AMERICAN FARMERS

Evening Star, Issue 21319, 25 January 1933, Page 7

AMERICAN FARMERS

RELIEF LEGISLATION MORTGAGE FORECLOSURE MORATORIUM Press Association—By Telegraph—Copyright. WASHINGTON, January 23. Declaring that unless Congress takes cpiick action 1,000 farmers in every State will be evicted from their homes through foreclosure proceedings, Representative Keleborg (Texas) to-day introduced a joint resolution urging the Governors to issue a proclamation requesting the State courts to defer foreclosure proceedings until Congress and the Legislature can pass mitigating legislation. It is generally believed that the resolution has a good chance of adoption. As an example of the seriousness of tho situation, Air Kclcberg cited Texas, where, he said, 43 per cent, of all farms that are operated by their owners are at present mortgaged to the extent of more than 500,000,000d01. All the principal agricultural organisations endorse the resolution. CROP PRODUCTION LOANS. WASHINGTON, January 24. (Received January 25, at 11.55 a.in.) Congressional action was completed to-day on a Bill to provide 00,000,000 dollars to bo loaned to farmers for use in producing the 1933 crops. Under the Bill the crop production loan legislation which was passed last year, is extended to cover 1933. The money will bo taken from tho Reconstruction Corporation’s funds, and will be distributed through tho Secretary of Agriculture in return for a first lien on crops. Tho measure provides that tho Secretary may, hut is not compelled, to require a borrower to cut his production by 30 per cent.