Milford chronicle., 1934-09-28
Officers OF Oyster Loan
Association Are Chosen

The directors of the recent,
formed oyster growers production
credit association chartered by the
Farm Credit Administration of Bal.
timore to make loans to oyster
planters in Maryland, Delaware, anC
Virginia, last week chose William
w. McCabe, of Ocean City, Md, as
the secretary-treasurer, or the exec
utive officer of the association. They
also named the following as in
spectOrs:
Rodney James, Mobjack, Va.
Daniel Jeffries, Chincoteague, Va.
These inspectors will look over
the security offered by oyster
planters.
The other officers of the assOcia-
tion are, president, J. S. Darling,
Hampton, Va, vice-president.
Charles A. Eoockerman, Cresifeld,
Nd; executive committee, w. H.
Walker, ExmOre, Va, and Charles
A. LoOckerman. DR.. r. v. Truitt Of
College Park, Md, has been acting
as temporary secretary-treasurer.
The directors of the association,
in addition to Messrs. Darling, Wal
ker and Loockerman, include W. E.
Northham of SOlOmons, Md.
The permanent headquarters of
the oyster planters production cred
it association will be at Salisbury,
Md.
]. Richards Nelson, oyster spe-
cialists of the Farm Credit Admins
tration, who attended the meeting,
stated that loans will be made only
to oyster planters who lease from a
state, or political subdivision, more
than half of the total acreage which
they plant. In explaining the pur-
poses for which loans will be made
by the organization, he said they
include the purchase and planting
or transplanting of seed oysters, the
purchase of shells or other suitable
cultch, expenses incurred or to be
incurred in harvesting or marketing
oysters, to protect oysters from ma
tural enemies, the purchase of ne
cessary equipment, or to refinance
indebtedness incurred for any of
these purposes.
1T is not the purpose of produc-
ton credit association to compete |
" ith commercial banks for loans to |
oyster planters. but it does make |
funds available to oyster planters
who wish to avail themselves of
loans and who can give the requir-
ed security. A first lien or chattel |
mortgage on the crop planted with !
the proceeds of the loan and all |
crops of oysters already planted
will be required. Whenever a valid
mortgage can not be given on the
oyster crop, the association will re-
quire assignments of the leases of
the oyster grounds and real estate
mortgage on owned oyster grounds.
In some instances, borrowers may
offer as security mortgages on boats
and other equipment or shore prop
erty.
Loans may be made up to so per
cent of the total value of the oyster
crops already growing and those to
be planted with the proceeds of the
loan. This value will be based on
the cost or estimated yield, which
ever is the lower.
"A loan to an eligible applicant
may include amounts to finance op-
eratiOns on land which the appli-
can't owns or leases from private
owners, provided that such opera
lions are an integral part of those
conducted on the land which the
applicant leases from state or po-
itical subdivision.
Loans will be made only to ex-
1erienced oyster planters who oper-
lte the planting and growing of
,ysters on productive oyster
grounds and reap the benefits of
hat operation. The planters must
urnish proof of adequate police
protection against poachers on the
,yster grounds on which the opera
ions are conducted"