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Show FEDERAL SYSTEM OF FARM LOANS CHECKED WASHINGTON'. May 14. About one-ninth one-ninth of the farm loan business of the United State was done by t lie federal farm loan system during" its first year o active operation just closing. A report issued today shows lliat since the first loans were extended last M:iv, 4".451 loans, totaling $9I,951.GH have been closed. More than 126. NO farmers applied for loans amounting to S29f.9S.(K0, and loan approved, including those closed, were $174. Sf.. 000. The total agricultural loans made in this country ycarlv is estimated at atout jsoo.ooo.mOO. The St. Paul federal land bank did oiif-sixth oiif-sixth of the federal outness and the |