—Lancaster Farming. Saturday. November 2.1968
10
Banks Largest Lenders
To Pennsylvania Farmers
Pennsylvania banks were pro- formers, according to Mussel
vuling farmers with more credit man, has been accompanied by
and other financial services than a substantial gain in the. total
any other lenders at the begin- assets of farm families. There
ning of this year, according to fore, in the aggregate, the equity
Stanley Musselman, Farm Rep- position of farmers, contrary to
icsentative and Assistant Vice public opinion, is being main-
President of the Lancaster Coun- tained at a satisfactory level. Na
t> Farmers National Bank. Mus- tionally, farm families have
selman represents the Pennsyl- $231 billion of their own funds
vania Bankers Association as invested in agriculture. This rep-
Lancaster County Agricultural resents 82% of the total capital
Representative. During 1967 the requirements of farmers,
banks maintained their leader- The farm representative
ship in agricultural credit serv- stressed the importance of farm
ices. ers and bankers working closely
Based on the 27th annual farm together to improve farm finan
lending summary of the Agri- cial arrangements. He reported
cultural Committee of The that nine out of 10 ihsured banks
American Bankers Association, throughout the country had ag-
Musselman reported that at the ricultural 1 oans outstanding,
beginning of the year, Pennsyl- with nearly 92% of the banks m
vania banks were helping farm- Pennsylvania extending credit
ers with $307 million in loans, to farm people.
9% more than a year previous. High-Moisture Corn
This total included $157 million interest continues to grow in
in production loans and $l5O th e use of high-moisture corn
million in farm mortgages. At f or hvestock and dairy feeding;
the same time, $l5 million in this method of harvesting and
farm loans was held by life-in- storing corn has many advan
surance companies; $57 million tages for farmers in southeast
by the Federal Land Banks; $56 erll Pennsylvania On the recent
million by Production Credit As- i lV estock tour into New York we
sociations; and $l3 million in observed a large percentage of
nonreal estate loans, plus $4 mil- -both the breeders and the feed
lion in real estate loans by the rs making high-moisture ground
Farmers Home Administration. ear CO m. The moisture range for
About 74 % of the production the ground corn and cob is from
credit extended by lending in- 30 to 35 percent; this means that
stitutions to Pennsylvania farm- the moisture in the kernel itself
ers came from banks. should not be lower than 23 per-
Musselman said that “bankers cent; in this case the moisture
in Pennsylvania are conscious of in the cob would be about 40
the large capital investments re- percent and the two together
qiured in agriculture today and would have sufficient moisture,
aie making a concerted effort when moisture is below these
through'improved lending pio- amounts then 2V 2 gallons of wa
grams to meet these changing ter may be added per ton for
credit demands of the state’s each percent moisture that is
farmers.” needed; this water should be
The increased use of credit by added at the blower.
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Witmer, Pa. 392-7227
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