The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1888-01-10

Some Of the Effects of Judge
Spoer'S Decision.
HOW TIE INTEREST HAS DECREASED


'S'''' '''' N>St' iilFc2 corporations nave been
organized In Europe for tho purpose OF lending
money upon this class of security, l. e., the
American Threshold land Mortoar, COM
u,,,v Of I,,,l,,, li,,;t,l..t, ,..; o. ~
i,'. 49,, Wv a." ',ol'
- CV"'g '-'H'" VI i'"'"'"I7"' '''"t'"ho'"o" me
iUl"Ve investment company of Dundee,
Scotland
The history of this eastern and foreign
money sock inc investment il, A,,ori,,,, r,,,,
lands Is this. Tho
;+,l e,,,- 80 49,, va '"' N'P
- !; ,, ", W. .''',,' ", Il ''S' PlrO
81 IT, was once invested in inc bonds OF tne
lhited States These were call bonds and
drawing eight per cent interest The gov
emment refunded These and rroi,irsd
o,yrnrs IN or,o,t tlroo a,,I l,.1f
wow ao,,t, :, ~ ", . ''" 0''g ''''''
- . oy''.9 II NV " INC l"U"tS' '"eSo
C'pii9hSIS refused me bonds at re-
"uceu rate' and decided TO invest III
landed securities as moro profitable,
1t is said that between fifteen and twenty
millions of dollars have bccn lo,ncd u,,,,,
Kansas lands. TLnso investments nav 10 ,,'r
cont to thn lpnders n,at hni,,,r II i'''
tional rate in NAT statn THO inC,l ina,, ,,,,
and eastern brokers receive c1nln,igsi GH ~?
IL Der cent from borrowers for tLn;r snr,i,o.
in inducipo acccntauce nf tbnir ,I,,,,iir,ti,,,
for loans
The cotton exnositiou Of 1881 fret o+troo,ol
the attention of this capitaI to Ccorgin ana
various loan AGENCIES wore established hcrn
The result has been that about S,SO00 0oO has
been loaned ON farm lands in GcorSia
PERHAPS $50 600 900 IuEorGuoUT TTr sorr,r
and three times as much i'm tbn wpstrIn anJ
northwestern states and territories ''''''
This is the plan bv which loans of tb;s cbor.
actcr are NEGOTIATED by loan AGENTS and brni,"rs
as we pet il from Colonel ". d Simmons conn.
sci for many of the most innortont connouioe.
Farmers desiring loans upon their farms m9I,n
an application to some agcnt cuooord in flo
business of procuring loans for n cnnsiJ-
Grafton. This annlication contains \ rn,n-
plete description of the propcrtv olTrrcd ne
security nnmber bushpls Of corn Cotton
wheat, oats. etc. grown annually thereon
number acres clcared in ORIGINAL foroet cI,nr
actcr of buildings. umnroyGmcnts etc ms
papcr and an abstract of titIr is nronornL Nv
the AGENT, and bv him forwarded Ia n brolrr
in some eastern Gitv for nrooIintinn
This abstract and onnliGation is rIocod ~,
file i'm fine brokers' offices in Now Vorlf ~ RI
ton. Money lenders come i'm anI cnns,,i+
these GIcs when n man cncs = loa,, tI,nt Ia
likes he informs the broker that he will toko
IT, Tic none. naid t0 Tho Lroit0r WHO Cnr1
wards il to Che local AGENT of Tie borrower
Lose thn o,no,,nt tho brnIyor i; ~
receive from him for bis eor,roS IN ,naI,i,'' W.
thn neootiotion lenders IA not ,,ariin;,,ntf9
in fills commission diroct1, or inIiInntI,g tL
business of tLe brokers and local loan ogorts
beiDg separate and indcp9ndcnt
The loans arc on five vcore, t;p,c At oi,,b+
per cent ncr annum. Which AVERAGES ob0mt
.1,-.,,
IN, .p Cr "i'l"n'S p'oAet-
~ l,',, nS iil,,,, .io, r,,,..
t ''0 N0ii'iii'S' 'o1i '" ~ iOii''liS '"eHtS per
~ =, ~, .i,,,,,,,,.. ,..
I ~ - ~ 'Y GioF ol'ma
MORTGAGE In farm lands i'm the sontb Is y ctort-
ii ~ rTI 80 ',0 3oUtH - II S'Il
,I,, f,,,,o, M ~ '' - 80 ~ - '.,l w,
- ~ H. loi III i'''iy9t
ir 'ilU az; INV 0i 'ia''i nouHnI
1 it - ,''' t,i ~ az Ky rs
NJ ono i o,Ii
years with such interest accounts.
these mortgages
Fofty-iiNe farms nave hecn sold IN Georgia,
neither more nor less ana the loan system has
been ~. running eIght years. IN one county there
was $t",VjO loaned, ana every loan has been
repaid except TWO, one OF winch IS now being
Sueu, Many oi 'ilc io'llS are lald by INSTALL
lhch'Si some are renewed When tle tlmo Is
ON upon tle payment on interest Ninety per
cent OF the loans are Satishcd by payment when
que;
W ha' mas 3eeH the legal decisions as to the
usaIy OF this loah
Judge Spcer decided III me lsonnlree case
ih&t The loans were USurlouS' ms decision has
Kept a great many from paying up. They
lell llat uhder me decision OF the court they
couid not be disturbed ana they withheld
tnGir interest. Ihe interest has doubled