Show fEDERAL BOARD I WARNS FARMERS I Public Cautioned Against i iI iI I Investing vesting n in Land Banks I n Tr Without lt 1 lout I Investigating Washington Sept 28 The Tho The fe federal eral farm loan board returned to Washington Washing Washing- ton today after aCtor a n. tour through twentynine twentynine twenty- twenty nine nino states to gather Inform Information for Its guidance In dividing the tho country Into tW twelve farm loan districts and ami d designating the thc altos itts of tho twelve banks authorized under tinder the thc rural credits law The tour began at atAu Au Augusta Me AUF August t 21 1 21 and took the tho board to the tho Pacific coast and an as far south a as Missouri A similar trip will willbe willbo willbo bo be taken soon through h other othor states Slates Inthe Inthe in inthe the south and southwest In a statement tonight the Uio board ex expressed eX- eX presH pressed presed d satisfaction over the results or ot ortho that the tho hearings and predicted plan of putting farm Carm loan banks Into o operation before February 1 next could be he carried out Tho keenest Interest la tn Inthe the federal farm loan act lct was waft manifested by farmers of ot pv every r class claM of ot people Inthe In tho the communities said paid ald the tho statement The UThe law was universally ly approved 1 by farmers business mon men and bankers who assured the tho board of their co- co co 0 Ion Tho The neo need 1 for Cor the federal farm loan Joan law was c especially emphasized by tho wide wido Inequalities in Interest disclosed disclosed disclosed dis dis- closed in tho the hearings bearings these rates ranging from 5 per por cent per annum to 5 6 per cent per ier month It was shown In every state visited that even the Industrious in industrious In- In farmer of ot modest means who had only a small farm but who could offer unquestionable security was wai Unable un- un ablo able to got Jot farm credit on an any terms In many rny states It was found that the farmer was nover never certain that he could effect a loan I however good the tho mortgage mart mort gage security and that tho the Incidental delays were serious anti and frequently defeated defeated de de- de- de the purpose of or tho the loan In several states It was Wa called lied to the attention of ot tho board that tho the Joint stock land banks hanks being organized b by questionable moans means b by stock salesmen salesmen sales sales- men or promoters who are taking ad advantage ad- ad vanta vantage of ot the farmers farmers' desire for tor loans on tho the amortized plan to sell sail stock to farmers fl Farmers are a advised ed that there is no necessity for subscribing to tho the stock of any anT private ato corporation for forthe forthe the tho purpose of securing such a loan and andare andare are cautioned not to do lIo so 80 except on onan onan onan an Investment basis Tho The board suggests suggests sug sug- S- S tJ that farmers farmer mal make e no Investments Investments Invest cst ments in such land banks until they have o first Inquired d of ot the tho federal farm tarm Jo loan board 1 at nt Washington ton as to the character and responsibility of ot sochor such soch or organization and of ot the men mon who are ore organizing them No Xo Joint land Jand banks can be organized under tho the federal act net except with the approval of the federal farm tarm loan Joan board I |