Hide Article Text (OCR)
FARDI CREDIT HEAD DHMIS SIX-YEAR mORATOfttlH HLLMyers Declares “Slight Minority” Only Will Have to Go into BankruptcyPRESIDENT SIGNS SATURDAYMeasure Fits in With General Program of Protecting Distressed FarmersWashington, July 2.—(P)—William I. Myers, governor of the farm credit administration, said Monday only a “very slight minority” of farmers will “have to go into bankruptcy to save their homes” under the Frazier-Lemke act giving a partial six-year moratorium on farm mortgages.The measure was signed Friday by President Roosevelt, but his action was not announced until Saturday. He expresesed the opinion that “losses of capital will not greately exceed, if they exceed at all, the losses that would be sustained if this measure were not signed.”Myers, in a statement, said the legislation fits in with the farm credit program “since it attempts to prevent occasional selfish creditors from foreclosing on distressed farm debtors.” Land Banks Brought Relief The general recovery program of the past year and loans made by the federal land banks and the land bank commissioner have relieved the “great majority of distressed farm mortgage cases,” Myers added.He said more than 86 per cent of the installments on land bank commissioner loans which matured prior to June 1 were paid before they were due. Of the delinquent loans two-thirds were for less than 30 days, he added.Myers’ statement in part follows: “The Frazier-Lemke amendment to the bankruptcy act is in accord with the program of the farm credit administration, since it attempts to prevent occasional selfish creditors from foreclosing on distressed farm debtors.“The program of the farm credit administration has been to prevent farm foreclosures and to refinance excessive debt burden on a basis which would permit good farmers to work out.
Newspaper Details
Bismarck Tribune
Bismarck, North Dakota, US
Mon, Jul 02, 1934
Page 1
Full Page
Clipped by
Michael W.
NA, 27 Jul 2023
Other Publications Near Bismarck, North Dakota
Bismarck Tri Weekly Tribune
Bismarck Semi Weekly Tribune
Bismarck Weekly Tribune
Bismarck Tribune
Bismarck Daily Tribune
