Salt Lake Telegram | 1934-01-29 | Page 12 | Farmers' Loan Setup Speeded

FARMERS FARMERS' LOAN t SETUP SPEEDED U. U us u.s. S. S Livestock Production Credit Group Expected to 41 f Function by Mar 1 I I a Empowered to open in credit to Ut Utah h stockmen a federal k production credit ion lion for lor forthe the state 1 Is expected to be functioning by byM March 1 I. I with with- headquarters headquarters head head- quarters in Salt Lake Plans for lor the organization to be capitalized d at with with with-a a lending lend lend- ing lag capacity of five times Umes that mount were announced in Salt Lake Monday by T. T P. P Coats president atthe oi of the ie Production Credit corporation of ot Berkeley C Cal 1 arid and R n R. R T. T Evans executive exe ex vice president of the Federal Fedral Fed Fed- eral ral Intermediate Credit bank of Berkeley En route to Berkeley from Washington Wash Wash- ington Coats and Evans Monday conferred con con- erred here with W. W R. R Andrews vice president of the Production Credit corpor corporation for the eleventh district with headquarters at Berkeley Berkele which includes Utah Andrews has been in Utah study study- lag Ing ng the livestock production credit association organization and a crop rop production credit setup for the state Plans for tor the latter are arc in iIi an early state stage the officials said but they hope to o have av the livestock cr credit dit organization tion ion functioning by March 1 Production credit associations are arel being icing formed as permanent units o ohe ot of the he farm credit administration xi Coats said aid with the Production Credit corporation corporation cor cor- supplying 75 per cent of the capital of each organization Livestock growers will be advanced for raising fattening and breed ing ng stock Farmers will be given loans for production harvesting and marketing Farmer ownership and control o ohe of the he associations ns is the ultimate aim Coats declared In forming the groups borrowers must take 5 per percent percent percent cent of ot their loans in stock which investment investment in in- vestment will permit th them m to borrow up to 20 times the amount of the stock tock in succeeding years The new agencies are not emergency emer- emer gency undertakings but will gradually gradually ally any replace the Regional Agriculture Agricultural Credit corporations he said