AGRICULTURAL MARKETING REVOLVING FUND 11 
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Mr. Avrus. You do not hold out much hope for the wheat pro- 
ducer of this country. 
Mr. Liscee. As an exporter; no, sir. Now, I think there is a great 
deal of hope. I think there is hope for western Kansas. We have 
literally thousands of reports from all over the United States as 
to the results of feeding wheat to livestock. I have yet to receive 
the first report in which the farmer does not believe that he is getting 
$1 per bushel in meat prices for the wheat that he is feeding to 
livestock. 
[hat may offer a solution of the surplus wheat problem, especially 
on wheat farms that are far removed from the consuming centers. 
They are feeding wheat quite heavily. You may take Mr. Long, 
for instance ; he is feeding at the present time 10,000 sheep and hogs. 
He 1s very well pleased with the results. Then, if you will take the 
biggest corporation farm in Kansas, you will find that thev are 
teeding 35,000 head of sheep on wheat. 
Mr. Avres. Do the reports you get indicate that wheat is just as 
0 atouy as anv other feed. or is it as satisfactory as a cattle 
eed ? 
Mr. Lrcee. It is very satisfactory for feeding hogs and sheep 
especially. 
Lhe Craryan. It is mixed with some other feeds, is it not, for 
cattle ¢ 
Mr. Lecce. Yes; for cattle they use only about 25 per cent of 
wheat in the feed. 
Mr. Ayres. Is it all right for hogs and sheep? 
Mr. Lecce. Yes, sir. 
Mr. Ayres. It is all right as to hogs and sheep? 
Mr. Lrcee. As to hogs and sheep; that is not true as to cattle 
when fed in excess of the 25 per cent. 
The Cmamman. What interest do these operators pay? 
Mr. Lecce. You mean on loans from the board? 
The CuamrmaN. Yes. 
Mr. Lecce. That varies somewhat in the different sections. Our 
own rates vary, according to the provisions of section 8 (a) of the 
agricultural marketing act. They are based on what the return is 
on certain Government bonds, and on some days it is one rate and 
on some days it is another, because the rate fluctuates. The Treas- 
ary fixes that rate for us; we never make the rate on a loan. 
The Cmarrman. After you have made a loan to one of these 
concerns, and the rate is fixed on that dav. does it remain at that 
figure ? 
Mr. Lecar. Yes. But these cooperative organizations, with our 
knowledge and consent, are charging their members something over 
what they pay us. We think it is a wise thing for them to do, 
because it provides a sinking fund against anv kind of distress 
thev may have to face in the future. 
The CuammaN. How are they keeping up in the payment of 
their interest? 
Mr. Lrcce. Pretty well. They have paid us something: over 
$2,000,000 in interest up to the present time, and there is about 
$900,000 of accrued interest. Some of it that has accrued is not 
due. in the same that the loan has not matured.