The comptroller of the currency has issued an order that no national bank shall after Sept. I have an excessive loan. The date is fixed two and one half months in advance so that the banks which have excessive loans may have sufficient time to have them immediately reduced or paid without much inconvenience. He feels that as the law has been pretty generally violated for fifty years, it is only fair to the banks that they may have a short time in which to adjust their affairs to new conditions. To show how generally this law was violated when the limit on loans was in per cent of the capital prior to 1906, the call for January of that year showed that thirty-three hundred and seven, or fifty-six per cent of the banks then in the system, reported excess loans.

The Strawberry tunnel, one of the largest and most difficult pieces of engineering work the reclamation service ever has been called upon to undertake, has just been completed. With one exception this underground waterway tunnel is the largest in the world. Many hard engineering problems had to be overcome in planning it. The tunnel pierces the solid rock of one of the highest peaks of the Wasatch mountains and will enable the waters of the Strawberry river to be transferred from one drainage basin to another forty-five miles away, and transform sixty thousand acres of exceedingly fertile land, now only partially productive for lack of water, into productive farm land.

June 29, 1912

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