20—Lancaster Farming, Friday, December 24, 1971
Farm Credit
(Continued from Page 3)
Custom farming is growing
because it enables farmers to
secure the use of expensive and
complex farm machinery and
equipment without having to tie
up scarce capital for its pur
chase Custom work can also
save the farmer time and avoid
increasingly expensive and hard
to get farm labor.
A fifth key provision of the
new law is that it allows local
credit associations to become
involved in farm record keeping,
accounting and tax services for
farmers. Brown emphasized,
however, that the local FLBA and
PCA will not implement this
provision of the law unless it
develops in the future that there
is a demand for it
With such services already
available from Penn State
University and other
organizations, such as Farmers
Association, Brown said he does
not expect a demand to develop
He also noted that the local
area has many accountants and
attorneys who can give good
financial advice
This section of the law will be
important primarily in those
rural areas which do not now
have adequate alternatives,
Brown stated
A sixth key provision applies
strictly to cooperative loans The
provision allows that the
minimum amount of sales to
farmers can be reduced from 90
per cent to 66 2-3 per cent The
cooperative must still be “100 per
cent farm related m product
Public Sale
SAT., JANUARY 1, 1972 at 10:30 AM.
Located North of Mt. Wolf toward Power plant, turn right
at first hard road. Watch for sale signs. George Steffee, R.D.
1, Mt. Wolf, Pa.
NEW MACHINERY bought within past 2 years:
Int 444 gas, power steering, 3 pt, remote hydraulic with
only 485 hours, 4 row No-Til Allis Chalmers corn planter
(planted 50 acres), AC 10’ heavy duty transport disc No
234, IHC 2 row corn picker will fit and late 3 plow tractor
(picked only 250 acres)
Farmal M, Farmall H, Super C Farmall, mtd corn planters,
mtd 7’ mower, mtd snow plow (right or left angle) Corn
workers for C or super C, Massey Harris 26-10’ self
propelled combine, John Deere 33 PTO spreader, Massey
Harris 2 row mtd corn picker, hay crusher, IHC manure
spreader (4 wheel on steel), 2 JD plows, one 4 bottom 14"
on rubber plow, 10’ tractor harrow, 8’ disc, 28 blade offset
disc, JD Killfer 24’ smoker elevator w-motor, 18’ gram
elevator, No 2 forage harvester, AC blower, 2 wagons (one
with false end gate), self loading trailer 14’, 2 hole corn
shelter w-motor, 16' farm trailer, McCurdy gravity bin wagon,
and John Deere hammermill.
TRUCKS
1948 KBS Int U tag, 15’ bed with less than 10,000 on
overhauled motor and good rubber. 1964 F-100 Frod truck,
S tag, 4 speed trans V-8,1971 F-250 Ford Custom, 4 speed
trans, power steering, power brakes, 360 cu in engine,
15,000 miles 7x14 truck bed (factory made).
ANTIQUE MACHINERY
No 8 New Idea corn shock husker, steel wheels for old
gasoline engine, Model A-Ford frame, wheels & rear end.
Feeder cattle, 10 white shoats, sow & 11 pigs 1 year old
Holstein heifer
2 Farmall radiators, 1 used block for Farmall Cub, Tractor
chains, Used tractor tires, used wagon tires, Ford belt pulley,
large belt pulley for H or M, 50 T baler for parts, 1959
Plymouth, New locust posts, tire & rim for Ford tractor and
small parts for wagons and various types of farm machinery
Hay and straw
GEORGE STEFFEE
R.D.I
Mt. Wolf, Penna. (717)266-3436
BLAINE N. RENTZEL, Auctioneer
Emigsville, Penna.
(717) 764-6412
Clerks: Hull, Fink & Hess
line,” Brown said.
In explaining the importance of
this new provision, Brown said
that it would enable farmers with
a corn drying cooperative to do
up to one-third of the volume of
their work as custom work for
non-members. Before, at least 90
per cent of the work would have
had to have been for members.
The new bill makes a distinc
tion between a farming
cooperative and commercial
operation. It does not apply to
large farm machinery firms or
poultry processing firms, for
instance
In other comments, Brown
explained that farm loans
through his office are from five to
35 years, the better the security,
the longer the term allowed.
Local PCA and FLBA interest
rates generally reflect the
national bond market, because
the district office in Baltimore
must obtain funds for distribution
locally by selling bonds on the
national market. The rate
received in Baltimore must be
increased enough by the local
credit office to allow a profit.
The Baltimore' district banks
serve the five States of Delaware,
Maryland, Pennsylvania,
Virginia, and West Virginia,
presently including 31,705 far
mers with a loan volume in ex
cess of $670 million, of which the
PCA and FLBA account for about
five per cent.
The present local rate to far
mers is seven per cent on
Production Credit up to seven
years, and seven and one-half per
cent on Land Bank loans up to 35
years
CATTLE
MISCELLANEOUS
Terms Cash or good check.
Brown explained that long
term money presently is more
expensive, because of a general
reluctance by lenders to tie up
their money for long periods; a
few years ago, it used to be the
opposite long term money was
less expensive, Brown noted.
Nationally, lending units of the
Farm Credit System supply
about 20 per cent of the credit
used by American farmers and 60
per cent of the credit needs of
farmer cooperatives.
E. A. Jaenke, governor of the
U. S. Farm Credit Ad
ministration, said the Farm
Credit Act ranks as the most
significant legislation affecting
the system since it was
established by Congress in 1916
and expanded in the 1930’5. This
spring at the National Newspaper
Farm Editors of America con
vention, Jaenke said passage of
the legislation was among the
most important pieces of farm
legislation to be proposed by the
administration during this term.
Jaenke said the Act “gives the
System new authorities through
which it can gear its lending
programs to meet the rapidly
changing and skyrocketing credit
needs of farmers and their
communities. This is a com
pletely new charter under which
these Federally supervised,
privately-owned organizations
will operate,” he said.
Jaenke said meetings are
presently underway in which
representatives of the farmer
owned System and FCA, the
supervisory Federal agency for
the System, are discussing
guidelines under which the
programs will be carried out
locally. Until the new
regulations are put into effect
sometime this spring—the
System will continue to operate SALE BY
under the present programs, CARL DILLER
according to Jaenke. Lunch Available 464-2233
S
i
Wolgemuth Bros., Inc.
Diller Holstein Sale
Saturday, January 8, 1972
Location Along Route No. 322, 7 miles South of Lan
caster, 6 miles North of Quarryvllle, Lancaster, Pa. at Carl
DUlcr Barn.
35 Heod Registered Holsteins 35
(few good grades included)
Fresh and many springing, young cows, 2 year olds
with plenty of size and dairy type, pleasing udders, hand
picked personally.
INCLUDED IN THIS SALE ARE
• Spring Form Master Maple dtr. 3 yrs. 16,-
000 M, 563 F. She "Good Plus". Her dam has
16/000M, over 600 F.
• MAYERS DARK LEADER DTR. 2 YR. 369
DYS. 15,196 M, 720 F, 4.7%. 3 YR. 363 DYS,
16,545 m, 766 F, 4.6%. SHE CLASSIFIED
"VERY GOOD". HER DAM 16,228 M, 61 OF.
• KINGPIN DTR. 5 YRS. OLD, CL. "VERY
GOOD" 87. DUE SOON. 80 LB. COW.
• Spring Farm Reflection Ormsby dtr. "Good
Plus" 2 yr. 304 dys. 12,399 M, 505 F, 4.0%.
Her dam 3 yrs. 15,534 M, 602 F, 3.88%.
• Kenevelyn Model Ranger dtr. 4 yrs. 307
dys. 15,084 M, 592 F, 3.9%.
• (2) Glenafton Herdmaster dtrs. 3 yrs. 15,-
000 M, 600 F; 2 yr. 11 Mo. 305 dys., 16,070 M,
603 F, dam 17,600 M, 687 F, 3.9%.
• Red & White Reg. Heifer sired by Summit
View Citation S.
Other daughters of the following Sires: Rosafe Sham
rock Perseus, Esteem Duke, Glenafton Herdmaster, Divi
dend Clipper, Oak Ridges Regal Promoter, Penstate Star
Man, Whirlhill Kingpin, Forest Lee Rocket Centurion,
Sandsdale Fond Supreme, Bardhome Royle Supreme.
Through these series of sales, several cows have since
classified “Very Good” for their owners
Everett Kreider, Auct.
Mount Joy, Pa.
1:00 P.M. Sharp