Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1934-08-16
DROUTHLOA TO
COUNTY FARMERS
DrOuth Administration Gives Details
as to How to Procure Feed
Money.

Loans from the $525, 100000 emer-
gency relief fund will be made to
farmers and stOckmen to purchase
feed for livestock. In pursuance to
the Act passed by Congress on June
"a, Governor w. l. Myers of the Farm
Credit Administration will make the
relief loans in areas which have been
designated as emergency drouth areas
by the United States Department Of
Agriculture. These include all OF
North and South Dakota, 81 counties
in Minnesota, II in Wisconsin, 10 in
Montana, IL in Wyoming, "a in Texas,
1 in Oklahoma, 1 in Idaho. II in
Arizona, 10 in Colorado, % in New
Mexico, II in Nevada, 10 in Califor-
mia, 2 in Oregon, and 81 in Utah.
The loans will be administered by
the emergency crop and feed loan Sec
tiOn, Farm Credit Administration and
handled through the emergency crop
loan offices since they already have
local loan committees established in
every county in the drOuth areas.
special application forms have been
sent to these offices.
The loans will be made to appli-
cants who, because of the drouth, do
not have the necessary feed to MAIN
tain their livestock and must produce
forage crops, and do not have the
means or other sources of credit
available to obtain such feed or un-
dertake production of needed forage.
Loan Provisions.
The amount loaned to purchase feed
for livestock will be limited to a max
imum for each head and the loans
for production of forage crops will be
limited to a maximum amount per
acre, such loan limits being deter
mined according to the cost of feed
or the cash cost of growing forage
crops in the various drOuth areas.
The minimum amount of loan or
advance is $25 for either purpose.
Loans will not be made to purchase
feed for livestock acquired since
April 1, 1884.
Security for the drouth relief loans
will consist of the borrowers prOmiS-
sorry note accompanied by a non-dis-
turbance agreement signed by each
chattel mortgage lienholder, except
where the lienhOlder is a production
credit association, regional agricul-
tural credit corporation, Federal land
bank, the Secretary of Agriculture, or
the Governor of the Farm Credit Ad-
ministration.
In announcing these unusually lib
eral security arrangements, which do
not require borrowers from the drouth
relief fund to give chattel mortgages
or waivers, Governor Myers stated
that all loans will be advanced in
monthly installments in amounts suf-
ticient to feed the approved number
of livestock for one month or to pay
the months expenses required for
producing necessary forage crops.
Further advances will not be made to
any borrower who fails to observe
good faith by encumbering his live
stock, feed, or crops, or by waving
his rights to them after he has OBJ
tanned a drouth relief loan or ad-
vance.
The promissory notes given by Dor
rowers as security for drouth relief
loans will mature November 1, 1885,
with interest at the rate of 51a per
cent per annum. Interest on the loan
until maturity will not be deducted
at the time the loan is made.
Loans will not be made to appli-
cants whose principal business is the
commercial feeding and fattening Of
livestock for market, nor to any ap-
plicant which is corporation, unless
its principal business is farming.
Loans may not be made for purchase
of feed for livestock or for producing
forage crops outside the designated
emergency drouth areas, nor for feed
for livestock that have been moved
into drouth area since April 1, 1884.
County Loan Committee.
The loan committee for Pine county
consists of A. E. Eddy, Hinckley;
Chris. Frederiksen, Askov; Erwin Nell
son, Pine City; ]. ]. Madden, Pine
City; William Ausmus, Pine City;
Mrs. Dahle, Pine City, and Vincent P.
Mccoy, field supervisor, Aitkin; and
the local office is located at Pine
City. Farmers of Pine county desir-
ing to avail themselves of the oppor-
tunities afforded by this loan should
call at the county committee office at
once prepared to discuss with them
their financial conditions particular
ly the number and condition of all
of their livestock, their supply Of
feed and funds, and also with COM
plete lists of all debts, mortgages,
judgments, and encumbrances. This
information is absolutely necessary
and if ready will greatly assist in the
speedy handling of the loan.