Show BERKELEY GIVEN GEM FARM LOAN BANK Salt Lake Will Benefit Though Institution Goes Elsewhere Salt Lake has lost I Its s fight tight for a federal farm fann loan bank Te r ed morning from Washington announce that the federal farm arm loan board has bas designated Berkeley Cal as the city at which the bank for this district will willbe willbe be established States to b be served by this district bank will be known as district 11 and will Include California Nevada Utah and Arizona The banks are are to be organized temporarily tem tern at once by the appointment of at five directors for each bank who shall shaH be residents of the district In which the bank S is located The dIrectors directors tors tore shall select from their number the officers for tor the the bank The capital stock for tor each bank willbe willbe willbe will will- be and will bo be open open- to public subscription for thirty days If It it Is not entirely subscribed at the end of ot that time the government is authorized un under ler the law to take the amount While the people generally of ot Salt Lake and Utah and especially the Commercial club strongly desired the establishment of ot a farm tarm loan bank In Inthis inthis inthis this city Its Us location In another city will not make any material difference in the system of ot rural loans according accord accord- In log ing to J. J David Larson secretary of ot the Commercial clu club club- We must take the optimistic view of the situation said Mr Larson and feel that a big step In progress progress progress' has been taken by the mere establishment of ot the bank which provides for the government making loans on farm tann farmlands lands While the establishment of ot a bank bankIn In Salt Lake would have been a splendid splendid splendid did thing In the tho way of ot advertising the administration of ot the system of ot loans can be handled Just as well In some other city and loans will be Just as available It must be remembered that In all an likelihood the farm tarm loan bank will appoint an Investigator for tor this district district dis dis- from Salt Lake The only difference difference difference differ differ- ence that will result will be tho the time consumed In the transportation of or mall mail matter between Salt Lake and Berkeley In determining the tho federal ra land bank districts and in Ill designating the tho cities within such districts district where re federal fed fed- eral land banks shall be located the official announcement says the federal federal federal fed fed- eral farm fann loan board has Ims given Iven careful careful careful care care- ful consideration to the farm loan needs nerds o of the country The board held public hearings In nearly every state In the union f 4 Almost the first work o of the banks after approving and Issuing loans will willbe willbo be bo the tho Issuance of ot farm loan bonds a anew anew anew new to form Im I'm of ot security In this country The bonds will be Issued In denominations denominations nations as t small mall as 25 it is ex expected expected ex- ex and will bear Interest at a arate arate arate rate of 1 pc per r cent less than the Interest Interest interest Inter inter- est ra rate to charged farmers on their loans I What this tills Interest t rate will be bl haRI has haR not ot definitely been blen determined It Is I limited by law aw to a maximum of C G per cent The Tho expectation is that it will not excel exceed 5 per cent at first and he lowered subsequently ma may |