34 A.NN"UAL EEPOETS OF DEPARTMENT OF AGRICULTURE. 



WAREHOUSE LEGISLATION. 



Investigations conducted by the Office of Markets and Rural 

 Organization indicate that there is serious need of warehouse legis- 

 lation. It would seem that the most desirable action on the part of 

 the States would be the passage of laws which would guarantee 

 the integrity of warehouse receipts. These laws should be uniform, 

 so that the conditions governing such receipts may be the same 

 throughout the country, thereby greatly increasing their availability 

 as collateral for loans at distant banking centers. The uniform 

 warehouse receipts act is now in force in 31 States. 



In addition to the legislation that has been or may be enacted by 

 the States, it is believed that the enactment of a Federal warehouse 

 law would be of great benefit. The general interest in the subject is 

 well shown by the inquiries the department constantly is receiving. 

 In fact, many warehousemen, under the misapprehension that a bill 

 on the subject considered by the last Congress actually had been 

 passed, have asked the department to give them information as to 

 how to comply with it. The proposed measure, which is permissive 

 in character, would enable the Department of Agriculture to license 

 bonded warehouses in the various States. It would promote the 

 better storing of farm products, increase the desirability of receipts 

 as collateral for loans, and therefore would be of definite assistance 

 in financing crops. A Federal statute on the subject also would 

 promote the standardizing of storages, of warehouse receipts, and 

 of marketing processes. 



RURAL CREDITS. 



The department has continued its studies of rural financial con- 

 ditions in this country. It has investigated the relations of banks, 

 life insurance, and mortgage companies to farm-mortgage credit 

 and those of banks and merchants to the financing of farm operations. 

 It has examined the recent legislation relating to personal-credit 

 imions, extended its investigations of interest rates and other charges 

 on farm mortgages and personal and collateral loans, and studied 

 the possible forms of organization for personal-credit associations. 

 It has issued bulletins bearing on the subject and has responded to 

 many requests for information and assistance from individuals, 

 groups of individuals,- and State authorities. 



