THE YOUNG FARMER 



farms you desire to buy would have 

 doubled or perhaps trebled the price asked 

 for their holdings. It is one "thing to earn 

 interest on an investment of $30 an acre and 

 quite another to earn an equal per cent on 

 $60 or $90 an acre. 



"In the second place, farmers are content 

 to accept less per cent on their capital than 

 they would if it was loaned at interest, 

 because the farm furnishes a home as well 

 as a business. When you buy up all these 

 farms and convert them into a single enter- 

 prise you will destroy their home value. 

 You cannot hope to compete with the man, 

 who, because his farm furnishes him a 

 home, is content with an otherwise small 

 return on his investment." 



There were other reasons, of course, why 

 such an enterprise would fail, which the 

 speaker did not stop to explain. 



"You are mistaken," challenged the 

 promoter. "I intend to meet both your 

 objections. My plan is to form a corpora- 

 tion and issue both preferred and common 

 stock. The preferred stock shall bear 5% 

 40 



