The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1897-08-06
unprecedented Showing OF Mortgages Cleared
on by American Farmers.
Great Democfatc Journal Produces Indisputable
Evidence of This Fact.
Newspaper Press Everywhere Continues to Testify 10 Tho
Business improvements

school fund, to make loans on farm lands
at very low rate of interest, and it has
not yet had an applicat ton for a loan from
any farmer.
Helena, Mont.-Informatio obtained
| from loan agents and officials of This
county is to the effect that the mortgage
Indebtedness is being gradually reduced.
and that this process has been going on
Tor some time. Farming settlements are
so small and widely separated that If is
dlf1lcult to give their condition, although it
is believed to be improving SLOWLY. In
the regions where stock growing is the
chief industry the improvement is de-
cldedly noticeable. Three years of plenty
have put the sheep and cattle men in
PRIME financial condition. The advance
in wool this year has been particularly
nelptul for the sheep men, who have had
two years of favorable conditions on the
! ranges.
The copper, gold and coal mining camps
OF the State are working to their limit
and Indebtedness will be gradually lessen
ing IN these camps. On the whole, the
conditions of the State are improved.
Denver. Colo.-Colorado has paid off
debts approximating 100000 since the
first of the year, and bankers report more
money i'll their vaults than they can pos
slbly ind any use for. The First Ma
tional Bank of Denver on the first of the
month had S10OOO,O0O in deposits. the
greatest in the history of the institution,
which is the oldest in the State. The
managers say that they find less demand
for money than ut any time since they
embarked in business, and that the bank
has simply become place of deposit, ow-
ing to the prosperous condition of the city
and State, which precludes ready mar
ket for loans.
Never has there been so much loose
money in the Western country, owing
mainly to the introduction of feeding,
which has superseded the old-fashioned
range system in live stock raising. Colo
RADIO farmers have embarked heavily in
feeding Of both beef and sheep, and have
taken the place and the profits that for
merly accrued to the corn growers. In
the city there is a great deal of building
going on through a desire to employ funds
that would otherwise be idle. This takes
away from the banks one of the most lu-
cratlye sources of loans for building has
always been carried on here on borrowed
funds.
Fruit growers who have scored one of
the most successful years in their history
say that they do not want money, as the
buyers arc all too eager to get their crops
to wait for the holders to move it. New
York, Chicago and st. Louis commission
men are making advances that properly
belong to the Colorado banks. They are
taking the fruit on the ground, and as
the value of that crop alone is estimated
at S6,ODO.O0O, the fate of the introduction
Of outside capital, it may be seen, is a
serious handicap for the local holders of
money.
The mining world is not taking any
money, and the bank rate, which has usu-
ally been held in Denver at from 10 to
II per cent, has fallen to and per cent.
with money begging for employment at
those figures.
Dcs Moines, ADMINISTRATIONS made
here through local agencies and financial
institutions reveal the fact that Iowa
farmers have been paying off rather than
adding to their mortgages. Owners of
unimpro! ed lots are the principal borrow
ers. The farmers of Iowa had hard
time of it last winter, due to the softness
of the corn crop and the death of S25 OOO.-
600 worth Of hogs of hog cholera. If
those hogs had been fed to sell the sur
plus corn would be of much smaller bulk
now, and prices would probably rule high
er. During the last few weeks corn in
local stations has been quoted as high as
% and % cents, this being in the places
where farmers feed rather than sell their
corn.
There arc few farmers who are behind
on interest payments on mortgages.
Money was never more plentiful in Iowa
than it is now for loaning purposes. The
ruling prices for money are now 6 and 7
per cent, rarely s per cent, which is the
legal rate. Some money in large uuanti-
ties and on long time has been loaned on
real estate security for per cent, which
was unheard of until recently. There is
a scramble among money lenders to pick
up good loans. That Iowa mortgages are
fewer now than they were a few years
ago is admitted by all money lenders. The
hard times have caused some people to 90
into debt, but there has been greater econ
omy practiced and there has been desire
to settle up and begin even with the good
times that arc felt all over Iowa to-day,
Sioux Falls, S. D.-The loan agents of
Sioux Falls all agree that the last four
paying. d. l.. Mckinney said that $5O,-
100000 would just about cover the ag-
gregate of the debt liquidatcd in that time
When the hard times struck South Da-
kota four years ago people stopped going
into debt, because they could find no one
of whom to borrow. Then came an era
of close economy, followed by superhu-
man effort to get out of debt. For the
last two years crops have been good, and
for the last year have sold for good
nrice. The creamery industry has brought
into the State S3,000,00O year, and live
stock S25O00,000.
Loan Il gents here are unable to place
one-half the amount they are willing to
loan. even at reduced rate of interest.
Narl, Russell, whose company has 1000
loans in South Dakota, says that over 30
Der cent are paying up in full at maturity