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Show Farm Credit Administration Passes Eillion Dollar Loan Mark Berkeley, Calif., July 25 Tlie Farm Credit Administration passed the billion dollar mark in loans closed on farm mortgages by the twelve Federal land banks on July 13. according to word from Land Bank Commisicner Albert S. Goss in Washington, received by President Pres-ident Charles Parker of the Berkeley Berke-ley land bank today. This represents repre-sents the closing of more than 400,-000 400,-000 leans to farmer-borcwers sine; May 27, 1933, when the Administration Adminis-tration began to function. At the time the billion dollar record re-cord was reached, commitments by the land banks had been made on 644,186 additional loans, aggregating aggregat-ing $1,675,626,179. Ncne of these loans had yet been clo-ed for disbursements. dis-bursements. According to a recent statement by Governor William L Myers of the Farm Credit Administration Admin-istration at the time these commitments commit-ments are all translated into closed loans the twelve land banks will be holders of 30 per cent of all farm mortgages in the country. In the period of thirteen and a half months covered by the Washington Wash-ington report the Berkeley Federal Land Bank, serving California, Nevada, Ne-vada, Utah and Arizont, clor,ed a tctal amount of $86,122,700 in farm mortgage loans. This represented 8812 land bank loans for $52,250,100 and 15,014 commissioner's loans for $33,872,600. A recent analysis of loans closed in the four states of the eleventh district showed that 87.5 per cent of the borrowed money went to refinancing farm debts. |