Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-07-28
PRESIDENT NAMES w. S. A. SMITH
AND HERBERT QUICK TO I'M.
PoRTANT POSITIONS.
soARD WILL SELECT ..
LOCATIONS FOR BANKS
Country to Be Divided Into Districts
and Twelve Farm Loan Banks Or
eanized-CharIes LobdeI Of Kansas
and George w. Norris Of PhiIadeI-
phia, Other Members Of New Board.


Philadelphia: w. S. A. Smith. of Sioux
| City. Iowa, and Herbert Quick. of
Berkeley Springs, w. Va. formerly of
Iowa, as members of the farm loan
board created under the rural credits
bill recently passed by. congress. Sec
rotary McAdoo is an eX-officio men,
Der of the board.
The president hopes to have the
nominations confirmed quickly by the
senate so the organization of the rural
credits system may be perfected with
out delay. The board will select the
banks will be located and divide the
country into districts for the opera
ton Of provisions of the bill.
Lobdell and Smith are republicans
and Norris and Quick are democrats.
The law provides that not more than
two of the appointed members of the
board may belong to the same party.
From list of more than 100 suggested
by senators. representatives and MEM
bers of the cabinet the president Sc
lected a lawyer, a farmer, banker
and student of rural credit prob
lens.
LobdelI a Farmer and Lawyer.
Mr.. Lobdell is student of farm
ers' problems and has had extensive
experience in loans on farm lands. He
was a farmer before studying law,
served in the Kansas legislature for
ten years and was speaker of the Kan
sas house in 1895. In 1902 he was
selected a judge and served on the
bench for nine years, resigning to be-
come president of a bank at Great
Bend. He also is president of a loan
association and is connected with sew
eral banks. He is past president or the
Kansas Bar association and OF the
Kansas Bankers association.
Mr.. Norris, a graduate Of the Uni
versity of Pennsylvania, has been sue
cessively a newspaper man, a lawyer
and a banker. In 1911 he retired from
the banking business to study social
and economic questions. Later he be-
came a director and deputy chairman
of the federal reserve bank Of Phila-
dc pi'la.
Both Iowans Experienced.
Mr.. Smith, farmer by occupation,
has been an expert in farm practice
IN InS department. VI hSiS
and has had extensive experience in
farming problems. AS young man
he went to sea and became a ship
master. For several years he served
on the loan committee of national
bank in Sioux City.
Mr.. Quick is a farm editor and econ
omist. He has devoted extensive study
to rural credits and farm problems and
is one of the leading opponents OF the
single tax in this country. Early in
his career he taught school and stud
led law in Iowa. Later he became
manager of telephone company in
Nebraska and Iowa. He served as
mayor of Sioux City and wrought
many reforms there. After that he
devoted himself largely to writing. Hs
Is the author of several books and
many treatises on agricultural prob
lens. He has been editor Of several
farm papers.
Quick May Head Board.
Secretary McAdoo, who as an ex-
oficio member completes the board,
said that he believed it would be i'm
possible to conclude organization Of
the system in less than six months,
and that it might not be in actual
operation before next spring. The
president is expected to designate
either Mr. Norris or Mr.. Quick, the
democratic members of the board to
act as farm loan commissioner anu
executive head of the farm loan sys.
tenn.
Until the senate acts upon the NOM
nations no date for a meeting can be
- IL; Diuh In n
day that the members would get to-
gether within two weeks. Hearings
on the designation of districts and the
location of banks probably will begin
some time in September. The first OF
these Is expected to be held here and
most of the state capitals probably
will be visited before they are con-
cluded.
1t was said the board, in locating
the banks, would consider first cities
near farming centers, regardless of
size or other banking facilities, and
that cities which were candidates for
federal reserve banks but failed to
get them, probably will be strongly
considered for federal land banks.
Many Requests for Loans.
Requests for loans on farm lands
under the law already have been filed
in large numbers in the treasury de-
partment, but no action can be taken
on them until after the board is organ
lied. The board will have offices in
the treasury department here.
Each federal land bank must have
subscribed capital of $750.000 be-
fore beginning business. Individuals,
corporations, state governments and
the United States may hold stock I'M
der the law, but dividends accruing
may not be paid the United States as
to other stockholders. The banks will
not come in direct contact with farm
err borrowers, but will operate thru
national farm loan associations, cor
porations chartered by the farm loan
board under authority OF congress and
operating in the farming communities
where loans are sought.
How Loans Are Secured.
All loans under the system must be
secured by first mortgages providing
| for amortization over a period of
years and at interest not exceeding 6
per cent. No loan may exceed so per
cent of the value of the land and 20
per cent of the value OF the perma-
nent improvements, nor be greater
than $4,000 nor less than 500. Mort
cages may run from five to forty years.