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Show oo FARM MORTGAGE PLANPROPOSED Secretary Coulter Would Reorganize Re-organize Entire Business Under Better Financial Principles. Chicago. Oct. 7 Reorganization or the furm mortgage business so that the lender will be the friend and financial fi-nancial adviser, and guardian. If need be of the borrower, was advocated here today by Dr John Lee Goulter, secretary' of tbe United States commission com-mission on rural credits. Dr. Coulter spoke before the first annual convention of tbe Furra Mortgage Mort-gage Bankers' association. It is essential es-sential he deolared, that bettor financial fi-nancial principles be applied to farm I mortgages Two leading principles. I he said, must guide uch loans. First, I the amount and period of the loan I must be adjusted to the purpose for which the loan Is required. Second. provision must be made for the ex tinctlon of the loon In annual Install nients 'Of the 6.360,000 farms In the Unit ed States, about 4,000,000 are. operat ed by their owners and of these 1, 327,000 are mortgaged," Dr. Coulte said "Under the general practice these mortgages are made to run fron three to five years I urge that th length of the loan should very wltt the purpose. "If the loan is made to eqoip th farm with machinery' or live stock it should run from five to ten years If the purpose is to construct build lngs, the loan might extend over a period of fifteen years If the purpose Is to purchase the farm, the loan might extend from twenty-five as for thirty-five years. "As to my proposal that farm loans should be paid off in annual installments, install-ments, the farmers' revenue is pro duced in this way and unless the farmer gradually reduces the loau he Is almost sure at Its maturity to ask for a renewal. Thus farm indebtedness indebted-ness piles up." Government Should Handle Loans. ; Investors might not bo satisMed with loans paid on the Installment plan, Dr. Coultor pointed out, and to stabilize the income from such an investment. holding corporations might be formed to assemble such loans and Issue bonds to the public. Control of such business, he said, phould be vested 1n the federal government gov-ernment under which control the whole farm mortgage business might be placed on a sound and efficient basis Dr Coulter said that he was strong ly opposed to direct government loans or government subsidies in connection connec-tion with farm mortgages. Sessions of the association will continue over tomorrow. Bankers from all parts of tho country are to take part in the discussions" oo- - sheep, S4.755.90; yearlings, $5,606 6.40; lambs, $8.007.86. Kansas City Livestock. ' Kansas City, Oct. 7 Hogs Re r feipts 11,000; lower; bulk, 17.60$ ' 7.90; heavy, $7 65'3-7 90; packers am 1 butchers. $7 5008-00; light, $7.50fi 3 8.06; pigs, $7 2507.75. 1 Cattle Receipts 1100; strong prime fc-d steers, $10.00010.90, dress ' ed beef steers. $7.7509.75; westerr steers, $6 5009 25; stockers and feed ers, $5 9008.25; bulls, $5 0006 50; calves. f6. 600 10.50. 1 Sheep Receipts 18,000; steady; 1 lambs, $7.000740; yearlings, $5.25 fa 6.26; wethers. $5 0005.75; ewes, $4.2G 05.00. South Omaha Livestock. South Omaha, Oct. 7 Hogs Receipts Re-ceipts C500: lower; heavy, $7 3507 55; .light. $7.6007 90, pigs. $6 7507.50; hulk of sales, $7.4007 60. Cattle Receipts 6300, strong; native na-tive steers, $7 75010.50; cows and heifers. $5 757.25. western steers, $6 0008 50; Texas steers. $5 8507.15; cows and heifers, $5 500 7.00; calves, $8.00010.26. Sheep Receipts 31,000; steady to stronger; yearlings, $5.5006.00; wethers, weth-ers, $5.00 05.50; lambs, $7.0007.50. Bar Silver. London. Oct. 7 Bar silver, 24 3-4d per ounce. Liverpool Cotton. Liverpool. Oct 7. Spot cotton In fair demand. American middling. f3ir, $6 34; good middling, $5.80, middling, mid-dling, $5.30; low middling, $5 07; good ordinary. $4 07, ordinary, $3 37, sales 3100 bales. Money. New York. Oct. 7. Mercantile paper, pa-per, 6 1-2 to 7c. Sterling exchange, firm, for cables, $4.96.6004.97, for demand. $4 95 5904.98. Bar silver. 52 l-2c P night to l-4c up. The corn market subsequently eased eas-ed off when sentiment had turned bearish regarding wheat The close, - thotugu. was firm, 1-403-8 to l-205-8c p above last night. 1 oo |