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MASS. EXPERIMENT STATION BULLETIN 405 



The agencies which held the mortgages made for various purposes are shown 

 in Table 21. Except for the Federal Land Bank and Land Bank Commissioner, 

 most of the business done by others taking mortgages was done for purchase of 

 real estate. Refinancing old mortgages was the primary activity indicated for 

 the Federal Land Bank and Land Bank Commissioner. The figures reported for 

 purpose of Federal Land Bank loans were similar to those reported by Farm Credit 

 Administration which showed that 64 percent of the amount loaned in 1939 and 

 1940 was for refinancing indebtedness, 20 percent for purchase of land and re- 

 demption from foreclosure, 10 percent for general agricultural uses including 

 building and improvement, 5 percent for purchase of stock, and 1 percent for 

 fees.* 



The age of mortgages which were outstanding is shown in Table 22. About 

 70 percent of the mortgage contracts and the amount of mortgage outstanding 

 was not over 15 years old; less than 5 percent was over 30 years old. These 

 percentages do not give a true picture, however, for on many farms the mort- 

 gages had been refinanced, while on others new mortgages had been taken out 

 after the original mortgage had been paid off. 



^Agricultural Statistics, 1940, 1941. 



Table 22. 



-Frequency Distribution of all Mortgage Contracts by Age Groups 

 177 Massachusetts Farms, 1941. 



Table 23. — Frequency Distribution of Farms by Periods When Acquired, 

 Showing Mortgage Status When Acquired and on March 1, 1941, 

 257 Owner -Opera ted Massachusetts Farms. 



