Indianapolis Times, Volume 48, Number 48, Indianapolis, Marion County, 6 May 1936 — Page 22

PAGE 22

U. $, GIVES AID TO IOF EVERY FOURFARMERS Government Data Reveals FCA Leading Agency for Assistance. (Copyright. 1936. bv United Prean WASHINGTON, May 6.—Approximately one of every four farmers in the United States depends on government financial aid, either through loans or direct grants, in his efforts to derive a satisfactory living from the soil, government statistics revealed today. Most of this assistance is from the Farm Credit Administration, with the Resettlement Administration supplying the remainder. AAA and soil conservation benefits were not included in compilations leading to the one-in-four figure. If either AAA or soil conservation benefits had been included, the number of farmers receiving government aid would have been well over 50 per cent. Nearly 3,000,000 farmers participated in the various AAA programs, and officials expect the number participating in the new soil conservation program will be nearer 4,000,000. 800,000 Mortgage Loans Outstanding Latest census bureau estimates on the number of farm operators in the country placed the total at 6,800,000 in 1935. Thus, nearly 50 per cent of the farmers participated in the AAA production control efforts, and approximately 60 per cent are expected to co-operate in efforts to curb soil erosion. FCA has approximately 800,000 mortgage loans outstanding, plus some 200.000 short-term crop loans. RA numbers slightly more 600,000 farmers on its rehabilitation rolls, bringing the total for these two organizations to 1,600,000, or about one-fourth the nation’s farm population. There is practically no overlapping of loans made by the two agencies. The 800,000 mortgage loans made by FCA all are of a standard longterm mortgage character, similar to the HOLC's mortgages on private homes. Most of them are cases where banks, because of tight credit conditions generally, refused to advance money, but where the owner has demonstrated a reasonable chance for making a financial success of the farm. Loans on Short Time FCA’s 200,000 crop loans are made lor terms ranging from six months to a year in cases where the farmer needed the money immediately—to buv seed, equipment, fertilizer, or other necessary materials—and was unable to secure the money from private sources. The loan constitutes a lien against the coming crop. The total value of these FCA loans is about $3,317,000,000. This figure, however, also includes loans to 1200 farm co-operative organizations, to aid farmers in marketing crops and purchasing supplies. Resettlement’s 600,000 rehabilitation clients all are farmers who were unable to make a financial success on their own initiative, and correspond to relief cases in cities. Direct Grants Made When they first apply to RA for aid they are put on a direct grant basis, with resettlement supplying sufficient cash for them to purchase the necessities of life. Aft:-t a short period on grants, each rehabilitation client is placed on a farm, if he is not already on a workable one, and given a loan of sufficient money to get started. The loan is made on condition that he must comply with a management program supplied by RA, specifying how he shall farm his land. RA’s rehabilitation program started last summer, and will extend, on the basis of present funds and authority, until June 30. It has sllß,000,000 at its disposal for the program, of which $16,000,000 is for grants and $102,000,000 for the loans. Approximately 400,000 of the 600, 000 “Rehab” clients now are on a loan basis, the other 200,000 still receiving grants. The peak load for the program has not yet been reached, and officials expect this peak will not come until next month, when they expect the total to exceed 700,000. UNIVERSITY TO DRILL FOR OIL ON CAMPUS Oklahoma College Head Orders $4,000,000 Program. Bv United Press HOUSTON. Tex., May 6.— A $4,000,000 oil drilling program on the campus of the University of Oklahoma Medical School in Oklahoma City was announced here today by Dr. W, B. Bizzell, university president. “Up to last Friday,” Dr. Bizzell said, *'l had refused to consider drilling on the Medical School campus because of a nearby children s hospital in which I am vitally interested. "But when major oil companv representatives came to me last week and told me of the millions in oil under the land, and hinted that nearby drilling operations threaten to take the oil right out from under us, I decided to drill.” | WATCHM : Repairing THAT'S DONE RIGHT We re critical about your watch—it must be right before you get it back. Our prices are reasonable all work guaranteed. Stem & Crown, $1.25 Watch Rep*.!.-—North Mezzanine |

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THE INDIANAPOLIS TIMES

MAY'S, 1936