The Depression Papers of Herbert Hoover

Press conference statement, May 12, 1931

I have a report from the Secretary of agriculture this morning showing that out of the 67 millions of dollars appropriated for drought loans in one form or another, 47 million dollars has been loaned to 380,000 different persons, and that probably consummates the most of the program.

Of the 10 million dollars allocated to assist Agricultural Credit Corporations, only $471,000 have been called for.

Of the 45 million dollars appropriated for seed and fertilizer loans, 39 million have been called for.

Of the 10 millions allocated for agricultural rehabilitation, about $5,140,000 have been loaned.

Of the 2 millions which was reappropriated from a former fund applicable to the southeastern states, about 1½ million have been loaned.