CONTENTS.

Opening statement, by J. B. Finley, secretary Union Joint Stock Land
Bank, Richmond, Va..

Arguments of—

Page.

6

M. A. Traylor, president First Savings & Trust Co., Chicago, Ill____ 24
Evans Woollen, president Fletcher Joint Stock Land Bank, Indian-
apolis, Ind___

Formal statement (with exhibits) of the functioning of joint-stock land
banks and the warrant for exempting their bonds from taxation, by
W. W. Powell, secretary American Association of Joint Stock Land
Banks, Chicago, Ill___.

Statement of-

A. H. Judy, Fairfax, Va___

Guy Huston, president First Joint Stock Bank, Chicago, Ill.

58

61

George L. Ramsey, president Montana Joint Stock Land Bank,
Helena, Mont__.

Argument of J. H. Allen, representing the Des Moines Joint Stock Land
Bank, Des Moines, Iowa___.

Statement of—

77

R. C. Lewis, Fairfax, Va_----.

89

J. R. Howard, Des Moines, Iowa--

101

Statement from Farm Mortgage Bankers Association of America_
General discussion of S. 3109__.

109

111

Joint stock land banks receive as high as 33 per cent commission_.