The gazette-times. [volume] (Heppner, Or.) 1912-1925, 1917-01-04
SPOKANE SELECTED
FOR FARM LOAN BANK

----
Spokane, in district No. II, is the
selection of the federal farm loan
board for the northwestern land bank
for the territory comprising Wash
ington, Oregon, Montana and Idaho.
Billings, Helena and Portland were
the other contestants for the bank.
The selection of Spokane establishes
that city as the agricultural and farm
loan center of the North Pacific stat
eS.
Other Districts.
Other cities selected and the dis
tricts to be served, as announced by
thief arm loan bank board, are;
District No. l, Springfield, Mass
Maine, New Hampshire, Vermont,
Massachusetts, Rhode Island, Con-
necticut, New York and New Jersey.
District No. 2, Baltimore, Md
Pennsylvania, Delaware, Maryland,
Virginia, West Virginia, and the Dis
trict of Columbia.
District No. 8, Columbia, S. c.
North Carolina, South Carolina, Geor-
gia and Florida.
District No. 4. Louisville, Ky
Ohio, Indiana, Kentucky and Tennes-
see.
District No. 5, New Orleans,-Ala-
bama, Mississippi and Louisiana.
District No. 6, st. Louis, Mo.-Illi-
nois, Missouri and Arkansas.
District No. 7, St. Paul, MIMI
Michigan, Wisconsin, Minnesota and
North Dakota.
District No. s, Omaha. Neb.-Iowa,
Nebraska, South Dakota and Wyom-
ing.
District No. 9, Wichita, Kan.-Ok-
lohoma, Kansas, Colorado and New
District No. 10, Houston, Texas
Texas.
District No. II, Berkeley, CAL
California, Nevada, Utah and Ari-
IONA.
Open Subscription Books.
The new bank in Spokane will have
/ capital of $750,O00 and loaning
of $15,0O0,000. 1t will be
,ut in operation just as soon as the
ederal farm loan board names the
egistrar and directors. Stock SUBJ
cription books will be opened, it is
soon after January 2, and
hey will remain open for public SUBJ
cription 80 days. All stock out
tanding at that time will be taken
lp by the government.
In the meantime national farm
oan associations can be organized a
nong the farmers to take advantage
f the loaning facilities of the new
ank. Ten farmers can organize such
n association to borrow minimum
f 100000 at 6 per cent on the long
ime, amortization plan.
The district bank is not large In
titution in point of employees as the
ulk of them achiny is centered in
he farm loan association. Accord
1g to the federal reserve act, the
pokane bank will have a registrar,
Tho will be the governor. He must
e an attorney to examine titles An
ther salaried person is that of the
ecretary-treasurer, who will virtual
Y be general manager. Then there
'ill be federal inspector appraiser
nd at first organizers to assist the
armers in forming the local associa-
ions. The board of directors at the
utset will comprise five men and all
he officials will be named primarily S
y the federal farm loan board.
Deals With Associations.
The board elects president and
ther officers but the members do not Z
raw regular salaries, receiving a per
lem remuneration with expense
lille in session. Stenographic and
lerical help will not re extensive
nd It is expected that the bank vii
scure quarters above the street lev
| in downtown location.
The district 1ank does not deal di
e,tly with the farmer who wishes L
lake loan. He must act throug'
is association. Only farmers C
hose actually intending to purchas {
arm land can take advantage Of tn