Evening star., 1941-07-07
Insurance Companies
And Land Banks Top
Crop BenefitList
Largest Single Payment,
Sl33,l91, Received by
PrudentioI Firm

Insurance companies and Federal
Land Banks topped list OF big
benefit payments the Agriculture
Department reported today 1t had
made to farm operators for comply
ing with major phases OF 1899 crop
control programs.
The largest single payment
Sl33, ,19l-went to the Prudential In
Surance Co. of America at Newark,
N j. The second biggest was S96,-
332, paid the Metropolitan Life In
Surance Co. of New York. The Fed
eral Land Bank of Omaha was close
behind with a S92,963 payment.
Eleven other insurance companies
received in excess of s35 900.
Officials explained these large
payments reflected immense hold
ings of farm land that insurance
concerns and banks had acquired
through investments and fore
closures. the latter coming about
during the post-Warld War depres-
sion.
43,454 Get 81 900 or More.
The list made public today con-
tanned the names of 43 asa persons
and concerns who received 81 900 or
more in payments authorized under
the soil conservation and price ad-
iustment programs of the Agricul-
tural Adjustment Administration
for the 1889 crop year. The farm
law requires that such a list be re-
ported TO Congress.
The department explained that
less than l per cent Of the farm
operators who co-operated with the
farm programs received more than
81 900. 1t said there were 5,756.24O
payeeS under the conservation pro-
gram. They received a tota oil
approximately s500000,000. There
we're 5.467 900 payees under the
price adjustment program. Tney
received about s2l2000,000. In most
cases operators who received one
type of payment received the othef.
Conservation payments are made
for adjusting paintings OF "soll-oe-
pleting' crops to A. A. A. recon-
mendations and for carrying out
soil building practices. Parity pay
ments are designed 10 bring a farm
er's return from the so-called "ba-
sic" crops-cotton. wheat. corn,
tobacco and rice-nearer the level
of farm purchasing power OF the
l9l0-l4 period.
Under the farm law no payment
of more than $4,000 may be MADE
under the conservation program. but
this limitation does not apply 10
parity payments. The department
reoorted that 457 payments of $40
900 or more were made. Fewer
than 10 per cent of the co-operat-
ing farm operators received more
than 5000 each, the department
said
5.75600O Participate.
OF the 5.756.000 participating in
the conservation program. l,42o,-
g3l received 500 or less. the de-
partment reported. Likewise. D.
$4,000 of the 5,475 900 partlclpat-
ing in the price djustment pro-
gram received $50 or less. The
! department. list. however, gave
only the total payments and did
not break them down into conser-
vation and parity payments.
Other payments of s25 5000 or more
included:
Federal Land Bank of St. Paul.
/ Mimi. 1852: Union Central Life
Insurance Co. of Cincinnati, s77,577;
Northwestern Mutual Life Insurance
Co. of Milwaukee. s76,007; Mutual
Benefit Insurance Co. of Newark,
1896: John Hancock Life InSur-
ance Co. of Boston, S885l2; Equit-
able Life Assurance Society of New
York City, $65.784; Aetna Life In
Surance Co. of Hartford. Conn. s59,-
367: Travellers Insurance Co Of
Hartford, S68.5ll: Delta & Pine Land
Co. of Scott. Miss. S54,946; The
State of North Dakota. s57 .486: Mis-
siSsippi State Penitentiary, Tehula,
$50 .528; Russell Giffen of Mendoza.
Calf. 53,548: General American
Life Insurance Co. Of St. Louis, SAB
AL: Bankers Life Co, Des Moines.
Iowa, s42 DOB Cortaro Farms Co of
Mariana. AriZ s38.45l; Hotchkiss
Estate Co. of Firebaugh, Calf, s36,-
$50: First Trust Joint Stock Land
Bank of Chicago. S34,742; National
Life Insurance Co. Of Montpelier.
Vt, s35, 1893: Connecticut General
Life Insurance Co. of Greenville,