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Newspaper
Junction Eagle
Location
Junction, Texas, United States of America
Date
Mar 03, 1938
Page
8
Applications for emergency crop and feed loans for 1938 are now being received at Junction by T L Miller field supervisor of the Emergency Crop and Feed Loan Section of the Farm Credit Administration Applications may be filed at the office of Mrs Frank J Wilton between the hours of 9 p m and 9 p m daily.
The Emergency Crop and Feed Loan Section of the Farm Credit Administration will loan up to 400 per farmer in 1938 for immediate cash needs for crops or livestock feed. Loans are restricted to farmers lacking other sources such as production credit associations banks or individuals. Excludes standard rehabilitation clients already served by Farm Security Administration.
Farmers securing emergency crop and feed loans must pledge a first lien on financed crops or on livestock to be fed. Landlords or others with crop or livestock interests must waive claims in favor of the Governor of the Farm Credit Administration. Loan proceeds are mailed from the Dallas regional office.
The 1938 Farm Bill authorizes cotton marketing quotas under the Agricultural Adjustment Act to curb surpluses. A national allotment of about 10,730,000 bales is set, with Texas at roughly 9,800,000 acres. County and farm allotments provide minimums and special provisions for small producers as allocations are divided.
The document explains uniform county wide cotton allotments excluding rice and livestock land, limits on a farm’s allotment, and how 1938 marketing quotas are calculated using actual normal production plus 1937 carryover. It notes penalties of 2 cents a pound for cotton sold above quota, exemptions for small production, and penalties affecting 1987 payments with loan implications and parity helper rates set by the Secretary.
Merchants face a new tax split with a fourth directed to the hoo fund and three fourths to the general fund as the Comptroller begins collection. A single store owner now pays a small tax that rises with store count, while large chains trim stores in major Texas cities to limit the maximum annual tax of 750 dollars.
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