FEDERAL AGRICULTURAL MORTGAGE CORP
SC 13G/A, 1997-02-13
FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                                                              
                                                                              

                                  SCHEDULE 13G






                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1)*


                    Federal Agricultural Mortgage Corporation
- --------------------------------------------------------------------------------
                                (Name of Issuer)
                                  Common Stock
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)
                                    313148108
- --------------------------------------------------------------------------------
                                 (CUSIP Number)



Check here if a fee is being paid with this  statement:  (A fee is not  required
only if the  filing  person:  (1) has a  previous  statement  on file  reporting
beneficial  ownership  of more than  five  percent  of the  class of  securities
described in Item 1; and (2) has filed no amendment subsequent thereto reporting
beneficial ownership of five percent or less of such class.) (See Rule 13d-7).

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).












                                PAGE 1 OF 4 PAGES
<PAGE>

- ---------------------                                      ---------------------
CUSIP No.   313148108                 13G                  Page  2  of  4  Pages
- ---------------------                                      ---------------------

- --------------------------------------------------------------------------------
   1      NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

          John Hancock Mutual Life Insurance Company
          I.R.S. No. 04-1414660
- --------------------------------------------------------------------------------
   2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*             (a)  |_|
                                                                        (b)  |_|
          N/A
- --------------------------------------------------------------------------------
   3      SEC USE ONLY

- --------------------------------------------------------------------------------
   4      CITIZENSHIP OR PLACE OF ORGANIZATION

          Commonwealth of Massachusetts

- --------------------------------------------------------------------------------
                      5     SOLE VOTING POWER
    Number of
     Shares                 40,000

                   -------------------------------------------------------------
  Beneficially        6     SHARED VOTING POWER
    Owned by
      Each                  -0-

                   -------------------------------------------------------------
    Reporting         7     SOLE DISPOSITIVE POWER
     Person
      With                  40,000

                   -------------------------------------------------------------
                      8     SHARED DISPOSITIVE POWER

                            -0-

- --------------------------------------------------------------------------------
   9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          40,000
- --------------------------------------------------------------------------------
   10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

          N/A
- --------------------------------------------------------------------------------
   11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

          4.0%
- --------------------------------------------------------------------------------
   12     TYPE OF REPORTING PERSON*

          IC, BD, IA
- --------------------------------------------------------------------------------








                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
                                PAGE 2 OF 4 PAGES

<PAGE>


     The original  statement  shall be signed by each person on whose behalf the
statement is filed or his authorized representative.  If the statement is signed
on behalf of a person by his authorized  representative  other than an executive
officer  or   general   partner  of  the   filing   person,   evidence   of  the
representative's  authority to sign on behalf of such person shall be filed with
the  statement,  provided,  however,  that a power of attorney  for this purpose
which is already on file with the Commission may be  incorporated  by reference.
The name and any title of each person who signs the statement  shall be typed or
printed beneath his signature.

Note: Six copies of this statement, including all exhibits, should be filed with
the Commission.

     Attention:  Intentional  misstatements  or  omissions  of  fact  constitute
Federal criminal violations (See 18 U.S.C. 1001)


     Item 1(a)    Name of Issuer:
                  Federal Agricultural Mortgage Corporation

     Item 1(b)    Address of Issuer's Principal Executive Offices:
                  919 18th Street, N.W.
                  Washington, DC 20006

     Item 2(a)    Name of Person Filing:
                  This filing is made on behalf of John Hancock  Mutual Life
                  Insurance Company ("JHMLICO").

     Item 2(b)    Address of the Principal Offices:
                  The  principal  business  office of  JHMLICO is located at
                  John Hancock Place, P.O. Box 111, Boston, MA 02117.

     Item 2(c)    Citizenship:
                  JHMLICO  is  organized  and  exists  under the laws of the
                  Commonwealth of Massachusetts.

     Item 2(d)    Title of Class of Securities:
                  Common Stock

     Item 2(e)    CUSIP Number:
                  313148108

     Item 3       If the Statement is being filed pursuant to Rule 13d-1(b), or
                  13d-2(b), check whether the person filing is a:

                  JHMLICO:  (a) (X)  Broker or Dealer registered under ss.15 of 
                                     the Act.

                            (c) (X)  Insurance Company as defined in ss.3(a)(19)
                                     of the Act.

                            (e) (X)  Investment Adviser registered under ss.203
                                     of the Investment Advisers Act of 1940.


     Item 4       Ownership:

                  (a)  Amount Beneficially Owned:  JHMLICO has direct beneficial
                       ownership of 40,000 shares of Common Stock.

                  (b)  Percent of Class:  4.0%






                                PAGE 3 OF 4 PAGES
<PAGE>


                 (c)  (i)    sole power to vote or to direct the vote: JHMLICO  
                             has sole power to vote or to direct the vote of the
                             40,000 shares as discussed in Item 4(a) above.

                      (ii)   shared power to vote or to direct the vote:  -0-

                      (iii)  sole power to dispose or to direct the disposition:
                             JHMLICO has sole power to dispose or to direct the
                             disposition of the 40,000 shares as discussed in
                             Item 4(a) above.

                      (iv)   shared power to dispose or to direct the 
                             disposition of:  -0-

     Item 5       Ownership of Five Percent or Less of a Class:
                  With this filing, the Reporting Person states that it owns
                  five percent or less of Common Stock.

     Item 6       Ownership of More than Five Percent on Behalf of Another 
                  Person:
                  Not applicable.

     Item 7       Identification and Classification of the Subsidiary which  
                  Acquired the Security Being Reported on by the Parent Holding
                  Company:
                  Not applicable.

     Item 8       Identification and Classification of Members of the Group:
                  Not applicable.

     Item 9       Notice of Dissolution of a Group:
                  Not applicable.

     Item 10      Certification:
                  By signing below the undersigned certifies that, to the best 
                  of its knowledge and belief, the securities referred to above 
                  were acquired in the ordinary  course of business and were not
                  acquired for the purpose of and do not have the effect of
                  changing or influencing the control of the issuer of such  
                  securities and were not acquired in connection  with or as a 
                  participant in any transaction having such purpose or effect.


                                    SIGNATURE

     After reasonable inquiry and to the best of its knowledge and belief,  each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.

                                      John Hancock Mutual Life Insurance Company



                                      By:      /s/ Roger G. Nastou
                                      Name:    Roger G. Nastou
Dated: February 13, 1997              Title:   Vice President











                               PAGE 4 OF 4 PAGES


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