D6-Lancaster Farming Saturday, July 12,1986
BUSINESS NEWS...
Southeast Farm Credit
Names President
WEST CHESTER - Jerry L.
Ogline has been appointed to the
position of President and Chief
Executive Officer by the Board of
Directors of Southeast Farm
Credit Service. Mr. Ogline left the
position of Executive Vice
President and Chief Operating
Officer of Lancaster Farm Credit
Service to assume the top position
at Southeast.
A 1974 graduate of the Penn
sylvania State University, Oglme
has been with Farm Credit since
1977 when he started as a loan
officer in the Lancaster
Association. Prior to joining Farm
Credit, he taught basic agriculture
and horticulture in the Eastern
Lancaster County School District
in New Holland, Pennsylvania.
Southeast Farm Credit serves
agriculture in the counties of
Bucks, Chester, Delaware, near i y 1900 farmers and rural
Montgomery and Philadelphia resl( j en t s wl th over $lO7 million in
with loans and plated financial outstanding loan volume,
services. Currently they serve
The Farm Credit System
FCA Calls on Farm Credit
To Reduce Interest Rates
McLEAN, Va. - The Farm
Credit Administration (FCA) last
week told the Farm Credit System
that it will approve interest rate
plans that offer borrowers lower
rates. Under guidelines approved
by the FCA Board, each System
bank or district can offer a wide
choice of lower loan rates with
more attractive terms to qualified
borrowers, as long as their
weighted average rate to all
borrowers does not drop more than
one-half of one percent from their
current loan rate. Effective im
mediately, FCA will act on in
dividual bank or district loan
pricing programs submitted under
these guidelines.
The guidelines require System
institutions to reduce rates as cost-
effectively as possible to stem
losses in loan volume and to
correct borrower relations
problems and deficiencies in loan
Lancaster Co. Equipment Dealer
Joins Export Effort
WASHINGTON - Former
Secretary of Agriculture Orville L.
Freeman today welcomed Binkley
& Hurst Bros., Inc. of Lititz into
membership in the Agriculture
Council of America, a national
organization that brings together
all sectors of agriculture, from
producers and their suppliers to
retailers and exporters of food and
fiber.
“We are committed to forging a
public/pnvate program that will
securely increase demand for U.S.
farm exports, as the best way to
restore profitability to agriculture
and prosperity to rural America,”
Jerry Ogline
Farm
Credit
News
documentation cited by FCA. The
guidelines also state that System
institutions that move quickly to
more flexible rate programs that
improve their loan volume and
borrower relations may be granted
additional rate reductions as their
cost of debt declines.
Frank W. Naylor, Jr., FCA
Chairman, cited the need for
System lenders to improve
borrower relations by adequately
informing borrowers of their
policies on loan restructuring and
on eligibility requirements for
different interest rates. FCA’s
approval of any interest rate
reductions will be conditioned on
that institution’s obtaining current
financial information that reflects
the condition of its loans.
The Chairman encouraged the
System banks and districts to
submit their interest rate
proposals to FCA as soon as
possible.
said Freeman, president of ACA
and chairman of the ACA
Education Foundation, a separate
research and educational
organization.
“The grassroots support of in
dividuals and local businesses,
such as Binkley & Hurst Bros.,
Inc, is crucial to the successful
implementation of this program,
which drew the support of the
Congress in the 1985 farm bill and,
recently, the National Commission
on Agricultural Trade and Export
Policy,” he said. "We are
delighted to have this Case
equipment dealer as a new ACA
member ”
Case IH Mechanical FWD Tractors
RACINE, Wise
•onstant traction mechanical
front-wheel-drive (MFD) models
are being added to the Case IH
agricultural tractor line. Models
3394 and 3594 feature 162 and 180
manufacturer’s rated PTO hor
sepower, respectively. With these
two new MFD models, Case IH
now has a full complement of MFD
tractors.
Model 3394 replaces the popular
3294 constant traction tractor
model introduced in 1983,
providing many feature enhan
cements. These constant traction
tractors offer the row crop
characteristics of a mechamcal
front-wheel-dnve tractor with the
tractive efficiency of a four-wheel
drive tractor.
With constant traction, the
mechanically-driven front drive
wheels are permanently connected
to the rear main drive wheels. The
power to the front drive wheels
cannot be disengaged. This en
sures that the transmission torque
loads are equally distributed to all
four wheels, just like a true four
wheel-drive tractor.
A constant traction tractor can
match the performance of a
comparable horsepower two
wheel-dnve tractor, with 30 per
cent less weight on the main drive
wheels. “This can greatly extend
the service life of the transmission
and final drive components,”
according to Case IH tractor
product manager, James Sch
waller.
High horsepower constant
traction tractors can operate with
up to 5,000 pounds less weight on
the rear mam drive wheels than
comparable two-wheel-drive
Massey
Corporate Name Change
TORONTO - Shareholders of
Massey-Ferguson Limited have
approved a proposal to change the
Company’s name to Vanty Cor
poration.
The change became legally
effective moments after the
shareholder decision on June 17,
when the Company’s attorneys
filed change-of-identity documents
in Ottawa.
Victor Rice, Chairman and Chief
Executive Officer, said the
Company’s publicly traded
common shares will carry the
trading symbol “VAT” on the
Toronto, Montreal, Vancouver and
New York stock exchanges.
The name change required the
approval of two-thirds of the
shareholders represented at the
Company’s annual meeting. The
Company said more than 96 per
cent endorsed the change.
Prior to the balloting, Mr. Rice
said the Company wanted a new
identity because “we are no longer
simply a farm machinery com
pany.”
“Our corporate reconstruction is
changing this enterprise in a very
profound way,” he declared, “and
the process of change will continue
and accelerate as time goes on.”
He said a recent financial and
operational restructuring helped
clear the way for diversification
into non-agncultural businesses
“as we expect to do in the near
future.”
At one tune the Company had
considered adopting “Massey” for
its new name, but during
negotiations for the restructuring,
the Company consented to give its
former Combines Division rights
to use the name “Massey" for up to
12 years. This step, Mr. Rice noted,
“was unavoidable and effectively
foreclosed this option for our own
corporate identity.”
Distribute Weight Evenly
Two new
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The Model 3594 mechanical front-wheel-drive tractor has
24-speed transmission and adjustable front axle.
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machines. This alleviates soil
compaction by reducing ground
pressures as much as 25 percent.
Constant traction utilizes the
entire working weight of the
tractor for effective traction. This
increased tractive efficiency oc
curs when the constant traction
machines are properly ballasted,
with 40 percent of the total tractor
weight distributed on the front
drive wheels and 60 percent on the
rear drive wheels.
Extensive field test and traction
studies show that the constant
traction tractor performs equally
to a similar horsepower two-wheel
dnve tractor with continuous
drawbar loads on dry, hard land.
However, the constant traction
tractor drawbar performance
Ferguson Approves
Rice said the Company has
assigned the name Massey-
Ferguson and the familiar triple
triangle symbol to its Tractors and
Farm Equipment Division.
This was done, he explained, to
avoid any possibility of confusion
among farmers and farm
machinery dealers when the
Portable Filling Station Prevents Spills
Pumper USA solves the problem of the unwieldy gas can
with their Portable Filling Station. The fuel supply stays safely
on the ground while a six-foot hose and filling station-type
nozzle delivers the fuel where needed. The pump utilizes
natural pressure that exists inside gas containers, along with
a low-pressure pump with a pressure relief valve. For in
formation contact Pumper USA, 11300 Hampshire Ave.
South, Bloomington, MN 55438, phone: 612-941-1017.
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exceeds the two-wheel-dnve
tractor in soft, wet, sloppy field
conditions. “One wet season may
pay for the cost of the MFD
feature,” Schwaller said.
Constant traction tractors also
provide engine and transmission
braking on all four wheels which is
highly desirable when transporting
heavy loads.
Tire wear in transport
operations is reduced to a
minimum because of the special
recommended combinations of
matched front and rear tires.
Extensive field testing reveals that
front tires on constant traction
tractors do not wear to any greater
degree than tires on a conventional
MFD tractor with the front wheel
drive disconnected in the transport
mode.
parent enterprise branches into
new commercial fields that are
unrelated to agriculture.
The new corporate name is a
derivative of Verity Plow Works,
which became part of the Massey-
Harris Company nearly a century
ago. The name was adapted to
facilitate international
registration.
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