Indianapolis Times, Volume 46, Number 221, Indianapolis, Marion County, 24 January 1935 — Page 8

PAGE 8

SAFE LENDING ON FARM LAND COMESTO END Conservatism Practiced by Private Interests Routed by Federal Policy. Editor s Note—This Is the fourth of a series of six articles on the farmer and the credit situation. BY COLIN F. WILLIAMS Times Special Writer There are two ways to overcapitalize anything. First, lend too mucn money on it. If you do that, you evidently want the pledge. Second. value it too highly or permit someone else to do it for you and the end product is the same; you will get the pledge even if you don’t want it. Bear these two systems in mind as they bear heavily on the present condition of the American farmer. It was not possible to overcapitalize our farms with the system adopted by farm lenders in 1914. They were placing their own values on land with an eye to having their money paid back when it became due. They, in the end. paid their obligations to their creditors in cash, not farming lands. If you as an individual conducting a lending business with your own or with other people’s entrusted funds see to it that the borrower does not exceed his capacity to handle credit, you will invariably have your loaned money paid back. This was the program of lending 20 years ago. The banks, the trust companies, the recently organized building and loan associations and the investment trusts, the old and the new insurance companies all having within th°ir articles of incorporation the power to place their cash out at Interest for. the benefit of millions of depositors, held together on a safe plan of lending with an eye always to the ability of the borrower to repay. Farmer Given Real Aid The borrower benefited amazingly by that plan. It took money and plenty of it to develop farming land. While the early years on the American farm saw development accomplished by works that did not take much cash, later on when the communities became knitted together and their drainage problems became more than farm wide and their transportation problems became interstate in nature, much cash was ] needed. It is to dc noted that the farmer was not ready to help himself with his own surplus wealth when this crisis arrived: however, in spite of that fact, he always had access to all the credit he could manage safely. Others apparently had become better students of his ability than he. Others, and from personal knowledge, men who had risen from the ranks oi the farmers themselves were carefully guiding him through the business of borrowing money in | the amounts that up to 1914 were safe for to undertake. Witness the barrenness of the foreclosure j records in the United States to as late as 1925 if you care to prove this statement. • Then came the World War. Then j the United States entered it. Then the slogan was spread across the byways of America, "Food will win the war.” Then the Federal government calling on its farmers paved the way to add countless thousands of acres to production. The blue grass hills were plowed into to make way for grain and ever more grain. Then land skyrocketed in price if not, in value. The ephemeral $2.46 a bushel corn and $25 per hundred weight hog i marched across the income sheet of the farmer and he called loudly for more money. Boom Days Recalled Can I forget that period of 1913 to 1921? I can see the Indiana farmer carrying enough clover seed on his back to pay his semi-install-ment of taxes. I can see a truck load of corn sell for enough to buy a Ford car, to pay for two acres of land at $215 an acre. I can hear the wide-eyed conversation around the town squares of a thousand villages of wealth beyond the wildest fancy come true. Farms were bought and sold and re-bought and re-sold on ever increasing and wholly fictitious valuations. Eighty acres of Tazwell County (111.) land brought $32,960 cash. A section of land in Benton County. Indiana, was valued at $208,000. nearly a fourth of a million. and then sold for that amount. Dealing in figures like this increased the farmers’ insistent demand for more cash. My recollection of this period brings out the fact that abou' his time the American farmer stt jped asking for a definite amount of mgney an acre loan on his land. He had not estimated in the confines of his family circle that exactly so many dollars would be netued to complete his pending transaction. He went abroad into the land of farm loans and shopped. From bank to trust company, from building and loan company to in-

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surance company he passed seeking the one from whom he could obtain the most. The bars of his reputed conservatism were let down; he was out to borrow the utmost dollar and in so doing he was selling his land, but he did not know it then. Government Started System Let it be recorded here that the demand was not answered until the Federal government under the Wilson administration created the Federal Land Bank system. Aside from the fact that its sponsors said it was being organized to lend to farmers in outlying districts where money always had been scarce and interest rates high because of the submarginal nature of the lands, the land banks immediately set up elaborate organizations to promote loans everywhere. I know that no farmer raising corn and hogs on a 20-year basis can pay any one $5 or $6 an acre interest, $2.50 an acre taxes and keep the farm in repair, pay himself a living wage and then be assessed for all the modern doo-dads that unquestionably have become important in modern eyesight. But he thought so at the time and raised the devil when these SIOO an acre loans were not forthcoming sooner. I will have to ask you to look back into the records to discover who asked for the loans of SIOO an acre first. Was this money forced upon the farmer by the lenders or were the Federal Land Banks set up to meet a demand of the farmer, Did the farmer fall into the age-old trap of the breast-thumping political promoter and get what the majority of them never even thought of or was this new system manna from Heaven to meet a long-needed and permanent situation that could be handled in no other way? Land Banks Brought Change I shall again have to make a statement and base its truth on observed phenomena. The old lenders did not increase their loan values an acx-e until after the land banks were organized, even then they reluctantly went into the farm loan fields with more money. I have heard their councils and the experience of years of lending told them to be conservative. They eventually met the competition set up for them by their government and made these new loans primarily to maintain that proportionate share of their investments in real estate mortgages. The experiences of a lifetime of business can not be thrust aside over night. I am sure that a large percentage of the old line investors would rather have had their mortgages retired than to go into competition with the government to keep them. Such a plan would have taken the bulk of their real estate investments out of their portfolios.

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SURVEY SHEDS NEW LIGHT ON RELIEF NEEDS 18 Per Cent of Families on Relief Have One Employed Privately. By Times Special WASHINGTON, Jan. 24—More facts to prove that what the unemployed want is jobs were disclosed today by a Federal Emergency Relief Administration survey covering midwestem cities, including Indianapolis. The survey shows that 72 per cent of the families on relief in Indianapolis have one or more members seeking work daily. Only 18 per cent of the families have any member employed on non-relief work. Os those thus employed, 42 per cent are earning less than $5 a week; 28 per cjnt from $5 to $9; 18 per cent from $lO to sl4; 6 per cent from sls to sl3; 4 pef cent S2O to $24; 1 per cent $25 to $29, and 1 per cent S3O or over. Cities Included fn the survey were Cleveland, Milwaukee, St. Louis, Minneapolis, Cincinnati, St.

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. THE INDIANAPOLIS TIMES

Paul, Akron, Kansas City and Indianapolis. Only in Minneapolis are there j fewer families having at least one employed. There the percentage is 17. Kansas City had the highest number with 26. St. Louis has 46 per cent of those employed on non-relief work earning less than $5 weekly and is the only city in the group with ai larger percentage than Indianapolis. Twenty-six , per cent of the Indianapolis relief families are headed by persons over 55 years old, the survey disclosed. There were 22 per cent between 45 and 54; 26 per cent, 35 to 44; 21 per cent, 25 to 34, and 5 per cent under 24 years. Os those seeking employment, 36 per cent have had from 54 to 173 months’ experience on some job and 24 per cent 174 months or more. Twenty-four per cent held their last position in 1933; 16 in 1932; 16 in 1931; 9 in 1930, and 10 in 1929 or earlier. Ten lost their jobs between January and May, 1934. May was the month in which the survey was made, but FERA, in releasing the figures, said that a checkup showed the percentages to be still accurate. Famed Bull Mooser Dies By United Press NEW YORK. Jan. 24—C01. Henry Herbert Denton, a prominent leader in the Bull Moose movement and friend of Theodore Rose' -it, died at his home in Porth Washington, Long i Island. He was 77.

STATE TOWN IS THREATENED BY SIS,JHH)J)LAZE Gymnasium, Lodge Building Destroyed Before CCC Puts Out Fire. By United Press VALLONIA, Ind., Jan. 24.—Fire last night threatened the entire business district here before being brought under control by CCC workers and a pumper truck from Brownstown. The frame high school gymnasium and the adjoining two-story brick Knights of Pythias building were destroyed. The fire originated in the gym. it was reported. Loss was estimated at $15,000. The K. of P. building housed lodge headquarters, a poolroom, a dance hall and an apartment. The town, with less than 500 population, is without regular fire protection. The Brownstown fire-

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POLICE CARS BATTLE SNOWDRIFTS TO WIN IN RACE WITH DEATH

By United Press NEW YORK, Jan. 24.—Police cars fought through snow-drifted streets early today to carry a serum from one hospital to another in a race against death. Mrs. Mary Giglio, 54, suffering from meningitis and bronchial pneumonia, was taken to St. Peter's Hospital last night. Dr. Samuel Scuderi set out for Kings County Hospital, four miles away, for a life-giving serum. His car stalled. He appealed to police. Detectives Henry Jones and George Duffy got the serum and fought drifts for two miles when their car stalled. Another police car, summoned by radio completed the Journey. Mrs. Giglio’s condition is critical. men and CCC volunteers organized a bucket brigade to save surrounding buildings. The coldest weather of the winter, 10 above zero, hampered efforts of the fire fighters.

LEGION WOMEN WILL OUTLINE PROGRAM HERE National Executive Board to Map Auxiliary’s Work Work for 1935. The mid-winter meeting of the national executive committee of the American Legion Auxiliary will held Sunday and Monday in the War Memorial Building. Proposed activities of the auxiliary for 1935 will be discussed. Mrs. A. C. Carlson. Willmar, Minn., national president, will preside. Arrangements will be made for the continuation of the auxiliary's nation-wide work for children of needy veterans and for the improvement of conditions of all underprivileged children. The annual executive committee dinner will be given Sunday night in the Indianapolis Athletic Club.

JAN. 24, 1935

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