Evening star., 1933-05-12
FARM BILL SIGNED,
AID PLANS RUSHED
Roosevelt Requests Delay in
Foreclosures Until Relief
Is Ready.
Continued From First Page.)

been given to make effective the pro-
visions of the mortgage reflnancing
sections of the farm relief act. that
they abstain from bringing foreclosure
proceedings and making any effort to
dispossess farmers who are in debt to
them I invite their cooperation with
the officers of the land banks. the
agents of the Farm Loan Commissioner
and their farmer debtors to effect
agreements which will make foreclos-
ures unnecessary. This is in line both
with public duty and private interest y
Secretary of Agriculture Wallace and
Henry Morgenthau, jr., governor -deslg-
nate of the Farm Credit Administra-
| tion, meantime, assumed the key roles
| in the Nations most ambitious program
to return farming to the class OF a
| profitable business.
Summoned to Conferences.
Wallace, who will direct the program
aimed to bring better prices and adjust
American production to demand, pre-
pared messages to professors, producers
and handlers of basic commodities,
summoning them to commodity con-
ferences which he hopes to begin early
next week.
After the conference, which will ex-
p!ore the possibilities and methods of
| helping agriculture this year, he Will
| call public meetings and set up commod-
| ity councils. These, under his direc-
| ton. will perfect trade agreements. levy
processing taxes, if necessary, and pur-
| sue other courses open to the Secretary
| In bettering the lot of the farmer.
The first commodity conferences will
| be of an exploratory nature. Produc-
| ers, professors, handlers and farm ex-
perts will discuss relief programs in turn
for each of the basic commodities
wheat, cotton, corn, hogs, tobacco rice
and dairy products.
Secretary Wallace plans to space the
conferences at two to three day inter-
walls. Wheat cotton, corn, hogs and
dairy products are scheduled for first
attention. probably in that order. Plans
for consideration of dairy products have
| been pushed ahead because OF the Sc
rious problems of the industry in New
York, Wisconsin and other States.
Each group entitled to representation
! is to have one spokesman who is to be
armed with full authority to draw up
trade agreements and to agree upon the
use of processing taxes if the use Of
! such a tax is believed essential.
Consumers will have the opportunity
| of protesting any program which might
be regarded as opposed to their inter-
est. Wallace believes that application
of the program should come grad
ually."
Loans Available Monday.
Morgenthau has completed his set-up
to make available Monday the first
loans from a special S200,000,000 fund
and to get the $2,000,000 900 mortgage
refinancing program underway In Two
| weeks.
The special fund, from the Recon-
struction Finance Corporation, will be
loaned to farmers on either first or
face early foreclosure or whose farms
have been foreclosed since July l, 1881
and who may still redeem them.
The loans will be at 5 per cent in
terest for 13-year periods with no pay
ments on principal for the first three
years. Farmers can borrow up &c
$4,000.
The mortgage refinancing will be
handled by the land bank organiza-
ton, which will continue the work OF
the Federal Farm Land Bank board
and is the largest division of the new
farm credit administration. All mem
bers on this board except Paul Bestor
who is also land bank commissioner
will no longer have functions under
the new arrangement, their positions
being abolished The land bank
division will also supervise the liqui-
dation program for joint stock lane
banks.
Activities of the Farm Credit Admin
istration will be organized in five di-
visions, which will have corresponding
units in each of the II cities where
Federal land banks now are situated
Morgenthau expects to have the set-ur
of Federal farm credit agencies COM
plete and ready for operation in Is day:
when President Roosevelt's executive
order creating the central agency be-
comes effective.
IL Divisions.
The Nation will be divided into l:
regions for all loan functions, follow
ing the same pattern now in use by tht
Federal land and intermediate credit
banks. The banks are located al
Springfield, Mass; Baltimore, Colum
bia, South Carolina, Louisville, New
Orleans, st. Louis, st. Paul, Omaha
Wichita, Kans.; :; Houston, Tex; Berke
ley, Calf, and Spokane, Wash.
All loans will be handled through
these banks except for some to be mad'
directly by the Washington office tt
national farm marketing co-cperatives
Under Morgenthau will be three deput.
governors, 81 general counsel and fiv,
commission ers, each heading division