The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-18
IN PROSPERITY'S SWEEP.
WESTERN STATES ON THE HIGH
ROAD TO GOOD les.

Unprecedented Showing % Basrtgages Cleared
Money Gees DcgsinE-Rcsnony ana Good
HnrminE Methods Have Brought hbout =
Rsveiution-Dairy and Csttie-RaisinG Bring
Rich Rswnrds-This Years Crops Large.
sRArr1r. Wash. July l7.-For the first time
in several years there In much idle money in
Washington. This state Of AFFAIRS 10 duo in .
great measure to tho excellent crops Of 1896
and to the prospects Of still better crops in 1897.
All the wheat belts OF tho State, including the
Big Bend OF the Columbia, the Palouse country,
the southwestern part OF the State, and Skagit
and whatcom counties, will produce, It is esti-
mated. at least one-third more than ever before,
and the hrst step OF the farmers will DO to raise
the mortgages of their farms.
1.-THE debt Of tho farmers of Washington"
said Q. t.. Villas Of the Washington National
Building. Loan and Investment Association Of
Washington, will DO decreased at least % per
cent. BY this years CROP"
r P. Latimer Of Dexter, Horton & Co. says
that o reduction OF 25 per cent. on debts for the
last three years is o low figure. The estimates
are that the farmers will gain $40, oOo.ooo from
the crops Of 1897.
Jacob Furth, President of tho Seattle National
| Bank. says q great number Of mortgages on
farms have been paid on, and he has advices
from the Big Bend to the effect that this years
! crop Is Of the very best quality. A like condition
exists In the Palouse country.
Lcvi Ankeny, banker, Of walla Wala, was in
Seattle q few days ago, and said that Walla
; Walla had too much idle money.
Z. Cardin of J. Adams & Co. says the wheat
crop will DO the largest ever produced in WASH
ington, amounting oonservatively to about
10000 bushels. The farmer will probably
get IS cents in eastern Washington and 20
cents at this port.
Seattle, owing to the opening Of the Oriental
trade. will handle six times 40 much grain as
ever before. Mr.. Cardin says thero will be bet
ter times this fall than in i've years. Last year
on east Washington farmer went to the North
western Bank in Spokane.
Take my farm" he said. II cannot pay tho
MORTGAGE"
The bank not only declined to do 80. but gave
him seed wheat This year he will clear himself
Of debt and have q snug balance.
PORTLAND, Or, July 1.-The farmers Of Ore
gon. Washington. and Idaho, owing to the good
price of wheat, have been enabled to pay OF
most Of their mortgages. and this year will get
almost entirely out Of debt
In Washington loan agents find their business
greatly restricted on account Of Populist legis-
lation. The late Legislature passed an act in
creasing the amount Of property exempt from
execution, and abolishing the personal judg-
ment clause in all mortgages, so that only the
property p,ortgaged can be held for money
loaned. In Oregon loan agents are not hindered
in this manner. but they report o very slack do,
mand for money at tho present time.
BISMARCK, N. D., July 17.-Inquiry among
leading agents of loan companies develops the
fact that few applicants for farm loans exist in
comparison to former years. and hundreds OF
farm mortgages have been paid recently. The
exact reduction of the mortgaaed debt Of the
State would be impossible TO ascertain without
Investigation Of the records Of each county, but
the aggregate decreaao VII 30 large. This I'm.
provement has como about through more
scientific farming, creator attention to diversih.
cation Of products. and tho extension OF the
stock industry. The latter has assumed larger
proportions among small farmers In tho last few
years than ever before. Applications for hun.
dreds Of new brands have been nled with the
Secretary Of State. The raising and shipping OF
stock Is the most profitable occupation OF farm
ers, and not until recently has 1t been taken ad
vantage of here.
The advance In the price of wool has been worth
hundreds of thousands of dollars to the State
and nearly every farmer has q flock Of sheep and
receives part OF the benefit. The new law allows
the State Board of School Lands, which has thu
custody Of 81. 00o. 900 Of the permanent schoo
fund. to make loans on farm lands at a very low
rate Of interest, and 1t has not yet had an appli
cation for a loan from any farmer.
HELENA, Mont July 17.-lnformation obtained
from loan agents and officials of this county 10 Il
the effect that the mortgage indebtedness Is being
gradually reduced. and that this process hsl
been going on for some time. Farming settle
ments are so small and widely separated that 4
is difhcult to give their condition, although 1t Il
believed to be improving slowly. In the regionl
Uhara afnrk 1rnuyinn Ia thu chiaf induatrv IN,
Improvement 10 decidedly noticeable. Thre,
years Of plenty have put the sheep and catt,
men In prime financial condition. Tho advanc,
In wool this year has been particularly holpfu
for the sheep men, who have had two years o
favorable conditions on the ranges.
The copper, gold. and coal mining camps o
the State are working to their limit, and indebt
edness will be gradually lessening in thes
camps. On tho whole, the conditions Of the Stat
arc improved.
DENVER, Col, July l7.-Colorado has paid OF
debts approximating $4,000, 900 since the fra
Of the year. and bankers report moro money 4
their vaults than they can possibly ind an,
use for. The First National Bank of Denvo
on tho FIRST OF tho month had $40. 900. 900 4
i, deposits, the greatest In the history of the II
sitution. which Is tho oldest in tho State. TIL
managers say that they ind less demand 70
money than at any time since they embarke
In business. and that the bank has simply b,
, como q place Of deposit, owing to the prosper
Gus condition Of tho city and State. which pr,
cludes q ready market for loans
Never has there been 90 much loose money 1
tho Western country. owing mainly TO the II
PRODUCTION of feeding. which has superseded tn
old-fashioned range system in live stock raising
Colorado farmers have embarked heavily 1
feeding OF both beef and sheep, and have take
tho place and the profits that formerly accrue
to the corn growers. In the city there Is q gres
. deal Of building going on through a desire I
: employ funds that would otherwise DO idl
T This takes away from the banks one of the MOI
lucrative sources Of loans. for building has a
ways boen carried on here on borrowed funds.
Fruit growers who have scored ono OF Ii
. most successful years in their history say thu
they do not want money. e. tho buyers arc a
too eager to get their crops to wait for the hol,
srs to move IT.. New York, Chicago, and s
' Louis commission men arc making advanc,
that properly belong to the Colorado bank