The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1886-01-28


sale q honds srd mortgages 10 accom-.
plished vitb 10 litiis display that prob
ly u Is net generally realized that the cash
volume al this fm's business u exceed.
ed by rery few business arms or corpora
lions 10 Rutland county. Speculative
stocks aud bonds. fuctuating from day 10
day. have never been popular with the
most conservative OF The Vermont Invest.
orr; and II has been the aim OF the arm 10
lind only such investments for their GUS
toners a. are amply protected by large
margins Of security. Some thirty years
ago. when Ohio Was way ost vest. the
business Of negotiating mortgages on i'm
proved western farms Vas begun. In
those early dsys. rates we're very high.
and seductive offers from individuals OF
doubtful reliability. sometimes led to
swindle aud loss. As rates came down,
however, the legitimate companies began
10 reduce the business 10 systsm, eastern
investors sent large sums Of money to the
prairie farms Judge Dorr began TO in-
vest money 10 Illinois; and afterwsrd. N
emigration extended westward, be crossed
the Mississippi and entered Iowa. The
personal knowledge OF the western coun.
try by him and his associates ia tho
business, enables the firm 10
move neither too slow nor too rapidly.
They are making loans TO day In the Aost
fertile parts Of the rich Young state Of
Kansas; aud not dollar which they have
loaned upon farms from Illinois to Kansas
has been lost. so long as the security is
three times the amount OF the loan, and |
the mortgages are negotiated by reliable
corporations who guarantee their pay
ment, the possibility Of loss is very small
The danger comes when loans are negoti-
sted by private individuals who are liable
TO die or leave the country. with no one
personally interested remaining to see
that the security does not become i'm
paired, that taxes are paid, and insurance
kept up. The Kansas mortgage is SO
strongly drawn that tho mortgage can
foreclose II the contract is not kept in ev-
cry particular; and this accounts in .
measure for the promptnsss with which
interest and pricipal are paid.
The Western farmer comes East 10
borrow money because be has to pay such
exhorbtant rates at the Western banks.
Paying rate which nets seven per cent to
the eastern investor. he can easily secure
what money he wants to develope his farm
and add to its value. So mnch money is
always going West, and the DORIS have
sent so many hundreds OF thousands OF
dollars there for vermonters, that the
system Of securing these mortgage loans
is Of more than passing interest here.
When the farmer wants to borrow
money on his farm, he files an application
in the Office Of the mortgage company,
answering some forty essential questions
in regard to the cost Of his farm, its cash
value, his assets and liabilities, the pur-
pose for which he wants the money, ect.,
ect Then the examiner or viewer" Is
he is called in the West, visits the farm,
and reports to the company. II he advis.
es the loan, the applicant gives note and
mortgage, and an abstract Of title is drawn,
showing every transfer Of the property
from the original government grant to the
present transaction. The county treas
urer and clerk of courts certify on this
abstract that there are no judgements !
against the property and no taxes unpaid.
When the papers have been completed !
they are sent East for negotiation; and as
the matter Of fact, the buyer OF Western
here can know more about the
security by an inspection OF the papers
than be can Of most mortgaged property
in his immediate neighborhood. Exper. I
ence has shown that farm loans are the 4
best in the great "corn belt" extending
rom the Mississippi westward, where the
staples are corn, cattle and hogs, and the Z
armer raises diversity Of crops. Kan q
,as is the center OF the corn belt and has
or several years led all the agricultural
tates in the volume OF its farm products. I
Z would be no safer for an Eastern man to :
osn money In the West unless be knew
he people he was dealing with. than for y y
! Western man to send money East with A
mt knowing the men who handle It, 4
The safety lies in acting through reliable Al
men, who look carefully after every de- 4
all Of the business and guard faithfully e
be interests OF their customers. The :
ong experience Of the DORIS 10 the nego :
lation OF the best and most profitable Sc. :
'urities gives them opportunities Of spec I
Al advantage to secure for their customers
he most desirable Investments. III
al