The first federal land bank was chartered March 1, 1917, under the Federal Farm Loan Act of 1916, and the first joint stock land bank April 24, 1917. The federal farm loan system thus established has now been in operation ten and a half years. The system at present consists of the 12 federal land banks authorized in 1916, 52 joint stock land banks, and the 12 intermediate credit banks established under the Agricultural Credits Act of 1923. All of these institutions are under the supervision of the Federal Farm Loan Board. They now have about $1,815,500,000 of agricultural loans in force, and about $1,735,000,000 of their bonds and debentures outstanding.
Rumors that certain of the joint stock land banks were in an unsatisfactory condition ...