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Show .". J :l id CSX ilUlt Beauprie Nowers, director o . the Federal Land Bank Association Asso-ciation of Cedar City, announced an-nounced this week that the interest in-terest rate on new Land Bank loans had been reduced from 6 to 5V2, effective April 1, 1961. He stated that the Ber-1 keiey Land Bank also reduced the interest rale on all its out- i standing 5 and 6 loans to 5V2 from April 1, 1961, until !' further notice. This means that the farmers and ranchers in Millard, Beaver, Iron and Washington Counties who ob- j , tained Land Bank loans thru the Federal Land Bank Assn of Cedar City at the higher in- ; terest rate during the recent . tight-money period will, until further notice, pay only the ; 5V2 rate computed from : April 1, 1961. In commenting on this ac- 'ij tion, Mr. Nowers said, "In : banking and credit circles it is regarded as rare, indeed. ' when a lender lowers the interest in-terest rate on loans already on ' its books." He added that ths 'j action is in line with the established es-tablished policy of the Berke- ! ley Land Bank always to pro- 1 vide farmers and ranchers with . j long-term real estate loans at :'i the lowest possible cost consist- ent with sound operation. |