Evening star., 1932-08-28
HOME LOAN BANK
CITIES ARE NAMED
: BY FEDERAL BOARD

CONTINUED From First Page)
Mississippi, louisiana. Texas and New
Mexico.
Topeka will be the headquarters for
District No. TO- comprising Nebraska
Ksnsas, Oklahoma and Colorado.
The regional bank fer Montana
Washington, Oregon, Idaho. Utah
Wyoming and Alaska designated as
District No. II, will be located In Port
land, Ore.
Los Angeles was selected for the
headquarters Of District No IL, which
is made up of California, Nevada and
Arizona.
Statement of Board.
In announcing the locations Of the
district bank cities, the board issued the
following explanatory statement:
THE law creating the Federal Home
Loan Bank system directed the board
to divide the Nation into districts with
due regard to the convenience and Gus
tonary course Of business of the in
stitutions eligible to and likely to sub
scribe for stock of a Federal Home
Loan Bank to be formed under this
act
In selecting the cities for the loca-
VIII VI lCSiO4ld4 bdllAoy tA1C1C1OLCy bllC
board felt 1t its duty to locate the
banks in cities in States whose insti-
tutions were legally authorized to pur-
chase the stock where this could be
accomplished conveniently.
las a second policy, the board felt
that there was SUFFICIENT number Of
eligible and available cities outside the
Federal Reserve and Federal Land
Bank cities to enable it to carry a
further distribution and decentraliza-
ton of the major financial instrument
talities set up by the Government"
Books Will Be Opened.
Franklin W. Fcrt, chairman Of the
board, stated last night that the next
step of the board is the arrangements
: for opening subscription books for
stock, which will be done soon. Mr.
! Fort previously had stated he expected
, the institutions to be operating by
. October is.
, This will be followed by the selection
of a regional board of II directors in
each district, who will serve until jan
uary, when 9 of their successors will
be elected by the stockholders, the other
2 to continue to be appointed by the
| Federal Board.
/ Upon completing the list of cities
selected for regional bank headquarters,
! Mr. Fort had on his desk kilograms from
! 20 State banking commissioners and
, Superintendents informing him of their
Endorsement of the plan for fore
closure holiday, which has already been
put into effect in connection with closed
: National banks by Controller OF Cur
/ rency J. w. Pole.
In addition banking authorities Of
three other States have announced they
~ I<<n ly.
Mr. Fort expressed qualification over
the responses and said the approximate
60-day respite probably would enable
many mortgagors to retain their equi
ties. He said that he believed that
when the Home Loan Banks begin
functioning there would be marked
relaxation Of tension" and a revival OF
the mortgage market.
Political Maneuver.
Meanwhile, in Lincoln, Nebr., Gov.
Charles W. Bryan, Democrat, called the
foreclosure suspension proposal a po-
litical maneuver by the Hoover admin
= lstration and said the Republicans"
should have fixed the moratorium Ito
extend beyond election day"
At the same time, E. H. Luikart, sec
retary of the Nebraska State Trade
and Commerce Department, said no
foreclosures would be started within the
next so days.
While most Of the Endorsements of the
plan were wholehearted, Ernest Amos,
Florida banking commissioner, and A.
E Ruiden of South Dakota, gave quail
fed approval in pledging cooperation
as far as possible.
other banking authorities who ad-
vised Mr.. Fort they were complying
with his request were:
C. S. Moody of Washington, Ben Die
3endorf, Idaho; w. H. Hadlock. Utah;
Thomas Herreid, Wisconsin: Joseph A.
Broderick, New York; oscar Nelson
Illinois; R. E Riechert. Michigan;
James H. Dorman. Kentucky; R. E
Garmley, Georgia; L; A. Anlrews, Iowa
John A. Read, Wyoming; A. A
/ RAhramn, Oregon; Lloyd Thons, Ari-
sona; H. w. KpoenI<e, Kansas; J. S
.Ease lsiesaSsppl; M. E. Bristow. Viz,
--.ia: D. D. Robertson, Tennessee; T
D Barr deputy commissioner Of In
diana; Ames Shaw, Texas, and j. S
Brock, Louisiana.