The Chesterfield advertiser. [volume] (Chesterfield C.H., S.C.) 1884-1978, 1917-01-04
Farm Loan Bank
Comes to Columbia

MASS, Baltimore, COlumDla, -. u;
Louisville, New Orleans, st. Louis, st.
Paul, Omaha, Wichita, Kansas; Hous-
ton, Texas; Berkeley, Cal, andSpok-
ane have been chosen as locations for
federal farm loan banks.
The IL districts into which the
country is divided were announced by
the farm loan board today as follows:
District No. Maine, New Hamp-
shire, Vermont, Massachusetts, Rhode
Island, Connecticut, New York and
New Jersey.
District No. 2-Pennsylvania, Della
ware, Maryland, Virginia, West Vir-
ginia and the District of Columbia.
District No. 3-North Carolina,
South Carolina, Georgia and Florida
District No. 4-Indiana, Kentucky
and Tennessee.
District No. 5-Alabama, Missis-
sippi and Louisiana.
District No. 6--Illinois, Missouri
and Arkansas.
District No. Michigan, Wiscon-
sin, Minnesota and North Dakota.
District No. 8-Iowa, Nebraska,
South Dakota and Wyoming.
District No. 9-Oklahoma, Kansas.
Colorado and New Mexico.
District No. 10-TeXas.
District No. 11-California, Neva-
da, Utah and Arizonia.
District No. Washington, Ore
gon, Montana and Idaho.
Considered Farm Loan Needs.
"ln determining the federal land
bank districts and in designating the
cities within such districts where fed
cral land banks shall be located" the
official announcement says, "the fed
eral farm loan board has given care
full 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 it's decision.
Every reasonable opportunity has
been afforded to applicant cities 10
furnish evidence to support their
claims as locations of federal lard
banks. More than rs cities applied
to be designated as the hcadquarte,r
of bank and were heard through
representative committees and in
dividuals."
The banks will be established as
soon as practicable. Each will have :,
capital of S750,000. Applications for
loans have been pouring in to the
board in great volume recently and
it is estimated that sum more than
20 times in excess of the combinCo
actual stock could be used in makirp
loans.
| Almost the first work of the banl 5
after approving and issuing loans, vii
| be the issuance of farm loan bonds, q
new form-of security IL this country
! The bonds will be issued in dcnomina
ions as small as $25, it is expected
and will bear interest at a rate of !
| per cent less than the interest rat,
charged farmers on their loans.
| What this interest rate will be has
not been definitely determined. 1t j.
limited by law to Il maximum of G Dcl
cent. The expectation is that i; vii
not exceed 5 II per cent at first ard
subsequently may be lowered.
Loans on farming land are limitc
by law to 50 per cent of the value OF
the land and may be payable in from
five to 40 years. AS fast as loans
are made, bonds will be issued t,
cover them. so that at no time, under
the present plan, will n banks cntr,
capital be tied up in loans to the dctr.
ment of other applicants. One o.
the chief tasks now confronting th,
board is to find experienced employ
ecs for the new banks. More thar
5000 applications have been receive,
| The appointments will be cxcmp
from civil service regulations, but tn,
board intends to assemble a corps o.
men experienced in banking.