PREFACE Joint Stock Land Banks constitute a new system of finance that is little understood by the general public and there is a dearth of literature explaining their rights and privileges as well as the restrictions and safeguards under which they operate. They are filling a long felt want and are rapidly becoming a large factor in the financial life of the nation. Anything affecting the welfare of the farmer and especially institutions supplying him with such a large volume of credit as do the Joint Stock Land Banks, is of interest to every investor and business man in America. This booklet is timely and will be of interest not only to those seeking the ultimate of safety in investments but also to all who are interested in adequate and scientific financing of a permanent and profitable agriculture. -Guy Huston Chicago, Illinois 621510 Purpose of Book JOINT STOCK LAND BANK BONDS At the time the Federal Farm Loan Act was passed, July 17, 1916, there was considerable discussion of its advantages to the farmer and to the investor. The constitutionality of the Act was attacked in the courts during the summer of 1919, prior to which time there had been sold approximately $65,000,000 of Joint Stock Land Bank Bonds. The constitutionality of the Act was sustained by the Supreme Court, February 28, 1921, nearly five years after its passage, and it was not until some months after this date that the Banks again became active. During the past eighteen months, approximately $150,000,000 of Joint Stock Land Bank Bonds have been offered to the public. They have become an important factor in the investment markets and are rapidly becoming known to the great body of investors, although not yet so well known as other types of bonds with which they compare in safety and yield. It is the purpose of this book to present clearly and concisely what Joint Stock Land Bank Bonds are, under what conditions they are issued, how they are secured, how they are pro |