The Clayton news. (Clayton, N.M.) 19??-1954, 1916-12-30
FARM LOAN BANK
LOCATIONS ANNOUNCED
NEW MENICO, COLORADO, OKLAHO-
MA AND KANSAS ALI IN THE
WICHITA DISTRICT

Washington. Dec. 27.-Amouncement
was made by the federal farm loan
board at Washington today of the loca-
tion of the twelve federl farm loan
tion of the twelve federal farm loan
farm loan act
The federal farm loan board an
nounced the following cities in which
farm loan banks viii be located:
Springfield, Mass, Baltimore Md. Co
lumbia, $. c.. Louisville Ky. New Or
leans La. St Louis, Mo-. St Paul, Mimi,
Omaha, Neb. Wichita. Kan, Houston,
Texas, Berkiey. Cal. and Spokone
Wash.
The twelve districts into which the
country is divided are as follows:
District No. Maine, New Hamp-
shire. Vermont. Massachusetts. Rhode
Island, Connecticut. New York and
New Jersey.
a District No. 2-Pennsylvania. Della
ware Maryland. Virginia, West Vir-
ginia and District of Columbia.
District No. 3-North Carolina. Geo
rgia and Florida.
District No. 4-Ohio. Indiana. Ken
lucky and Tennessee.
District No 5-Alabama. Mississippi,
and Louisiana.
District No. G-Illinois 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,
Colorado and New Mexico.
District No. lO-Texas.
District No. 11-Calif0rnia. Nevada,
Utah and Arizona.
District No. I2-wAshirgton, Oregon.
Montana and Idaho
In deteImi, ing the sSitral land
bank districts. and in designing the
cities within such districts where fed
eral land banks shall he located. the
Official announcement says. the federail
farm loan board has given careful con-
sideration to the farm loan needs of
the country
Every reasonable opportunity has
been afforded applicant cities to fur
nish evidence to support their claims as
locations of federal land banks. More
than seventy y-tive cities applied to be
designated as the headquarters of a
bank and were heard thru represent
ative committees and individuals"
The banks will be established as
soon as practicable. Under the law
each will have a capital of $75O,O0O
Applications for loans have been pour
ing in to the board in great volume re-
Gently and it Is estimated that a sum
more than twenty times the combined
capital stock could be used In making
loans.
Almost the first work of the banks
after approving ana issuing loans viii
be the issuance of farm loan bonds. Il
new form of security in this country.
The bonds will be issued in denomlna-
tions as small at $25, it is expected, and
will bear interest at Tate ] per cent
less than the interest rate charged
farmers on their loans
What this interest rate will be has
not definitely been determined. II is
limited by law to maximum Of per
cent, The expectation is that II will
not exceed 51a per cent at first and
subsequently may be lowered.
Loans on farm lands are limited by
law to half the value of the land and
may be payable in from five to forty
years. AS fast as loans are made
bonds will be issued to cover them so
that at no time under the present plan
VIII a Dahh ehllie capltal pe tleu up
in loans to the detrlment OF other ap-
plicants
One OF the chief tasks now confront
ing the board is to find experienced
emplOye for the new banks. More
than 5000 applications for positions
have been received. The appointments
viii be exempt from civil service regu-
lations, but the board intends 70 as
semble corps OF men experienced I'm
banking.