GOVERNMENTAL WORK FOR COUNTRY LIFE 341 



Utah and Arizona and the bank of the district is 

 the Federal Land Bank of Berkeley, already men- 

 tioned as adjacent to San Francisco, where the 

 Federal Eeserve Bank of the district is located. The 

 law also provides for organization of "joint stock 

 land banks 77 of which one is in operation in Califor- 

 nia. The Federal Land Bank of Berkeley was organ- 

 ized in 1917 and continued to make loans as provided 

 until arrested in its work in 1920 by unfavorable 

 conditions following a suit in the supreme court 

 of the United States against the constitutionality of 

 the law under which it was proceeding. This suit 

 was decided in favor of the law on February 28, 

 1921, and activity was resumed. The Federal Land 

 Bank of Berkeley has, in 1921, 176 tributary Na- 

 tional Farm Loan Associations of which 102 are in 

 California. This bank has loaned to farmers through 

 these associations $17,777,000 of which $10,894,300 

 is loaned in California, the 3246 borrowers thereof 

 being located in practically all the agricultural coun- 

 ties of the State. Organized under the same federal 

 law is the Joint Stock Land Bank of San Francisco 

 which on March 31, 1921, had made loans to the 

 amount of $1,848,700 to 128 borrowers. 



The growing appreciation of the character of agri- 

 cultural security for loans, the recognition of the re- 

 lation of fair financing of farming to State develop- 

 ment and the prosperity of all industrial activities 

 and, finally, the operation of the national law in 

 organizing rural credit and in securing capital for 

 agricultural uses on terms suited to farmers 7 needs 



