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The Brattleboro Daily Reformer
Brattleboro, Windham County, Vermont
What is this article about?
Over 50,000 farmers applied for approximately $150,000,000 in mortgage loans from the farm loan board, exceeding the immediately available funds by more than 17 times. Most applications from the south and west; banks expected to issue bonds for nearly full capital stock soon after organization.
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Want to Secure from Government on Mortgages Total of $150,000,000
17 TIMES AMOUNT OF MONEY AVAILABLE
Most of the Applications from the West and South-Farm Loan Banks Will Issue Bonds for Virtually Entire Stock.
WASHINGTON, Dec. 7-Officials of the farm loan board announced today that more than 50,000 farmers have applied for mortgage loans aggregating approximately $150,000,000, or more than 17 times the amount of money which will be immediately available for loan upon the organization of the 12 farm loan banks.
Most of the applications come from the south and west. Although the location of the banks probably will not be announced before Dec. 20 it was said today that almost immediately after organization the banks would find it necessary to issue bonds for virtually their entire capital stock to meet the demand of borrowers.
The rate of interest on bonds is a subject now engaging the board's attention. The board is also considering whether the bonds shall be offered to individual investors or underwriters by banking houses in sizable lots.
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Where did it happen?
Domestic News Details
Primary Location
Washington
Event Date
Dec. 7
Outcome
more than 50,000 applications aggregating $150,000,000, 17 times available funds; banks to issue bonds for virtually entire capital stock
Event Details
Officials of the farm loan board announced that farmers have applied for mortgage loans far exceeding available money upon organization of 12 farm loan banks. Most applications from south and west. Banks to issue bonds soon after organization to meet demand. Board considering bond interest rate and offering method.