Federal Farmers

The heads of the twelve Federal Land Banks probably know more about farm real estate conditions than any other dozen men in the U. S. Their institutions, organized during the War to lend farmers money on mortgages, represent the most successful effort in the U. S. to provide cheap, long-term agricultural credit. Last week with all twelve Land Bank presidents in Washington for a conference with the Farm Credit Administration, an alert Wall Street Journal newshawk obtained a comprehensive survey of farm real estate conditions without leaving the city. Since the Land Banks have picked up a goodly num-ber of farms by foreclosure, the assembled presidents spoke not only as mortgage bankers but also as big real estate dealers with land for sale. All twelve noted a sharply increased demand for farm land with prices up in all sections except parts of the South. Typical were the opinions from the heads of these Land Banks:

Springfield. serving New England, New York and New Jersey, reported improving collections but a dire need of farm building repairs.

Houston's sales of Texas farm land in the first nine months of the year exceeded the total for the full year 1934, reflecting in part a population drift from city to country.

Spokane observed an even stronger back-to-the-land movement in the North-west with insurance companies and other owners of foreclosed farms holding out for better prices.

Omaha reported Iowa as the bright spot in its district but found collections in Nebraska even worse than in 1934.

Louisville reported farm prices in the Ohio Valley and Tennessee up 25% from a year ago with most of the demand coming from farmers anxious to add to their acreage. Land buying inspired by "fear of New Deal inflation" stopped entirely last spring after the Supreme Court's NRA decision.

St. Louis noted a shift from securities to farms as an investment medium.

Wichita's sales doubled, with values in Kansas, Oklahoma, Colorado and New Mexico up as much as 60%.

Berkeley (Calif.) sold 253 farms in the fiscal year ending Aug. 31 as against 106 in the previous period. Cash down payments averaged 24% this year as against 19% last year.

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