St. Landry clarion. (Opelousas, La.) 1890-1921, 1916-12-30
FARM LOAN BANK NAMED
FOR NEW ORLEANS
CONTEST WAGED BY CRES-
CENT CITY SUCCESSFUL
Location Of Institution in South S
Metropolis Means Much for
Entire Section

day, reads as follows:
Springfield. Mats., Baltimore,
Columbia, s. G., Louisville, New
Orleans, St. Louis, st. Paul, 0ma-
ha, Wichita, Kan, Houston, Tex.
Berkeley, Cal, and Spokane have
been chosen as locations for Fed
eral farm loan banks.
The twelve districts into which
the country is divided were an
nouneed by the farm loan board
today as follows:
District No. Maine. New
Hampshire, Vermont, Massaehu-
setts, Rhode Island, Connecticut,
New York and New Jersey.
District No. 2 Pennsylvania,
Delaware, Maryland, Virginia,
West Virginia and the District Of
Columbus.
District No. North Caroline,
South Caroline, Georgia and
Florida.
District No. Ohio, Indiana,
kentucky and Tennessee.
District No. Alabama, Mis-
siss;pgsi and Louisiana.
District No illinois, Mis-
souri, and Arkansas,
District No. Michigan, Wis
"consin, Minnesota and North Da-
kota.
District No. s Iowa, Nebraska
South Dakota and Wyoming
District No Oklahoma, Kan.
sas, Colorado and New Mexico.
District No. 10 Texas.
District No. II California, Ne
vada, Utah and Arizona.
.1l,tritt No. ~ ashington.
q. .egon Montana and Idaho.
Ii determining the federal
land bank districts and in design
ating the cities within such dis
tricts where federal land banks
shall be located, . the official an
nouncement says, the federal
farm loan board has given care
|ful consideration to the farm loan
needs Of the country. The board
held public hearings in nearly
Ievery state IN the union, and III
this manner collected information
Of great value in determining its
decision.
Every reasonable opportunity,
has been afforded applicant cities.
to furnish evidence to support
their claim as locations of federal
land banks. More than Us cities
applied to be designated as the
headquarters Of bank and were
heard through representative
committee and individuals.
The banks will be established
as soon as practicable Each will
have a capital Of $750000. APP
plieations for loans have been
pouring into the board in great
volume recently, and it is es-
timated that a sum more than
twenty times in excess Of the
combined capital stock could be
used III making loans.
Almost the first work of the.
banks, after approving and IS
suing loans, will be the issuance
of farm loan bonds, new form
of security in this country. The
bonds will be issued in denonll-
nations as small as 25 dollars, It !
is expected, and will bear inter-
est at a rate charged farmers on
their loans.
What this interest rate will be
has not definitely been determin
ed. It is limited by law to d
maximum Of 6 per cent. The ex-
pectation is that it will not ex-
ceed 5 1-2 per cent at first and
subsequently may be lowered.
Loans on farming land are
limited by the law to fifty per
cent of the value Of the land and
nay be payable in from five to
forty years. As fast as loans are
bonds will be issued to coy-
er them SO that at no time, under
the present plan, will a bank 5
entire capital be tied up IN loans
to the eetriment of othsr appll-l
cants.
One Of the chief tasks now con-
fronting the board is to find ex-
perienced employees for the new
banks. More than six thousand
applications for positions have
been received. The appointments
will be exempt from civil service
regulations but the board in
tends to assemble corps Of naen
experienced in banking
The head of each bank will be
designated as the registrar. They
ebably will be only residents Of
the districts involved and pre-
ferably attorneys.
The banks viii be organized
temporarily BY the appointment
by the board Of Ave directors for
Ill lI .,,l III hn ysoSida1,fG