D6-Lancaster Fanning Saturday, August 25,1990
Farm Credit Reports
$3.1 Million
BALTIMORE, Md. Real
estate and commercial lending
operations of the Farm Credit
Bank of Baltimore and its 18 affil
iated associations continued a pro
fitable growth trend during the
second quarter of 1990, according
to recently released combined
bank and association quarterly
financial statements.
Gene Swackhamer, president of
the bank, said, “We are very
pleased with our lending opera
tions. Credit for this success can
be attributed to the regional agri
cultural economy, our conserva
tive lending practices, off-farm
income, and increased market
share gained through our associa
tions marketing competitive loan
products.”
Loan volume climbed to $2.99
billion at June 30, an increase of
2.4 percent over the previous
quarter and 9.9 percent above sec
ond quarter 1989. This marks the
11th consecutive quarter of con
tinued loan volume growth.
Net income of $3.1 million was
recorded for the second quarter
1990, compared to $5 million for
Refiners Warn Of
Trade Plan Threat
WASHINGTON, D.C.
Domestic farm policy issues
which have absorbed farmers’
attention this year may be less crit
ical to the outlook for U.S. agri
cultural than the threat of export
market losses in the Uruguay
Round of trade negotiations,
according to Robert C. Liebenow,
president of the Com Refiners
Association.
Liebenow charged that a Euro
pean community (EC) proposal to
“rebalance” agricultural supports
could have a devastating effect on
the American agricultural eco
nomy if U.S. trade negotiators
give in to EC demands. The EC
i ould use this plan to slap prohibi
tive duties on U.S. exports of com
gluten feed, soybeans, and soy
bean meal.
“U.S. trade negotiators have a
choice on rebalancing: They can
ship U.S. commodities down the
river for export, or they can sell
U.S. agriculture down the river to
the EC,” Liebenow said.
“I’ve heard of policymakers
who wonder why U.S. agriculture
is upset about this proposal. The
answer is that rebalancing is just
another EC ploy to preserve their
CAP (Common Agricultural Poli
cy) while the U.S. government
and American farmers and work
ers absorb the costs,” Liebenow
said.
“All the evidence from the trade
talks is that the Europeans are as
intransigent as ever about protect
ing their farm subsidies at any
price. That being the case, the U.S.
has no business even considering
ness
News
Net Income
the first quarter and $600,000 a
year earlier. Bank officials contri
buted the fluctuations in net
income to an improving trend in
net interest income and the record
ing of nonrecurring expenses
associated with one-time financial
assistance expenditures in the sec
ond quarter of each year.
Net interest income of $19.9
million for the second quarter rep
resented an increase of $BOO,OOO
and $4.6 million over quarters
ending March 31, 1990 and June
30, 1989, respectively. The
improvement in net interest
income was caused by higher
levels of earning assets and higher
spreads resulting from lower fund
ing costs and a more effective util
ization of pricing practices consis
tent with local markets.
Credit quality of the loan port
folio remained high, according to
district reports, and has not been
affected by declining commercial
property values which have
caused losses at some financial
institutions in parts of the North
east and mid-Atlantic states.
a scam like rebalancing.”
Liebenow warned that reba
lancing systems could be manipu
lated to effectively restrict U.S.
exports of com gluten feed and
soybean meal without lowering
other tariffs enough to increase
feed grain exports. Currently, com
gluten feed, soybean meal, and
soybeans are the only major grain
products which still enter the EC
without facing excessive trade
barriers.
“U.S. acceptance of a ‘reba
lancing’ plan would mean that the
five million tons of com gluten
feed which currently go to Europe
would have to be absorbed in the
U.S. market. That would depress
com and soybean meal prices,
which hurts farmers and the U.S.
Treasury.
“When the Congress is trying
desperately to find ways to cut the
budget, we can’t afford a trade
agreement that will increase the
cost of farm commodity prog
rams,” Liebenow said.
Liebenow also highlighted the
damage rebalancing would do to
U.S. workers in the processing
and transportation industries.
“Farm exports produce thou
sands of jobs in places like St.
Louis, New Orleans, arid Balti
more. Losing the European mark
et for CGF hurts farmers, but it
also puts .railroad and barge
employees, longshoremen, and
other Americans out of -work.
Those jobs go overseas instead,"
said Liebenow.
Planing Scraper Handles Many Jobs
PENDER, Neb.— The Soil
mover 114 planing scraper from
Automatic Equipment Manufac
turing Company has a 14-foot
width cut and a bucket capacity of
3'/< cubic yards.
Mathews Adds Front
Access To Driers
CRYSTAL LAKE, lII.
Mathews Company has designed a
new front access to the walkway
of their large expandable grain
driers.
This new system, which
includes all the necessary plat
forms and ladders, will become
standard equipment on M-C mod
els 1175, 1195, 1615, and 3175
driers, starting with the 1991 mod-
Smith
Certified
MADISON, Wis.— Bruce W.
Smith, agronomist, Brubaker
Agronomic Consulting Service,
has been named certified profes
sional agronomist, according to
Cleo C. Tindall, membership and
certification registrar of the
American Registry of Certified
Professionals in Agronomy,
Crops, and Soils (ARCPACS).
To become certified, candidates
must meet rigorous academic,
ethical, character, and profesw
sional experience standards.
Smith received a B.S. from
Pennsylvania State University.
Smith, his wife, Audie, and two
children live in Lititz.
ARCPACS is a membership
service of the American Society of
■'** f.
The SMI 14 makes productive
use of tractor time. Hitched to a
tractor, it quickly grades high
spots and moves dirt to low spots
for Ailing at a fast, efAcient rate.
Automatic’s SMI 14 features
el year.
The system will also be avail
able in kit form to be retrofitted
onto M-C expandable grain drier
models with the full length
walkway.
For additional information or
the name of the nearest M-C Deal
er. contact Mathews Company,
500 Industrial Avenue, Crystal
Lake. IL 60012; (800) 242-3544.
Becomes
Agronomist
Agronomy headquartered in
Madison, WI. Organized in 1976,
ARCPACS provides professional
identity to those individuals quali
fied to practice in agronomy, crop
science, and soil science.
Information and application for
ARCPACS professional registry
may be obtained by writing to the
American Society of Agronomy,
677 South Segoe Road, Madison,
WI 53711.
r mMr.
wheel-regulated cut and fingertip
hydraulic control that allows
scraping at a uniform depth and
helps prevent gouging. It is also
adaptable to laser leveling
systems.
The reversible scraper blade,
made from six-inch carbon steel,
is fixed at a low angle to minimize
downdraft.
For added strength and durabili
ty, cold-drawn steel is incorpor
ated into the SMll4’s frame.
Other features include major pivot
points designed for easy lubrica
tion, an adjustable clevis that
adapts to different tractors, and a
swivel hitch engineered to keep
the scraper level.
For more information, contact
Automatic Equipment Mfg. Com
pany, One Mill Road, Pender, NE
68047, (402) 385-3051, or Ryder
Supply, 539 Falling Spring Road,
Box 219, Chambersburg, PA
17201, (717) 263-9111.
Northrup King
Honors Shipman
GOLDEN VALLEY, Minn.—
At its national sales meeting July
9-12, 1990, Norlhrup King hon
ored Steve Shipman, Mill Hall, as
“Dealer Recruiter of the Year.”
Shipman, a district sales mana
ger for Northrup King, covers the
company’s Northeast sales region.
“Steve recognizes that dealer
recruiting is our lifeblood. He has
recruited seven outstanding new
dealers whohave already signific
antly increased Northrup King
sales in those areas,” said Don
Jacoby, vice president of sales for
Northnip King.