The Federal Agricultural Mortgage Corporation (Farmer Mac) reports net income of $1.6 million for first quarter 1999, a 50% increase over first quarter 1998 net income of $1.1 million.  The agency also reports that some Farmer Mac stock may be listed on the New York Stock Exchange within 90 days.

Earnings per share for first quarter 1999 were $0.14 for Classes A and B common stock and $0.42 for Class C common stock on a fully diluted basis compared to first quarter 1998 earnings per share of $0.09 for Classes A and B and $0.28 for Class C on a fully taxable equivalent basis.

Farmer Mac President and CEO Henry D. Edelman said pending approval of the corporation's application by the NYSE, Farmer Mac Classes A and C common stock will being trading.  That should "benefit both our current and future stockholders through increased visibility and liquidity with reduced price volatility for the stock."