Show FEDERAL LAND BOARD WARNS THE THE FARMERS Tho Public is Cautioned Against t In- In in Land Hanks With Without out First Making Inking Investigations The federal farm loan board returned returned returned re re- turned to Washington last week after a 8 tour through twenty-nine twenty states to gather for its guidance jn in dividing the country Into luto twelve i farm larm loan districts and designating I the sites situs of ot the twelve banks authorized author author- authorized d under the rural credits law The lour tour began at Augusta Me Je August 21 and nd took the board to the Pacific coast and as far south as Missouri A similar trip will be e taken soon Eoon through other states in the south and kind southwest st st. In a statement the board expressed satisfaction over the results of the hearings and predicted that the plan of ot putting farm loan banks into operation op op- operation op-I op before February 1 next could be ve carried out The keenest interest in the federal federal federal fed fed- eral farm loan act was manifested by uy farmers of every class of people inthe in inthe inthe the communities visited said the statement The law was universally universal universal- ly approved by farmers business men and co I IThe j The need for tor the federal farm Joan law was especially emphasized by lJ the w wide de inequalities in interest rates disclosed in the he these rates ranging from 5 per per cent per annum to 5 per cent per month It was shown in every state visited that even cven the industrious farmer farmel of o modest means who ho had only a small farm arm but who could offer unquestionable security was unable to get farm larm credit on any terms In many states it was found that the farmer was never certain that he could effect effect ef ef- r jj J fp log n n Q f ever tI the e rno gage and thai t tb too e incidental incidental n l en l' l age an r delays delay's w were serious serious and arid frequently defeated the llie purpose ot or the loan I In several states it was called to the attention of the tho board that the I joint stock land laud banks were being J organized by questionable means by bystock bystock stock salesmen or promoters who are taking advantage of the tile farmers farmers' desire de de- desire I de-I sire for loans on the amortized plan to sell stock to farmers Farmers are arc advised that there is no sity for su subscribing to the stock of i any tiny private ate corporation for the purpose purpose purpose pur- pur puri i pose of securing such a loan and are j I cautioned not to do so except on an ail investment basis The board suggests suggests suggests sug sug- 1 that farmers make no Investments Investments investments invest Invest- ments in such land banks until they have o first inquired of the federal I farm loan board at Washington asto as asto asto to the character and responsibility of such organization and of the men who are them No joint land banks can be organized under the tile federal act except with the approval approval ap ap- of the federal farm loan hoard board o |