The Press., 1888-02-09
Correspondence N Y. Evening Post)
 WESTERN FARM MORTGAGES.

them, 1t would seem wise to contlnne he discussion until the public becomes thor oughly informed upon the subject. While most people have purchased th"m upon the advice of friends, there are many who have personally interested themselves sui ficiently to oinvestigata the financial strength of the espective e3mpanies and the char acter of those in >ii ge'of them, and have fehed upon the guarantee of financially sound institutions under what they be- lieved prudent and experienced manage ment. There are others who, out Of gret caution, have attempted toinvestlgate the Esubiect thoroughly and to ascertain wheth- CT the business was sound IT, principle such is the investigation denlanded by the public. It demands a genera'z 'tlon. h. dldual experience goes for naught.
 k If it shou.d turn out Ill this lnvcstlga- tion that the amount that has ac uaily been invested ID farm loans has already reached hundreds of millions, that the number of individual loans has passed into hundreds of thousands, that tho business has continued for upwards of u quarter of 8 century, and that the loans have proved more satisfactory than the average of any other class of investments, the place o farm mortgages or debentures base.l on them Is certainly al the head of American securities.
 The savings banks of Now Hampshire Vermont aud Rhode Island, though trus institutions under the supervision of their respective states, have always been prlvl- legtd d to invest in these loans while the savings hanks of Connecticut, MAssa- chusetts, Maine, and New York, where they are also under the supervision of the state, have not. The great life insuranc companies of Hartford have had this priv ilpge, while those of New York have not Referenceis here made to these facts for two reasons first, because pc enple often ask why the savings banks and the insur arce companies in those states where they are prohibited by law do not invest i'll farm mortgages, thinking that If farm loans were a good investment they T. tainly would do 80, not knowing that they are prohibited by lay; second, because without knowledge of these facts, the re- states, would strike the reader as only a partial investigation.
 Desiring to know the true condition of the business and what experience actually proved statisticaliy, addressed letter of inquiry to about eighty savings banks in New Hampshire and Vermond, asking them these questions: CD How long have you been investing in western farm mortgages? @ To what extent have you held them? 6 How do you regard them? To not one of these inquiries did l receive a dlSparaging answer, few of them being as follows: M. chanic5 Sav- Bank, Nashua, N. H.: Fifteen years i; $20O, 900 to s$40O, ,OOO;e Our present hold ings aud continued requests for more prove our epinian of sthair deairability s9 Nashua Savings Bank. Nashua, N. II. "Six- y.ars $599, ,OOO. Desirable investments when jnd cionsly placed and carefully looked after by permanent mortgage pr trust companies" Laconia Savings Bank, Laconia, N. H. ''About years. Hav.- out $2O0,00O. Gnod if well selected" ." Cheshire Provident Institution, K-ene, N. Fl. i: ''Ten yearsS $418, ,503. Regard them as safe and desirable investments when placed with proper care and judgment. Pussumpsic Savings Bank, St. Johnsbury, Vt.: Five years. Now hold $200, 600 First-class investments" Fifzwilliam Sav- lngs B Ink, FItzwilliam, N. H.. "Seveu years; $45,000. As among our best srcur- ities." Milford Savings Bank, Milford, N. H.: "For last nine years $500. 900 to $8OO,OOO. When properly plac d through responsible parties, we regard them as
 
 can make" Bristol Savings B tnk. Bris- tol, N. Fl. .: Seven: years $500, 900 Good when made through proper agents Well qualified, reliable and honest. heb- anon Savings Bank, Lebanon, N. Fl: {: About8 years. About $500, 900 to $400,- GOO. Is among the best security we know of" Brattleboro Savings Bank, Brattle- boro, Vt. ''Tw' e ears; $475 GOO All good. 2. :, Sullivan 57. ings Institution, Sul livan, N. H.: Thirty years. Large amount, $452, ,675. First class" Aud so on we might go through the list Four of the great .llfe- insurance companies have used these words : q. } 'sThe experience of twenty years with this class of securities has been entirely satisfactory aud we regard them as very safe and desirablesecurity. !" (2) ESQ far as our experience has extend ed 1t has been entirely satisfactory, 80 ttiat we are to-day plaeiug more money in such investments than in any other class" (3 ) ''The investments of this company upon real estate in the west have been eminent ly satisfactory We have about $1O, ,OOO,- 900 at present in farm mortgages, and should be very glad to increase the amount if applications satisfactory in their charac- ter were offered us. .' (4 ''Jt has been the policy of this company to confue it's loans in the west exclusively to farm mort gages. Our experience has justified us in continuing 10 loan a:large amount of the funds of this company upon farm securi- ties in the west" This company has prob ably from time to time invested $2O, ,OOO, ,OOO to $25, 1000, 900 upon securities ln, western states -. Within twenty years the H na Life of Hartford have loaned, and: releaued $33, 900, 900, and d4state that in all particu- lars 1t has been a satisfactory channel The Connecticut Mutual of Hartford says !''Only two of the. farm mortgages placed out of $9000,0O0 have been foreclosed, and they not for reasons of deficiency of value" President Palmer of the North western Mutual Life Insurance Company, after loaning and reloaning over $42, ,OOO,- ,- 900 on western mortgages, says "We have found this a safe and desirable mode of making Investments" What, more is wanted 1? - =. .. :. =
 In Bradstreet's of November 12, 1887, MT. Edward Atkinson gave the result of a somewhat extended investigation, which discussed. over 100000 loans averaging S900 each, or a total investment of $780, 100000, of which $75, GOO, 900 was still out standing, 1000 mortgages having been pa!d off From the information gleant d. he was bound to conclude that the number of foreclosures did not exceed 1000, or one half of one per cent, and that the foreclosure account had profit in it's fa- xyop Thok hia 1x1E<N