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Show The Farm Loan Bonds. A now form of Investment will soon bo offered In tho form of tho mortgages on tho property handled by the new farm loan banks. Whether Whe-ther theso bonds bring good prices or not depends wholly on tho way thoso loans aro handled, nnd whether they aro supervised In n wny to glvo gonornl confidence It would bo a very easy thing for theso new bonds to got n black eyo. A fow repudiated debts, a fow poorly poor-ly supervised loan associations, nnd word would spread all ovor tho country that tho now form of invest ment la not safo. As a consoquonco borrowers might havo to pay qulto as high for tholr money as thoy do under tho present plan. Tho reason why fnrm lonns nt present bring high rate3 of Interest Is that in tho past thoro havo been so many lossos. Investors may not discriminate carofully, but when they aro in no position to do so. Tho fact that a man's father, In tho depression of 20 years ago, may have lost a thousand dollars on a loan on aa arid tract of ono state, should not dlscourago his son from making a loan to somo fertile farm Jn n wholly dlfforont soctlon. Dut tho son, living perhaps a thousand miles from tho spot whero tho loon Is locatod, la In no position to discriminate His father's experience ex-perience has mado hlra cautions. Many oxporlencos llko that have served to raise tho rato of farm loan lntorest all over tho country. Tho directors of tho new farm loan associations have a very serious responsibility. re-sponsibility. Unless theso directors really direct, the whole thing will bo a failure They should give somo personal attention to the work, else money will surely be loaned out on poor security or to men who will let the value of their (farms run down. No director can assure the prosperity pros-perity and tho selldlty of his Institution Insti-tution meroly by going to tho annual mooting onco a year, sitting In a stuffed chair, and listening to the report of tho manager. |