Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1891-06-18

iOoio upoH themselves. nc hcatcIH
states, he says, are what they were pri-
or to 1888. The soil, climate and re-
sources are substantially unchanged.
The people are unchanged. The loss
es of eastern investors are not chargea-
BILE to western territory or western peo-
pie, but to that speculative fever that
was running through the eight or ten
years previous TO 1888, and eastern in
vestors did their part at least, in keep
ing up the heat. Their cupidity and
folly had as much to do with the disas-
ters that came as anything else. But.
as Mr.. Gleed remarks, the investor is
not so much interested in the origin of
the mistakes of 1887, as in results and
in the present outlook. These are not
what his imagination, and the newspa-
pers, and eastern brokers who are qui.
etly buying in western securities, have
painted them. The eastern investors
should beware of panic, for just as
losses were entailed in 1887 by too
great confidence, they may result now
from too little confidence. In regard
TO farm mortgages he says there need
be little apprehension as to loans not
now in default. Mortgages made in
1887 and 1888, which have been taken
care of during the last two or TIN ee
hard years will be paid in full. GAS
to detaulted loans, of course some Of
them were bad when made and are
much worse now. They were pur-
ehases not loans. But there were also
many good loans made. now in default
the security still good but the borrower
bankrupt" Hestates where the great
est losses are liable TO occur, and then
SAYS that east of the Tooth meridian
large percentage of the defaults will be
made good DUNG the next twelve mos.
These lands are in demand both for
purchase and for lease. Where in 1890
farms could not be sold at any price, in
1891 they are actually sold at from ten
to twenty per cent. advance upon the
former prices asked. sin the Spring
of 1891 tenants were begging for farms
that begged for tenants in 1890" An
explanation of this is found in the fact
that a great many have returned from
the more arid regions of country west
of the Tooth meridian, and are seeking
arabic lands. Besides there has been
a movement out of the towns and viii
lages on to the farms, as well as immi-
grafton from the east. As general
thing farmers are prosperous all thro'
the arabic region. One trouble has
been. an attempt was made to settle in
the drier regions Of Kansas and Color
ado and other sections before the nature
of the country was fiillyunderstood ,and
into those regions the agents OF eastern
investment companies followed the set
tier. In the arabic region of country
the farmers have stopped borrowing
money and are paying up their indebt-
edness. The supply of farm mortgage
money more than equals the demand.
Official records show that mortgage in
debtedness is diminishing. 1t is esti-
mated that in the state of Kansas DUR
ing 1890 the total recorded indebted
ness was reduced more than ten MILL
ion dollars. He advises investors not
to be alarmed on account of any utter
ances of the farmers Alliance. There
is really no danger of reputation. II
the leaders talk it they do not carry the
rank and file. The Alliance grew out
of discomfort. Discomfort grew out of
bad crops. A good harvest viii take
away its reason for being. He thinks
that investors who allowed companies
to invest for them should leave manage
ment to them unless they are known to
be dishonest or incompetent. The loss
es on western mortgages viii not be
great compared to the amount invested,
small compared to losses in the New
York stock market. Many of the COM
panies that have gone down were mush
room companies. Very few of the old
er companies have failed. He thinks
that one good result of the breaking up
of so many companies recently will be
to bring borrowers and lenders closer
together and work out the middlemen.
He speaks of the value of investments
in mining stocks, and gives an encour-
aging outlook. Those who have lost,
have lost, those who have not need not