Agricultural Finance
The financial condition of
farm, operators is expected
to change little in 1975, but a
modest increase in the
number of those having debt
repayment problems is
likely. Actual developments
will depend mainly on the
extent of recovery in
livestock prices, on the size
of the feed crop harvest, and
on the strength of foreign
demand for farm products.
Demand for operating and
real estate loans is expected
to remain strong but demand
for intermediate term
financing (for machinery,
equipment, and livestock) is
expected to slacken.
Net flows of loan funds are
forecast at $l4 to $l6 billion
during 1975, a $3 to $5 billion
increase from 1974. Total
WORK HORSE & HUE
WED., HMMIIY 1,19)5
PAUL Z. MARTIN’S
2 MILES EAST OF INTERCOURSE, PA.,
ALONG ROUTE 340.
2 Loads of Kentucky Draft Horses & Mules,
Single & Pairs
Assorted Colors, Weights and Sizes
Also Local Horses, and a few Drivers.
TACK & EQUIPMENT -11:00 A.M. HORSES - 12:30 P.M.
NEW HARNESS HARDWARE AT 11:00 A.M.
I will try to get them PAUL Z. MARTIN
as good as possible BALL, PENNA. 17506
Residence - 717-354-6671
Business - 717-768-8108
MARTIN
AUCTIONEERS
HAY, STRAW A CORN SALE EVERY WEDNESDAY AT 12 NOON
FARM EQUIPMENT SALE, WEDNESDAY, JANUARY 29,1975
9:30 A.M.
Notice Change of Sale Date January 8.1975
debt outstanding January 1,
1976, is forecast to reach $lO6
to $lll billion.
Loan funds are expected to
be available to meet these
demands. Increases in funds
from lenders with access to
the national money markets,
or Individual land sellers,
will offset any limitations on
funds from lenders who draw
from local sources.
Total assets are forecast
at $598 to $6OB billion at the
beginning of 1976. And the
debt to asset relationship
will remain nearly un
changed at about 18 percent.
Although some decline in
interest rates can be ex
pected in the first half of
1975, it appears unlikely that
rates will average more than
% to 1 percentage point
Outlook
below the level of 1074.
Although real estate price*
are expected to continue
upward in 1075, the increase
Is likely to be less rapid than
in 1074, perhaps ranging
from 13 to 17 percent,
depending on farm income
developments and interest
rates.
Net worth and Income
positions of farm operators
at the end of 1074 reflect the
wide divergence this year
between incomes of crop and
livestock farmers, con
tinuing strong export
demand, the vagaries of
weather, rising input prices
and shortages of inputs, and
the impact of tightening
credit markets in the latter
months of the year. In
general, producers of crops
are better off and producers
of livestock and livestock
products are worse off,
although realized net farm
income (after paying
production costs) for all
farmers is expected to be the
second highest on record,
near $27 billion.
Because of the diverse
income picture, the financial
condition of farmers going
into 1975 is also quite
diverse. Fanners and len
ders will have to face some
tough financial decisions in
the coming year. Major
repayment problems will
arise for some livestock
ranchers who recently ex
pended their operation or
began ranching, because of
their large debt com
mitments and relatively low
income. Also, crop farmers
who lost their crops because
of 1974’s weather reverses
can be expected to carry
over a large volume of short
term debt and will also
require large operating
loans in 1975 to finance their
planned production.
However, the number of
such farmers is relatively
small and lenders are not
expecting significant
repayment problems in 1075.
Demand for real estate
loan funds remained strong
throughout 1074 but eased for
non-real estate lending. Real
estate borrowing reflected
the continuing advance in
farm real estate prices
which are expected to be up
15 percent during the March
1, 1074-March 1,1075 period,
trailing from the previous
reporting year. Values in
creased 10 percent from
March 1 to November 1,1074.
Demands for non-real estate
funds have been fueled by
increasing prices and large
purchases of current
operating items such as feed,
seed, fertilizer, and other
goods, and by the desires of
farmers to delay crop
marketings. However, the
depressed state of cattle
feeding operations and their
reduced demand for loan
funds slowed the overall rise
in non-real estate debt.
Total real estate and non
real estate debt outstanding
is up an estimated 13 percent
from January 1, 1974, to
January 1, 1975. However,
the rate of increase has
showed in recent months
because substantial num
bers of lenders (mostly
bankers and insurance
companies) reported in
Baying Clothes for Baby
When you buy clothes for a
new baby, remember that
infants have sensitive skin
that’s easily irritated. Mrs.
Ruth Ann Wilson, Extension
clothing and textiles
specialist at The Penn
sylvania State University,
suggests buying clothing
made of pliable fabrics.
Make sure that the garment
has no unfinished seams or
fastenings that could cause
skin irritation.
Tonr Choice
Perhaps as a child you were
told what to eat Now you must
choose for yourself choose
wisely. You can achieve health
and happiness through good nu
trition.
Lancaster Farming, Saturday, Dec 14.1974
September that they were more selective In making
loaned up, were not making new loans. Most lenders
loans to new borrowers, anticipate that they will have
were rationing funds among at least as large a volume
borrowers, or were being available for 1076 a* for 1074.
CONSIGNMENT SALE
SATURDAY, DECEMBER 21
Location: Vi mile north of Route 23 on North 7
Maple Ave. in Leola, Lancaster Co. Pa. 7
WATCH FOR SALE SIGNS. I
TRACTORS —2010 John Deere Crawler with loader; I
Melroe Bobcat. FARM MACHINERY John Deere I
24T Baler; 6 bottom Int. plow automatic reset; 2-3 7
bottom plows, 3 pt. Hitch; Wagon with hydraulic 7
dump; 10’ cultimulcher; Easy-Flow lime drill; Int. pull 7
type grass mower, like new; Int. 2-row com planter; ▼
New Idea late model Hay Conditioner; Horse drawn ▼
impl#m#nta; Nails 8-10-12-16; lots of lumber, plywood, f
red oak house flooring (new), lot of doors, nice pool ♦
tables with %” slate bottom, new hardware and tools, ♦
etc., etc. ▼
Trailer Load of Citrus Fruit direct from Florida. 4
We sell on commission. ♦
♦ DAVID H. GOOD ♦
J 717-656-9024 ' t
tF. Snyder, R. Martin. C. H. Wolgemuth, Auct ♦
Next Sale Wednesday, Jan, 15, 1975 ♦
? NOT RESPONSIBLE FOR ACCIDENTS. |
JENNING'S
COMPLETE FARM
LOCATION: 6 miles East of Troy, Pa., 14 miles West of Towanda, Pa.,
Bradford County II mile off Route 6]
FRIDAY, DEC. 20,1574
(BLIZZARD DATE DEC. 27)
AT 10O’CLOCK tr~
92 HEAD SIRE POWER
HOLSTEIN DAIRY CATTLE 92
88 Grades 4 Registered
59 young outstanding milking age animals, many
fresh and close springers, balance due January; 10
Bred Heifers due sale date to March, 10 Open Heifers of
breeding age, 13 Started Heifer calves.
1974R.H.A.; 58.2 Cows; 13,039 M; 493 F
Interstate Tested; Charts Sale Day
Inoculated For Colds
Pregnancy Checked; Catalogues
MACHINERY and EQUIPMENT
3 TRACTORS: J.D. 2520 gas, J.D. 2030 gas with roll
bar, Ford 800 with loader; GeW 400 chopper with 1-row
com head and pickup, Gehl forage wagon with tandem
axle, Lamco forage wagon, 4 wagons with throw boxes,
N.H. baler, Model 67 with pto thrower; N.H. rake, New
Idea mow-conditioner, N.H. 510 spreader, 2 harrows, 1
Ford with transport wheels, 13-section tractor harrow;
Case 12-ft. disc with transport wheels, M.F. 4-row corn
planter, J.D. 3 pth crop sprayer, J.D. 4-bottom plows,
GeW blower, N.H. 36-ft. blower, N.H. trailer mower,
Kesco 3 pth spreader, 3 pth utility blade, barn fogger,
ensilage cart, IPS tank, new drums oil, cultipacker,
J.D. comfort cabs, McHammermill, Int. 13-hoe grain
drill, electric fence posts. Numerous other items sell at
this auction.
MILK EQUIPMENT
3 DeLaval milker units, Kasco dumping station with
100 ft. hose.
Approx. 5000 bales good feeding hay, approx. 400
bales straw, 20x50 Harvestore full hay and com, 16x55
Ribstone full com silage, 15 acres standing husking
com.
1000 hd. 10-20-20,1000 hd. 13-13-13
SALE MGR. NOTE: High producing, good sized
dairy cows and nearly new line farm machinery sells
at this auction.
Terms Cash or Good Check Sale Day
HERBERT D. & PHYLLIS J. JENNINGS,
Owners
VICTOR KENT & WILLIAM KENT, Auctioneers
JEFF WARNER, Clerk
ROCKWELL’S LIVESTOCK, Sale Mgrs.
D. O. Rockwell, Prop., Troy, Pa.
Phone 717-297-3460
LUNCH AVAILABLE
FARM FOR SALE (contact owners)
152 acres, 100 tillable (highly productive); House
with all modem conveniences with electric heat. 68
stanchion bam with 2 box stalls, bulk tank, 2 gutter
cleaners. 2 silos, Ribstone, woodstave 14x30, Har
vestore; 36x100 tool shed, real good water supply. This
farm cannot be appreciated until seen.
9:30 A.M.
PRODUCE
FERTILIZER
49