Storage Loans
Help Farmers
Farmer! who need additional
torage bins on or near their
farms are advised to get In touch
with the local agricultural con
servation committee for Infor
mation on the government's new
farm storage loan program.
W. M. Tate, chairman of the
Marion county committee, said
today that the necessary forms
have been received in the local
office and the program Is now
ready to get under way.
Under the storage construc
tion plan, the Commodity Credit
corporation will either guaran
tee loans made by local lending
agencies, or, if producers cannot
or do not wish to obtain credit
from other sources, CCC will
make the loans direct.
Loans will cover up to 85 per
cent of the cost of the storage
structure or 45 cents per bushel
of the rated storage capacity,
whichever is the smaller. The
loans will be repayable on an
annual installment plan, over a
period of not more than five
years. Provision is made for ex
tension of these loans in 1 n
stances of crop failure, etc.
The proposed structure must
be an eligible storage structure
under the government's price
support loan program. Storage
payments earned on the struc
ture will be applied against the
construction loan. Also, pro
ceeds from price support loans
or purchase agreements will be
applied up to the amount of the
annual payment.
To help farmers who lack
storage space, special CCC "dis
tress" loans will be available on
wheat stored on the ground or
In other temporary ways by
farmers who agree to build or
acquire satisfactory farm stor
age within 90 days. Seventy-five
percent of the full support level
will be advanced to the farmer
at the time he takes out the dis
tress loan: he will receive the
balance of the full price support
loan when the grain is in his
new storage structure.
Banks and other lending insti
tutions wishing to take part in
the storage loan program may
obtain the necessary forms and
instructions from the county
agricultural conservation com
mittee. After approval by the
commodity office of the produc
tion and marketing administra
tion, the names of such approved
lending agencies will be obtain
able from the county ACA office.
In 1900, the average Ameri
can ate 151 pounds of meat, or
six pounds more than in 1948.
North Salem to
Get Feeder Line
A 24-inch feeder line to run
from Mill street to Salem Gen
eral hospital is being laid by
the city water department and
Is expected to give higher water I
pressure in north Salem. The
cost will be about $60,000.
An eight-ton section of the
line was laid under Mill creek
at Trade and 24th streets Wed
nesday. At the hospital it will
connect with another 24-inch
line that was laid about a year
ago.
Capilal Journal. Salem, Oregon. Thursday. June 2."?. 191 19
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