . . ~ . . Lx . + wre > Vr w
Iya es  ,rAN AT TNO 7 ve ~ + ee . 4% ' fe
vil@G& ne sew die o ~ Wie oe Cae ke on we .— @ te @ «€ @ eeu ae ee ew ‘ e “a
my 7m 12 1 A ‘ ~ < 7% m4 . y ~ an
: -- eos
Wo ev. ) — ) ‘= 8 w ake © \ wet ee wy
SUN ty CT ANT ee Tees = re vorte C ‘out ‘
Pasoen?}e Tatil WY aed shew — ww we u Uy e w
am | “
San c
‘Gen Tia t. ey
~~ yas ge . roo » yo
Tos er. Yo, sd See

~~ fm 8
“Wee

Lend ercil

- oar NN
CLV ad

a 3 ~ ~_ ..?
we e- o™~ OT ES
ra vlom. Tek baw or,
ery
ew rw 8

we
o Xe oa ~y TN , 7*
Pol t7, wl, rw bo pit } - ©.

“™ 7 7-7
a 4.

wa

ve Ll

-e (4 ©
ART’ GROUERIG gecycotos

STN be. waa od I. nd i .

os

i i _ = £ ey NTs ‘e ry ; rc 7? 4 h _ 4 PRs
Mow @ cysvem cr farm credits will benefit the farmer.
o~ 4 rm = ¢ ot ~ my rz “Y | ae 77 C: *_ 7 7) JS ~~
Ted. Jacizson, aadress delivered it Perso V.0ex. don. 14-1

os eo
Lele
i @

~~ IPT]

a ed daa ai

7 r fat 2 OW G tts ttn Vig : v 7 4 :
uvery far..er his own capitalist. ©. L. 1 éthews.

LE7:849-59, Cort. "1s.

wf RN RRS, o_~ TNT ee -~-

boa - ~ ~
wed du ee oe oy 76 tao L

ToL et 7 a ’ 4 4 - 4 a QW - fm. Soy

aenecr wicG ENOPuwyvcrm NMovuc. 2. wSCLePr. CO-bey, 1D eK rid °

_ ., - -. a - . %., - . ; on 7 2 kb ~ eee 7“ ° “ ‘ | aed e = : i" «a vy
arm lana as a tesis cr creaits. o. 4. welis.é7ile ,ip 2.5 '12.

Inefficency cf the oligerchs. L.u.lrendeis. 58: 0-1

cy ee ee ;
wee. VON UEngelken.

KH
tA
7
@
QO
ry
C R
“5°
@
2:
@
rd
ct
CD
r

O
C)
cr
i
O
ry

7° _ oe [- 7 >
25+ ADD ay YS 3
a ott ) » co — J @
TOT Seago sO io ie ee
bade ae ers nd - da J oaks we oi
mm x .. - 7 ~ } + Ls - 5 -y a 7 2 A m on os
INO FS RIAN See { 5° mFS cof “ oO y~ any 4 . a. 6 me — .
1C0.0Y PONS 7 LOL wet db eed 1:.0r. Ww Go? nbYy Ka. “y - 6 ae @ tw eS { ae bat WS ;
we
~ . t =
uD lo.
“oO ~~ 0. Pan * a ° ~T “oT! om oN } an cts ea fH
wOotsSons mb wed oe e we drany wahlas wand Cae Ne db 2 Coy wR i or
oe ~ 7 . . aL “Oo ~ A mn ™~ LT oy, s+ t —
29457 ANTON om ._\ rE “~ ‘ —_— <- ~
OuUulL a12.r eL ~ © ~~ @ Joh bee was Gwe e were ee CU we 3 _v e
ToT pyr as
bo hoe we Ne Id/daowe. ae.
my) 7 ~ 72 24 ra ss tO, oo LT Oo Le Le 7 Le ~~ Lot
“ os ‘ , \ fo. * rou . r Css -* ' on ' .
aiid bors eek ba vii dul. cr. ee bd we ee IIL -— @ mw} we “iy eh we fp sie we.

4q

ype Aya t 4 “ ea ate ta an ~J eR OA fe
surel eredits and lons lesicstetion. clicSl ..0 ec '15

7. . . 1 . ms . mt ~ —™~ 2. 7 Je A Cc . YS -
> eu wT UN Noe . en] c nN o -~ ' = veg : +o YUP .
DUG ot SaViTn ra 1D: Pris Lr 2euSe ~ @ uw @ , CLOWMGrs e wy eT bs 4
Cum
el £1 "le.
Tow to forma neticone1l Term loin exnsoclations. S2:27¢
oe. MS.

Tip TOT PN TT mney a py

Daud wad Dts a

“4 Qo. - oN . mo os ™N > load ~~
we2bter 200i mort a OCS. S7:1leclec. WUC. HU, Tece.
x ne pan _~. cto ae ay a _- . cK on n ~ a yee 4 >
620LPe TOT o 1cx LiL L axr'.er. 75 e C7THS e cake) ° 14 ' 12 °

TTL intrv %- - > 1 c - a “8 oe t eer to -™! 5 an Sad 17 AT?
bast Cc UM iy by Cu net Or ws c ae "acenin . ) me «1 walle mK wea note

. ow veg +4 41 . on, ° “Te oe ef
co-overnte with the far.er. 0. . Herocr. 7o:cl11l—o,

G.
Oo’
(2
e
~2
C))
~ 2]
} ~
e)

C7 . ® 7” . . rt
‘ SE yt oN >™ “~? +m Ut ae oo
ihe euectior Uv adeid.. rort Uist e —- © m= @

sane na AZ ts, Le A date 79207 a m7 2 ry
. a ~ 4 9N eT sy wwf ” ' . : u
ati dL ol creal Vow Lea bk ;Greywenes Cella dee ee . we } re u

~ a a < ae 7, + -  Y . 4 77 - - ’
vOroyrara vLOTL Tr10 u Suaee o. LL e ee. @ 2 rick. 22:16- 17

yy Ae wee ’ a r +4 4 ~ « 2 cn . fe rm —s; TF
- ve ey, S z C L Q as COmOvETS o us 17 das ericea. we VU ©5651 yo aw)
ats i 2 fe ~” we ’ - a 4 - . e . rene

a ¢ sar! S ere : la e a. e 4 Os > 3 e.e Ca Tic... O -Lo-1L7,

ary ry “TTT —_- es vr pay { wry TTT eh
IVOTITUTES OF B.UAMRO' JOURTAL
eo RS a ak. ad oa dA han: nt ud bry es wah. ba

"“hend Poni" and erieultural Bentite". ve. S1:fC3S-4,

~ Typ rst yr yar tre Tt sr em~rtrn re TY Tenens

Tit i! eat LU! aaa CO*C} eaewune 4 esctdades. Yas
re w. be v . ot + , > ot 1 qv. yan tes ove al , 7 % -
ventralizgntion of co-crerstive bonkint by i.eens of

‘; Sern he Ww) an 7 oS mayer ant INASP
s ecoopers:.tive tenk. 7... Wolff. (cth cuaaervese, 1204
Cd

‘yo a a . ~~ TS * we 7 FN [ay 7; ~ '
Fr cecec ins, LCT e Hw y r.l71-124.)
ANT me mr

ToT rst as maT ” _~ Ne RT OF oe
——- ed A ee deh - seca Vv ble we doce ta
~—Ia MN py? rye TNO
io. eon Wo, we I OD
7 re 7 — * y 9 4 1 &
CON moAN NA tn “7 7~ WZ e LNA ~ c ~
. seel’r ves wk be Lit ee ho ss vlon a eC cL U *

« - e no mor m™ A, ao NI _
v om. ,3ae 345 ~, ° wy - 3 a Fe ,
Various countrics. C1:75-C4: fb :oo-e
; ya a. ~~

a 17 oF ti .
: 2 . o
~~ t, ” -ovdize ~ 4+ ‘oo 06UtlUet
a VwVGILS wo Ut oe ls Cre .wle Li eoise
OR PVOLseg ioe 1178
GO ean - —~°
vy
6 . . 4+ 3 2 2% 7: : Pr ‘ 7 _
J NOAA 5 sao “~ > Ty cs a oN =, aC
ai Conk cw ve LOzis Lo uv.iG aecitatse CLSON awe eet
—— ~~ Lj e or e o~ . A ry
in ws “T1U. s Ne er or] _.2 wt  @
—
ft cia yan t + yy nm nm ra + Sawn rt \7 om oo
CO=OQvUerctive cresit in veylon. Tete
rd
“ry woe ele Orr nan - at ; 2, nm, fo - aw FOG: =~ ~
YOM ast CaaU1l0% OL GUVEN On tf
2 f ~ . TI A oA 7". ! and
Go e (Gmcle a... 13.
? ad
Tl. oO Tatiwn + tooL >
‘ co * - wm - j fr: : as ™.
aoe Sad “etion rewavin J LO Crew. tia a
_—
O94 a. . rao
we Wo 3 aac! e ae e wd e@
FE. aj t 7 Nes ain Laz So oaApacyzt O
9f1 LO Ol at wevaba dh wad CO a erccal ed SoS C
onl - 7 : . rT e317

e _— ww i ome ww, °

Y oi ~ oo. & + - = - 7 ae +t
ao” ” ‘ fy. 7 ow, : Ye wn ‘

OP: L On CorTiul ol aie Bey Vinod ma onan
on Y . ™ 7 A > — 77

WJeuw ™™ Gs 9 we 2 wv ®
ve . 4 ee 7 . no NW 4IAON -— aA 1 b tf, we ona or em
wo. ule. L hee ve CV ~iw how Jini.tlizawe Wu”

“ . a 42 5 hw et . « Lf a2 oy

7 v ~ : . ao sO yr Om 4A ry oy
Frovincial institutions fre morta -e
fo ov. -—_~ ~ ct? e ao e rT aT v’
4, * ~ _ OF! , , ae 7 ce os” id
Ww OL aru e Le HO Lil usicuLrla. ES ° CoA?

mete Be RS Lease const

bana Vwi alee Ud 44g i Lf, eV the e ind 8 oo
7 7 . Lf 43. ~ . & 7. ie) 7 1. . _

“~ ~ ~ ° han and € ~~ r » . : ”, . V—__ s
wool - Wa vl. a 2a 55.Y1058 boa rate l ity i™m ~.U
aA 71 It fF
Lut e “J, aas' Lie
mes . 4 ts Kae BBL OIos mo t
* ren f\~* os : 7 Pt ae — .
sm. LOS 1.0 lu 2 'S wo absou ww « Io » VY a | « Lo

—*
T ~ wee te OM OY ate bee OR OT, "aa
dui ee tye kate Look te rae owin UNS oak - ey. "y wd - 2h 8

: ‘ ‘ T

ade te ha awe
one 4 .
7 to credit in
~ s Om Is oD
~ Wee FR Clio ?
wer - ao rt . .
ef eu. aaa a a 2) .
wy
eae ee OMT OY ~
Cran ao (—lLolis
: on q 2
—o ~ 12 °

rel lex
rid eee ak

wn Ne y tr

TTR

1TAation Ge a

? . = e
~ lee Sa wT amt
bitecg Lr LraALa e
am > m
aot 2 ! !
~- 9 ea Cb 13 ®
4 i *
78 "> >», Cc 7 ~ *
rae Ck IVE te a Nw mad wa ye.
nd ae ry}
Sypory -°
a A y .
re - Ir \s e
oe oe s ,. 4 4
- :
OS lG ian tere.
12
mm foe OTD cy at q “
Wtr . Umma ae - 1 ve
O

4
u

he

+
U

ot

1

1 referexrces
ort o

~
+e
—_
lL
cod

¢
-

mort:

Cont
re

££
1

aye
a

-~
CG

wu
a?
vod

ct

ie

a
wv

’

~
' LS eo
Tas wm ta
enenae
2 ALT,

c count
Co. es Lena

1

»”~
&

-

rN
wef MS
e-

ms

We ey ~!

cA
oy
Pr

-477
OWsvuUmBK,
Ln
On co-orerction

aA
one,
wo
1
mn
—_

es
e
pm
~w
ut
U

€

=

rae
Xe
ao
nwt @
o"
—"
Lo

C

C

ri
scl

am
Cab be
.
ne? 7 le
2
VAT
a.a\e I

ers
a ur

~~

aa
Ns NS

riort:c2

L

—l
lo.

ers a7.
m~ es

yew
ed che we
eo WV NY

en he

a.
c

wy

Mey
XY

corscrittee

f
L

T

@

“>
eae

A

“4

~~
feet
‘

aa

iteli

mur

7

wer OT

te

tl:

~
rd

a
hd

—~
XY *
~

te

PY

~
1s

in

e
a ave
‘Nap we

t1

OC1Cc

ex

od

+
w

“a

My
q Lé
eredi

"ft
bud
ma
‘wt

LV

}

7
4

re

n —,)

Ve 8 we

me
UU uw &

ad

a" a
ees,
oe

oe 4

53 ”~ len
4Addow eh by ©
s “Om /
1 ce
Vr COO

rece

7.
'
»
Ce
o
©

yn
—

+

ortu
ronuli

rurel
tT

rs

v2
()

4.)
Qa)
od

O
C)

i)

a
rm
- han e

6 mS
u

—_
a

1

oN VN 4
NW aw a Ow

t

7
me

4

e

C

fi Cc

4-
bh

aA
e

+!
Cea

orl

’
ond

r

it

°
ae

+79

sf

4

Ln

bo Nw Le whe

3. rr" ' “ON

loeel

ou; "
(rare ers

, 7 aA - 9N
iseciléeneous

yawnlen
J ww de ete

°
=
.
°
Fy IN:

Awe
Ned he

Fart claves by banks in azriculturel econerny in hon
ONIN 6 C eC c¢ 114

Jw e um ig we
British Colurbtia ecriculturel crecit act. Coicé-8, oO
Svolution of ponular credit in the duten usct Indies
Ceill-cl, vw tlc.
orelit fonclser ucyrulan in loif-1lo. Co:lce-o, Je '16
Crorations of the eredit Toncier D'erient,]ol4—-15
SH:c8-1l, wy tle

v

tne fumetion crf the co-orerative fund in Finland
7. rHemres. 7O:cG-U0, O '1o.

woricultural mutucl cretit ord Uhe war ir frence.
62:47-o, 2 Mle.
Coluvanies cngeaced@ in taiiine acvances orm real vropertie
en. the wer in Yrence. CoiCse-d, wy '1c.
Credit Poncicr derrance in lols. cf:1Co-7, cvB'1is.
Gemzyleory sales by euetions f rurel est.tes in
Prussia in leli. Co:ce-7o, J ctls.
Develovrent of arriculturel cresit in Initia. “.%a7ver
Ca:on fw tls.
boama eredit in Ideno-Ghima. 27:85-70, cl 12.
action of L'istitutoe Dicreiits rer le co-over:tive 1
LO1S ain Ttely. 7O:oo-00, '1c.
eacrarian ond leani ersdit in ftely curins the Five ve:
Lolc-14. €7:70-26, cl'1%.

orieultur: moltit of ton eayjince banks oF the ceca
de, eultureal creslit of wns Ve aVInvs Piverdiec OL wii wecid
Glo sacoli ena the anctituticns ror e riculturel cre:
in Latiws, Licuria onc Sesiliests in lOLS(Iteis).
Poe Tect, C Mle.
H~A0—

~~? ~ . 4. e - an -‘ 4 . a ’ 2 _ ~ _ e ry A e Rl]
1 IN ITT OED TPR ~™ ~ “~~ Y ar VN
L.ON=—COKCS one AaulVvs eG ff adhe eb vutlb Lil etre, 2 mw Coa. on }

~ mm
ae ric.

a

a ~ + : ~~ Le = 4 4 a ’ + : a 2 4 * s dew a
Cuerations of the vtate land bani for “he nobilit:

e 7. -~ OM, wT a qo, ; . _ - 4. T 7 ™~7
wOYe. OT Ui.2 Mussian cre it fTnetitutvic: in lvi4.
o> 7
G3: w OL VU 3 a mis.
re rin ee ~ 244 a i ot ee om . AO LN
a Pic hd, ww ore) Crenit Lat \e . .o yi re ot wervia ° lu ~ . a

}-4

€-4

var o , 3% bh oe 7 _~. i a A oe +. ~ + . a, i °*. - 7. , le rea lf

oe T]LCuULtural ers 10 derert.scrt im tlhe vbenit cf Cice
mt rd

a i.

So-ovoretive cocvrtieultursl eresit in ~weeden. 7C

mL Tm N ~~: mm wa eo + 4. Caan + “Nee . Jt
wecene;y cf Tunis; revictuellins eccourt ena its overs

€ :115-12, ce "le.

Alcriculturel credit lecisla

. - - +m al 4+ 1 ~ ~ 4,
lon end the tenanes rrohb

.

oy Nr t 7 ' 7 a

LA ee Gm y oe wu e

ee os ° ~~ —™~ Y - oo Z a 4 1 “ . >”

Greance im lole. C3:40-1, or '1c.
“Nya6 ) an 4 } Li Yo, kA OI mot XD 6 ae > r 1
Rurel erelits bi Lerore Jon ress. O3:1lel-2, Je '1

vs . rie - . 7 7A wae ' wwe . 4 - . as . rn 4 + -\
worl ef tie Conish avriculturel ond daustricl eid

: a . 4. e . on s es 4 ed a4 . ~a ~- on, of .
Infeor.wation relating to cre? it in Uruseey. ¢3:
Tram TT — ooo mls.

dow. bea Lee. oN ed

— ws ant 2 4. . os ~~ en yn &
wilwoog ead outlines his rurel cresit cxperivcnt

~2:102 "tee EO
‘+ te 8 We 4 ma of —_ \/ @

wa
Radiat Orv aaw ton mere Naat he ya Tes
w Awe ik Lz Vb ae ~~ 9 Dae! oT dea eet LO ao we 1a2. an wil. J °
na Dy mde
-~-# @4.- A @ we ew a 3 da. abe - ©

~

"ae + yy 4+ “5 m6 7. - - cA Aen - .
mural credits bill ~rerire2 for Creco. voters.

rr 4. e . . so. 1 _.. oo whe « _ . 7: —“——~ © 7.
ymontan, S17 GryvLicoin .77 aele ; Sante Ae
7 re 2c la La. 1 tv a er 1 wa we tak vo re . Cueseue vu L Or to Loan tut @ - ° L ae bie dae tee @
Tye an
7 hy we 3 Ww Ce ee °
> yor os —_ -o-
q adad oe _ dain ane
fn + . _ . (~~. 2 fe OL
y we 4 r ” _ mo ~f oo (3 -
40-0 Orewlve a) So1t Un aay 6 Wee Te ns @
v9. ° ~ . . ne - a “! a. a 7 e a wd ? — - an @
; 37 NON es c SN ~ of Ry ° oes “a 4" me me a * * . ry “TP.
do aa le Vie we vel i ’ New ee le Nw ul. ia -eu. i dh ed ivr a CO oy CeraulLlve
- *
kk tT Wt EDA ’ ret we, 4 foot.
on) . : 5 oc. oe c 7 rN Nt be , ~N we a“ ma ny
sa Ne pwd lu nions e (ed Vad GO. LOS wa. , as O »OTr Ce UW one OL wal
~ or
r ?

5 ae, . . . +] :
Ure LNs S@lACE wii’ ir

. as: _. ™ 7 o- “

~ 5% QW) ror - . ar H “s 7

CL Seek mo uloo e Y%SC. bowie ot Os dee
— =

~~ ATF “OVS Nw ete Tam - . ; so mi v —_
1 t
ti aus tary sod Jhkseas “ago db oa oe ts Jaber Ou
rN a9 3 & Tm 1 t, wr [r 1 . ~ - . ™ t on
1: 4 ~, ~ cw PN ON - rf . 7.
Lull ie Ad 2 Cena eae ewe e Cs ban my -. e - °

TOTO PO TTA ptt tm meee eter port
. oe ye rit kes \ oe . \ '
Gv. 1. : - es wet Se a a ee WF eS ee oe Swi bed

Lent gyste.i1 or the United States. (a.ueto), 41055.

bend eyoten in new onclena ecleries. ©. Crleston. 4:54:.
western conditions cf Verminc cs illustreted by ceono:.ic
histor of Jenrasxa townshin. vw. .centhlev. ll: ros. 7-8
nw a a:
a Cad
Ne tae > ~ 74 “rN 7 so
o! ‘ ot Li or :
Rw 6k ee ed ee ome / Me re i an

rel BO - myo , ea , wus , 7" 7 + 5 ; ae ~ t 778 4 Ce 4 *
Sarel credits sycten. (oriticiscn of raursl erecdits till),

Gs ou e —~ 9 eh tJ cu mo e

Troms TT OTST TITAN OF Tree =?
t ; voy + . .

av LL ee wD AL 4 we ed kd a ed await ry she

ea - + q ’ ° . . - : . wee ~4 = ° , ~ — NS —“~
mye me, ces woe Fm at em PS ms ua Ter1t)e "ser ae yi TFA

ewe WO —) cule we 1. oo. Gr LC... a4 @. @4 rece 1C.t8 1.6 were VET st

oO .

\ ITN ls -\ my ct Aoses vom c yt ryote ‘ se ,
a Pea we toed deme a ee dos Rl kw Oe VLOG te. Deere rey ‘ ° bom ete uw feo
aN ‘

8, ap Mls.
ay } oh ra
Oranen "y TA ees a eR - ~s TMA pen Tn . 2 TZ ™ TA rtTA,
Aus Ulu ee eee wa te he 8 ‘ e- ie are we we ww ee er ne ee | oy ¢ a
_—~ _ . 7 e - ~ wr ey oo ~— :

. .o>7 e, 7 run wv. * L ~ ie L L 4 e eo IN ea : - t 7 a
eek LO ok ww kh Ow ee a, J — © tree 0 WU , ‘es a

~~ - + e a : ws : —_— +,

aise 994 pte. 1 4- oat 1 con . A * 1L o oO mo a t 1 ,
we as ~@ Lew Led wt ke NY ly - ~.Lie we ae Qe le od 3 - 1 @
yo. roma ~ _7-y “4 mor tsa A ~ can mmm wore
a] NEN or ray wees | \ 7% bad tas 4 tes ye a JA eat AL we was wk _
-_ * . ~ 2 . 7 9 7
on mab ” 7 ~ 7 Gres Lt fo IA PY 1 cA AA
aevuw willy aati VL Los - Ce ue wee i ke Ne ow ef*ag "ot
do e “” . oy wwe _ . — 9 . g re ms 7. “ p™e
Ay oN NTF - eo, "TF D yo} ~~ roe WO, - ’ ‘ e ‘
word rOL LU LVE Lie move. Guile 8 Oot eas wm pete. Orle whoienska lo

‘ wo es + TAA L 7, e.oc or) Ty —! ° Pm, 77 vu * mr _ e 4 rm “

ae + Ne ee eh Ww ok Le ' - Lome Ae @ ee 6 ,Ja Lo 4 * ° CAs eo Cee
ee —
6
~ noe - 7 - ! “4 - aw — we ee
ma 7. 1 -
ek wo bee. - > ae meee ee me mw be ee i A

ee Se Fer ape, Utef9L. Coin te
. etl 9 .

ne fe ae ~a
~~ . +e r~ — moe we
am dave a em ae eh we ~ me oh
~ Le he ty roan tay. A. OO ete eae a . ene
eo ee mm COU mon “ fae ee Wim Ca Nk ~ bun. vod 3 ~ @ we 6 - 8 ‘m_ e
~~ ot ee =~ -
~—. aa - fe a
. « e ~, . ~ - e ~~ 8 . - ~ - re »
ALS 73 + bays m4 oot c ~ cra Ti 1°c ano eee , wm ot =f,
~4 Ne wuom ww ew Ne We Los auw \ \ tv ie datos e Noe ee Oe tre
- . . ° ~- .
ai] oO ae ewe mam IN | m~ oT oN NN ca 7 4. Lowe ‘| a . =m e
par maw s wie we bee Rae ne. oe Ww eed ewe Wh Le wee Wo 8 whe ee TN
TOT pte ta
i \ -.
wet 2 wl oa‘ -
“@ ° = "Y vt 7 5 NN ~ . ~
1x -_~ m8 m~ 7, 4. “AN tA Vie 4- - an -& r : 8 my? m4 ~ -~ ~7
tJ a Se we wn. & Ne nak wel awe... -2 @ oe. we ke e we 8 Ca "soe @. 2 ~~ tw ©
(v)
"yy * ~ ant a. 7+, *. yw i= fact ~ mm . : a 7
dae aa eee oa ~~ L+ a te a-tm @ -~ +4 @ oa wet iw Ne Us 8 yw eee re eg oe e wou. ¢
Tv serps ws ._7e~NYyY —L ~ yr t
ae oe ee oe we LL wtleeglt bw
Deane: eet cna pa fdoe Lo gevent 4 4 Aieo eo Ny
- am lie * + ws 3 ~t fd ~ ete NYO te a - 1.4 @ * ~ ot ce Rew te @
c \ , ‘ i ly . }
PrV - . tf 2 ~- aad . -~y-- we > an . 21 « ~~ m™ rT “oe o
PRCA  GALYO TiO. oO Toe tas 7 -. co Z2Et1L3%7 i 'Ve.
+ ee ke Ne ws ee KK Q ae em bd oe be vw ke ns @ we XQ e & tw we Od

. ~ vr _ . °
Tash yo As Tone, ree mah es CARA Por yaeca ZA ™ -. m7 ti:
' t ‘ , 6 4 . ? ~. \ 4... *
wk ~ ’ ~~ Cane wate a ‘ , « a. in @

~ . r . - _ - , -
me Tr 4 ~ 7 oN ‘ - 285 = coy ft re yO AS _ a ° . (XO ~ “ ~ , ? 7
mm OU amt ~iow aA vue os a meee sw eb i re © “9 w Vw re wv te his @

i
c)
hy
@
{ou
>
cr
b+,
rc

Neen So TT te a4 = - re
maelsr in illinois. (0:4384, Feb.a '1e.

ye ee A ep en Po i re ay oN, Fa ve ay yoo. pe Ae ay ~ om AM TGA ~ vo ! “S
. ; ‘ f. ' oa . . : c — . ‘ a. are
a2 beam Nr Le Ne Oe aa de eo kek ee ah Vos. eo wie we FO p- + ns. tw
os ~ ° ”
INI A AR Stes at ee 2 Ns oe. v Poo na 747 me ™ 7 » t \ om
HAaoaow .* 1s we a awl, Ke : ao Ww ow Awe me ee _ & e a eo 6s iS wd ‘ 3 9 bs WY awe ww 8
* v

Vee Ve RAH ge Fre ee mp er mf . - Fy >
~~ losm ous on Sook or a a Se te --y e tool ¢ ~" ~ So 3 ° v whe s
> ' . -~ . ~ -

-a os ¢ SOA om TF * as rip y prt nse ™ med i ‘ “PF a ! V9

4 ' ‘ r wo ' ( w Cc 4 - o- be — >; 1 \ ~ @
a eS athe w Nut wie wv ben wm Vs 2 @ a AD _ ~ 3 - ‘ A ~~

‘ — —_ Sd
et ey ems creo VT TN TSN
' -
- os Ree om Le a a ee on
. . es . - ~
TW a a? Ome ef Sap, ye ey ee 1.7 toe an oT Te : TT
om oe Oe - CO w'Ge, iv vb bvw te eae ee et 8! lhl wl ON se ak 8 Sew Peg ae ewe
a ~

. 4 -. co dk ° ~
yIsIA 7 : AARON 1 . Vey aay NPE UP woce man) . my —.
2Ubroal lsvc erediits. . 0.) 6G rA@NENN Cm rs moO A de

1
4 fs 8
“7 WO e- aswors , os
we et db ead?
*
es “7 mS "=~
‘aA ' ~~ nV - oy
apt eme Ne oa
aew dh YU “ Net Bd on a)
> - : .
- @ a4 @ aes kh Vs .o
me a
- ORT te Toye en ee
td ee em ~) lo wee Le we
~e

a , 7 an ~
es CLs Le Wien

~

Ty a m2.
Lid ve U? bho Lie
ete 1oU10 °

w

a ae pee 4. ~s,

ak

e ade e
owe om ane L nee 7 “Naf
jena ee Nd he
TI sae yr vant ve oo
~~ eee bk awe a Lt ~« ~
— “
a w nee -~ ®
+ .
“s *, 7.7, aM 4 5 any tt
alk tu. low } we! Ne ~~ e
4 oN 87 S% 4 sane 1
ee ee eet aa OY Le we
— -
- ‘ 3
“NaN r me vey
oN me Ow - ~ Swe Rk
- =p a Lz
sy : .
- ew Lo La «
“
- L .
SN ™ are
we VYooLs w V Ke ae
~ ” -- ” *
: 12,0]
eo --+- @. Lee ee ee Oo ~ “_ ®
.
_ Tey ~
ae eine eh Lasse Lean Q
7 mr a

~
- cc.

4
~ ce

at Csi nee wa wk
TOON sat ae "NOt vt
a Add wl Us Nor bs e
et
mes ~ 4 7
t - -

} 5 cot of . ‘ ra
awa ke . me Wie om wr tne A
CT A TA ead
ee oak Re ak ee

a
-% 7 7 . a ~
, oP BR ewe ™~ . oo )
am den at 2-OlnN . stan w

+4
7) ~4
. oc. tN aerial 7" - - ge, ~)
+ Ue «-& eaream be : ~~ Ge
wed —
« +4 ray) A oN 7
aa aH ote eh me le ee

forn

-eders]

aoa

tp NY t- ~ oe r mm es
4 . . :
ent Seah ' - -=s ‘ee Been ee we
qt oe ay a . 7, nA mon tn ae UN Rms - 4% . Try. 6 A a OO he A
yo wo we “~ tka i nn ee L - Aa ee rs ~uUuo ow
+ 7
— Mg »
1 wate - 4. ' 7“ ~ ad = rn ~ ~ 5 -~ cr 7 fz . rr 4 _ > =
~abVwane ed 2 Wh @ ~~ © at @ « vet boy ° we 4 Fe XK “9 a
at tA “2 ta Orprcersc Pe OTT eS Tet
we we bag ee baud ete aa NS ae Oe BD ‘ ewe? ~~ or 3 - ‘_ + @
pul a a ios 2 2 MP RS
1 y a ,7 . - 74 s> we * we ee ~ 4% * .
e ~ ae VY ceed ws woe Cecile sw Ua vlc Lom. { wee ue }
ad
Pepe tym tO ett cot Voects Co ot
peedbiovu hd. Gk foe Ye fe wD LUE ae Im
_ ~— ~
™ aad +. ™~ a ~ 7 ~* 78 SS ° CoB 7 ° Oe C ‘ 1
we db Wn a em mw @ fe @ we 8 wwe a NY nm e aA 6 tw, f 3 us ds @
oo Ww ne a ~ 4 NN. ™ ~ ~ —L. oS oO ay 71 NUR
ke Ww wae © wh eto a) aOwe ue tl e
oo cian Fee tet ote eRe tn wT mn re ma ber eS
L Na Live We ena Mod @ 6 @ 2 Om ane mo Lk ee be
“ - - - ~ + - a a tee, .
7 ae V4 nm ‘ emer tt Tyee TT “an
babii Nw Ce ae ie O _ @ nw Oe ee ee ee ee an) 1. ws be 1s tN 6@ wi hls Nw e
es Tm my me. Tee L7H es Sane
7 @ se @L ee Lobo. Wosee tse 22 @ a4 6 CD ea tes Ww anew 6
. Tad ~ _ d. _ iL - co qe 4 4 rv? -- a re oN
~ coor ' ~ r ' Ft ! o ~re, a) “ .
rrr, hii sw. Wake a ku - e OL Lor, we I a
oo a ya co <7 4 -~ 7 J. eA TR ~” v 4 ~~ am ; ave]
sa ww ava rain Vo meh bo Ke ww Lawes @ iy @ att we UO LA 9
cr. - ~ ” as
oe - as .
bo me ) Ge Le et Lue
-
ge tk ” Nn 5 ya 7 moe VD TT asm L 7.
pGOuwdvy 201.01. Leeds mau, a.. ° bese
we
oO : 4 we ° 1 Pr 4 a7 * mo 4. -”
Sean ~ ran fate 1 - ote
dove ! cr. ee ».-crric ei. Ss vt MMC oe bee we we ee
4 / eo Trig o ~ Ara, 7-7
~ NF. 4q 4 . re? ‘ om sf ee
e bod Ve rues; e ie a ‘** 6 1a) ~ ) Ns NY @ hs LK e
. 4 . > mi an -~ as - we 4. 5 7 4a oJ - A
ae 7 TN. as r nao m4 . foes ~ .
A Ne a C.4 « Ne de @ ae ote ws LO wy toe Not ae v LO ~ ~ or
_~ ~ de. ° . = 4 “NT jute - . os, 7
’ Ly wae - -- _ 8 LOE “, 4
Co C el fou ulOlte aw A (. 3 - Ce e te. vw e
+
frericr CeL55-4. Jet at
Soade aot ho 0 Ls e wed aa ) tad WV Ue we iw ¢
co. 13:155-7, Sorte Lele
~ @ ee ee On PO 3 tw w ue’ °
PY war, - = + Tv BE TB a ~ 7 ‘ o ‘ x Cc o~ 7 ~ 7% A
wom Wwe hk Uwe - os - ew ws eta rn. MU Ue we OF
- «
Von Rae, "on ase Yt LO ? ae 17
ee vee see OL ee I -- Li e

 

 

 

Views Wu wy 8

w/
™\ AN
on
"a yee s

eek vw ot ek

—y

os yr nn

aA 1! em NA oe ee

a L
_ 73s
mene d le, .

bho PLC vl

°
- eric
Ce ee ae Na

C
é
(
C2)

.

b

al co-o7

—-
~ e~- ~ermw oe
a Neer ae 4 ? +
aed odeysetero te. (7: 20ne
aw t+ oe wie VO Wee Ne wl ~— ee we Hw
°
Aes ta aa- A IN V3 4+ meem tan
- er eer Ge we A 4 tot te, °
.
Srey 7-7 rant rts
ae - ~ a LK _.
. . : s - _.
7 YN OTN sys + Qc . oC. mers oq yt att ee 73 1
ake wits Wo -2 rr | 7a ee le a _- -
2 ate “A oe aos “ow belie a. @ e
| ° ,7 rK = rita c- . “wn e
oe a ~ - i de ke we - eo. . Vv
tds Cill. lOLiRt2-1l. oo
N\A Wd re NY at be @ own ety oy 4+;
“
-_- mrp ~ -—1~ ~ -
joe mel wen - ss. hi’ @
” . ~ e . > ~ - .
Thioe0 ~ tA. SLo: Tox
- Gee ow tw ~ VJ e @ © sy Ome wedl.
q o, — _ ~ aad
a TA PT
w~ hake é ss “st 6 ~ wits @ a ) a
aro - . root Tet
2 a - .
- Oe ee ee hh: - ae 4wme a ab he
° ~ a.”
cae tt Ne ao mt (raya ’ way 1 : 7 ry
i | gecotyi ids. a - ook stan
uw
“~~ a +
iat
wre ks, UU @ LW’ wos @
a+ VETO ~ TNT pom eee
ary ' .
oo. hs AX. & bees ie © mee es
° - -_ - ere a
172 wo Tea . ~ 7 CT
Vw hee om wh . +6 es Loa ° ~w
eer rap re et OEE rg — 7 wore -4
ved Lo baat J!
-~- de a5 as be abe NP ee et me mane mae -@ - am a-

}- 4

ae

216") e

+

©)
t

A o™  ,
\ —

~ ae '

~ - ~~ @

:
pes 3

4
: ny
[4
¢
t~{
v2
'
»-2
bd
72
-
bo
et
CO)
to
f-4
;
> -»
oo

rw ty
adv

- oe

“oN Coen rT rm re
-— Cewek Ll

wJ 4

-
oad kk wud

PER TTP oes
wi ul.

rT
asst

sr

mT AN
bets a dy,

wyatt}
s~ bare

OCH

w

Tare n +
- Cun ce u

webs.

7 ON

Nnences

« - a 7 r- e
Sypicn e at Ow -arris.e

OS
a barn ww

we
a:

nv far

Ti?

“Aas VARA
Lt ae NY
a

rv
‘
whe eae

TT
Ce te i WW

mV

va)
4

e
aN ah
OV1LSi

w&

“*

ow

_

i

OTL

es }
Cosia

=tion

“Nw
O bd Sw
~

O

©)

=
a

Koa

7
a

yom wee
gale ht cau.
met yen
Wk ao

ws
a

ad

~_Nw

bails

TPs tsls se

~

ma epmeee
{ 1

ac oded

=, 5-4
> a.
ae |

!
de

t

I

“-

oes eta

1

Ure

+
1)

Leul

7
Ce
nd

Bulletin.4

‘

pend Lda aad

TT OT NTT
22k

n+ oy
oa

yoo
ora

am aed

Se ide |

Li

» mb 0 6

re

5 Of

~aAw te
tvd al

1
wu

LY.

560,000,500

1
fa

lOc.

en
Mo
—

aus e

7

LYrvaa

a (

C1. ws
ty Od

Ne

to @oncre

Cut

~ y.
Www be

Loe
o riecult

ry ert —
arr lo
3B sere
ee rot oo

a

Town ~Te yw,

: 7
ee ee

es ‘
— A
mye rh ly
-
7 Af Tes
st bo’ w aw ew

4 moore law
ne ae ON
os ios
VY wwrie vw

7 ~
PN Ne
Ne we We Te

% ~
bE 7 —~ > rr at ° © .
~onlens cf aes
drag -o on “ ~ ee
eer New?” 3 the oN es ne e
wn ay ae .
wy TEN Te ™~
a Nt te Vea “€ Le ‘oa hte Lit
‘ ca de ee at et = N39 6
~ @ ,— @ as wow Chak ee ae ts dk
oy
2 CD Le ne
ae. Loin Eo .
es 1 Oy . . -
. w" © “wo N
oe York to Fearm.2

Jey 7

-

ek

CLicsh

cers!

mn
~~ «ry Wr *
+

wwe

riONey’.

Cr

wey
er ar

~~

TINTS
Yr \ 1
aw Sem beh

In Coren ec

~)
|

Pym me
a a1. a ashe

1913

sows m7
‘Pr awamas

2 a
. 1m ~-
. ~ *
ee 7
- o- @ - ~_

.
ame oe

Llonns

1 TL

be ®
,Iywe ~ ony
Neo a ereul
:
cs Gar7crt: G
nm No we ‘

27

wee .
Ten 7
yo. as —

vo.
-

TAY

wA
a ak tow ne Xe

u ao cs

ay
w

azvelo

7, VIII,

ae

120:.3

Term

olenred. ..0 2

.
Nara re

Pe ee Oe
* rT

mo 7
1C:7. 1

rn
—~ A te a
Ny eee ae 1.
~

+N

=

D lend

~. lis Ll, VIII,

x

ors ot

ween es oe

‘ oY

/ ? Ne

7 aA -
. t

sO Ne

mT 4

oO * 1. @

02

ser:

le

TII, 1

offer

cw eS e

eorieulturel

~~ ve
iL we — @r-ce
ay. + tj
ar an tTam
wer VE IVCCc.
Tia. | U e Il,

d easy

}-
>|

14:1.

Gq)
Co
ce

ece co 7a a e re
. eC ‘— u ee 1 vi
LY Toe e.
‘ 3 wWenme
: 7 Ay
ae we 1 Ow whe el e

sone
money.

co
_
,i u °

’
ee ee)

~

on 4
TEStES

fa
VW°

1

Soy 1 e
one
rie

wot
Cr i)

ane em

a yw
oY

?

«

t
<
nae
Wi w
7
J

Vi

Le ean

Ry oa
- ‘*

Cir ou

NOON
aw

- Ory
rn c
bres

“aN

on

+ 4
VLC?
rt
Vea

Te 47
- 4

o

~~

wei nt

Or
CCl

oy

*
iL

°

PF aAaVvoc
coy mm
weCer LD Cv as
fe
om
La ore.

t

oO IN
~Gel i -
ye wv
B

7

ae
rel

le wa
rare

Com”
, 1-n A —
moe:rced bir me

3

“sey re
ws
Ned

“nr

Li

—
o
rd

ue

d.

=

ort

r

Nx

+ ww
“A
rd

Lat

ot
ia

levi:

7"

ero

Lt

ad.
corel.

LL

~~

wv

es ~~
oy yr
ae

sma
1
‘
~~ iN
+

“7 el:
~eGeas °
4. .
u CO?.

i

-'

eee

+,

<H

m4
oa

eG

aan t
wy YM

or e
rings

ey

'

3

ore.
lis

2

aD

VY
ou
u

4

-

.
“1
he

Or G
jder e

S

~
-

~
i

ot
-
~

J14
enwvs
C0:

P.yseN
eda es

0!

nm
ww

toe
nud ware

aur

tt)
€)

a+
wo

7. co, vy +
by eeaade

be

Sorr
favn

15:1.
Ss that

ee)

NL

On -re

ar.

\s

e week
re

LO

-

*

+ =m ©

37
on
ty

)

*~

Are
we

~~
; w
‘ed w

wee ee Nw hb?

eco?.

~

lonn
ww

o~
wa

Lona psn:
luded

7
©

—

e

sovernor
ine

~ es tok de
favors

)

al credits

3

E6aer

™
a

+
iw

.L1rec

a
A.

OSES

1 OPP

7

A
Cc

” ™
wae }

ow.
Cvnw- @

-
° u

Te
Ll tue

_

o
Loree

b

wes
ace

fer

fern losr

~~

bill

Ces

«=

U

° 24 -
invt.rod

rleteher

of

wena

ot

benizs.

GaAGLler

-* . ~~ OAS
ain
rd

«

on provi

legisiati

e -aAarus
el bars

tion

9

a
-&

ay
!
4

NL my de
‘laws Vv Ue

lis
LA wo @

~

win (hea 2

raf
‘

El

ry
«

wee

~~

~»

.CL

petrol.

i Moye
Na Ne a

boa.
boreal.

-

ad

v

CD)

~~
FLAN
AV ew NR OY

~~

We

oe)

Y exrnuel

°c

On t
hw

3
ra
Nee

kJ
42

eso

ny

1

i>

ct

12,

Heo

rart e

3
y
4

TT}.
uc eT

UL,

tM

—.0oVver

-
o

ih

ers

sae
a dle ae

ao
4

ru.

17 I™Xy & sa
we WF wd NE

_

rt

oe

ti

i)

©)
@)

+
~
LAW e

tn

> dae »
a4 Cel ..k

yo
a

i

1%

YN
aa

0

NOP Ov

5

‘ate

wee

’
‘

estix.

ae TA
COolLTLeue

ae
~t 4

”

Rec.

«

“

ea nda

sol

.
as -
aA

Lol

Tote n
web - Uwde
we

>

ili

woe
ve

- 2A
ows yt °

Liz

1

7. ¥*
- :
we -_—

L

id

a
Qe aa

L

'

m-
oOsy e

nder w

U

LO

vanizati

“TO

A

ae
Cea

©.

. 7
PEL

1
ry

LWweerl

=

t

.

1!

+16
wd ate LW ~

=

a

™
7 or

7% en
\ . 1 .
@ V Cuga

LLL.

‘
en

~

re ° wd e
=

— a? —

my Or. ot - pt ~~. 4 a at rad a
heoCOurtle.ct, Director, ostis focus foe. Thitecs:

ee a » nt 4 sot oo OF ” e
For aununclaticon. cetsuy, Lo:7.

~ oe “4 en ~ - . ~ v wt a/ =" ”~ os arg ‘ + vom °
was achusget.c cre.it onlon rerort Yor Lleulé. Cet. c5,11:3.

‘Ay “0 1 - ry + 77 4 .. mo py ye. ; oe - 4 a
ealrGgs.* bo vcet. Pouston velo er sai etate boerd of
so . Tey ern r “A 2?
jc rlevlture. van. lo, 14:30.
e™ ae yt 4 nant Incr "7 uy ~* yaw Ale 7 an L7 Tr mr \ 6 1
wy wy, Wt wewead o@ by - eo = Ou Oprici.ie 2) Collie ly - J) w/ e
TWA DAs. ~ 7. Took Rte Re a wae TK Sop ae be
Feier: 1 reserve poard tics ection authorizines credits
warts. 3:2. Ulitore]
eA Uy Ve Ge swALLOPOL
Ts ye IY zor yan t+ myn saw. 1 mpoc pte ey A =] ~ OT v , amy
UG hol: cru OR LNA Lek Ce ok Cre ul we wECCLS e th e ive SeCLSEeL
- ~? ra s

- AL én. b vy 1% ol,
CPn cat an janse eT AP JANA ape ,um TOU SoNntpoa et foe to, aos "4
vVProCwlLoe UNLOMS- at WOT 'Ceacrs A’Mm : ea. tis YVoOCuL Fue way UC?

on 4 4 ay - ~ Te ar f- . o
OTE VE Ue ary a cose e cele Wey wo *me

Nona , . 4 “ . er =. ee + 2 + (ey yt wo +o
da ricul viure.L Cr GSLLt QLiSseuscea ce. & Sout} Nn Gor erelil

~ To wat a ‘ _~ ct or eon
Con ress. ..2.terricx. arr. 47, So.

id on A = 7 *, ~- _ 4. “ - « } ’ °

Govermicg:.t comsiders tlen wo finance vorvers whe desir
5 . . a, Ti ~- m~ -

to toug up rarm locas. July 7, O10.

~ ' ; -\ T ‘ ‘ - ~ a7, . - 1 3 4 7 _q rv 4 a7 71

eeyvid Bubin thiniis Fruccien lend bank system should he

Lubin says svorcun lina crellt give farners dtcrer

4 - L 4

wae. ai e a. — e aes a Ly aa, 4 . °C ~ & ~ A - . « . va = eo °
Constitution. Ll emreganuent to ke voted upon in valifornia,

rrevides for stats extention of Pincrce. Set. 27,.:5°8.

~~

eee: OFVLG O
 

rurel erceits

™-, am, ”
Rnurel ere:

wee
Sera

“wy 4.
t
-
o
-
wee
” e
ei

fm
= l—

7
wuive tice

ws

- . = ve “8 ~ +
wilson ur-¢s pronmnt
ew ah a
-« & rt. ~N CT - ; y
Q uO We? Le n> @ w~oC e
+ 4 - A, . - tae
vo Dill to ke Li:itwotwn

PAs - 8 7 y I. t+. a
O.riltte co.wpleve det. i

ixtervierw

O77
meseticn

20a D im’
ad

r
+

C

ay
ww oe

a

wh lw feat

© ne ~ aw 4+
Leportan’

mom ony &
soyo rural eredit
. : ~ _~ ae A
en UU . le Lo, U Loe

. ” ~ me fF o- > SPN aA
Soverncmrt Ferrin leon
~ sob . 23 as ~ . 9
a bs Oil Le te vsesease
~ tf 4 ~ ~ 7 os
1 uil ate eww | 1. wah tL tie
OL aan care
NV wel eOPLlcenm sen.iers
’ . , $ . , 8s .
a y1l1l es showli.: ce
a) Newt
.~.
* we
“sholds il
vcriiolds bi e . C.r
he
: ~ , 7 ‘ - Jena & ,
eserve four. Limits
4. ~ Lot 2 ~ A
licel invesvcd. avr. 4,
. aoe ian -, 7 Os as
lo 2. ey “ i Ta LPS’ e asl

1

+
swore
Jag od

ot . .
Le wPri Tela Oye

~- - °s Row ~ q

so . 47 740 . +

—-B teen es ULUoToL field
3

rn wut La

w Ulivie 9

Cc .
2Po..

hes.

2

d us

Cu
go

eorunivtce is

Bis.
mm fe

evolvin

Wes bill relatine

setion

Cc. * £

GS, 4:6.

o + ~ ay
as in heth
-“ Qn -
ic Ol leans
Ure. Cc.

Wild ce Lare

74. - ‘Tr
. 4 on on Voy
“mcs Fat ayn
nsloeciavulon

iad

c1nl nroaguct

c
nw @

mbyee,
ai

Poveritisi.

aCe

ik
uO

Ue

nN

1

C.7,

nN rvrel ecrelits

navy

cy
tw

in

of

vewezlle.

~ ~. _* -~ ~ (NX < aT LN . ™
q: es t . &, I & 3 C eo tl e 2 < “O ” 4 “ ad
. + y., ro « 4 2 ~wvie
ero. OvnLrs testiry:
~ 7 wos ~ - ~ c . “
re, verve Lartfora enc

* .
ad U e
   
t
oss .

C2

t—- *
fH

J ee me eee

f->

CD

yt on Jer
dane e ow he ? airs * bus ©
Se at
Tr ' . . TN ” io » - ” v ae,
~ 7 we ‘ rd 3,7 -—" ~ a 7” .7% vo - ce oo ‘ 7 ‘ a”, —
QR edd eto den WA oa ? “8 em @. Kee Cod ave we ..e27 UL SG es PeEOGLion, wai il cf
. “ uv. . .) 4 ‘ se a. rr. ° aA 7 cp
i ’ out ” « ‘ mc. yw e . See T ON . . . ° -
~-iCli. 2 om een nly aw Con Len ta & dututoo Lil. e aos e bast y 11:6.
a —_
Y eae se eo ° ri 7 yen mt ~~ f . ~ . o~ ” , "me Vinee ~
ao cod dou: Cie pedi LGOOTM ; 1 tw e irc e avesre. COLES, _, @s22 @ osy twee Coy
ane
.. “eg. -- . - - Ss 4. ~ gn t a dof. . . t me “NN
©, ° —“~ o “" ¢ ‘ 7. , 7 4 ry os ° .
Gas dk oe O Ww. « JL 2 \- Cena LD. ry ae we L Ulu. wer SA U -- ra e aelsrz. @ ws ( L LZ e\y &
os ? )
Te a? 2 Me ay aan ~~ J0% Nast. yy: 4 yy . npr. ten ri vy + oe
Plan Yer heerin , tnrouchousw vc country to obtain
: oy 4 2 . .. .. 4 7 ~ s e eo ° _ °
+ _5~*, . . Nea | \ 7,7 ~ 7 “|
nfor:.ation om whieh to verse aivision for districts.
“4.7 ” (Vee
oe e “ 3) id 7& °
at
VL ~ a ° ho - aL - , “rye
~ 17 ~*~ = yw 23 ‘ yas awa ~ Tf tof- ®
we uot lo wu Qe tL 1 wilkhdb Kae ak Cu wens , @aonake »° in ) hw «)
fy ia or . e . -.
~ w cl “> t7 -_~ " s ry 4 = ” an a o~ 5 . 14 +7 wm , a4 . . to,
wor. steer ve a Uce sc lar Ww ow Cl Col, 2S°510MmCLr 2 @ ° @ fobe ’
>. i
C.ae
adie rn a a : eT a “s. ~ Vt. Ll
a > ~ oc 4 ye a a 7 ~ - 7
Cal ir a. ee) _ a e. ) se UW e@ Lbarsa. we A 7+ y wl e wt eb et elie 9

_ os "7  v? . - m4 ’ oo _ 4 1 3
ry vw -. ~ ~ one ~ oT 9 “NY —, eve . “ “,
Cu I e -—t VOL Vw } PRT eress wae ta Vic ws Olt TLON MULPaa Crecil

err ce tomy ‘ mod Li
rol US .egali oe mis y im ow °
- ot ok “4 . mae > a e +, fo. . e Viewer TO fC ro mh a Ma,
2.Géin’ ev voneord. oO. toctiso vw ly rref. YY... ceamcoarn,
os . vig. ”~+y v r --+ ord ‘ ow ~ i” 4 qo. 7 wer oS oo oy q nae os
Vee OL } Ge eX edi, + Ua } C.cath ul a .. OY) oy” lit Ci.

mantener ka et ony wt nan . . Sa 7k
POTD Ta 26 GW LEProscocucstl oye atl ew ‘me

a ? a) ?

mr 3. we * , a x mms ~ / 2 . _- ~ we ’ c m 7 . 7 ~ - - kL . c
dois Set be soe ~ WLliG fear. Ore. 4a ° Hw y wu @ wack voral.
Ty _ e : . 7 mt arog 7 b>? 4 im vr a>" . 7. . + te aaee ie, 1 = f
i-llisc bill ecc.u.demed by lL... errici ls vournel ¢

“pry + ~ a an ae ct cics Pr , er Hh PAY _"~ py a LO e EN
al OPlacn Laruters 41.55 0CLavlone. a5 De OC, Ve
P ’ “yy oNoen 5 5 ™ to ni * vs oe a 1 7} mn Oo yr yr7 ry (s J Brr ' "C7 Tots 1. rc: 7 -4 7
Wor. aadts Wed re ALL ~ SUCCE Cl — tele eM. se “uU ae La bls we be Oe li aoe mia
rm wy oe be CL Lee &

Orn tL uw :G ® arsitin @ ta 9 ~ ° oO e

e
bt, a oes ~s 4 4 . a ae MyeAn4 - - waa tine
pencts 165 E98 colitis bill) e:cenaiie..e Peuuedli Selerics
ih _

£, WN : BOors qd “Anta fs bu 2 mo, o cyt 2 TT AGe
Loirn logan POLP a Gi. OSL bSGa ; LE2uures oO. -eesure > tev use

i. ae 1, ee ea 4 kar te. at 3 , 2s TAs Ws 54 ae 5 Life
barnikin=s covnrittee hes resurved ci Lier bili. ..ey oO,lee

Nae
x»

“
.~ ]
~<e

co.
Gu:

- 7
.. el erric.

\o> ate

fo

7}
4.
io

Trey

UT

oe ge
ius
e

19

wns wk

Li
5

4
'
‘

1
1.
froe:

whet @a.e
e

.
4
?

oN

x

mT
“Wye
4

°
°

* wyoce
mm i we

-
4.
vw

rt
QO

¢
4

1
eli

v

soe
row
‘
outa

sl eredi

L
1.

t aoa

-
vt
ave
a Ge

~
e

co
2

rur
We pare

os
U

4
L
~

~

’ .
1
7
-
.
A,
-

C:
bre

,
- |

rtla:

ete ek
ra ,-
sou

~

7)

cl ere

&

°r,-

WV bak
Pure

e

e
-» @ «~-

A

oye
Love
-.

ali

ae. 52.00

e
i.iY
7 ¥T

a
1

Cee ae
Fy
=i.€

in

wots
‘

v 4 . >
OG ty a
~ can J aa rs
r—4 ov ro ‘cd c)
ro O .- . (S . Cn
C 7 O ro < +? ) i
na +2 = 2 O C)
eo vs 64 © o2 4 49
Co a C >) ° +? w) re
Id 4 4? +? mo} o . @
e WD uw) QO . <6 ;
G4 (> ad oO if) ro »

Y
—
™~
aA
e
}
a
~~
a7
.’

U
ri

CD G+ © C) ml
se () o4 os oe C3

- »
7 EN »
aL Coa

e

Q

\

t

Q

ry

QS

id m3 LO \
C’ G4 ° qa) a, ‘2 . i)
~ o) »Y ~ C uy ‘ r! ct >
- . et © t) md i od ‘dd bo
ro 3 q) oO G4 . CS f4 wy
Choe 2) 2 G4 u) Sy oors CS
my i .) yD ‘4 v4 * © O
rd QO my os rs = wee +?
r ~ e wi . 4 f { e 4 4 ) e
bes CS C4 C 6) wd , 4 > o3
- © ° a - oO 4°
° © me D m9 a . © ro ro
mo oY - bd 4) +2 7 yD of 7 oO
4 wa as $y uu ° vu) Ly oo) My
ig QO C QO O - !
) + ~ . - e4 ,2 ) Q)
py ey My ro 42 < re 7 C3 a
i 4) | ee , re ay 4 rt 4
OS ma a ) C) <4 ) 13 ) -
a | . ot oO +? C. 7) 42 0)
3 oO - ‘4 n~ or, C) Q ny
O U? ‘ Cy "4 @ } 0 7 CO
q 4 - 2 6S ae ODD :
c ° a. 4 (3 fa ti |
z= QO ft 4 - a @ ©) © nce: ri
4 r 3
m4 2 ° ro ov 4 cd So ry e wD
o3 ra oo © ‘3 c, cy LS rs r~ :
GH qq a ty “4 a m vs ‘ *
7 ~ 4 O Oo oy 4 YD C4
C4 1 Oy q w~ ‘oe “rc Q) 3 ) 32 | Cy
oO i re oO Oo O + ri Oa 2 rm
4 4 © > Re) “rd o cS @ ~
t2 oO rd (2d Bt ¢ cs ry 3
Sy ro 1 r4 ty G) “a rH tS 4.) 2 ey
@) aid re D G4 a2 o ° to 4 i | cr)
' ae ° oa i of oS 0) ° 6) rt e 42
. a . | i. 2 2 OT @ mod
@ oy e Y “ Oo) eF Cy e e Cc, ‘5 rot
uy ce a wy 63 O b+ . to O 4 r
TT ay te pon « + St Feo
ann . a &.
~ AG Cee wae c u A @e Nee a 3
i a e e “a °
ms Vie eo4 nO TIFT
a he / ie Ce. ak Wwe Se tee ls 8 ee
we At ‘ i. ¢
mH 8k yt Cc . o .
UO... oe oe ly = cr Waa Na
da > ~ *
FO A te for an.
ee Coe. UU oe Ne ~ ws Ne
- - 4 - oe
' . ~ wey 5 :
~CC. a Ca UO ui re te
VY
- ' a a 4
f TONS Ty eet r pt CVi q ;
wee a «4 kn wv aAdwe Leak 0 ene nee
we
q . ve 4
Cc. 5% ot ” ‘ 7, eT cs . L
we ' ers mie iw nme Oe ww
eo3s” 4. Vw fa ma 4. tc. ‘
Conan Wan Bus e@ pe. OS
te
we M244 BDLIL «
ota Ley . wut vos is - re
. 2 8 Ny 2 - ’ 7 _ .
reat aA PEOOoO Oo
ee mw wh ww ws lw 6 $ at eet we es
"8 4. , a. T - oa ae | ~ “
! vu. Le or a” V Pore Ny i
oa a) - aww ~ aes ee ~
" + y+, ~ - ° oo
Re RR 3 7 © NY @
uw
, LA e ~ 7,
4 roy Ne Tormey : C “7 . ~~ ow
fais Se ke x ) ~ kas ~ 6
~ vw
we 7 ws ¢, 7s a i £ co. ~ 3S
dot vu a) Vo aoa wwe te
_ ~ 8 ~ . ss 3
: 1 o8 aun: ‘ “ee
oe ~2 2 - BWli 5 ~Peanwd ow ak
7 TA 4 a os +
toe a * : "s , f= ni
“eluin , ‘4 A Luk sew
. ~ 1 . : . - "4
LeU Rw, | 7 L ‘ oY ye 7 r 7 . ~
wee ae Be an WN we enn ~~ eo Le
ys ~ iL -
: >" Tet Sete 7“. . .
aw bt Ne - -C no ew VO as Me - ik ©
a+ cts Nae
oy am” .
wl _ e td ae } ize eo hm e@
tn
- -
a cr 7 = -/ ~ & 7 ve aw 7 my , vote
ee law be C ye am me tee wee Ween
—_
~~ Te pyre be aos
. oy, ’ ‘ 5 ,
uy / wand J! a u _< Ne wa U C. . 8
4
7. en ye ° ny i. + TaN — “ 1 ora
at d Ti oe ru Van ae wh oe Oued
- -17 oN 7 OP . ~— s ~
‘ 8 .
a “oe bane 3 \sp oe os ee ° we } u
‘ep em eN INN” aN N ers os
ob U 3 lu 3 ku e ww sa \s @ 1
4
- ~ ° q . « >
N07 YT > ! ~ fs a) 7 . + mi *
aw eo mw ek bie cae vate wa bag a.
ad
: ~
at NAN ee : toe ose eg omen rows !
Watt ne « . fk hem Li he
? v
. e
+7 wa _—_ 1 ner, ‘ ~ nyt on 4 oy
Lo Cen d hao. ~ Sa Hoos wv Noe
a
ice a re tere ay
= i * cae YA NA ED ® a »- @ ond Ne

ns - Gale «tic a
. i Poy on a
- i. ae ) Gas 7 euelOme Trey
oko. Nm . oa ™ cA ‘ 0 cor
oan w~OG e tek we nt WU @ a ve ek dake ts

4 . me tos . .

4 t » ome 7 ~ * ~ ~~ aq" 7 ~s “tO t .
we ee s os We ke a wv we NG he
rel Leon Tok Ot. 1
a &. ON ee 4h. yw nem a u e 9
5 ‘ , vam > - + ~™ TNO, ©, ° oa .
ee elke ok Ue ye te iver e JL Ma
G Se MOU N. LP, Leek

oe e ms ‘ “~~ @
7 v ~~ ° > >

je ”- a . . .
a YN woe CG r 7 vo - “4 7°
Nae lal KX be aa NA RA be € aay wae
‘ “Ny TF. ;
Wwe } we LY 8 8
5 a ‘ —- o _ 8 ~ ~ ”

- - Ll - ; yO ya --
+ wee ‘a - re — © La re weal . ‘

— ws

or 1 —~N a ee - “4 + 7 No

mew. ES ulos Look ow had - es ela
on a4 1, 4. XT 4
Lae rm) ou 6 Week ele oar ~ ao, + ® .

«a

- ~ -

toa, foe . 8 Naw. a cy 7 aT 1 ret?

Le te ) wee ae be he ew OW

“247 Tea
rn o. wie 3 ame ef e
-

.

a. - & ye 4.0. ~ - . ° -

Yoric> . 1 me ~anr 73 ts 53° . *

he. Wlaw as aw wo we Lu . @

- ss ww
- ee , ‘ ~ ~
t oy VR - > .o . 7 Co 5
mee ee a Lek Ue ee e 7/ ~ 3? oe tte ? Ne te
JS 4. aa - o a. x 7 mo
e ms - lo. “+ we - e “ws ww ww @ ~— ae 3 XL
-
a og . ~ e L
+ yy ~; we < 2 7 - mr, 1
a u. I C r c Nolte ae lo eu e - oo. ue le. r fae °
At 4. -- +
hb Loe, sa © aa “4 : °
Coola €.6 b£PGLeeri . ec.
1: 7
on \ 7 on 7 T°YIAVS, . + o erurs
7 fy C?: Puro Ge SQL wed kL le ve
: ~
rc
ah me Aa Whe ww Mem NS te lw wl ins So te ad
—_ 4 uw
a~OAN 7 - : e _
' \ ‘ ~- yo. etl ay i> >? 1 ve
Wy L we bie « Leo boy LN we Wo
a >
Lees
3 amis © ty 6
ry 3 ~ . 5
aN tem Ta oy ee a ae ate
af ow 4 Lo ee Ls wed kb ws 7 al.etoe } es 1 1 —

Cayce Spee eS i od Peer

Qo were bee Ue be anv oy ee m
e a ‘ ‘ “ + °
” Noe: ~ ry ~ 4 o - *
i) Seu dO? LIL Uitaeb ul et )
Norte
wl an) s

ane rol “ose
- Nae eb, wee oh
he
oo
7 T
wo
ae ems
Bde
a
e
C caw
y> _~ @
s 1 cay
. r ,
—~u es ne wa
~
“"
onfors
oe
vs
e
~ |
.-

' e
awn wf oe, a oye 7,
wae U s : os
NS ee
~ ope es wrt TT ~: Ter cers
he

ms ae Lisa.

. an 3 we - . =
mn the voenkxers. Doec he cet

oY, . ~ yn _o- , .. 4 ~ a At A. = . - ths
Ulie money he needs it reasonable retes cf interect%

. =” Oo aay eoat4 . 7 Tees rr. - T eee - =
4 true sprout of farm credits. liow sventecn vevich
aeagnge Ja we 1. ~h 4, 2 a - ~ Wessra 4 +

co.riumities withouw vic eit ef Llesislation, heve teen
1. ‘. + ON mS m7 + - }- rv aes NF e + wns + , ~~. “yom. ” ; q .
avle to trensylentv oho ovronesnm principics of collective

- TTY. * + 4
L orrowin. uma i1Yrsu

~ ran + ‘ s a val ' on * » ~. ™e A —-
on .2 Gricen soil. vee. lb, Lleol, vr. V4ao-—4,
3 ? a

loa t gs ~ - a Att bee 40 vee nye aN
before of culo acrieulturel credit syaten. 1:t-c, D. JO !

™ re] ry 7 2 tL A SPS AN 1 ain nas ty Tr “op J te Lieo om)
aul we NS abe Gul Vivo e - 2. 8 = »..8rric:: Lie d a tnce ase ate Le kb oe WD 8 eo be ws @

aT TTI VT eo VOT TORT OTN
ideo lo a Oa ke

_ . “NY v 0” 7 a “”~ “~ Coo ye ‘
clerd. Lord Vernon. 62:415.-

~ s 4. ok m1 5 aA “8 +
Over more c..cins tu

om 4 4 e oN ~ . -wee — ° . A
State eid for frrvews vwrevided.

sere CAT - ST oa a ms 5 arr ian

“* i a a bs asd WJeaa- aee-: ‘ a ul id
a | y s t aa. ae 1 e wy n, i . 5 -4 rc -~-T tet en web 1 m™ ; rot 7
UrTreal 2.4 L€i Ub dae. 7100. J @ ~ voor, e L7 ° ~-' by ®

Tv Joy pt . a os ~ +, * - ~y aie “7 my. 8 Jen
mcaus~rial o.a finsneisl coomeration- oo GT hure|er.
L573: 3 .

. a 4 man, my : i ~oh
ro AN 27 o~ 357m . ony v~N ~ ° . . =
epplia Lor UG rec tle. ma! "OLA, _Cul e LL 7cS.

—

7:
vay ON OOF ~ -, Ts rf son 7 +o * VAT 7 :
burose¢en exuuyles for w.sriecn formers. 165: 1Ss-ec2

4

mn 4 ND
seg
-) y0 77 o_ 1 oft ~ oe . re
, a Qe or we wl Ww ne
aed de e e

PTA es 7 oon
veal wy wy es a 1c

dl
Loo . NT}

CGe CULLUM e
oN 1- oo a
f INV, i om
VOI O21 'GCULRO

&
“¢° ry we a
one CLVILCc.l.
- ° 7 4

. 7 wey 4 15%
oe om smeneure Me dk al
OV. Bry Nr Saat Swe
we. DC Cwer MOMs |

> ws
Lulg, > Cw
~ ~~ .

UV “9 ‘ @ Ne ed
7. man ft oe mN aa ~ 3% +
ot Yawn Weak aoe &
1E0:540E 5 12
ae te eee. oo) ~~

wo

.
s wu
’
- ws

e
“yaa
- betewe a \

Cv.ur ul

>

oe
r

ad

7

dee

"> 1
Cae

e
wus
as

—

orc?

Tv Tr -
Cl.i.

ot] a “. Le
4
Cb ues
t4 vy.
l .
aL U e a hae

Toe

ae

-ba

CG)

-

11s,

ms

a@ hu -s

V.

“ye
~tda bh

cer
wus 9

De

4.

—-
. 7. - 9. . 7 - fm. Cc TC" A
rc c ~N ae so
e - e+ e ded ve bane wLe le — @ (ec Sm ° ‘ oO ' 14 °
+ 4 1 ~ 7 2» fd 6 ™ _—. v7 : 7 aeoWoL. Bak
qa a1 cr > . \ soy, ‘ N44 eye
KL vur 4 Cx 2 1 le. wwe te d it ‘ Ss we Ledid Ue
dae - @
he
ye 4. ~~ " 37 5 A
yore me. Slare] rooés ~ LIN A
Ths u vo 2Gaera a ind oe. Vall £:50 be
an a 7 OS “s{ 7.4
Ut Ww Ae —4e 9 a~/ @ aL eo
C7 TT om "Yy aa ~~ \
Vow ke eae hon oe ~4tsh he
peal! . deadan - >. S13. 7
“Nahe ado COL. Brow boile aake ,? wy ue Vy i
OO 7 aw 409. ee at mn 47 T° ot TT “ - 2S
2UL mo. wet wittod e@ -@ Lt oe s LC , 8 wal _?*
. ~ . . 3 - . a. fe ey -_, .-! 1! S fan -
.c. °, ‘ o om "_ O fj 1 fre . . ar a
.- oan we A 1s w Lt. Clu G teu ve. L ld docs:
ts
iy) e
” 5 7 a ! ~~ _-— 4 -— ! > a7 m™ ee ~
” . ov e" ~ awa > - ae - 7
le pedis OM. a». eo. ©. eri LCrLe LS - 4 --
. oat ~ 7 e i? _ . _ wn"
© 7 7, : 7 yyy ~, 3° nn niet ~ on
cole er , Lk he 4 Vowel io dk COU: L Lose Ye
17
ws @
7“ TF rN “4 ATR TT OT re
we \Sawae 2 Nee aa tatlbwwud dk wed
St ae: 7 * “y “err + mic 7 or ow 7 co" “n>
ain ttl ~.-0@ 4+ @4- ~A = LCsie eke. Cs sed ol

®
 

OEMLT OK
— + s Net we be

2 riculturil cresit Unions. 65: 156-5, Jey, lo, 107

T™ _— ”~ + e - . . es 7 wanta “FX 8 my NN 7 - rr L
haiffsisen elriculturel Lone. 25) FOO, culy OG, le

-™ 7 1 ” une aN A oad ‘ . ° rY > SN ns rm . 7 ~
eaniiers cnd farvers. Lol- OO7-c, sus. SL, Leis.
7. . a - 734 Ne ite v r? TA
Froslem of rursl cresite LOS: 2OC-7, cen. S1, 114
rt ye o ~- . 7 Oy e nee . ~ ecr ; 7, e ”"~ e ry 5 —
VO u Chl PPO mse Le CYroliu. ~e-i er rice. C7 :210—-12 vc

™~

te a . ” * Ss “7 Steer - 7 4. a4 ,o7TT vy * A
eevinnmino of rors l ecresit. ©. Cusley. LIG-E11-14,

~~ ~~ oN we 7YT ° A or mee —§ ? on“
on yer $s os 1- L . NAT cm 7 1 ye ft oa ‘ ae MTS
ac a loon bil e -- @ f @ ome a. =e ~ “xe Ne eM tJ w ww ©

“TL11L the rursl credits lew wort:s F.V. Collins.

115: 773 , om 97
wid e a. Vy” rw) J @
fry ’ . t eoyotsy wore, _, -~* . ~{N - Tr
Coa egale ree Chal bt dace eee
~~ . . we eae a 7.7 4. - Pe an — 4 > bY
t9° _ Soe ae cot Tay ’ : v . 7 OTN x - . c, n~. m4 2 3 a
1.07 OETD UG  1t spoftfit wor heLrin Tat: .ers ous of vii a
ry) ve a a wa
- a ey eye rn as FO 116
tye eyry4 ae on 4 cm 7 my .
usucl we La i asbad od 1e@6ra3 e Cl=c WI wd Ce
77 _. “ an a. 4 + _ oO .-. -_ oo = ‘ 7 “4 ~ * . 4 cons
ror..ers!' battle in Con ress; tiollis—ioss rlon.
ON 7 37. rs
SO: 14 ar ol Oe .
te
Wnawriaee bd rsgenece Or. Goo7 + onan tn m7 . iL 1 tyLce
nn Or 2” Grr 12 Ql Oe aa Geri, Vod 1 @ we be ne Yu nN!
~ Vea * 4. Jo - am Vea DOE mm ™ 8 LS ~ 1 17] S
road AVOU ws 1. vethaseQGiricva Uf Ww e a on eM Ure
~etdernl fere losn lev of Lela. co: € ca Lo 1c.
vv o—/~ ~~ --.
a oho ne’
-_- 1 _ 4. a rn ’ + “yo. 1+ Le .
, € : r 7; vw ~, ny f ey ‘Wy ty ~ Pe, MON ° ‘ 1
Fic. ~ OL ~ G Lei On d &. aon ra - e © . wlll Ue whe Ww ‘s
e es _ . 4 . . . - ° A . . 40. : £ _
. a*- wr ‘ 5 ° oy ay rm me ~ on ox rt we + : c mn. 3 a «
DuLildin Mug loan assocletlcrs li: Gelifornic.
crs, SE1
S41 « Wee e
bp mecc om 4 ~AayOo, Yr TIN
te aa me uk ~ ~ a ee | ee ed -~ ALaw 4
~~ - . e 9 a4 . . a . . . es iL
. oa , ~~ m4 cr oN ee woo, * OL WO ve 5 myc an met ye >
ee ea ee wt . ae Nae Cod i dow 71a weil dk wl yeu me \ ns oh ~ 1 wi e
«~ os wo
T1539 -- FTN Typ. EO
we Lev ’ me oy “oe e
wy
rT 7 . - - ~e 4. - , os k - “ -- - od
“yey “ ~my r Se wy Ne ay sAyrwMmoe 1L ~ no. 7 ' ™~ "A tf aN NN
rrewli i wate a Coe v) O'. ae de We CYrealie Cll kee COOVST lu
. =; 7-4-7 ~T i
sy ote oe “ oo ~~ / -
des 8 iH 9 hv wy ; Ve an  @ eum e
A é
rt 7 -* ro, < ce ‘. ™ a | fa 7 ed ~~ a9 - 4 ~ J . 4 am ot ‘
! ‘ most 4 3. » wae re
web e eOLNe be C.: 12 ed ae : vl ob Ci ~w ah Vrs e ae e oo
as ew . ans
Le wd ) - @ buv.
aA
. . = s 9 e “” ied A . n f* . . ind a LL . “+ - a e . .* . . - f
wr. an ‘ : ’ 14 aa } mwa, wee. .3a7- ote LN
wVeLlivist u SL te, tous wile ae Cl “ ae Ue Pe ae ee OO wed
ww ~—
oo am - 7" 4 - . « 4 a? tA a~ & SS. ee
soe mt 7 om : “NY mom a>” ~ ™~ Orv _~ os ‘
wwe uw. -C@r .. awe vba Ge ce. Wee Gwe SU hae FL
“ « _ ; de 5 vy? my l ~ co
“UP EN WRN Ts - Paya ay me NON 7 7 . , of ' 37 ws
TY NV Gaw wee dm JUTSeivyol. m2 . Le wh i at @ IS! L @r.? wn LS a
ott _ 2 ~ . - -~ * gs 7 4 “Rr
oF reo™ rN tt i “ty ant ti ai °7 OT, 37: a yt
thacg ~«- JIL fe ‘ee ae Lc A wee uo . ue A. Cr S we ke u . ..C 7 @ a y ee be 3
r Tv = - ~_NfT t * - Co" t wert
wddde DG Daa wt le
~ - 4 rT veo yo “ 5 ™ aa eye 4. —~s ~o? 1 “7 ~ ay
: + 2 ‘ : : ' - 3 roy - . :
- Cre Cc. ~ tu LL @ ti tse ~ vie .uGlile wi ~~ § “Ue ~ Cove
ray, mee ce NO yee ~” ; Pie eR © AO. T OS Cc
nal eee eke ta or. we ~-e@ sd vue.’ lL uOaihe fi °x (Ole l,.
~ “14
X Cc Ve Le J e@
"4 tL - . . _ -. . a - aie “ wa a
“9% sts nyo oO ‘ i. Po cS ; »y)
dae ek a. we Nap oble Lis Pa Live 2 Mo Lu ae C' e@ fe rs ui.ziuOlle
~~ -
CL SSLHC s, Lei
ew Wee ~m @ ..U- ° u tL e
, ‘ ~ 7 * * OY f - Yr mi sf - ‘ poy TN - . . 7 wm ~My ot -™ ‘ .y my © *
trea. an oy res a ~~ Abe - waa =: - ~ BE ewe Syeerbe
—_ - os ~_ 4.9 . —~ Nf a . x -~ i. 4 “~\ --
. 47 ~ x ~ ' A 70
tL . west.) OL la ) ee Ue asia og “LC ws is © Vit,  « wo we
— i =
es - ~ awa Se we
\ .
ado tae wk bh eos
_ + Fw on ty aan 7s a 7 7,7 : ” c ° 4:
yO, n 7 ~ “ 3 ' - 7 . ce CC “os 7] NAY OTS
yvOLCoL Gok fo wie. vleng NO - we Ak me wwe SOCAL ye bOI,
Tan De TT
— @ st kee a ~ «§ © 4 em {
w
TT 7 ‘~ + . cy FY er OF
a —- ~_ a ee me ed
TOR es roms. ri . aoe 7 . 9K - 17
ae se So te te tomy Mt A! Oe anes © bas ie WS rw 2 ®
SN T T ator ~ me Em me - on, :_ 7} r ~~
’ '
dani te ew a he coed a re ww Sy hee a ee ae .
my a v7 - aN 7" rot roy 4 7" .. 1 cms 1, 7 oye cme TEN ws a . t, Lan “_"
tonne tN Re ee a he da oe bola ag ae weg tn tet 2. @
“4 7 Je Los 7 . e no =~ - 47 7 ~ rq
Pa ere rare me | ad oe ww ts ls e A -li © aevU Le
Sr SIAN . ~ we ote +. mt rey : *. o> Ct. v1. 1 = +d rT yn - ae . oof as 7s
a ae ok ae Se YO ~~ td wee me tee et witee ~ Wi ow ed @ oe @ om oe. ~- ~ bLoie
—— — - ~
,
At fy
m9 LLY ade
Tos me yo cy 7964 Tr? my IN
~ aw Ta hae you fo.4 — bare caer ee
TT ° ee _ ~ ' * . > bd L ™ ° 3 oa
ov mee ‘ * ~ =~ me 7 ry 7° ou o~ fo mr , Pie
wt a ¢ 7 ‘ om Ps oy °,
LOLs ee db Loe. wa ~ ~LOL. we ke iu Ee uw oe Guo dL wl.
° ‘ ™ -? v woos ~
Licon Cot. 4: lo] J. nO. led
oo ahi Usaite wis We = ~ we e towe wu “ne
~. e7t Qe 4 5 nN ° ~ ~~ ™~ 7 8 a NN ' - a a ¢ 4 , “~ ™ e awyr Aga L o> ~ = a cm
to ‘ . . Tye - , . ’ ‘ 4
dit ee a eVdUiiy COOmMeO Tylon LL we ecole ue lor; ne One? Cre u.iul
Lill. w. Tes. Sl: Lol ¢. 8. Nie
te ok Lb ° Je 2sruewe sue wate hoo © Le tae L'se
~ . -, . rat “oa 4 “~? ve 7% 7 syn oT. o 5 + on t {~
bo - to ke le me uw tee a Cd .. a ~w at Wee ut @ Kr
“4 “re ~-y 4 17 ~
Ww oe ome a wk U4 ~~ . ©
~~ . ~ e
pote ane as L nm 8 ee, *. . s =~. a5 co. - + wt “1S rc:
a Wee me Me, Vem wat bi a. 1 a A ke ee re a Ne Oe be SJ. nw @
tw -
reo - - ra
"at te wt ot at bn Pane e
ee, 7 re » 2! 4 ~ meet “ . , Voss . ~~. 7 7 OE -_~ - ry ”~
mw es m8 ee a wn ae - / 4 he . ee -« 6 w  e tweoy te . te sv - @
™ ” - .. aon % 7 t° - to 77 NT 7 ou ~ . 2 4. “e * e ceo L a* 7 7% 1 L ”
at. ~ aioe 2 abe Cc ~ a wm Oe ote wd SA. a OH _ e a we =e =o >.' @
“314 ° = t » . 7
‘L whoa ou a Oe mae cr , "ae: 7
aka oan mt bP a SA wt we NS LO oe Sm | rer one a ke
~ 7 ~ * Note el aa re Te 7 * : . ™~ |
- 2. @ ww SB wemue sad ee Ne e “, 2. 6 Lh Soo LL a, Coke .
 

—~ . Fy _ pas re ° sat ye > ° 340 ac i 74 . ~ 7. ~” *
fehl. as en ww SA > ~w ivy .. we oe a) we wns hee toe lk “a ot @ oe e a or . we
acy Fe pee 7 ee mop te OO 17°
ae we OL eR Nm a a a Le toe woe aa u -
~ ~ « = . -_ e
- ye roe 1.4 4 ine facct .> - a7 7 f~7 ee - ao, Toe. | . = * meet
. NS a 8 mee ew Jo. Ne ws ae _— ee us ~ dhe Flt loo... - ° ~~. @ . dose. le
“rym, 7 arr oo !7 ‘
a a wee te oe AY U ae was ®@
- 7 ~ ~ . _ _- ~
nm . 7. ~. 7 MA W™A. 4. ' : uN oot ne v , rane
ws se ae ok ew ee hh me Lee Dawe a aoa . @ a+ © + a oe
-
re “So - 9 r -
7. Mo / . VOR t 1
w L see t-te ore ~47 6
. . _ : . ~ -
onanaren nn i en 2 re, + - my Sey os | ME mew oe 4. ay
ae a Pa ees tol Foe Gee ee im 6 . } Ne AQ em —-.. we hoe 8
~~ ca a
oe ” a eN os -- - 2a OA
1 ri
7 or 7 4 Je
-- ~ a ~~ o« -* . ~~ ~
av . ~ > rt ' 7 7 7 ny ‘ . * ! ™~ yyy f~ 3am 4. on . % ‘ ve 7 7 _, t 7 '
au Meee - ara we . mE vo. ~whlie tee ° we be a 8 4 a one
uw te
v 09 . . e 3 . a
. LL 2 47% aw - oe L S74 tt - op pe . rey : “74 3-7 ed TRA a,
, . ot oo . i
eto eee wk Nae Py oll ow Ne ak ts aa sow Aw eR LN -- Lo . ir we ee ee . @
7% . ~ on - t7 =
wt he a - —— r + —_ °
. , * . 7 s . 7 . ~- m~{
, ~ : . oN - A " A yee ek ' - Te ' : -
- a to, see A ee re ae deve Xu . tes . —/ - © . -@ 7 ra .
= /_
re ~ = . 3 .
oo '
as i - Nat ww Ne ee e
. . . , ‘ = . - .
a4 .f Ces ae - hye cy eet . en rs To
u - ~aA. m~ _ ao am eee WL sete bot vo aw! | > na. i, @ / e a ws 6
— ~~
on ar A ee an a a “
NA ame 8 eo - ome as 1 @
- woe ° . -
moe we tee, me mee Tues Poe Too Lt
eo a) ~ he . . RN ~ oe ek s 2 dete Le -/ @ ~ swe Mo e
Loa —-—-
os ae =, t7 rs
t . .
oe we ee we ww
-- . 7 . - - aA , . - om ~ - ayes . feo, an, a. yy m4 ° a s.r rN
- -N - ww dh tas went an ho aN ae oe . we lw oe www @ 1 te ® wei (ty Vy
~ a
. 2-7 I a1 4
or a. ’
_~ . . ° _ - - - - ao -
el ns ee se 7. FY - a, _ 4 a, ’ : OT ye : ” ~ ry ’
eee SA eke ‘~ Sie MRR OY wt rae © 7 Qo eee _ « he ow twine 4 ty ow - 8
ode ~
- - * - a7 8 ./ -- 4 oe N -
ae SR a ao Pry. ya
we tl - soe a -_ ~e ow an ~~ ow ’ a hl Io ob e a ° ea - , a“. e
- . “oa “ com
om me .—¢ - ' . af rower tye my Nt o - + ~w- ant. 4) fr wu 1 ‘ 7
seh - - a ss . . wi, . 4 be Newt ee a4 aw ~ ee oe ae ON a We . —_— —— 6
~ 4
ro PO, mayors . s ~7 oan
. ’
‘4 oe foflee . we ok a - °
tet
~” - . ry . ss, . oN -
aw 7 -— 3B ead - - oe 7 . : { Oi 7
ose _ le mm he Sh +’ . ~ + @ * , ' —~ e -= - ~ , A — ‘@
-_ - at
. - - NN
on . ' ‘ ~ aw dot
- " . ‘ an am ors ~ 7, 4°" ~ ~
rae no s 3 4 ns 7 . . a4 om
whee ae 2 ek wee kak Oe ~7 we ie 8 ww ete Oe wwe 8 we ee e
tag T — Oo / Oe - 5. Bw Om < ™ Wo- ons eT “mn . “of ‘ _ 7 4 WY
at ee we et A oe afk a Ub we. be aw Ve Lt ne te bw trea eli‘. dl oe
- ~
so ~~ ., yaw se ee i ~ _- + | “TM™sM 7 - 37 wg
tye ee HH ea ~~ ~ a= bh 4a. as wd eh ee
ra . L eo . e 4 +4 . . . --
~ ost we ™ ror oa v 7 —™ > 1 : “oF + ce 7 “NANT . - wh of
— a ‘ 4 - my —
Ww A \. wr he ew LV 1 v 1 a 4 ae ewe ak Vw Wo bee ou LO , e an) wo™
7 , coy
or Le he the e .
aacpemate aot Vr. "Loe AH ~ = ys mote bm a A vo ea ae
as Ne A i Iw en ae Yo - 2 Loo ele 2. anew ok Cel Le L / e@
— e
a
oc a. STN "ee . ram o_O
WG we beoekw ; --'/ ° iru ” ®
. ~ e ° om - ’ - + . rn
an ~ ~ 4 a. A -, 7 mF, a 1 4 ~ ro ™~ . ss soy a
44 eek a a Oe ~ se \ he ws a. i ‘eg ~e e ° eo-u4 @ we ~~ @ foe @ fF NL
~~ a
17 7
aa ~~ * a ®
ew EY TIN Tw Te wt ve me
"GN bee eo be a eo iow -~eoes Joa os
7° } aaa 4 ~W. 1 . aa 40 lam) “ oO: . ' = . 7. VI aA ae’ rn 17 ~ ¢ [- 7
aa bm he vith wroidk w- Lae an Dea al eee - — Wie ~ baweoe er e 6 2 8 sw ee ®
—

“ft - 2 . - ' . a 1° - . . 2 nant 5 erm - me
Cyd >: 4 ts “Of | , oO wo . , . . | yo4g ae L -
JIN ‘ ws 4 wv wow ~ N\A CL wa le oo wee it ol ~ 4. kw wn ~.& @ ee ok Ree we Leelee

oe
~ 9
cy i .
aot am e wo . e
-~ Trem 7 we T -~ wT Y -: *- ~ oe me my t ~ _ Nt rjc oc7 ~—*
- ma’ ‘ . Wg. wow ood, a ro] ~~ ae a tm A « XN ee se
. ~~ -l °
7“ ™ 4 374m ” “57 ‘ ria t “3 “7 : 7 ‘ e ” e
Oe a kk Fad m wee Lote ahi Ny ‘~ ‘-
— om

“tt
AN!

mts
‘AMD

1?

~ NM
~

tows

ww =. —w

mm. vl? h, Lt \ e . . aa lu . Ms
a ;

» 4 * we . ‘ : rn ~ 4 vy a > es 4 . “
ee nw HD ars (7 tes . aa hy ° he
CG Doe Cs J ue Jue wee ee , ern il aehtw ne Sf - @ ak Ty
é —_
- , + -
MO nee tips Tel bo ale biog . yoo
a we ~~ ‘ wee tee Te Ne Ne e ~ Woe e a a)

a - - a+ a wee we el ke oe ITNT yo |
~ ot aa qe ~: cr oN rey 8 ‘ to 7
wreid Leo, COU, ul Lee a oe es q +i. @ howe te 5 ae ise e
w

 

“A ~ “~
“4 ~ an war 5 Lo rm boy. ome =
te - - Jam = ° -_ ww - 6 i an tw @ ke le ©
~—
one + - ya, ™ ey one os _ ant ¢ coors a. > ‘y .- “s “4 7 7 ue 7
=~ Wee ae > Coe we ach we ed a Sete Nt tad @ . .. 2 =~ © wae tL aa é 3 wee OO To. ka fle

oN 7
ae |
Tiss
aw Le tk
7 .- a
mee

-~
1 @
~~
m™ A
i d.
 

.
~t
,
Sat Oy ee
- os 4 . + . se . . nN -— 3» 7 KF
Ox ~—yF ‘ ~ . oy - 4 wy Lor . . 1 \ a my
6 -— - ek, ‘ Noo - ~ Nes Ww boo - we ~_ @ wok ad we of 9 wee em OL
— ww
ows 7: . . t an) ~
.. Yr } l mya Aran , an ‘ ~  yre mat mm oy hoy a Stee ton ote
—w @ 4 @ s a ~- ad vk ; — Swe ts . & teh cc ee, nn Bowed Le Ne Oe
—_ + v . .
“
a - a4 2 Ly de
: o ~
“ale, a Ns 4°?

 

- ° -_ ~
T 1 ~ mT , i ro . meats . 3 ‘ ™ ~ AY wm
a oe a ee whe Wu » veo -hN\ws J 6 LL wu 4 4+ Le e

7 ~ on, J ‘ 3 9 aéivs

— . . 8 . x

- a. - LS ON? 7 > vor 428. Nt ee ‘ - ~ '
\ we 8 on Me oN ae ae ie Via Lhow hoe od wed é

ah =

- - to. « 8 m ree

Y 2, re - . - be Nt _ 3" 7 \ le 7 fz
ow whe de Ne wa ww hy we me 1s as - © sa “fy = tL Kae tee ne) @
fis 42 ge ‘ a

« .
“, 78a L - i ~ atc os moat
Met Le eee eo atte Le OL Le
-- " . ' . ’ =
Te A AN my fo aan we N O® 7 ‘ . 1 7h cy . i PrN PVT eww Ts am Sor, * s mY
mew we YL Ne dk ee oe hk! a ee we Noe ee ee ke | le hess. e ot eg
w/

Io, AT ™. AS co ~ 7 Meow - . go - -. 22 AY, ~ as
L Au *) wan ' \ re : "Ws ; - + } “TL . ' q 7 rt '
“ @ otf oe / -w 6 \ ~~ wi de ee we kh we hy hae \ . & Ne tae _ . ble ~ ae Mag
_~ gr x .

. ‘ yee tone ‘ - “a
Mo 4 ~~ 4 whe WO LL 3 ‘ae ~— wt O )

 

~ aes vom te —-- Net ee ake ek ee a Nes wo - owt e @ wo Ne tl oe & Le»
od - 2
“—s . a J a - ’ di. . Jd e e ™ ad om qd e
. ety mo \ , . “7 Yon ' - ay 1, ome 7-7 . } cm IN * 1} oo cx
~ me - A Ls Ow - Wo Ra fh RO a ee ao di vt oll fw ha ke s2 vr wy L . ; tie
— -
PV wae bay ee Ie OO i er lay Jus TOF, , toe, —
Ww Len Vi . 4 fee whe CO U pa wee Oo Vin - wv =O tueviy aot: Lar Lie whe
rw) -
~ ” = . . , . e . .
pote root, - 7 -~ =. v.95” ry ta : 5502 to { L soso “Te Om 3
teen ie wee es ~ wine us! SF Lean a ee wet tty wie 4 ow oe Wan w ean ow -
ME
Warn OE, Uy e
—_

a « i teed ~
~ . + tt » “ ‘ e ‘ ~~ a . ot
ae whe J Oe NG me yo s wLonel we ovis e  e E e ; ou! » e@

~ ‘ . -~ ws ~ a my . —_ [oo
ao... 4. ae Ok 3 ~s f e rw SP oe
iV]
. . . . 48 ° = ee | , 4 5 - 24, . q . . - . ~
Feet Se Ty oe tolove le. mm a OLS
eriveane bss ai ee Ne fei bo. Lu ees. & hs .) @ « 6 we boe _ Uo e Co wal Ns hu
— wo nd w
a “Nn =. 4 ft aw we ie . N\
e fi . - “NIT FY 1
a, e YU O-- BL . (. whe 8d MA Ved A Ns awe te }
- 4 . =~ re e _ 7 - nm ow . - /
Gey tats CYre 7. ee ( cae : > CoN - an
ai hiew ee ee 4 ww ee he oo 8 Loe wh & Ls oe t, OV le viv y wie Sea
i
=e - . 4 e-
N47 de tu ‘+ a] Ne te x a lo. wh me o7 ae «(SN to to -_s wit «6 “AON Nd eae ww © ~. (o dae Sa . he WwW soe
- - ~ - -, ‘ wo ee
rw, cae 3 n~ S ny a ae; ” 7 4 4 wos 7 ans ol ~ -. op Re ai yoke . ‘ 5s ‘ 6
eo tee eh. Ns ee Ne Lk wa e ,/ «@ 2 Nie we, wh. a _* - 7
—
we ee on > a ¢ on . . . _. : - . . o 8 am . . . ~ -. . .
e , — | { : 4 Ct ' ‘ . a a ¢ : ,y Y oe o_ ~, ; L : x Lo . sO
ws iw « Low ‘ ome a ww of \ a Pom IND LL Mie bd aa ek No NA mo - - = vee as - ae td
7 € ‘ “ rN Ne “ % * oO - 7 “—" ro soe ~ >

ook ae yo ge Te woe, omy ma Loe = a
- eu bola wk i. eet er »~:.. an en re) LNs Ll ed she 8 tl! e

. + ’ ~ - a wr eo re - ~~
cts a nm. ty ~- a A - ee 1. Tay : > ; =
+A Lobe - ee w Wok ka . eek Abe Mextio. we a oN ° we te RY to Nad See et Le t- @
~ -
ar ~ 3 . . .

x7
 

yey laa mM o-.
ole toe. "ij .+e
" a ° me
~~ t a Le V7 ~
a a “wv Ww ve ~ Sew oe
37 7 _*
da —~ © oe ~ }
ro nm
. os . ’ “ % a7 NN .
whe ~ 4 Lee, - t
: « -
Qt Gt
een. Ne mw Me i) -- in
43 6
7 me 9
= _ , e “
- -2. G06. 7 (.** f
ee eee a tia “te
“pepo sss
Me ae Oe me @
i 5 7 c a7 ~ “3 7%
Nee ae Lee mee ~~
~ [re * we
"me ,
tw 4 @ Na w e
— .
Pe ha A Dep
wee ee OS “ - i — a
ey
a 14
45 ~ e nd an }
Cad
~ ”
ae Pos
Loe tee ee
"De
ve wo to .
v 2
a . af" . ~~ -- .
me Ne a ate oe oo ] -
ye or ee ' ~
teu © too wei 8
o
_ a 4. 7 -
ran A yemn + ee -e
ow MN bt ew we
s 7 “_
7" 7 ' 7
da e ae st oe 3
~~
-y . ; aL .
' L° a” .
- a w Lh a yw.
~~
uN ~
ter.- @ . - ©
“~|q ~ a .
Mroapian via
“ he a wt owt
- ' “so
' 7] ‘ a
- -1 ww @ ate = ee }
™ 4. 3
: ~ =.=, Ao ~7
a: r y 1 Us
VY UV y eel <
a
os
ote 7, -a+ :
: -_ ce wn
se
- @ - -@ ‘__ e@ o- we

%
Py rN yt: , ia c ~
‘ t
Ne wh Se eet Ne
- ry
Maen ey aan. 7 -
May. i we ~ ee .. _
4 \ !
- « TW NAN 7
i " ’ .
- eM -_ wl wwe
ore . 7 MM .
{Ls ew Om he ( nw > vee ©
e
“ye : ~ i. . J. .
1 yuot oa 4 a
ome. -/ co wa wd e
. “* °
1 > ~ “tt ~~ om
a Aah T- Coe
. e a ed one i
Lo
Ls e io. 0 ® \~ ws
s
oy NM Ne : nN
ae sue _ 7 a)
->
. : :
r, a * 7 “ -~—7e TN
we - ~< - -_ a ee ta @ ~
. .
MAG 7“ > TON NR
~ im are —a~ ese em OY we
~~ 2
aN 4 “3 . 4
- . —_s * a .
rei. © we / tw oO
moe e -
aoe on * ine cyan Py Li |
we , ~s + ws Quan ws es
7. 4 a
naw .
aw 1 @ tw ote teh. @
°
my eas 44 mY a oo
a ama & We —_ wT es
~~
~A sat « -~ - ‘ ~
«-- pd ee ee ae te so.
— _
. rere 2-_
oy mn °
a wf d “a ‘ae
- « :! a L
c rote NS yt ,
— eeawom 2 ww YS we wa
——
atm ef) x, Le . - nas
a7 , my > :
* . - Fo ee! . Ae foe
a
~ 7 o> y
: : ~
ow CO wD LA e
’ .
“, % ett . re al
ww roy lk eb la. re ror
~
_
: cf -
"4s 1 ry ,
ed ae NH sae
—
i ~
/ .. @ “oN eee

 

 

mre
Mo
or Ot aa A ee ts wy mT
~ e 4e e Me te - o aa e aL.
. “ - }
e
™~ pyc | mos
Tt a woos. .
+ * Se - = “4 as - otk ee
> ’ . ro
~ ew ON ty ’ ~ e a .¢ @ “ ed ‘ sel? wow Ne kk
| .. > om -~ Ne meee core
1 t . . *
Sea me Ng te a TM OO
re ’
. . ‘ *~ - “:
©... le: 6 ml WLP - e “VRP
hovel ae - ~ ’ 4 se ok ae ~—s © Le
* a
ay * sO ° .
ee te “Uf
Bt Bee cot
ws Ye 4 @ e Se eA +. @ -) 4+ @
. ~. 0 ~ om
fe ye — Qt
e . @ a er) 4 ata. e - ~ we eo — a ate O
7 < . -~ “-
7 y . fr - 7 ct Lt we ( 4. 7. 7F Ar -~— as
oe Ne we we “oO . ee Woo e ut ef oe @ POM we ow ee ak
&,- ~ 4d - . . a mae
: f a : 1
dio UD e ~ @--@wu 6 w -- ~.\ 4 @
ms 7 “oe v,-+ 7 - rN
. . '
e ~ @- e ° =, wo / © TM. ae He yg
vv
5 e - - -
- flare A - on RA ee Toe. mee
. me ~* Ne e @rw @a we bs ve @
so “ ~ 7 ‘ 5 - 4. 7 ~ yn
rome -. 4 v pe rt , ‘ 7
Aa —--+t/ Ve “oe. oe” eo. a a oa
s x oo -
s-, + ac07 est “4° > aan
bi! ee le OU Oe e . » a »- . @
w
-, ae - >
Lte athe Toa a £2
- .. © LL ws wae | ge ee 3 ry Sr fw =a VY 8
e . 24 ~ «oy “ i t
= ~ -- ~~ ee ote =~ --_ = - on . i” ‘
yo ‘ ‘ ome . oo C!
Loli mek vu =~ fe wi oe VS . amt i ee ee
Ne tT _
tics 8 — t= LL @
veya, \ 7 Sosy a.
\ :
mee ee whe Sa ek L
o~ . oT eof
Wwe ts é "os wy @
PD a tS
wre ree wot
. ae ao. ~ L. we «
1 ~
Mes. ol
- “ , @ K- am rw @
_ ~ * .
77 « MO
- -* =~. we be kk nee
&
- = =
. -_~} i : se
- ‘sm e — ~ wae
a
~~ ‘ .

 

erry ~~ ¢ as .
~ 4 .
OO - - “tay
mee le woe ~ J a -
ne
. Lae el ~~ eee ) _
\e
‘ ~
-P- fH oe a:
,
eA le - 2 a RK
— =
€ he ~ awe ols
~ . 7 .
1 f - Soe et my
alos we be
. ~ ‘
as a7
toe
“Ne Ne ad. be
=
re ree
ae a wee ee
mm,
—,,
‘ Sf % am e
~~. e
yaw wy, wo -
wel ga . a i
rc! ~” ~~
1 \ -
\ '
. Ve to. :°@
’ 3
. 90 pot om to
. om ee wee ‘
- + ~
- rice ws 77 AW ANT?
~ we. ~~~ ee —
ee ee ' “~ ee,
1 at ow) 7
aA: . - .
-~ ~
‘ eee soe
we Roe a ne @ ars
ry .
Sms - i i el -.
a '
owed ~~ aalew te - 1d
~— =. ~
~ m™ f
. — , .
"ye a f ee

7-4
we
3
me
tad
: “.
o, a7
~
tw
i

- -_ +
* e
- e
7.
'
we
ee
OK,
- 4 ee
ene We
- “~~
Neo
aL
w
or
m3
-- ~
lah

~

XK
. or
oo

ene Aes
css . AL ~ wae ~ awe te @
s
‘ wo | cen i. ‘ re)
. ‘ 4
-- > oe er aan* ~_
/ roe
o. vo aoe { e
. ~
wr VP YN ~t ran
7 d ~ =
° - rer
= —_ .
Le ee x ~~ @
-~ ’ ‘
. . . {" ’
we Ne bie a- +b @
-
- = . *
AS, we oe ee ’
rd
N ryt
— a s
* ys
1 . 7 “LY
- ee ee ws 4 we
—- 7
rd rweng
NMS Fe
. »
at - oo, Comm “
Se Adee we a a
a
- yy not
~f ae me owt @
-
: ~ - ~ aa Pes sn
AON wee ee
o o4& i °
1 . you
wa vy. vw LX Le
Nee’
TANF ae
4 a ow ee . - - 43
, oes
eee 1 ry ate woh
— _ — a ~ om oS
- . .
soos . . oS cosy rm Awe
whe abe Z m4 as
nN "7 ep ry -", . L7*
A ate Lyrws e /
aoe on Ok “LAWS
Orel. iue 0 OY¥
aon

om,
Nhe
“4
4 e
A. ,
Ww -
ed -
J.
\ »
- - N : —- ws
e -

- ~ -
7
— Ww -

fam,
we
r-
«| @

- e
my
se
‘
®
'
4a
“4
a]

24.
~
af
woNe
e
a
ww &

>

e om Ne
e
‘- @
ane @
‘a4
3
- u u
oon,
wep ©
~ e
Ln,
ule

~~.

as
@.e
ay N
€

“
reomN
Moe
ay
e
~
a

~v
ae
bed

~ »- &
~-
ae
s ~
~
e -
 )
e -

rt
+/ @

ecce
fr. .
a a
— “~
oo .
~
e
- af
e
a
--
£ e

rc
“oe n
-
e ~~ =
*
y
last
_ ‘ a
t —
- &
—_ u
+ . _—~
'

' .
- whee
cnet om

1 hi :
wk wh

-
°
i
- -
:
ae d
.

-~o« @

~

, ae
+ Ne .

a,

ot

-~.+ 8

“ 7
| '

— ~~
m7.

wer 8 Oe
e

e

me ur @

Nt
1 ry

{=
e
ro
\~ @
ch

)
i)

fs

ae
‘ .
~hewe wy
Le ”
oN
oot.
.
we,
!
oer Le te
~ wa
eeu
“
' «
awe 8 e
9%
. ° aN
.
~ —--
~~ y
. of 7
- ‘wee
a 7~
’ '
‘ co
3
- rad
tos aes
.. - 2. @
ne
=m —/
~v o™
nas «
. . -~.
>
—™_ - - -_
"7
a. 04
+
-s sg
; .
tO Fe
"4 -
re
an
- ww
” _ «
\
- ~ a7

- + Doty
~ tre
mo A

s
ate ON Ne
.
oe NY
‘ ae SY
7_ sn ~ 8
~ ww se @

~~ oy,
a ed
oa
_~_ «a2
.
ohm tlm
“ ¥
se -
-AN -
~

wo
“ ON
—s

.

— 4
‘

. 7"
~ oo

7” ~
1 a

-
i
SS im
ooo

e
-
*- wd

~
_
“
+
—
-s

e

)

A
oof
wee

cA
we
=s

~s
—_
“
eo
.
7 6
we fed

e
“4
» *
s =
~ 8
- _—
7?
-
4:
7 :

a

he

t-

a

mm). ‘ oo
aa

a ‘ ote ts Nese
4 e
, “7 ‘ -, ~ tty
a Ww ~- ua low. Dora
— ~r
7 -~
"
4
sh W 6
. “
1 . ie sy) wes mary ‘ + *
as hee eh a tk -— wes ae 8
—_
1 “~n '
N oot ANF a ~~ . 7
ws w - aoe ee ee a te ~
. 3 “7 = ™ , 7 7
oben wk 6 — = © . —
uid
~

id

Ne ~ met
°
~ . ‘ - - ~> : ~
- a
-- vo -- kL « we
oe
‘ 1 > 8
€ ~ .
- . > ® wwe es ? me 4
ee -
. .
2 ey “ - -aq 5
~ oR a — = + a _-_ ~
1 . 1
- «4, e .
,
2s ae ~~ ae - ~ a
>
<4 .
“wwe '
-~ . e —. -_— ~~ e
“
. ”
i , . mo o {
Bh 8 - @ — oo
. + 4
~ ee ra - on
aw. Meat. oe . “ .
e
. ~ .
" - ‘ any ’ ‘ .
we wee , - Le a tw! ee de
et
. ‘ _ 4 “ 4
7 : ~_—- . ‘
1 1
mm ve - we Noe we NF Oe ee ee ee
a é™
e
a.
> 4 3 . -
. see “an - rte
-__ we te tm cle her we wL wr bs
New
—_ ®&
oo.
a ww ’. e ww @ _“ @
4
, . to. ]
- °® wt “oe

 

—
.
ays

e
a
®
.
a »
. -
se
‘
~
—~ ‘ee
ve
7s

4
ve ok

oy

ays,

“7:

AY so dae ew ees
°*
“4 Yous re
an as woe
“wre 4 “oom,
w s ~w ter @
——
“~ oe ao ‘
~~ ~ to: mt te
i 79
«ml a 7 @
. ~~
:  #
:
- = ww @ —— ¢ e
. -
~ 7 - Nf
° an
wae ee ma -_
a
~ - _. or
«
fe koe totie
é
7 .
~ = @ Na
= mh rt
-—~ @ e A f -
o
~~ Ot _ os .
- ~ we fm *
w
-~
: . 4
e
—_— rr os
we e/
7 oN ~ 7 ‘
eee Ww LAL Le ee
. >
" a cs 7
oy A wee
~ *

. r: wae
wee he bu e

Nee’

~
~.

'

’ .
yoga?

5 ys
mee + .’ ’
ww ar

ore

~_ ' ' e

NN °

—~

7 @

.? 724

. os

Cole
7 moot -~
ee * L —_~
» 6
 

aN
ems —-
a
« . > 5 . ” 7” Np
matt ve 7 al oe matt os ‘ mh re - a \
we Ow tae Le. Net wo Ne we Cee me a ~ - Ge Ved wee we Pw ae w ~ \ees @ was - a. ©
aw wt -
3, 2 AON
é .
see fh
~ . . = . - 7: - : ' u~
oe y . ~ - 4 eee es Neg wh Loe moot at a” “od
jee de fw . ue eh we a Ne atte ws ro edwere we Nee we eo me ®
oN ome
‘ e .. t .
7.4 ow © ww 4° 4 @
eons . . . . - 8
: .. ms © - ~4 oC os as an a7 ; oon - ™
i ' {
\ he _— -- za ewe wees ob ~ ~ ’ ww Ne ak ok ~ 7 - - ~ Ne ee , nae . —~ Se ate
e
: . ~ = eo poy . . . e 7 -«
fee ee mee we ~ oo ee et * ee _ | on ~ 4 + mf a teem ke mw = ma we Ne ee a
—_ 4 4
. —o~ rs * *
Soo ee,
Lek ne te J ®
-ttee . 5 ~ -
1
ee Ne oe =e + 0 le ee ® ‘
~ ~~ ’ - “or - + om Ne
~ 4 ~ a4 , - om, & Peas, a ; - 4 , - + - 744 vty ~Ne
—_
tL ee oe - - os wd Ue ey e ' @ea- earned Nea ose rr ie) loo:
. woe —*
+ -_
ot .
- ~- 7 Ww . §
~
. . : car ~ - c7 .
at a Hae es ot Pee TTS, mo A aaah 7
ae me wl he “os ne me Ow .) @ _- @ ame so oh @ N: d ° eo fe ~~ @ ~ ‘ a Sa ~ 3 whe
4 . “ny 1 ” . cod ~ _— x - ~ oo
BO gms : c aaa . 7 - “—sN ys i : vy ys . .- ‘
_ wt a wee wm ote Se he - ato. ‘ we “ re RAL LLL von ik Suv ll tw @ é35 e whe * XK sl4 @
ss oY se ew

' ~ ~~

: yoo ~ 7 - fo, -*% -avt Lo oe sean - oo ‘ no . rm
. : - bo 1 \ t 1 ——

- Ww “~ Set te Ne Le Qo ar ~ ~- _ at ND Ne Ais ® Law se ~ ‘ae (

 

. . 4. e +t” oO « oo . .
ST Tm me TAS UN aay = aa 4 SN
Oe yin ast 4 We we . oe Ne es bbe a a dele, ww @
a ~ e ‘ a“ “a ~ ,+ -” - ™~
. fe . —_b,.
~\ © eek ( Coe Zac. e@ he Le
~~
- ' . ' . . — a << m— * oo ~
~ me 7, ~ yor - -~4 . oe, oa to. - 7 ae * “1 .. 1 | ; ! .- ¢ . .
toe Be wh oo oN ~ . ‘aa! a a s ae tr ‘'s, 5, 8 ase. e am | -_ f< e . 7) ou we a
at Ne wud
. « . « 4 . °. os AnH - . ™
m~ B SENIS  te bom Awe Se 7 j q .. coe ~
aN oe at? Via LL a wee ta be a 12 @ ae tt a re | Lie
we d
.
nebo - Yo aga. ~ +5 - no mo 7A
‘ 3 ‘ ‘ i , ~ ~ ose . ° a
o#@ un a \> we Loe ola ee ON oe wie ~ lu ~ a Net ane —) ae ws @ . e e
a
- ~ -— - + =
oy 7 | ,. 8 —
Cele le ube a ad a'r 8 Seek ~~ @
“4 ~ ‘ . 3 . . ~ .- rr a4 - mor. -
- ™* wo me ' . a) . - 1 ™~ oc 74 ~ “4 ¢ -
, ‘ . : an : 7 ;
C 1 eke od L ¥ ~~ , * ne ee ek ah be \- wai q, A bh ten i. ae Se ® o nL aL c -.tw ®
* vs
a rm "N77 re
“ote at em °
ee a, —— a Loe 4
re vi . Ls i } 2 . 1 >t : o-. e —_e : ‘
Nee OK De wee wy be ~- So re wae we _- nat e a Sp bed we aK 3 aoe whe
Nema” —- ho
“Fw . aye ~~? me a on ay yp my =~, toot Arete on, rk L 777
‘ =, : . uy Lo cs ‘ L 4 ; i} ‘ ' qi jan . . f —_— ( ;~
a XM ~ ee ve ¥ Va es ee hk YY tea amit e (wm We ~ ao (id te es we fe ae.
-
Te ey eo . 7 .? . ~ 7 . . . . _ .
. to : TTT RN ‘ eLt: tompotts ss -«
r ( : i - ‘ ) ‘
web ee = bee ~--™“~ . Wk ‘ os Lite e » @ we A ~ tL! oe

“~ we . A = mae
ae <} e ‘ ~ l— 2 — f a — ~ ma .
“SS oun~e

=
. f —_—,
- ~ » — wy no ~ of .
oc Be, 7 “NT 4 ‘ 7 om: ‘ “4 7 € MT ey we is ae | J - “e
- + Sew ee Spa - "a —w es - re Sle. -- r Woawe Ok awe e ¥ @ Ne ke a s+ @
ro Noto can
-. ° " mee 5! t |
‘ fhe Sle = Nd —.- ®
a - -- + ~~
er a ee . .e an wo - - ro
- . _ . “” . - * -- +
- | . | ee Lae -
1 .
dee wert a es lee . a ~b a 2 ~- .@ Yo: = No mee -bo-e y e " - ‘ ren y
oye ors
t
° “tw @
ee
. = _” . . + , ° ~
73) fe - 7 L ewe mT i y . ~* Oe . 2 7 ” Se eA
de ~ et em ee ee Se he Oe aa fae ae - wi oe mio a1 .. # \ me ~~ ee on
7 . sooo : ‘ . \ . ~ ba} a a 4 |
. . : - ~ 4- . -~
1 Le 1 . “4
ae te ee MN . e “ ¥ _ e —. 3 —_ -- 6 aw 4 Oo
4 va

Pp ne en ear . _ oo Ne mer nee a +2 we 6 it/ #¢ ~< =e 4a. abe os _ @

~ > * ” ~ * — os ~
‘ . mT { e * t ™~ 1 . > 4 ; ° mar 7 { 7 "
, , \ : :
- ewe we A Ge ake — we. ek an Loo . rd ae wie ke @ fo lee we FE ae wee te ed
‘
—
“a4 . -” ”~ “~ _ ~ ” ~ + .
- - re 1 wot . . 7 « “~ - @ . “7 ome
me we ke wi ee ae oe wel he eo OV - e “ 2 -~ + Lik. “ @
AO 7 - ors =,
ee e - ‘ : =" ‘ 7 .
f ose Nie abe s - + rw tl Lo... e

- ~ J re Po see Vore | oe .

 

~~ 6 *./ @ - Vee eee — * ~ +e wale . Mou, @ wee ae te } we ee 3 —~ whe ts & ) «3
e
perp
te et a
“haya sa - 7 Nf rt, ~ 7
~4a Ue ho tenet oe Lo ke ee! ioe u -~ @
aT Dower a AG ~ -t oN
a are ~~ ome  ~' - x - ~~ wetted abe
. 7 = . + . . . sos i: “— !
a 7 oN - Tes NT 4 ~ oy ot 7 _ “ : of
md ~ bo cll: eet - DD Cee ak ww whe ative v 4! ad ~ ~ MOL el ‘ VY.
.w
Smet tt 7 Awa OOF we TT 7 ~ r . an Sloe oo ‘ “
ee a toe ~ ww. a@ -2 @ ~ © ~ Rea atoll nm © we A wo: -
ep : —=—_
wy oe Tv i ~ =
ee he od en Nw Nee nee
. tos - _ - a
ov - we _ ~ ~ re we aw -4 @ .- 8 ms @ ote wt ww @ - x ~ rs
Be a :
tre - “
.
~- @ ‘ ~ taf ~~ @
- ms yr * mae , . . ur
iw We Sl ah aw hme aa
™ ~ t a . . yy, _ -. ‘ e
Ure So asta ty ‘ pT Re Te to so q Ct
ae a - a ee we 2a + a Lek Le cee aay tet
~ = yoo set, : + ”_
: i : ,. . eee, -
Le we t. we -- @ - © f4 --4-..0 *
sae a r ” eu ’ 4 ” + t . ' i? 49 34 aA 7 71
- . 7 . * ~ at ey * ry . oN - . oo fo. “
. ' 7 ‘ tf '
RK epee Ca Leo bor b dbo ete OM LT, ro
- : . ~ 4 a - SPN Lk - 8: Jone
wt + @ woe oe -—- © -_- ard @ e - o ee ne ° . @ ° biok
abe, ry te
: ~~ SS we 8 as di. wee ee
e
: a otf “74 t [> aN -~ 2 we 4 : 7 7 . , 7. - “* 7 i ~ re
An wee em we NN, wm Nh ee te wee ee aa! ° ~~ ) ee we!
+ Sa
.
a DT
' e
6 wha Fe
a
“A e . -~ e ‘ a - » .- a
Rot De a m ° Po RA nA La
- = LN ee da. ou be OW ak Pr Os Oa -~- + tA — @ naw e
wd a
* . «
: a-
« e Nin . t~wir = ®@
2 «
. fyo# s 3. * al . - 2 . .
oom tee het r ma 7 . . 7“ en 4d - Ge “ss ha 6@ : : 4 7 wr )

. I
am ew oe ee = me te se i. “ aoe — — tid he ee Na “ \ ‘wA ww LL i wig -
"ny ~ wm ewe T ”~ rn. Oa

’ - ; -
te — we ) aS e adh - 7 6
‘
et mo rt Ay moe - ! - 7 -
re a - wae esi? oe oS we ae ao? eee heed
i ” . Ao as 29 -
Ll: Ls a the Vou! Kad Ma
4 wa ~ ww ~ ~_ * eos em ew tm a e Nt Nm ww @ NA ~ a a

win Md
~ NO
¥ «

tem bw

°
-
—ty
 

——=4 . ' .

oo ., * my 1 1
ea St ht .

a2

eet 7 - : ~

we Los
—
~ . s+

7 ne (C‘ fiw, 6

T ' ~
7 a4 ie en
=e - A we a wee fe
-

ie “ ~ . - ‘

aoe ' eee Le .-
- .

5

oc a i ' - 7 7
a eee Ae et ~. oe
= ' ” .

Loa te. mre . , - .
Lo a ee
7 =~ _

say lle +
1 4 .
ae _— — ee a .
-
we ~
. 1 4 7
fae o foe ae eke
4
- . 4
“, am Tm, . , ‘ ‘
- c! - ws Ll . ~ te
we!
~ 7 7 4 ~
-o ue @ : JL aay _/ @
~ a +
a Ds
wea ae oe _— wan be De
© e _-
eid
ae le A a fF oben
- > Fe
7~ 7 mye, * . v6
wa ot ee L Smet be a a
. - - ae a “
Sen 7 : € +, 7 aN >*
wa Se Ne me sm Le mee a
. - oO
o- 2 “7 re ‘ ~ “ .
ew dae NY -- -« ~-
o~ = « ‘
- e Lan i “”
we oe wel. area — A
x : +
. “) ’ - BO ry ‘| t co oI"
; . a :
em Ne oe St de Le te howe eek
”_ “ “4
. ~~. L ~ an x + oy
aka we IS Le

: Loy
-
rs
ios on
AL ae .
7
I
wo
ow ae
“~
: my
— om -
-o« ~
sc.
Qo
~ -~
: _- Co
a a soa "oe Ne
he
“yy
a , an
ad es ae i
e
~
cos}
~ a oe a
> are .
ot ~ .
a >
eo 4d.
{ \
a aN rd
--
°
ae |
cre A
° VA ae
tw. 7—.
~~ 2 - eo kh
; ' 1
eo | oe
yO.
| ; .
if 1
me fe ee a
QO
lu co

C21

wd

Ne

4

om
Me oe
swt
-

ww

2

wy

oN
eo

vd

»
¢
t
co
au
.
ana
Noe

»

(

~ &
e
. -
~ Ww
one
, *

rye

ee

! “a

ash

 

eo on
aoe,
de wd NY
ce 7
we ok
aewse
nO
Lo.
. A
o ao
r 4 a“ e
iu @

°
~
(
. @
- a
a
"we
ao
Re Ne
.
all
ms

7.
oe
. %
it
a re
c -
ww
—/ u—

qa \ -
ded ue - we ke
o : * . 7 .

a 4 yO ae cory er, “Sr roe 7 “OO. rt o# © ‘ 7? eo TNT - F ee
mJ, UU hae a) asus NA ~UL be Lore bila WwW waar i La me NL de \
Nenad > 2 ee >
a Fr at Ree ET ek ree
at Oe Ah NA wwe Wd web tee oo. A Ve ee OD Ne aaa i Nw woe

\
Meg dy e tot : a oe ; i} rm, Toes , ~ 7
ra Woe Ne ~ e wi bl. we ~— i @ at ° rw { Lorre L ‘tt e
7 - “4 ' ye
wee ke a ee
— s tos -- - « 4
ey re, - - on scr” nn ‘ “yy a mY oN Toe, “77,
~ whe aS neem v ws: —~ ae ae 4 a e ees ae a wk wt. . aw fe ew aN ro ra aace V
. . , . -- .
mrcrg drt aoa tt me canst oo Lele: V
a d ake Me Nd ‘eae 4 ~_ ww a .! ~—“o > ok mee wah tk — \«r 2. @ he hat @ e
a>
my o 7 A ~ ° ar - ’ - on
i. ‘ (ao
e wo me Nt —-— @ - ' - @ — eve ee e
-
"34 _— . = mn ” . ™ *
7 corms coy wea owes L Oe es
mee “ew eke ; ome s \ te bh aa Rete tlw atk Oe ~ lou mL =~ Ne ae we @
~
es No a Q-o4u 7 ™? Pe Mm
aad re awh ow wet @ aes we ae tse ve uw ® fsa “Lc @
od w
e
: _- see . 1. ~- ~
de ae Nm - ww du . «=
ry . ° . . ~ -— ow - ”_ er reo
Sole vacior is s.r etls or, 2D. 12] a
Naf wa we vee Lt. oo. ke wo Wo ~ 2, e ei + @ 4 4 we ~ ~Liy @ i ew
foes - . : sos rt : “i 4
7 Fe Lt 7, r ” “7 oom STON tS - yy . not mS c - we? a ™N to Ae ~
\ +. _—_ . A. ee : a a rm why L "oe oe re ea “ Wow Vile ve be 7] UW foe te
vw
oy . : e ~ = -4 ‘ \
+m a - . am re Sr a a * i” . * ro mY
St de Ne ae v sh. ree we Ao ~LOi.e a e ft mwa em NY te Jy e
tytn ’ ~ _ om
re hm NLL eee Pa _- + a
> y we oa coc . % . ~ wh 4 Lory ry -- more m5: aa 7 ~~ ms -
43 we We awd so Soe ak Way Low 7 i) . ws @ ~~ p we wt ifthe
oe ww —?
“ ~ a 1 _ . - o al a7 —
T e . / aN 4 re ay
Ve tbe ¢(Lembeu. i ie Sb be uae
7 OMB ry 4. 5 oy 6 L me be 4- ee, s. . . - ~~ - 2 4 - “oC ’ ” + ain ror 7
a’ a Nae Od vy, Le me Le ku Will ova -_ - em he ~~ ee Ne ‘ u whe . on) 4 4. a de Nw we
~ >
oo . . . \ rm - ~ * -
a4, ~ + fr. x il - - lL ott 4 ott 7 Tw ' =~ - rete
ov Ss. ao a wesw iu Net Uw * kw - oh he 1 8 40 ~-+ 8 aes ke PMY °
Yr? . /_~ >= ~~ vot -~ ’ a os
oO L or ; oe rT AL.
a e a ee * @ ‘8 ~~ eo oe Las @
ro

—ij™

 

- 4 -- = mort ee es wm
. i : ‘|
am obi... ete he wi we tt de ga oa woe \
- ~ e - =,
1 oma 2 Coat r 4- r 7 oy (3 ~ 4. ce “+ ot 5 ' 4 * : Tyee mee
wed vn a wee re < wee YY bo te Ne a awk oa, Ne we -+@ ~' @ ane tvuvwue
a“ 7 _— 7 - -_
mi “ ' . soo fr aN
ae 4 ¢@ “~ 68 we 79 ue e “4 re we ©
4 -
~~ Pb yom, — we
b 8d bed se he oo ae -~ ds te “te
. . - me 7 me o~
TR we maa ms 7 a ae
Leu Wo Le te Vat ee ee ek - ro ff 3 — ae ty © ‘ @ wre |
4a ~ ~
~ noe “ . 8 4° Cc e = 4 ~ mM or,
w aN! ae was ow Cyl ke Ne mw 8 Ne ee 1 om Wale awe wn eh ee -- ° ) wt ity ®
- -_ os
V "ps ho ( 9
e ts we - @ . JF @
2 2 = ws
-, ° z o 1 * 3 _ — rc
if sey me & my ‘ tf: 7 fy, ve 7 yO , 1: 4 .
- ob ae we a kA ae ere ee Noe be Lk uk oe sehe Ue www ww WY we is oO
~y aaa 1 +7: “— 74a os 4. we
e rw 4 ate wae tLe eae oe re e
Tee be 8 ae Bee nae a r Lele. om. leet
Vv —~ __ aw a ee ee tet Swe SD 3 te } se. ws @ : @ tu isars ©@
4 eS
, 7N ‘ ~ sr. ~ c- - yA, 7 - 4 7. ers . . ° r.y “+ 71 e oy 4 mm yre. = 4. ’ Cu 1. c a
date aw .... a ek Nh eR Meee LS ? bis we eb OL Peewee ta OL
. _ - ~ =, - ~ 4
are 7 ott : = tty NA oo L or ory om
ma US war wm WS Lely © ‘_ e@ ~~“ @ —a-f oe to dh © at ses @ im 9 w eh 3 L e Lo ¢«

: . aie ~ & . - i. 4 -~ & . +. ~ met id 1L e 1 175 . | t 1c
“~ oy, oc. . a ree ” ‘ c an : a ,
eats ae slow bh le w's = wd L U 1 cour vw hw Dl —~ . m : - he . oe e ode wr GL w OU Le

em or 4° } 4 ey / ye i fT On 7 a ! q ™
we ae wa ww CO. 1. kh we ~ — @ a fs ws Me — a aA 4 O

ae at Gre le ina to born. 4212 4POO7 TLS. nt UE 7
a at we - Saat Wanye ew iv me Ae . w tak u 7s 0 ~ al. e@ Fn. ee a mw v2 3 Qe bow en
‘_—_ - .
tle ud a. Ne et he we us dA weer w ace we NS ee Nel wo _ LL e wae SL wh bee wt 4» @
tote ay “4 ae ~
C8 awd + de I. don bloke
- ao ” e ~
at SNP CLV 4 omy 4. R44 (oo as oe ee Ti aa 5 iL ~« ye 7 ‘ye of ; yet
~ cS ve ww ee LU pia U weed 2 ol a ow, DP oe Ne Re ae “A Soh a bow wheak oko
iva
> "4 tls ayn i 1. myo
-~—< ® ae ee aN . @ we) Lo o. e

. ~ ey

C
I~
a
<!
b
{2
7)
.-
;
e
eo
©
f-4
rt
re:
e
t-
i>
-—

~iJe
os
Are
- - ~~

4

~ m™ ms
ba :
—_ i

af. te
le. Sue
7)

~

ct a - 7 8
ul tb eo

“\

”

ve
tS as
~

“. 7 7
ve awe
Voy
a
7 oY
e wee t-te
om ro! ™,

t
dee

Le ant
doa aoa NA ae Ww
~ os
e foe G

.
wea5U mM
a Loe
71 my
e i
4 v
7) te
vey -N
ve ow ~-it
. ~~ s
tJ s/f @

7

 

ey

tos a a a *., 7. wer lf oA es, . : rt "aA : tk 1 = esos
vd we Bae Se awe ew e@ ~+@ ‘ew i +~ -- ve wo A e fe e
a ms “A192 Tam. Ae on Tae TAANY
ive Uerwib ff, LO: C75A-B. cTuee, osc
V Nye ke ee e +6 .. @ eeu e mw ° aw fo Lie wok ey hw i
roto Uo or
— te mw od ee et Dede fo wt 0 ke
eo tryout sete. &. Lovsouutelir:. LE: [8%-+9
wo es bovV woo G, “tee wt 6 | wie - ant Le at VoOwai. oe, e we ws
~ ~~
my
,®
e ‘ ,
4 mya 7 « * ~ a .e@ ° fd Lo: ~” ’ =—" ~ ry 17 “ogee ] (NV eo. _-
ae eS (a awe ie e US ce. | teak Gee LL Y .- a Web le °
—/ wv
@
a ™ , oO rm
e Vie wl. e . ar) ur @
. ot 1 go - po
os @ oe ~ eet 7 ee
re | Lean, nn ‘. 7 . ° ~~ qd cana ° rv ™ | fo 77 1 7 PN
ed Wt oo er es e ~ 1 @ Hae wate’ ye e _ @ wow SS a _—/ 3) on 4 Ly e
” 7 * 4 e . a . 7. 7” ote ~ a oN ?
. Lore ote . - Ss ye ~ 1* 1 1 . - mS ON a . L te mY ,
~ Row ee midis wh uw 1 uo. bela lua @ -f a Wiss, Ww wd
Nee” he > ww
e
. ~ 9 ° L . ™4 . ~~ -
ya". - yor oer et “lon oy . ~ 1 ~ - fm a ~ : 7 *
+ y wee Nt wea en a6 . rie ow -3 Na 4 e@ e aN iv @
lo: LLECT-
‘  ® wte ote &/ ‘LY uo °
a7 ~ 7" cot gat a | + TOS nN ‘
cote tee oc - . fo “ 7 ~s - =: : ya
wa | et bt che ceeiitlsie - + @ a GV Ls L'& Ve \ se Sa wa bw ore te - ded ara Wisy e
e - “7 -—~
eo, cele. Le
Cs > lew © ~ beeen Gy ) oe —re' ©
e ' wre - ro om]
es rc nant oe _ v4 7 4
oY ‘ wa fe
mad OS wk YU LLU? e -:..-e 8 we i}°> a4 a. a
Nee” w ae
oo
=U e
‘ , “S44 re 7 ~ ~
~~ 4S ~ ye ta Y a . .
. : ‘ 7 : — e
a-aXd’ L ‘< ( Netw WG rae ao Vv e 1 ne iL a 5] mw te — - hes ly
_ le L434 os rein ~ ~~ J - yy ~~ ss" 7 oy vO , oO rye, ” “ ‘ “ :
te wed toe ee le wen | mee NY A em 2. pmecceee Qo Co Ne A a It
- ~~ >
77 Ne ye 4 “yN Jone “oy ~o™ % - >
i 7 . ; . , : a
® ve ne -— ai’ @ “9 ~1 @ - © wd Let bs @
' , e
4 we sen “ry * ) roe = av ‘ 1.7 rile oy pet Pa. a 4 - ‘one
we ee “ne nM ww el ee “ak q ae ww ete wa Me L
v ~~
ee SO nop ys
ats weary kL a J be nag a Ne ate ~ ow bee “ee we wee Ne iL e ~- @ 4. 6 ane re
Tost wa Jou..7
ad wa ) aa ee ° we ne ob Le
T oy _-w
a .
” T an)

vv a . re 1 -~
: ¢
Ls ws @ : ed ‘42 J)
1 o ~
~ as - +
Li -
wm Ler — CC e
-
cls oR
ro . Le ewe Ly
e

yt
aa W
”s
+ de

. . J,

Qi teu
Nel?

Lor

? +

mom ™ 8 —~— 7

ae
—' 4 @
OT a

. Nee a Nw

174
t
+N e

—_ (/ wa

‘ ae
wv
ey
. ne
° sot ww OD
my he

~~ be @

43
ae
Ne N
a
a
~s

ea mT yen
aoe a — @
7 if,
e ov On ee
°
~~ Mme Ny OTe
to tos ma heed
7 - e
en~ ™ ore .
--+@6@ weued EL!

CQ
eo. Mr iiv . : Oo rl 4 {- me any ‘ o 4 4 - > 2 —™~ ‘LC o 7. . a] a 7-7 yd, 1 + yA 4, a Try re 4. mt
as ek hk +2) Clo ke me LD web. a- LO LL. a 1Cu Wong oe rues Fs Does

+ 7y ya ere Ue fon. nae tooo al Lan a
.: Yoo. ( w~ tV_! : Le : , 1

eat tse a we © as ~ © } eo

7 Noe “Ff 5 ,ocoMS ~~ ,rr (" Oo ” “ 34 7 2 ” c L * oa ‘ a ~~, , yp mt wa

ae WL ad ~ wh “a ~ : — - ae Cc. a. Me ae LN Le. 4 @ ‘ e -' @ - ce Se Se YY 2

| .* ~ +4 ~ Nt my 7 sa os VW a . 7 . ass an-s o

r fs . GG m™~e . : nosy, . « my) - aN . an we . om, eo : - ie . to f.- ~~ cy y- 7

ctu —) © a eM Lda | - Clr N Cult a Woe O71 a. aadccu.d. Ree ad. Our a . sy
~— ~~ ——

cts . . ‘, > . . < . s ~ 4. 3 y _
on - t rf “5 ” ' : 7 ie } mn Fe . ”
make ~_iL me SGT os aN pie 2 NS Vlog Sok COO? oe Lub VO CL we ak 7)
. a . . i ~~ 4 ~ ane iL + ~ ee ak a: x ie °
= i 3 my > , eee y . 4 +4 . “> = ,a*
SOC L6G VLG e \ we te OS A Lee x—siisov e oe Yr e 2 tl 4 y ‘LoL e aw 4k °
. 4 ~ L 4 3 ~, - . “1. OA P *
as Lo rn - 7 1 7 yen : : O1
we Ke i ¢ Noe ke (10 e aL ~uUs he ? Vae1c, ~.WU “hy ‘. 9 rs Lo} + @
a
oa -- wee ~ > 7  y- 7 4,1. 4 1 , « 4 -
f o “54 oe . ‘ oo sf . -~ yr.yVs ey .o7 iy . . «
WV Phe Oa \iok ~e -_ Lc oe we te wae ae. Eb ul lave le the "Ne ke Lu ke Nw - °
. Saw
ef - . - 1: +
-¢ s 34 =~ yutt - 7 bot eer
-e@ hey. wats Lae \ 4 Sia ° ee) - We )
- ’ ~~ sN -- ren _. + 1 a 4
7 3a - ‘ \ e ™ f , ’
a:e soil Lb oe oe ’ 1. wi 3 ..O e a | ~ ‘e@ “oc: aL om Lex eo
he
mn e L4 . : ~ e . 3, -
Posse. > ferer orrios. gore: ay
eo bli. ai wha — - ow e ~--@ ~ © ww ate le oh. ew ah wu toe
ee! ? ?
at aw SN Be ~~ oo, Le Te ~s wergor oN A
--o 49 vidio , a 4 LLL e “e+ wam y r _@e ls ae we SD °
od >

. L / . foo. ” 2 2 ae ° . .
~~ o~- 4 - er wer, en a ve ‘ “nN WA . ~ ft . ~s
gs oa dc Lt. aL CCCLE vlc. cell ~CORO NS 4 vy ly ee
~ she
- : - “ e ~ 4 y ~ 9 N 77 one om . 4
m~NOG, me NT ep tS omy : ’ “~ oa, ‘
‘Je e e...Goe ..l. CH vot ho } “1b (lol . We ts er) woe te
~ a4 &
kT, , mt ee 7 Le “> eee py ae “A .. 2 7 % .. mL f aa 4. y. Trot =~ 4+
aa’ ve a ae werk ‘3. . A. a ao Oeew 1 2 ced La eo Le ee 1 ae he bu Vile i ‘ad bi:e ah we a ‘ ~- °
ww

* - ~ ¢

' v , r. ~ oo ys 7 Ne oN L 7 ry 32s TN 14 .. : VIN

Loe i @ wee eel ike a ee sy ° ° | ° — @ wee a '

vw ey a

3 . , 77 = i in ed * e san 4.0. .f7 yo: 4 TN Tm a~f ons oy YT 7 ” : 5 ™ ~“ . L ~*, 7 fs.
aol Vv Woe. Xe oe k a1 Ne de Jaohw i oo. > . . Oo we Cer th - vilgU -: i) / iL A
* Sf be “te - . ~ . > cr ! - .

-_ 27 tae 7 “4 . \SyNe rh f 3 ~ s a an! '
- wt ~ he ann Cr ~ wo ae oe AOS wk a) My LV Nt aiak ~G a + @ \ - —e ote oO

Onto oer 7 TO ee 7 Rowe To Lacreve fh op th tts
-« Woa w es ou. ee .! — 4 yg . e ws ds - ae eed wee eae \ - . v 400%
ws v 3 a

oo — ° a 7 . a ~ 9
sot ayes cowed. rT aone an * -4 a mm y 1 jg
wet eC me Sek we Veet e ww bre al. ela ) » uve afi ws’ 6 4 Ge woos
. . - . - }
so Oot +e ae L ~ - \ toe. ~, moos a Y : wos f
<r ae whe chim & ae or. Aw Vide a * — be at 1D ‘oe e e - “i 4e .
_ .. . -e ~~ s
i “_ Jot, LL J wows A {4
oa ow 0 — la cae Xu wou e be .s \s @
 

 

 

fu

rm, - f .. lL oT Dk ee) L4 ‘ we
7 . NV 949 ™ 27 ™ a an a" a . om por: : : ” Yr “A S ma"aa a1
Pra pets ce 2 \ I mee Ge Cl we. LU Gee we Wa a War GOH dL i re.
+ + Yok . ~ aA 77 TT NF aA - ‘ ~ oo hk. - L 4.
ride ‘ ™~ ee None aN os i ms * ‘ at ae oy TT me 7
Lr pPU Glo Se Ve dee ALU YQ wl - Veber be asa ue 5s a
e
7 - - > or 4. a ~ Soo
/ Ne y IL f ~ © yout ; “+ a] ey . .
- wh! » we @ - oO e le e worl os CC ik e Net ke See ss ule ae ~- We e } $e 3 we in }
. “N aor La 7 mae
a 4 soll are oe r 2
=a 5 i? © —_— t , —
OS *y = y OOS 4y Nt bee } wv ) iv e wv w bw @
bos yg. ce BD 2 - 1 yok fim O ayia dh fe
. “”~ “; {oo c 1 > ” 7 «a 4 74 te PBT c, om r > *. : ~
2 .tlt NO oa . Ca ae dk ee Or Gal Wie @ \ oe e a. w~ Ue WU. eo aoa Wha
— ~=~s
mos Do See yy Age Tt 4 5 Loin -- .* Jace Te
Ne tee om he whe ek \ we ok Ws @ —<— 3 te ke be 3 Lt e = & { wae 8. Oe tw J oe @
_ -s
}- ~ a — ce “> - 7 a ga 4. eo a Ne mag Aw a) ~
oye . ' . as ° ms a 7s Te ™ Oy ™~ NF 47% ~ 1
‘GES oe. ht —_ eb wa 4 au t a baw ‘a tonal wee ree C° wd Or
. iL ° ™ — - _ ~ t, “ “ -~ ™~“~S cf
of ~ ys wT re Tom, um 2? 23 ms 7 c - 7 1 .
Le ra .o u * en ee Ce ae eae Wee Lb Mie LCe. © e as th 8 als X. Lo °
— ) uo 2
Tor * ryyt uae a a ~ cory mo Yeo , 5 nee mr "ery “oy Te qd
ae le bee oe we bw Sho kk Seas es ow oon ey > soos Nw Le wil NS oy. a) eo tle
ye a ep et a > a - : - A aA -
.97 mo yor 6 OMT etm. : on” ! 7
ach Uline CG 7 ww ae wee 2 eee WEL te wl we ele a Se ~ WS oe tow e
? } ? } 4
rr .? _— - ** . - 4. %. “t ~ : ~ “ cae ween 4.4 - > 4
. . IN me oN aN aan : c 7, 1 ~~ f -, s 3 . 2 ‘ ' a4" © ~7 oe “,
wee tavern Ub o.otran Poole Oo Lien Cal Vi VL bl. Pe En uy
nae tlw de 1 -. ae} . i 3 - - 4 ~ rt - : Lit
’ ri . * ‘ : wa (fy YE PAE. 4 ™ ot i. \ yr io
Crscaiv , .irceevine ord co-operation, vert. of Gor ittves
7 aN . w 4 “~ ri ' ~G am Te ee ,~* > v4 7 ON 7 AL ORY - ‘ 77 ‘ ve co 3.7 me
POLS ey oO VG Teo Cn Ll re oS, She we a ee 1) oO
+ a
yO 4 1+
. wane fw a! we! e
_ > sar ®
: 9 “~- a ~
Tm ae L mw cs L oye 7 Lo : oF a o CA at
desta ~ 2. & Ge NF tee moo. WAL. ~ ~ wane NN @ 14 e@ e ‘ as ae rk a
- _. 7S . 4d. . . + Lo. ~~ 4 o_o 7 . ovr yeerces
, .aee a4 y “ ~ ° o™ / “Nn 7 _ . .
YS be ° vo tel ua | a Celine \/ y vbtty - We ° \ e Ne ae
~~ wv - =
. . . °. . * om = _. L ° - a ol ° whe . - . 2 _- ” e . . .
sooo. mage ~ 7" “ws e ca esa fl ~ yoo
mid te te a, rel Te ek Cora Lebows 1. babble 2.
uv Ls
' So ee ea “rt : a 77 TCT SA a 47 wm es oes 1 7
JS se ate "*s JSG sien Le we 2 a I - 0 uw Lr e e wv, a2 st > © —e
* ew ~ \
re coed mys VRS eT 1 we 7 ae ‘ . Pe Sate TF Oo. ° Hye oe Te
el Vea wok aA Lad Geen Ci Ne 4 Ww os wee OOO - Nw te “~o Ls la. ® e wf iiane 2 ae 4b, 9
- - «a * - ~ s —
‘ baa) wee . t ~ 4 ’ * L »o 4a . 1 gQ ”s ' ~ o_o
Lee owe ’ ° a -y NF Ne SR AL ? “. \ e whe eo ow @ we fey @
oo
AS, ae oe _ reap Oe wa ve aan . “~ ~T . ele 4 FS A -H TS TL ay
TOOK STLtLVS crecit. Lube Loueccli o. @ ion detilc.., Libr ey
+ - e eo
: c 7 - ry Cyd ee Be A RTD GR ee ther A Re eRe Eaten
_ Oe . Took. - i= @ ( e “a Ol lrae sn Ones adie 10 pe a ‘Onw Ww we? c:¥ Cub. O
) a a } + w +
ayes 7 2.
- we oe |
vue : ° . ~ = 5 _ ws > .
‘yy. : -- Sapo met yoy “ue e y x , oy ,o™
Ve Uy iu WiLtow ih od e o+® - e a wt ses @ web ae =Je ° wNe be ee -y
7 Te aa yA toy 7744 wot ES Dy 17
ae sows Panwa we Lele e iv V e Lid ’ Loam fous a 2 +/ @ whe ts OO
) — & &
 

my

Ty
M2 ae

+

i]
ew ake
—_— fo

t
Ce ls

a
> '
aro

,

‘

’

aan
a+

Q .

my ; ~ * °
. . =D “4 : san as
de te QL Nass hme we whe
4
Qe ow... betin aa we e - Ne om
vost ] nA ot ask revere
ee a le ae C ate ke to ta ow
sy . vr yas roa aye
“8 - ° | er id ~~
5 7 « myo ran
te , ™ ; y—™it Le
-- . an - oe ve —_—
} a s&
role . s +
7 ;* ye] VO en
ye] a ade Le ee de Or ee a
7 ~~; ° 1 - -
: € 77 > Vl ©,
- -@ —- 6 ‘ ~ - hula ~ a.
- BA a te Loe
@e,, ~ oo ke eh YO Le So
sas mee a. me. A 4e- *
wot . , ” ‘
a a Low ve te te ‘ Moe.
a
LCMnan Tot Pom tees fon
am w& Wwe @ ——_ + J Ww wal er Sw we @
e~- omy — e
- -
- 2 ad ! -, sa 4a
= -w ad ML abe es vs ~ ae
le
, -
+. ae 7 1 [- NN
tt win whe © A 4 y ate
- . -
Prae QOAR TS .
rr a a or a wie. Uwe + «
- ro ™ ote
awe : Wy - ee @ acs ®
a
tT . 4. mo: - ~ ‘
. l my t fo fs
~ me wou ~~ A. aee ee ‘
oe IF _. eA
:
a ne | -. 8 e ea ek
+ --
‘ Nyt TU a7 i)
a ae se ON et Ce -« -
. 5 a
on os. _* ‘ of 1 ore
- Sean we tt oe . wm ea
4
» ¢ 3 pm
oN - ons Pty os tO gt ty
a swe Wwe ow wee we ee ae ae
ad
e
. . e
ac 44 1 mate, + - 7
— +o tm te wd La e rr
7 > . “ ves -~ , vs
Se. iy Lolo
ast @ t od ) whee” — & \
' ° 6
° ~ st. ra L Very saga yk
. ;
ae a Woe ~é daler ow SN wee
e - ”
. wa eu t 7444 m>
M ae uA Wika oo Ne

 

a
Ww
7, *
wm oe

4 "7%.
soe
ne)
t
Lites @
Oar
doa
~
ae Ye
~NoOOFT

e a“
+
“"y-
~
~
' .
A .e =
- r
Ne
Nahe -
“s e 1
+ “Le
ao 4
er
- 8
- oo
feb
ms "ee
Vv u wv
2 =
7
LA ade
.
~- Y
=. ;
. z
we a ~
'
wi («@

or

e
t +N
moe
Ws e
a
a.
oy
s N
mA,
4
>
.:.
~ it
—_
, om
'
oe oe
4,
ta a
fom)
3 ®
me
4 @
oof
~ Cem
.
an ~
oe
—_
Vd
‘ oo
i. t-3
4 me

fe
da
™ .
Wan
n
GS
sy 4 “+
a
_ ‘
7
|
Le ee
——
¢
--
- a
oN
- wee
7 -
corte oh
ca Ro
e
a+

s
my
i
~~ +
—~ _

4

"et

—

e
oo
fe
a 2
7
ws
m
2 eo

wt
vr .
we Ne
°
co.
.
ie)
* de

aa
ab. ad
Ler

5 . «“ 1 . -”~
wa - 7 , - 7 eo
Le ee lL: woes me ee -
e ~7 e
OO. AL
a wh fas ‘ws 6 @ - «* ~ @ ~*
a
fo ~ r- aye ~ ° )
~ ‘ |
we \ i. Le, U a a
-
. ay
Om” - Sot "or.
Nae 3 wet | he e - ee
we - ras .
~.¥v Ne ee eee me A
e 1 ~

°
*

“

‘ i
“ -
a7 ts
0

.
0

vr

~ we
4 A

ake” ae

Soop ee . 7
~lea ° Mle ewe
4 ,
cous mt tt
See ee ~ ra Coo @
_ toa ge
‘ws Wk a. 1 ae at
m4 aro -—
~) wm NS om Vee
ove) a.
c™ aa an soa ° ‘
we Va tee Ub
-~
- 6 *
* ~ 6
-. e we Lo e+
. Vror ls
* 17
. D eo Lu a a wh
a ok 4
~ . aU . a.
we we wok le ~ w
Ao ot =
a —_ we
ve
~ ys ~ + oY rN
- oe ede Oe

. ,
mo. aT 4. 5 OT eS
TSOLOULOS,
” . + 4
ae - @ . ¢ @
) a +
os ~
ry Sm te Nw
yn we a loo NA te CW
ont
Ns .
‘ Na .
a
t *
Sas,
wba e
wt
, - yay I
Loe Ce ON
a . a .

CoN TOM Wp om
me LGule + @
4s ws oS

st @® a -
) a 4
4 77e
a - 8 ~~ wv
‘ we 9
“~ s - I RP
L ‘ N
lo

“yk AO 4 17 _ a “~
‘i 9 ail’ ow rs
—_~ 8 °
yd e i fw o7 oO
3 w ohm
~ PsP e LT
~ @ elt. elt e ee’.
a -
+ aml. ya - &
“We "ws Le as
—
on
enw t Obs
Comin
ears 4 _ +«i@
a
Oe coy
wo Ne
1. om pts "AA t+
io ' i ‘
~ 4a. SD ne? ay ind ad
43

4.

ia.)

TO cy oe Pa 7
oe. n_—meeo me a Nw a —
. veg
ON ee ke wt SF ow
. n oF . :
Poo De DEbbe el csi
ek be. ~~ a ~~ om Lv ot ee uu 4 :
va
~
aa mao 4 ~ 7 ‘ -] 7 oe yee
“ LO wt al. Wh he oe mn 8 me we Ne a
. ~
sitclber:1L oovette of
» bose ww & =- i. wet we vw
« "
ro ~ : _ a,“
-- ke ~ w4aw - wise 4 ae
. . .
ya” j ™ - ae ~ BO Ti 1 Co ee es ee ae
Net het ee wee oN me oe Ce cOOL
eo
e .
SPO , ,3 ON 1 a a nm 4-
Gh aw weed ste oe hw Le Wate re
’ = ’ a t . .
“IN 5% + -, ~ be ~ ry, > . tid ut rey C .
ee eee ae ae we i OS Neve A. ae
a cy .
t 7 1 mV ee, (4 ““Y LPN. . rc - sty o -
Nee wae EN a oe hk wee eI dn
e oo e e
oy ~~]. ~~ CC LN ON Te ,~r, os
as ee ee VL. Ne + Ve ew VW Lv wv PAL
‘a
. ~ 4 oo . ~
on NO OM ON , eo. L 1 re rn —
SDROOTL 2eDduli.loct —
~ i ‘ me

€ e
due. -
oe
ee
oe tes
aay Nee a
' te +
on EY

: a
-- ry
&- OL

I

~ 1

wea

~~.

iC

~ ~ -, «Ae
. mm,

i"*

- _- os —
°

~ - - we moses

a7” 3 ri y ‘

ww ~ wie we ve

7

. — — _ —_
et
os

oO * ‘ tr
vl? owt w nw

Ne crcl aN
> do wwe - eaten
.
yy . Vi
“ ate We _ <
“we yy
.
act 1 cr, . 6 oo ee
a a ao. tee ww st oem

419 t - yo aed 1 os,

iL ar] arscawe we id a
iw

om an) aan « Ny wee 7.

ae wt alten Ne mn

nr obatisvies.

mre @

Q wn"
ee a
: °
Ae
i ¢
- Nt ne
Sh Rey
Gel.

_— _—
’ «

t- “s 7
. : t
we ad he

OCLLTLO

-_ —
—
me c
oo .
waar

Pa
-—
—
~-
—

— comm
—
—_—_—" w=

 

 

—
“+ swe es
me — ote Yeo oe ~~
mo 424M
pe oe eee 1
4
may PON TT ete _ 7
~l am Nee Nera ee wn
~ “ —_ _ — -_— —_— 1
Wears 2k ete
eee L-
— — eae ee em em —
m~™ ee ae a a. . , 5 “sms r
wl Nee ee Tk iil i) )
—_
. >
ments 737 TP TY ~— :
Ne ik l we oo mee — wy
o
. A
e
oo —_ —_ — — _ “x
—-— ee ee ee KH “A
a
i en
aN ° al eyo “SO
aoa hohe Ll 4 ve
- oe UO
a
— -— —_—_— — — -- a.
~
oO 4. 1 a 4
~ ‘ ma
Me EO 1 LLoOoas
a cc
— ne —e — _ —_ _ a —U)
-
eee Oo
ro “A
_— — —— — — — — om
an
—_— — — — _— _— — ty
ry
— — — _— — — me wy
e
_’ me on
: , — —_— —_— _ —_ i= :
(+4
~
— 1 wt ee 10
-~---+-----+- 10
—_ — Lu
—_ — _ ~~ — ov
74
_— — — —_ — — = Vom
a

>)
a
3

J
a

(

Tat tyy syne 7 op ae Veen sn Ys aa
jaw cme a Oe wd al is5 3 - —_ owe Ls whe ey wel ane we UCL boar UL — “7 ———— 1!

“gue ; . 4
* ve “ON a 7 e¢.y — — —_ ~~ — —_— —_— —_— — = — a ~ =
ria Ce, Wee Le oe 14.
wa
CAV Cam Ae RA ee eee 15
wWo.uee LU bow de va oume — —_ — — — _ — —_ — —_e — — —

TOAD DS aah yee ates: Le

SOL! Los te de Ly Cur i v —_— — — — —_— ~—. — — — —_— — — —_— —, al

oe - - = _- on
7 .4 ”~ 37

Woe UUare wk ae _ _— _ ~— —_— — — — _ — — -- ~- — -_- | e!

~~ “
Aeon at re RD RAR f MT asd ens

en bi PY yn ae Cet ce IF] tee 1 I2pEe gt Le
wea wee ad ar & Vow a Mo we - 1 Sw Lh wed we Ci Be ow 1 u = wu
—*

m™ ~ yor + qaey ° +4 cro
wee Kel wad v L f w& — — — — — — — —_ — -—_ —_— —— am — aw t> Aw
ft A 4" 4- mle e~N +™ — — -— — — — — — —_— — — — —_— —_— =o —_ —_— re “
SF ia wok Uniiseei ld DY
“| - A. . Se ~ ade - res

. NW 7 aT VY ewe ~ — — —_— — — — — — — — SO
we ~wvsaliv hk Vol oe we — wo
Ole sansa - . + tt 74 j 7s — — —_— — io ‘
oe . . Cc _.) Lom — — ~~ —~ _— —_ —_ — --— wi

. coy
opi eee m4
= wm, _ -”
wv
e ro
= ~ - ~- ae
NN {1a ew Lee —_ —_ — —_ = oe — — —_— — — — rm
od Mo wie wm ate om 2s bm et el one
~s e = re
RO te tt Re oe ee ee ee a a ea a ee
as ya eee RY te ee _ Lek
~ 1 oan
~ - . -
> ’ -* — — —_ — cw — ~_——- — —o -_——_ — — ——= _— —
dh tN ee ~ Woe 3 nwt WY wae
ww v
y ~ oo e rv ‘
* ~ 44 poo - £ qn - - _. >}
’ Lt - oe oN — _ — ~e — — ~— ~ ~ — — — t
~ we ee rea 4 ~ de te 7 td

~— yy . . nm
. ~—-% r _é ‘ SR rN my ”
f ‘ — — ~~ _ -— — — — —— —_— -_ — ~-— =. ,
me Nek bie ~ -_ am wee hw hd nd
t _ 7 9 7
' « “es o ™ \ . ‘ “ r 7. * — =e —, —_ —_—- — — — — one
ve wedi nr mre Gry Naan © alk ~ le nu
—y to4 roy re
‘4 ~~ ow 4.4 7,
oo a —_ — — —_ —_— ~~ _— — — — — — — —
me ea Ne ee 3 Lo ee wie tl
7 . ” 7 . re

2 Wwe

’ a Tle ote ‘ _ rv re
1 : OL 7S wee meee oe — —_—

— ‘
moh ew ke ite Nee rary a od)

-— ow

~~ os

fk >
= + 4 e . 43
oN %YT yy : ~ 1+
ae wl Wot - ~ Lt
7 ow
e
ov tle: ents cocaine
AN ee Mere an bd asshoew we 1d te wu
—_

soverner's econiercnecc

° « °
‘
4

~
HR , cea wry t 7
wt 4 Te i” wt C wh a

oe a q
24a, ~*~ om e. -, ry a+
\4 Lad é VOL wd « awe es 71 Lo —
. - oa. 4
- Be ma sey TWD VTP TW t ‘ Vrs .a
ao. iG oe wd a! BO glies
Nee
4
wate gate weciy-: 4 ee
oem r NS he sue oa NG te v
“ 4. | - : ~~ 4 o3-
_¢t ae, ’ . we e~ ory ” “aN —
2 Na, yt 'v) we « ahr Lr bts
%,
- .
in * ’ -y 1 1 o ce {77 - are — —
me Ne Nhe ed we re oe be em
awd
TT... . Yrayt
ot . \ — —
wee AOU OGL a — — —

rr as rat
- a4 .
tS wa te ew a

e .
Lit ~ yayie 4 awe wow pe, -
ae ueca ~wew WV ‘wie te A ww vile s@ C
I Lion oe
say £ : Y ‘ — —
~_ fy ule th -4 A =
& ed
att, Ce ee 8 _
TY sve de tet tb we 2s ~_
Tasac ert Fatt tat Ln rr oe
ww rly be cee OU Of hk Jus
! te ’ . . an
oN rN re ~ ~N nN cs + TEs
— - o ae eh USL dw h wD
- 7 ” “nA aN La
mys ryt oy wy , 7 L —
« 2 be we ok Nabe Mawr 8 c2

eT c t sR aA Sw
sub. os tue a a uv dekh Oa
r a ae te qo t ~~ | e — — — —
ded Oo) os pues “Joon oh
w
T ” a a ‘ ye -\
, ‘ —> -_ — — —
ctanet wd ev re
Ye ent AA te BH
dl fhe. cous a) _—=_— Ores
-/

-~ ~ ®

2k fame ae
ae Ws ae we wa oe ws iv _ ™ —_

s ”~ 1 q

CO-OLErut

~

4
Wa
wu
oy NY:
Noe. A }
¢ o
OS
—!»
7 _

Vv !
wv
— —_
— —_

te

. é > i

res
wi ft

7 wr
we
, ,

of
ay
me yt
wy

7am
meme Pi)
. Leo. el : _—w —- — —>_
vw
own 4 o- 4 *.
- —s y Lon ) vu. .C _ —
> a4 SL. 7 7™ ae |
‘ , ry a
ace LU: ced zie vo
‘ ~ .
a Typ Nye ‘ o ome tt
~- Ww -« oe e obe o-tues we i Le
A
4 e OM . oe
Very 4 CONT “eo
weve Ube rs Jd bw ae

een 4
a teu LULL

. . » a e

sy 7 fyi ! gt i 7 Te pyar ose
~cuboOir a4 VUSLILE CS
. - 4- } —~ Ty ay oO ~ ~ FRO
aw Loar Cons te eh eh

a a

AWAIT AN * ms Ge
OOPMoeCulouls - —
7" see Tr. Ano * - 7 aat

; a i -
a CV On Le wh wee We

os
v7 ™ a7“ “7 m4, * ° my r a we
a- Ws ve sae eS ee ee
~ ~~ . .

- ne er
- ‘wt one -. wa — ul. ou —
7 TN TT gate FF CAs
ms Ne be a ~ te + Nt tad ee ee
~ ° 7} e rm

* “ ~7 *
2 we « ~ ou LLC —
=
~- . .

NO 7 meena Gopi
ae hw Fe lea. Sal Ue
7 o , +’ >. Nae one \
we WI Na ow « s- lhe Ne
fr 4 s Lo. _
ly 1c pee IT _

ah QU am wee Gs
a ’ + ny ‘ LYN eT 4 a . ar
Weslo velovna sh c.f

or
an mT co ™ Was eas
Nee we ee a ANY oes ee de Cw ee oe ie
4- 7 nn a

7 i —_ =— —

L ek YW Lk ; Pa =
~ ~

3A oe -- tA fos .
Ne oe we & ee ke

~

wrorlioo. = = ee
we ow Le Ok

A TAT,
a ares

iour

— . 79
cit Owe Urb 7 —

1 4 ~N.. we +~U

T - ame “ wa +? .<

dulilil rast iy | _

” 4 we os, Cc , 6a
we tee we Wh. a ee hw

<n

we

_~

ws

-s
1.

wt

~,

lst et

oc

4

Lei

Le _
om -. _— —— — —
— — — — —_— =
— — — —_~ —_—
— a — —— —
ry ey, “~
{ Gwd oaks L
ames ae — —_ —
ry Vy -o3t 2 4 ¢ conn
weal aw LY
_ — — — —

|

-2

‘ LW
-
fou
sos
“i
Tf.
)
f -~
So

ot
)

es

1
(>

a
~)

teow

oo
me
ww

7
a)

 
fan OA con : re rppreptarwe 17 ~
Politiesl scicnce guaerterly - - ---- -- Se
isan 4a, aon trTs mM Aan "* r
- Ube Si 4 U-1 : cr — — _ _— =n — — -_ _— _ -_ i
tL. . YS . oo SoA oo ON
butlie o:ijsion ---------+------ :

vtec tat ae Te SO ges yf . POR L.A oD

~
va
We oe ‘ee a i a
wy

4. : -~
7 yeaw ards ~~ aN? ao —_— oo — — — — —_—  — — = —_ — am a
‘© alia Ulfa Y way Liu le N/

Ta x: 2 ~ nos jliccg! iiowlrars

Vv / dat ea ee

C:
ch
ws
ré
+
qa
“4
|
|
|
|
|
oo
f4

~ 8 noe - : . — a a we Ve nT
CeOGes Acoournsdl o ne i —_ —-— —- - - se es CT a
sd eae’ AS 1 iN .4 db itwe i toeeid ~ oe Ww tu wks
uw Na”
- aa
~_ wpm mene moms = at ee fs
. : ‘ Pav iLs —_ ee ee eee De Ee ee
a~tG Vicw Cla 46 hee a,
- 4 1
AL! L “Sy TAR: Lor eee ae ee i 7
ail eae ma oe vi “de ea Nae!
awit oneret a,
a — — — — — — _— — — — — — — —
Re ee te — WY
. te ~ s iLo°9 1 aro
my . “a oo r — — _ — — —_— — — _— _— — —_
CoG ve ba aU Ll be oO ul
a ; * IF — — — “mm
a Te 4 > yeu en - _— — — —_— _ — _ — _ — —
Re ee VY eye -y ANG
Ayre A My IPI. ~~ a
‘ | + . — — — — —» — — —- — -_ — — . .
tH nad aA we Ae ! Ma u — -_ Nw we
, “a we
. sc iM ~ wy e wy ry — — — — — — — — — — —_— — —_— 2 .
wet ae hn ae Moe
2 -* . ~
wig te eas ey teen tata san ol ~ : ya 7] _ OR
wee Ubi. oa wm ww sew iy Vda Vein eo ViwUk ha u” a os Oe te — ae
Sos 4 ,. 7+ Oy
ber cet wie wu dt yw
she
me - - da na
wil S —~— ee ee eR er rr Re ee
+ nS
, TUPI Vr — ~ — _ _— —_— ~~ —_ — a — — — —_— —_
Parse - — _ wee
. on
Sor ee A ms _— _ _— — _ —_— — an “4
..! vs uWwo.e —_— —_— we —, —, — — — —— — i 1
«.
‘ « Oe!
Ca et o fore .. -— — — — —_— —_— ~ _— — — —~— — —~— '
es a ere rr) wee al lts AY
et
* ve + Y- - wom: ro c.c7 “7 ry o~
y L Ta ‘ > — — — — — ~_ _— — — — _— — —_— —_ ae
de me Ba et aA iw se - Se :
,
r 4 - : , ee,
weaves on, ryt 7 ‘ —e —_ fi
ad Line U { WU. oe we. be -— _— —_ i /

: r
Wh ake SS .

7 74 t a) - mr
€ | re mh gu Cc: ~~ ~~ yy — —_— —_ — —_ — —_— — — — _ —_ _—
OO nw te ee 7 a em I ‘
a - dv am a7
a ‘ ‘ \ . 7 = —_ — mane — —- — —- — — — ane —_ —s aan =e
wee) Gass e eee A et é
| 1 a1 7 . ms
“o_o. c -—. ae cm — —_— —_ — — — —_— —_ — — ‘
eepur dk ao ve Lewy } eae -_ _ ed
. v7 a . , yo _ mac
yoo t —— —_— — -_ —» —_ — — —_ ——_ — —- — = 2
5B ON ke me A eh a Ne bm i tw
od - "Ym “ 7 ~ — > ’ ‘ -:* ay ° 4. : - ~ y (7 a “Y “4. a
. “ 1 ae 7 S - * ’ ‘ ~ a an were
~ -ob we Nw me tee ww Le nate Ne ke wu tev a NA. ene Kw wa Le _ — (i—
tots ‘