Indianapolis Times, Volume 46, Number 218, Indianapolis, Marion County, 21 January 1935 — Page 14

PAGE 14

FARMER ONCE RATED HIGHLY BY FINANCIERS

Before Government Provided Aid, Most Mortgages Were Paid. This Is the M>e*nd ol series si* articles d.ilin, with lb* farmer and credit. BY COLIN F. WILLIAMS Timet Special Writer Apparently it is not within the ability of our ciilization to keep the wealth created out of the land and the mine in the control of its first owner. The corstant accumulation of this J surplus wealth beyond the control; of the first owner gradually builds j up the secondary elements of society. They appear first at the | small rural cross roads; they are the men who barter and sell the wealth in goods of their closely neighboring farmer friends. The communities grow larger, towns, cities and super-cities develop; artizans develop into mechanics. mechanics into specialists, specialists into whole communities of industrial workers and so grows a nation, all given life out of the gradually widening and deepening surplus. Needs that were never dreamed of by the westward traveling emigrant spring into being out of the creative instincts of the artizan The first blacksmith at the cross j roads forged a "mud boat that was hauled through the "lizard roads” of the forest; then a wagon skein, then a factory produced a wagon complete, then an automobile and finally a truck. Each step in the development of the farmer s transpor- j tation problem required a more and still more expensive device that the farmer m the end had to pay for. Progress at a Price That which is true of his transportation problem is also true of his fencing, from rails that cost nothing but labor to woven wire that costs $1.25 a rod; from a washtub that cost 25 cents to an electric washer with electric power plant attached casting upward of SSOO. From a horse, that sprang from his own soil to a sedan that rolled out of a distant factory, bill of lading attached. But I am ahead of my story. In 1914. the tranquil period before the storm, there was no car in the garage. no electric sweeper or washer in the house, no tractor in the barn, no truck on the highway, in fact, no highway. The farmer had his farm paid for, that is at least 67 per cent of his fraternity did and the others were not beset. Mortgages Met in Past When a land owner died, another stepped in, put down his savings and went over to the local banker. He went to a man in the secondary class who had set up a business of handiing some of the surplus money of the communtiy. He got a loan and gave a mortgage and that mortgage was in the vast majority of cases of a very reasonable amount. It could be met, regardless of that sad picture of the early American stage, the black bearded sheriff in the act of throwing the aged couple out of the barn lot to be frustrated by a daughter's lover galloping back from the gold mines on a fast horse. It could be met because it was

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DEDICATE NEW SOCIAL ROOM

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V. G. Bonahoom

Dedication of the new social room at Sears, Roebuck & Cos. was marked with the bridge luncheon of the Woman's Press Club, of which Mrs. Florence Herz Stone is president, last w'eek. Mrs. Stone and V. G. Bonahoom, store superintendent, welcomed the guests.

not given to pay for a lot of doodads that were liabilities and expense accounts. It was a purchase price mortgage, so-called because it was made to finish the payment on the land and, as the land was producing a surplus, that surplus was enough to finally pay the loan off; the banker or the mortgage investors saw to that. The banker gradually accumulated a sheaf of these purchase mortgages. The record of safety of these earlier mortgages was an enviable one. One great mortgage bond house in Indianapolis spread a billboard advertisement that in years of service not one penny of its client’s money had ever been lost because of a farmer’s defalcation. The farmer in those days was in a preferred class of financial risk. The year 1914 was surely a period of contentment if such ever existed on American farms. The lands were still new, they were in the main able to produce a good surplus of wealth each year. Corn was selling at 50 cents; wheat, 80 cents; hay, $6 a ton; cotton, 4 cents a pound; hogs, $4 a hundredweight; binders cost $185; a team of good horses, $175; a good cow, SSO; a farm wagon, $65, and these prices paid the taxes and the groceries and the Saturday trip to town for the flour, not the bread.

■ AS LONG AND HAD

Mrs. F. H. Stone

and the sugar to put up the fruit, not the case of canned goods. True, the surplus wealth was spent as it came in but it was not pledged years in advance on a car or a radio or a concrete highway or a centralized high school with gymnasium attached. Apparently then, the agrarians knew how to live within their means. They were not being teased into buying things they knew no use for because the inventive ability of the Nation was not yet put to developing doo-dads.

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THE INDIANAPOLIS TIMES

HORDES FLEEING SAAR OVERTAX BORDERTOWNS Care of Refugees Brings Gigantic Problem to French Officials. By Vnitrd Prr** PARIS, Jan. 21.—Between 2000 and 2560 refugees crowded Forbach. just across the frontier from the Saar, it was estimated today, awaiting transportation to other parts of France. So great has the exodus from the terror-ridden Saar become that French authorities are having difficulty in caring even for Frenchmen among the refugees. Border stations are overcrowded. Socialists, communists and Jews who fled from the territory because of its prospective return to Germany are being cared for in makeshift shelters and as fast as possible are being directed to southwestern France. Towns reserved for refugees were becoming crowded and it was believed the real movement of refugees was just commencing. There was not a vacant bed left in Forbach. Many who came here have been sent to other villages. Fifty children are sleeping in a hastily made dormitory on the stage of the Forbach School Hall. Foreign Minister Pierre Laval ar-

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rived here yesterday from Geneva, where he gave clear notice that France expects Germany to prevent persecution in the territory which, as the result of the Jan. 13 plebiscite, is to be handed over to Germany March 1. Laval is concerned largely with the plan for an eastern European treaty of security. The French plan is to resist suggestions that Germany’s rearmament be recognized as legal until Germany has agreed to join other eastern European nations in signing the treaty.

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.JAN. 21, 1985