An Introduction to the Study of Agricultural Economics

Cover An Introduction to the Study of Agricultural Economics
An Introduction to the Study of Agricultural Economics
Taylor, Henry C. (Henry Charles), 1873-1969
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The evidence seems to show, also, that the farmers are usually successful in their use of the mortgage as a means of acquiring the ownership of, land. In Illinois, Michigan, Minnesota, and New Jersey, from one-third to one-half per cent. , only, of the farm mortgages are foreclosed each 1 Eleventh Census of the United States, 1890, Report on Real Estate Mortgages, p. 310.
221 AGRICULTURAL ECONOMICS year; 1 and the average duration of farm mort- gages in the United States is about five years. 2
...From this we may conclude that in the above named states not much more than from one and two-thirds to two and one-half per cent, of the farm mortgages are foreclosed. But we cannot argue from this that from ninety-seven and one- half to ninety-eight and one-third per cent, of the mortgages are duly paid, out of the profits of agri- culture. Many cases will come to the mind of the reader, where the unsuccessful aspirants to landownership have sold their mortgaged farms in order to pay off the mortgage and save a part of their original investment.

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