OCR Text |
Show Reserve Feed Loans Available Over 365,000 emergency drought loans aggregating $24,000,000 have been made to western and middle-western middle-western farmers and stockmen since the drought fund appropriated last summer became available, Governor W. I. Myers, Farm Credit Administrator, Admin-istrator, said November 22nd. Just over 200,000 of the loans amounting to about $14,000,000 represented rep-resented initial advances, primarily for the purpose of purchasing feed for livestock; and 165,000 supplemental supple-mental advances have been made aggregating $10,000;000. Ordinarily such loans are made in monthly advances, ad-vances, limited to amounts required per head for the stock to be fed. "With the approach of severe conditions over many sections where feed is short it is very important for borrowers who need feed and have no other source of credit to make application for emergency loans early so there will be no delay in acting upon them due to suddenly changing weather conditions or other unforeseen! unfore-seen! factors," Governor Myers said. "The funds available for the emergency emerg-ency feed loans are limited," he continued, con-tinued, "and no farmer or stockman should borrow or spend unnecessarily for feed; but where the stockman can anticipate his later needs with reasonable certainty, he should apply ap-ply early, whether or not the feed is to be purchased immediately. "In parts oi the primary drought areas where winter weather conditions condi-tions will prevent transportation of feed, range livestock operators may obtain funds to purchase a reserve feed supply, such advances being secured by liens on the reserve supply sup-ply and on the stock to be fed," the Governor stated. "The monthly advances ad-vances are made on the basis of the boiTower's promissory note. "In addition to the reserve feed loan, "Mr. Myers said, "the borrower borrow-er may apply for regular monthly allowances and hold his extra two-months' two-months' feed supply in reserve for emergency purposes when trans- ( portation may be cut off. Then, in cases where the monthly allowances, are obtained without interruption and the reserve supply retained through the winter, the latter will take care of feeding needs in February Febru-ary and March next year and under such conditions advances to the borrower bor-rower for those months will not be necessary," a - |