The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1916-12-28
MADE
FOR FARM BANKS
FEDERAL BOARD NAMES
THE TWELVE CITIES
Expect New System to Be in
Operation Within Sixty
Days-How 1t Works.

WASHINGTON. Dec. 27--TwelVe
cities in which are to be located The
Federal Farm Loan Banks were all
nounced today BY the Farm Loan
Board and il Is expected that, within
sixty days the new system will be IN
operation. ready to make the loans for
which applications already are pour
ing in from every section of the coun-
TRY.
The banks will be set un in Spring
field. Mass. Baltimore Nd. Column
bia. S. c.; New Orleans. La; houston.
Tex: st. Louis. Mo-: Louisville, Ky:
ST. Paul. Mimi; Omaha. Neb.; Wicht,,
Ia, kans. Spokane. Washn.: and
Berkeley. Calf.
! Stock subscription books Of the
! banks will be opened within the next
/ ten days. probably about January =.
; to remain open for thirty days. 1t is
IsXpccted however, that the govern
ment will have to supply most OF the
/ Sc, ,000.0OO capital. under that section
i of The law which empowers the Secre-
lary Of the Treasury to make up inc
unsubscrib"d stock.
Temporary Directors
Temporary directors, five 10 each
, hank. vii br named. probably within
| the next three weeks. by the board. AS
soon as the banks have been organized
md borrowers have subscribed $500
| 900 of the stock Of each bank. the 1en-
! porary directors will surrender Their
authority to boards Of nine directors
| each, six Of whom will be named by
| the farmer borrowers and three by the
farm loan board. The permanent di-
rectOrs will serve three years and re-
/ ceive per diem compensation, as IN the
case Of federal reserve bank directors.
Each borrower must subscribe TO
stock in the bank from which he DOT,
rows 10 the extent of five percent or
! his loan and the original subscribers
! to the capital stock are required 10
surrender their holdings as they may
be- needed TO meet this situation.
In designating locations for the
! banks, the board was guided chlefly
| by the needs of rural sections, This
has resulted in placing only two ~
the twelve banks in New England and
middle Atlantic states. the chief cen
/ ters Of population. Three go to the
south. five 70 the farming states OF
| the middle west AMI west, ana lwo 10
/ the Pacific Coast.
The Twelve Districts.
| The twelve districts into which the
country is divided are us follows:
District |: Maine. New Hampshire.
Vermont Massachusetts. Rhode Island,
| ConnecIicul. New York and New Jer-
sey,
District .: Pennsylvania. Delaware,
MARYLAND, Virginia, West Virginia and
| the District of Columbia.
| District 5: North Carolina. South
| Carolina, Georgia and Florida.
District i Ohio. Indiana, Kentucky
and Tennessee. p,
; District 5: Ala abanlh. Mississippi
and Louisiana.
District 6: Illinois. Missouri and
Arkansas.
Minnesota and North Dakota. :,
District s: Iowa. Nebraska, South
/ Dakota and Wyoming.
, District 9: oklahoma. Kansas. Col
oradn and New Mexico.
| District 10: Texas.
! District II: California, Nevada.
Utah and Arizona.
District u: Washington, Oregon,
: Montana and Idaho.
/ Many Cities Applied.
! More than - cities applied 10 be
! designated as the headquarters Of a
, bank and were heard through repre-
! sentative committees and individuals.
, One Of the chief tasks now confront
ing the board is 10 find experienced
employees for the new banks. More
than 5000 applications for positions
have been received. The appoint mentS
!! will be exempt from civil service reg
ulations, but the board Intends TO as
semblc Il corps. Of men experienced in
! banking. v
/! The head Of each bank will be dcs'
ignatpd as the registrar. They prob
! ably will be only residents Of the dis
; rricts involved. and preferably attor-
OnvS