The Huttig news., 1917-05-19

are declared and held to be exempt from federal. state, municipal and local taxation; when you consider that the rate of taxation in St. Louis is $2.25 on $1OO. you will begin to understand why the pub lie. owning real estate mortgages and other similar investments, are anxious to convert their invest ments into non-taxable farm loan bonds.
 have gone into these first steps in the permanent organization of this farm bank (which, of course, applies to the entire Federal Land Bank system) so that you can readily see why some slight delay has been absolutely necessary in the time elapsing between the temporary organization of the land banks and their field work in the making of loans through perfected national farm loan associations.
 Third-The appointment of land bank appraisers has necessarily been delayed until the farm loan bond question has been settled, for to have made these appointments at an earlier date would have only meant that there were .additinal men on the pay roll of the land bank without any opportunity to perform services in return for their pay. While on this subject of ex- pense, 1t may not be amiss to state that immediately on payment by the government for the stock of this land bank. which, under the terms of the farm loan act. draws no dividends or interest. this money was immediately placed with the strong, local National banks of St. Louis on basis that nets this land bank something like $lzOOOO per month. so we have practically GOV cred our present expenses in this way.
 Fourth Now to answer your questions: As soon as the bond question is determined, I think ap- praisers will be appointed; as this bank is ready for work in the field; there should then be no delay what eyer in the making of loans by this land bank; but, do not misunder- stand melt will take the necessa- ry time to get to the associations that are now organized in Arkan- sas, so that 1t behooves every man who expects to be a member of a national farm loan association to make arrangements to carry him self until he can be reached by us. He may be one of the fortunate ones to receive service in the very beginning and again he may not. He should take care of his needs locally and the members of your association should band together for this purpose and concentrate your business through some one channel locally that will cooperate with you in this way. This is only ordinary business prudence.
 Farm loan associations are in tended to cover any reasonable area of territory that the charter members desire. and are usually limited to the area that the loan committee can conveniently cover.
 Association limits may overlap; that is to say, a farmer may live within the district of an association and still be member of another association. The purpose of this act is to organize ten or more farm CTS who want to borrow not less than $2O,OoO in the aggregate, in to national farm association and, if it happens that two or three farmers within the limits of this as- sociation prefer to join another, or to organize another one, it is en- tirely permissible to do so. It is wise to have not less than l 5 char l ter members with total loans of $3O,OOO, so that if any drop out you will still have 10 or more | L 6On