Loan Washington, July 14.
A wheat loan for 1938 with rates: averaging fron. 39 to 60 cents per bushel to producers desiring to hold for better prices was announced today by Mr. Henry A. Wallace, Secretary of Agriculture.
Other details of the loan are:
Loans will be made only to those producers who have not exceeded their 1938 Sell-depleting acreage allotments b; more than 3'per cer Wheat must be stored in commercial elevators, approved farm will bear interest at the rate of ior 7 months when stored in" elevators While the date will, be ended t9 September, 1939, when according to distances way from ter-
The loans, Mr. Wallace pointed out, are neither intended nor expected to fix the price. The object is only to promote the orderly handling of the large crop until other parts of the Farm Programme can take effect.
The Administration, Mr. Wallace also stated, did not intend to sacrifice on account of the loan, as-g that one of the objectives of 3 [the complete programme would be the preservation of a fair share of the world wheat market. He further hinted that an attempt would be made to gain foreign wheat markets even at the c st of Government sub-for expos The Commodity Credit Corporation has made available a sum of $100,- 000,000 for operation of the wheat loan which will become mandatory under law.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.