Show FARM CREDIT BANKS READY Loans Will Be Ba Made To Organizations Only Beginning May 1 WASHINGTON AP April n 23 Tho Th federal farm loan Io n board announced that t l May fay 1 had been heen fixed as is the tho date for the formal opening of the th 12 new Intermediate farm tarm credit banks all of ar it which have been b chartered and nd Kill III be prepared to applications for tor loan loans as prodded under the ne new agricultural tural credits law A uniform dis- dis discount dis discount count rate rato rat of five rive and nd one halt per percent percent percent cent has been n fled filed cd by all ot of the th banks b nl guaranteeing to farmer credit at Pot not seven lIeven p per percent percent r cent with Ith tho the possibility of ot sll-bt- sll i I 1 10 loner er Interest charges OT MT TO INDIVIDUALS With the tho announcement that the tho gO governments government's part Dart of or tho program for extending new loaning facilities to the fanner farmer Is ready the tho problem problem lem Im now appears appear to bo be one ot of o or- or or organization among monc those who will stok seok ro gO government eminent money monty In pro ot of o the tho law require that the producers shall not obtain funds direct from the tho loan Joan banks but must first group themselves Into one of ot several kinds of organizations through which the tha producer producers obligations may mav 1 be 1 and passed on onto onto onto to the credit banks Amon Among Amone those or are cooperate 0 mar mar- marketing mar n associations 11 livestock loan companies and agricultural credit corporations each with Ith certain and restrictions upon Its powers to handle handl andle paper for the farmers The farm loan board hoard Is optimistic optimistic tic although Commissioner Lob Lob- Lobdell Lob dell d dell said Bald tho the development of ot the tho th necessarily would be slow during what they term the th e mental stage tage sta e The Tho Th commissioner predicted the th new facilities would be grasped rasped and the opportunities opportunities presented quickly accepted by those for whom they were de de- de designed de signed Proper warehousing appears to the farm tarm loan board as the chief problem confronting tho the co oper cooperative oper co marketing associations association This however ho e PI does not teem seem to be of an Insurmountable MUST LEARN FIRST I Farm loan Ioan boar members have Instructed the credit blink bink officers and the system personnel generally to give every effort of ot advice andrender and andrender andrender render any assistance within their power In starting the loaning mn- mn ma In operation It Is declared to be b to Inaugurate tho system without some disappoint disappoint- disappointments disappointments disappoint ments resulting for tor the th early ap- ap applicants ap J for tor loans but the tb belief bellet was that through acquaintance with the laws law's provisions and the possibilities opened up bT by It soon should b be acquired acquire by the agricultural tural tural Industry and the th benefits to tobe tobe tob be derived will follow tollow In natural course For the starting of ot the Or banks the treasury has hiis turned over 1 00 oooo to each of ot the 12 U Institutions Institutions although the tho law allows each a maximum ma mum of ot C G of ot the loan board boud expect that nothing like the th capital permitted would b be re required re- re required for tor many months The money however will be b ready should calls tor for It be tx made mode |