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Show in first mortgages on land reports that a few days ago the estate of Marshal Field ceased to buying any more farm mortgages. The ; trustee of the estate said, "No; we will not ake any more mortgages; ; we are collecting those we own as fast as we can and investing the money in tax-free securities, because it nets us more." TAX FREE SECURITIES AND FARMERS Tax free securities are a better investment than first mortgage loans on farms. They force the farmers to pay higher rates of interest. According to the hearings before the Congressional Ways and Means Committee, there are about $8,000,000,000 of farm mortgages mort-gages out in the United States. According to these hearings only about 5 per cent of that amount was obtained through Government agency or the rural credit land banks. Those who are sincerly solicitous for the farmer think well of lliis 95 per cent of the loans outstanding, owed by the farmers, is money belonging to private individuals. Five per cent tax-free p.Tiirities will net the investor more than a 7 or 8 per cent farm mortgage. What is the result? I he farmers ;ire finding it difficult to borrow money, and when heir loans mature and they ore maturing all the time if they (Hanoi finance a renewal, it means sales of homes and farms on the sheriff's block. A witness trHtifirrl before the Senate committee that a few years ago there was a gentleman that had $7,000,000 invsted in farm mortgages. Now he has ')ry per cent of that $7,000,000 withdrawn frnm the farm mortgage and has invested it in tax-free rruritirs. A farm loan firm llial for years has done an extennive bu.-iincMnj |