New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-17

i I%'' .....'-.'.'...... 1850 $50 1895 $40
The largest sum expended for improvements in
any Of these cases between sales was SLED.
This occurred In the first cited for Sioux
County. The largest sum expended I'm any other
case was $500 Expenditures for remaining cases
were insignificant
Mr. Allen reports that from 1873 to 1885 inclu-
sve the cases Of foreclosure Of farm mortgages
in Black Hawk County numbered 112: from 1886
to 1895 inclusive the cases numbered So
Messrs Lewis e. Dodge report that in the last
five years there have been only five pieces OF land
sold under foreclosure In Sioux County. All OF
the mortgages In these cases were held by indi-
viduas resident in Sioux County, and were not
considered by any "high-class loans
SOME SIGNIFICANT FIGURES.
The New England Loan and Trust Company In
the last twenty years has lent about SSoD,ooV
on Iowa farms. The company does not now own
a single Iowa farm taken under foreclosure, ana
has only two cases of foreclosure In progress at
present. All the farms taken under foreclosure
In the twenty years have been sold the net result
being profit OF several thousand dollars to the
company. On January last the amount or mort
cages negotiated by the company covering Iowa
farms was about $2,000.000. The total amount OF
interest delinquent on these mortgages was
S3,697 %; expressed in percentage: 1t was .0Ol2i
On June 80 1890 the amount of deposits in the
savings banks Of Iowa, according to the State
Auditors report was S16336 1871 6S; on June 30
1896 these deposits amounted to S2S,22I,S 81 oS
The gain between the dates mentioned was, there
FORE S11 ,S91 ,053 90 or nearly $2.OOOOGO per an
num- These deposits ALL belong either to the
farmers of Iowa or to those whose trade or occu-
patton is directly dependent upon them
tba ,Vflx mi
Mr.. Allen wrote me at some length. He is so
thoroughly conversant with farming conditions in
his vicinity being a large farmer himself, and has
expressed his own views respecting these condi-
tons In such clear terms, that l must quote part
Of his letter:
Yours of the 10th inst. in due time re-
ceved. / have delayed answering n few days
In order to get time give you definite reply to
statement of several cases where purchases have
been made prior TO the panic Of 1893 and sales OF
the same property made since then. showing an
advance IN price The Improvements what little
do not amount to much in any case
| will add that people who have bought farms in
them you buy stocks on Change in New York
for the purpose of selling the next day or two-but
homes and 10 keep, and consequently the cases OF
purchase and sale Of the same property are com,
hundreds of instances where purchases were made
years years the parties have refused an advance Of from
$40 to s25 per acre and also of Instances where ad
@ ndydnne Of from 20 TO SIS per acre. e
price paid for the adjoining farms One instance
as sold the farm OF 220 acres in ls92 10 j. w
Srs that T highly ba pr9Ssd r Gr So per
adjoining. with very little mprovements-a very
poor n0Ss q naT sd could melton T
cases of this kind.
country who keep "A book account, as to get tho
income from their farming operations each
pie have purchased farms at from $50 to $40 per
acre within the last ten years. and have paid sub
stanally for all of the purchase money out OF the
profits OF their farming operations. a large por-
were given for the purchase Of the original farm
for the purchase Of additional land adjoining or
to borrow money with which 20 purchase more
lands.
The farms In the table above, taken together,
advanced in an average period Of five and a
quarter years an average OF over II per cent
per annum To get at what the owners Of the
farms have made in the last five or six years,
we must, Of course add to this the profits from
their grain, stock and other produce which, l
am sure, has averaged above per cent on the
cost of the farms and all the implements and
stock that go with them.
is THIS AN UNENDURABLE CONDITION?
The cases cited are not at all exceptional
They are thoroughly representative. Thousands
Of similar ones In all parts of Iowa could be
furnished 1t is perfectly safe 70 say that the
farms in this State have increased in selling
price at least SO per acre on the average since
1890. In view of this fact, how can any one
say that ''the condition of the farmers In the
Northwest Is uncomfortable? Iowa farms have
Increased in selling price from % per cent to
80 per cent during a period in which almost
every other kind of property has deprecated
from % per cent TO 100 per cent This rise
has taken place In spite of the hardness OF the
times and the fact that the crop Of 1891 was
the poorest raised in the State. 1t is some
what difficult for any one with full information
respecting the real condition of the farmers Of
Iowa to consider Governor Boies's statement
with any patience whatever. Perhaps this &C
counts for the fact that in the Democratic Con-
vention Of his county held on July %. with
sixty-three delegates present, thirty-eight were
gold-standard men and twenty-five were for sill
yer.
The farmers Of Illinois have prospered during
recent years. although land values have not
very materially advanced. In large part OF
Missouri the farmers have been doing well. and
their farms have risen in price as much since
1890 as those of their Iowa neghbors. The de-
linquent mortgages S2.5OO,O00 OF farm
mortgages of the New-Engand Loan &
Trust Company In Missouri on January |, 1896.
was less than one-ffth of per cent.
To carry these States the silver advocates
must convince the farmers OF three things:
First. that they are ''of all men most misera-
ble'; second, that this condition is the result OF
something very wicked that has been done
to silver; third. that ii be cured only by
unlimited issues Of 50-cent dollars. Does any
one in his senses believe this can be done?
An equally good showing cannot be made for
Nebraska and Kansas and the reason Is as APP
parent as anything can be. Silver legislation
has had nothing whatever to do with the con-
dition OF the farming interest In these States.
unless as already ntimated. they have been
injured through the fear engendered by the
threat of an exclusively silver currency. ] can
mot haiiava that oven tho widest advocate OF