Writing in the Journal of Land and 

 Public Utility Economics (November) 

 M. M. Kelso predicts that "land tenancy 

 is likely to continue the rapid increase 

 which set in between 1925 and 1930 be- 

 cause: ■ 



1. There has been and may again be 

 an increased amount of foreclosure of 

 farm mortgages by mortgage holders 

 who are in no position to operate their 

 farms themselves. 



2. The decreased optimism concerning 

 the rising level of land values and the 

 safety of debt secured by land will like- 

 ly tend to make down payments larger 

 and purchase slower because of the 

 necessity for larger accumulations. 



3. The belief that land is highly de- 

 sirable as an investment because it can- 

 not bum up, blow away, or be stolen may 

 be replaced by the conception that its 

 value may disappear — a contingency to ; 

 be as greatly feared as though it were 

 to burn, blow away, or be stolen — thus im- • 

 pressing upon farmers of moderate 

 means the desirability of working to- 

 ward income* and iiving* rather than 

 carrying the added risks of ownership." 



The last few years have brought home 

 with terrible force to many, the risks 

 and responsibilities involved in ownership 

 of land and other real property. The 

 tenant has had all the best of it com- 

 pared with owners who had interest, 

 taxes, and principal payments to meet 

 besides the usual repairs. 



s^ 



On the other hand, the depression has 

 proved the superiority of land and real 

 estate as an investment in comparison 

 with certain kinds of stocks, debentures, 

 and some industrial and utility bonds the 

 value of which almost if not completely 

 evaporated. It has also shown the value 

 of life insurance in every man's financial 

 program, whether he be operating a farm 

 or working in the town or city. 



With some notable exceptions life in- 

 surance companies have come through 



the depression able to meet their claims 

 and with the cash values of policyhold- 

 ers unimpaired. To their sorrow, some 

 folks during the '20s and before mort- 

 gaged unencumbered land to purchase 

 more land when a wiser course would 

 have been to invest their spare earnings 

 in life insurance for protection to their 

 families, and for old age income. 



Dean Larsen Writes 



Only a glance at the list of invest- 

 ments of Country Life Insurance Co. 

 shows how diversified they are, offering 

 security for the capital invested far 

 greater, yield considered, than any indi- 

 vidual of moderate means could hope to 

 achieve. These funds represent cash 

 values belonging to policyholders. Cash 

 values can be borrowed or used as col- 

 lateral for loans in case of emergency. It 

 has been almost impossible to borrow 

 money on real estate during recent years. 

 Thus life insurance meets the require- 

 ment of liquid assets in a well-balanced 

 investment program. — E. G. T. 



f Cattle Feeders Banquet 



About 175 livestock growers and cattle 

 feeders attended the annual Greene 

 county cattle feeders' banquet in Car- 

 rollton the night of October 27. 



Speakers included P. O. Wilson, J. R. 



Fulkerson, H. D. 

 Wright, Ray E. Mill- 

 er, Farm Adviser 

 George E. Hunt of 

 Greene county and 

 Mr. Boyle of Chi- 

 cago. 



Guests included R. 

 J. Laible, McLean 

 county farm adviser 

 who initiated the 

 cattle feeders' ban- 

 quet while serving 

 in Greene county; 

 W. F. Coolidge, Macoupin county farm 

 adviser, and several cattle feeders from 

 neighboring counties. 



The 1934 banquet was arranged by the 

 county livestock marketing committee of 

 which Louis Reisch is chairman. K. T. 

 Smith, president of the Greene County 



K. T. SMITH 



*'I read with much Interest the article 

 in the I. A. A. RECORD giving a little 

 of the history of the Quincy Cooperative 

 Dairy, and also describing its success," 

 writes Dean Chris Larsen of South 

 Dakota Agricultural College in a letter 

 to Plant Supt. Crocker of the Quincy 

 Co-op. Dean Larsen was Director of 

 Dairy Marketing for the I. A. A. in 

 1922-'23. 



"Really the I. A. A. had more to do 

 with the organization of it than was 

 mentioned in the article," continues Dean 

 Larsen. "The I. A. A. supplied all of the 

 stock solicitors, held all of the meetings, 

 and raised all of the required money. 

 That was really the big job in connec- 

 tion with starting the organization. The 

 I. A. A. also supplied the technical help 

 in planning the business, and in the se- 

 lection of the machinery and the place 

 of business. 



"Of course, you have had a good bunch 

 of farmers down there, who have de- 

 pended upon their management, and you 

 have had good management. In addi- 

 tion the Quincy people were and are 

 mighty fine in patronizing this coopera- 

 tive dairy. I remember before the plant 

 was started we went to see the publish- 

 ers of your daily papers, also the Com- 

 mercial Club or Chamber of Commerce. 

 This organization had a banquet in 

 honor of the organiz«ition of the Co-op- 

 erative Dairy. So the conditions for a 

 co-operative organization were mighty 

 fine, and you, and also Mr. Connery and 

 your lady office manager, Mrs. Laura 

 Johnston, are to be congratulated. 



"I feel mighty proud of the success of 

 your co-operative milk plant. It is able 

 to return more to the producers, and 

 it is able to sell at a less price to the 

 consumer, and I venture to state that 

 you are supplying a mighty fine quality 

 product, probably the best that can be 

 found anywhere." 



Farm Bureau and I. A. A. director, 

 served as toastmaster. 



The cattle feeders' banquet has been 

 an annual affair in Greene county for 

 the past 10 years and is regarded as an 

 institution in that county. 



ARTISTS SKETCH OF NEW HOME OF INTERNATIONAL LIVESTOCK EXPOSITION WHICH OPENS SATURDAY, DEC. 1 AND CONTINUES TO DEO. 8. 

 The new building erected on the ruins of the old one destroyed by Are is moidern throug-hout. •-^'•■' * .* .: 



22 



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i' -r 



I. A. A. RECORD 



