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Show FEDERAL LAI 8AI 1RKIII0ER1 NEIL! BERKELEY, Jan. 21. With tho Assignment As-signment of appraisers to various national farm loan associations in California, Arizona, Nevada and Utah, last Saturday, the Federal Land bank of Berkeley began the work of the now year, which is expected to bring the bank a business of a million dollars dol-lars a month, according to Secretary A. W. Kendrlck. "During the closing months of 1917 the bank attained a pace closely approaching ap-proaching the million dollar mark; $880,000 in loans having been closed in November, and $800,000 in December," Decem-ber," said Hendrick. "We expect a great influx of applications appli-cations within the next few weeks," said Hendrick. "We have informa- j tion that many farmers, who have been holding their applications to see what disposition congress made of the proposed amendment to the farm loan act which would have made impossible im-possible tho loaning of land bank funds for tho purpose of refunding existing ex-isting mortgages, will now send them in. "The amendment, which would havo prevented 90 per cent of our appll-I appll-I cants from obtaining loans, was killed, however, and the amendment which carried allows us to use the funds so obtained for any of tho purposes of loans sot forth in the original act. "Tho action of congress, of course, places the stamp of approval on farm loan bonds as nothing else could havo done and they have become, without a doubt, the ideal investment "While we go forth now for new business with a rate of interest one-half one-half of one per cent higher than that which existed for the most part of last I year, so far wo have seen no differ- j ence, and we do not expect that any material difference will be made in! the number of applications received.' The farmer is willing to pay 5 per! cent, which is the new rate, and Is most interested in the long period of( time over which the mortgage ex-i tends." |