692 EXPEEIMENT STATIOiSr RECORD. 



Is due to the newness of the State and the instability of the population; (3) the 

 single crop sj^stem of farming, a failure delaying or deferring payments at 

 least 1 year; (4) legal restrictions placed on the loaning power of bank; and 

 (5) injudicious loaning which leads to extravagance and to high interest rates 

 to offset the risk involved. 



How to operate a mortgage bank, G. Woodkuff (Business America, H 

 (1913), No. 2, pp. 161-164)- — This article discusses and illustrates the plan of 

 organization and method of operating a land mortgage bank, it being noted 

 that practically any state bank in the United States authoi'ized by law to 

 loan money on mortgage security is already able to convert itself into a mort- 

 gage bank or to open a mortgage bank department. The following are some 

 of the requirements suggested as necessary: (1) The bank should loan money 

 exclusively on an amortization basis; (2) loans made on farm lands should 

 not exceed 50 per cent of the value of the laud and should be made for periods 

 of 30 years, while such loans as are made on property other than farm land 

 should run for a somewhat shorter period; (3) the borrower on any interest- 

 paying date should be allowed to pay ofC the entire amount due on his loan; 

 (4) the bank should obtain the capital with which to buy the mortgages by 

 the issue of investment bonds; (5) each mortgage should be the first and a 

 valid lien on certain specified real estate; (6) all mortgages on farm lands 

 should contain provisions for proper soil conservation; and (7) the bank should 

 acquire no real estate except to protect its interest in case any of the mortgages 

 owned by it should be foreclosed. A number of other suggestions are given, 

 also a table showing amounts paid as intei-est, principal, expenses, and profits 

 semiannually for a 30-year period on a $1,000 loan. 



Farmers and the taxation of land values, J. Fels (Agr. Econ., 46 (1913), 

 No. 525, pp. 233, 234). — ^This article presents a brief discussion of the policy of 

 taxing land values for the purpose of raising public revenues, holding that 

 such a tax would not be paid by the user of the land, as held by some, but by 

 the rent receiver. 



The advantage claimed for such a system of taxation is in the forcing of 

 owners who hold their land out of use to bring it into productive use or 

 release it to others willing to do so. Owners all over the country would also be 

 in keen competition with each other to secure tenants, which would insure a 

 more equitable arrangement as to prices, rents and terms of tenure, and in 

 contrast with the present system would encouroge and stimulate industry and 

 enterprise. 



In justification of his contentious the author shows that a large number of 

 municipalities in western Canada raise their local revenues entirely by taxation 

 of land values and are pressing for an extension of the principle to provincial 

 and federal revenues. He points out that in January last the United Farmers 

 of Alberta, with a membership of 14,000, at their annual convention unani- 

 mously pledged themselves " in favor of the complete abolition of the customs 

 tariff of Canada as soon as possible and the collection of the public revenues 

 by a direct tax on land values." 



Cooperation for better farming with county agriculturists, F. S. Cooley 

 {Montana Sta. Circ. 27, pp. 8). — This circular discusses the economic advantages 

 of cooperation among farmers generally, and especially cotinty cooperation in 

 securing and maintaining a county agriculturist. 



The farm bureau making good in Chautauqua County, N. Y., A. M. Loomis 

 (Tribune Farmer [N. Y.], 12 (1913), No. 618, p. 2). — The farm bureau of Chau- 

 tauqua Cotmty, N. Y., the work of which is described in this article, was estab- 

 lished about a year ago. It is noted that special service has been rendered in 



