The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1916-12-27
State in District With /
Mew Mexico, Kansas and
Colorado; Houston Named
ST. Louis, Omaha, New Or.
leans and St, Paul Among
Others Selected by Federal
Land Board for Institutions
EARLY OPENINGS PLANNED
Declare Needs Of
Country Best Met by the.
Selections Announced. /

OeI6CllOnS announced, i
WASHINGTON. Dec N.-Springs
field, Mass. Baltimore, Md; CoIusns
bia, S. C.; Louisville, Ky; New Orr
leans La ; ST Louis, Mo-; St. Paul
MINI; Omaha. Neb. Wichita, Kan.
Houston, Texas; Berkeley, Cal. and
Spokane, Wash, have been chosen %
locations for the twelve federal farm
loan banks.
Oklahoma City Loses.
Wichita won out over Oklahcmd
City for the southwestern district
which includes Oklahoma, Kansas aa6
Colorado. "
The twelve districts into which ~
country is divided were announced By
the farm loan board today as follows I
District No. l.--Mains, New
Hampshire, Vermont, MassaeAus- :
etts, Rhode Island, Connseticut
New York and New Jersey.
District No. 2.-Pennsyivasia.
Delaware, Maryland, virGiaia,
West Virginia ard the District ol
Columbia. 81
District No. 3.-North Caroiisa.
South Carolina, Georgia and Flor.
ida.
District No. 4.-Ohio, Indiana
Kentucky and Tennessee.
District No. S-Alabama, Miss.
issippi and Louisiana.
District No. 6.--Illinois, Mis-
soui and Arkansas.
District No. 7-Miehigaa, Wis.
consin, Minnesota and North Da.
kota. -'---
District No. a.--Iowa, Nebraska.
South Dakota and Wyoming.
District No. e--Oklahoma, Kan,
sas, Colorado and New Mexico
District No. io.-Texas.
District No. ll.-California, Ne.
vada, Utah and Arizona.
District No. i2.-WashinStoa.
Oregon, Montana and Idaho.
Farm Loan Needs.
an determining the federal land
bank districts and in designating the
cities within such districts where fed.
eral land banks shall be located" the
official announcement says. the ie6-
eral farm loan board has given care
ful consideration to the farm looa
needs OF the country, The board teN
public hearings in neaNy every stata
in the union and in this manner coz
lected information Of great value ID
determining its decision
Every reasonable opportunity hal
been afforded applicant cities to fur
nish evidence to support their claims ID
to locations of federal land hanks,
More than ,seventy-iive cities applied
to be designated as the headquarters ol
a bank and were heard through repre-
sentative committees and individuals
To Be Opened Soon.
The banks will be established as soon
as practicable. Under the law each
will have capitalization Of NS0m
Applications for loans have 'been pour.
ing into the board in great volume re-
Gently and IL is estimated that a sum
more than twenty times in excess oi
the combined capital stock could b
used in making loans
Almost the first work of the banks
after approving and issuing loans will
he the issuance OF farm loan bonds, Z
new form OF security in this country,
The bonds will be issued in dcnomins-
tions as small as SIS. il is expected and
will bear interest at a rate ! percent
less than the interest rate charged farms
ers on their loans.
Six Percent Maximum.
What this interest rate will be has
not been definitely determined. II ID
limited by law 20 maximum Of 6 per.
cent. The expectations is that II will
not exceed SH percent at first and SUBJ
sequently may he lowered
Loans on farm land are limited by
law TO 50 percen, value Of the lsnd
and may be payable in from five "a
forty years As fast as loans are made
bonds will he issued 10 cover them "a
that at no time under the present plan
will banks entire capital be tied
up in loans to the detriment Of othes
applicants.
Finding Employee
One Of the chief tasks now coniroee.
ing the bosrd>~. TO find experieneoi
employees for the new banks. Nor
than 5000 applications for pcsitloaG
have been received. The appointnSenHG
will be exempt from civil service reg.
ulations, but the board intends n -
semble . corps Of men experienced ID
banking.
The head Of each bank wili be deo1rn
mated a. the registrar. They peoto1G
will he residents oi ne distriets ~
volved and preferably sstosAsvs.
Temporary. 0stAaiss1ena
The banks vill b orooaIoo1 ~
posarily bv the appoinlweat - ~
board Of live direetoss )es go -