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Show Farm Land Prices Are Too High The bureau of agricultural economics, a division of the U. S. department of agriculture, recently issued a warning against the purchase of farm land at present inflated values. It reported that farm land prices went up another 14 per cent during the year ending last November 1 and that they are now only 11 per cent below the highly inflated 1920 peak. The bureau reported that prices have doubled, as compared with the 1935-39 period. In 15 states and that in 11 others prices today are 75 per cent more than they were less than 10 years ago. " Secretary of Agriculture Anderson declares there is real danger, unless buying restraint is exercised, that farmers may be in for another collapse of farm land prices such as wrecked agriculture in 1930 and 1921. Recently over the nation as a whole there has been a snarp Increase in farm mortgage debt. In the first six months of this year the total farm mortgage debt went up another $80,000,-000 $80,000,-000 to bring the total such indebtedness for the nation to $5,-000,000.000. $5,-000,000.000. . . Fortunately for Utah, our own farmers seem to be exercising exercis-ing sounder judgment. During the war years our farmers, who have made more money than they have in any other comparable period, have steadily reduced their mortgage indebtedness. According Ac-cording to a recent report by the National Farm Loan association, associa-tion, the mortgage debt of Utah farmers this year is $17,671,000, a little less than half the $36,650,000 indebtedness which existed in 1940. This is doubly encouraging considering the fact that there has been an actual increase in the valuation of farm land ' during these years along with increases in the real value of all other kinds of property. . Nevertheless the warning against purchase of farm land at inflated prices is needed here as much as it is elsewhere in the country. We want to be sure that Utah farmers hold to their . present good financial status as far as Indebtedness is concerned. John B, Bradley, secretary-treasurer of the Salt Lake City office of the Farm Loan association, particularly cautioned returning veterans against buying farms at inflated prices. A farm which is saddled with a big mortgage may become a liability In a few years, he warned, if there ia the expected decline in farm crop prices. He advised veterans to rent farms until prices go down. The farmers of Utah and the nation are in an excellent position today, on the whole, and well able to weather any post- war depression. Many of them learned a lesson after the last war. They have aalted away their wartime profits by paying off mortgages, buying bonds or putting money in the bank. If our Utah farmers continue to use the good Judgment they have so far. there is nothing for Utah to1 worry about relative to the continued sound status of our agricultural community, which is such a basically important factor in the state's economy. . Just ss foolish as the old legend, that all newspaper men were bums is the more recent practice of regarding, every eccentric performance in Hollywood as typical of the entire Hollywood community Byron Price, chairman. Association of Motion Picture Producers. . Management abuses are just as much against the public interest in-terest ss labor abuses, and what I went to see is a balance of power which will check the excesses of both. Ira Mother, chairman, chair-man, National Association of Manufacturers. At present pupils study languages for many years without the ability to speak the language. America can no longer afford this waste. It must become polylingual, and at once. Dr. Henry Noble AUcCracken, president emeritus, Vaasar college. |
