Show Federal Loan Banks Will Will Charge Farmers 5 Per Cent The five men named by the federal I farm lo loan n board In Washington to govern the Berkeley federal land bank hank met and organized for business The officers and directors are as follows fol- fol follows follows fol fol- lows President and director Bur- Bur G. G White San Francisco vice and director R. R L. L Douglas Fallon Fallen Nev secretary and director S. S A A. A Reed Heed 1119 Van Nuys building Los 8 Angeles treasurer and director Dr George W. W Thomas Logan Logan director director director di di- rector Dr Elwood Mead l Berkeley and attorney Lysander Ca sd The states when the Berkeley Berkele fed fed- eral land bank will serve are California California Cali Call fornia Nevada Utah and Arizona Burrell G. G White president has just returned from Washington where he attended a conference of the presidents of the twelve federal land banks with Secretary Secreta of or the Treasury McAdoo and the members of the federal farm land board I Mr White expressed gratification over the fact that this conference had fixed a flat fiat interest rate of 5 per cent applying to all parts harts of f the United d States Slates He declared that this this Interest Interest interest Inter Inter- est rate would prove a a. great boon to the farmers of the we west t and predicted predicted predicted pre pre- that within a year the Berke Berkeley Berkeley Berkeley ley federal land bank will m have made loans aggregating Mr Whito also announced that the conference of or bank presidents passed a a resolution requesting Congress to increase the limit of the loans permitted per to an individual borrower from to Ho ne expressed expressed ex ex- pressed the hope that tho the special session session session ses ses- I eX-I sion of Congress make this change for forthe I Iho the tho ho large borrowers of the Berkeley II I I bank district In order that more funds may be available tor bor for investment in farm loan bonds and In burn lurn urn made available to lend to farmers of this district Mr White urged that the legislatures of C California Nevada Utah and Arizona immediately pass laws making farm loan bonds approved Investments for tor trust funds Insurance companies and savings banks minks ne Ready dy Market for Bonds He announced that the bonds issued la- la sued by the twelve federal land banks would be placed on the market at 4 4 per cent but would probably be sold at a premium He Ho expressed gratification over the fact that the federal farm loan board has anticipated ed that at least of oft t these ese bonds will 1 be he e issued during the coming year tear year and is making arrangements arrangements arrange arrange- ments which will assure a ready market for them All of this money moner will be he made available to the farm farm- ers era of the United d States at 6 b per cent ceni CUIl To borrow from these federal land banks hanks farmers are required to organize organize organize or or- themselves Into groups containing containing con con- taming at least ten farmer borrow ers and each group asking for at atI atI least of loans I Farmers are permitted to borrow up to 50 GO per cent of the appraised I value of tho the land plus 20 per cent cento of the permanent insured o of f the value r ed e-d Improvements Loans are to be trade made at nt 5 per cent and must be reI retired retired re re- tired on the tho amortization plan plan which I means repayment by fixed annual payments throughout the period of loans may run from five fiver I loan loan- The at at the option of the to r forty years year the borrower I |