The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1916-12-28
Federal Farm Loan Bank
Cities Are Announced BIZ
The National Government

Washington, December 27-The cities
in which are to be located the federal
farm loan banks were announced to-
day by the farm loan board, and it is
expected that within so days the new
system WI be in operation, ready to
make the loans for which applica-
tons alrea dy are pouring in from ev-
cry section of the country.
The banks will be established in
Springfield, Mass, Baltimore, Mr., Co
lumbia, S. C.,.New Orleans, La, Hous-
ton, Tex, StS Louis, Mo-, Louisville,
KY, st. Paul. Mimi, Omaha. Neb,
Wichita, Kan. Spokane. Wash, and
Berkeley, Cal.
STOCK BOOKS OPEN SOON
Stock subscril stion books of the
banks will be o. pened within the next
10 days, probably about January O.,
to remain open fer 80 days. 1t is ex-
pected, however, That the government
will have to supply most of the So
100000 capital, under that section of
the law which empowers the Secretary
of the Treasury to make up the unsub-
scribed stock.
DIRECTORS TO BE NAMED
Temporary directors. five to each
bank, will be named, probably within
the next three weeks, by the board.
AS soon as the banks have been or
ganized and borrowers lpave subscribed
to 100000 of the stock of each pank
the temporary directors Will surrender
their authority to boards OF nine dl-
rectors each, six of whom will be
named by the farmer borrowers and
three by the farm loan board. The per-
manent directors will serve<three years
and receive per diem compensation as
in the case of federal reserve bank
directors.
DUTY OF BORROWER
Each borrower must subscribe to
stock in the bank from which he bor-
rows to the extent of five per cent
of his loan and the original SUBSCRIBERS
to the capital stock are required TO
surrender their holdings as they may
be needed to meet this situation.
In designating locations for the banks
the board was guided chiefly by the
needs of rural sections. This has Ne
suited in placing only two OF the hH
banks in New England and middle Atty
lantic states, the chief centers OF pop
ulation. Three go to the south, five to
the farming states of the middle west
and west, and two to the Pacific
coast
TWELVE DISTRICTS NAMED
The IL districts into which the coun-
try is divided were announced by the
farm loan board today as follows:
District No MAINE, New Hampshire,
Vermont, Massachusetts Rhode Island,
Connecticut. New York and New jersey.
District No 2-Pennsylvania. Della
ware, Maryland Virginia. West Virginia
and the District of Columbia.
District NO 3-North Carolina. South
Carolina, Georgia and Florida.
District No 4-Ohio, Indiana. Ken
lucky and Tennessee.
District No. 5-Alabama Mississippi
and Louisiana.
District No. 6-Illinos, Missouri and
Arkansas.
District No. michigan. Wisconsin,
Minnesota and North Dakota.
District No. S-Iowa, Nebraska. South
Dakota and Wyoming.
District No. 9-Oklahoma, Kansas. Colo
RADIO and New Mexico.
District No. 10-Texas.
District No. 1l-California. Nevada,
Utah and Arizona.
District No. l2-Washington Oregon,
Montana and Idaho.
HOW SELECTED
I'm determining the federal land bank
districts and in designating the cities
within such districts where federal land
banks shall be located" the official an
nouncement says, 1.-The federal farm loan
board has given careful consideration to
the farm loan needs of the country. The
board held public hearings in nearly every
state in the union and in this manner
collected Information of great value in
determining its decision.
Every reasonable opportunity has been
afforded applicant cities to furnish evil