Show I 1 ND D BOARD 1 K rl t EP ORT 0 O 10 rss INS the state land board recommend that investment of its permanence perman enc funds be made mainly 1 in bonda bonds and other evidence of debt s sued by the state which recommend rec ommen dation Is based on the experience of the state on the leans loang made in the past largely to farmers the blanid board has over 6 5 mil lion dollars in loans outstanding the report says many of our bor rowers are in their inter lest tor for two and three years in no case has the board fore closed on oil mortgaged property where the borrower was willing to contina cont inu to operate i it and make an effort to pay his obligation in almost ev ery case where tt it has been necessary to take over mortgaged farms they had been allowed to deteriorate prior to passing into the possession of this in many Ws instances as soon as a state loan Is obtained and a mortgage given the mortgagor ceases to take interest in the land in a large percentage of farms taken over ale we have found it better to lease the lands for a year or two to bring them back to production many of our mortgagors have loans on their livestock secured by crop mortgages in a large of such cases we have found that the bink or loan company insisted upon receiving the full amount of its crop anid chattel mortgage we also find that a large num her of loans were made on proper ties never in a productive state from the past history of our farm loans we do not believe they have been an unqualified success rath jer er to the contrary maeng ng farm loans from public funds through public officers also presents a special temptation to treat the business by much more liberal methods than if the funds being loaned were the official officials s private property |