The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-19
Past Four Years Have Been Won
derfuI Debt-PayinG Era West
of the Mississippi.
THANKGOD AND TAKE COURAGE
ADVICE OF EX-SENATOR BLAIR, WHO
FEELS THE PUBLIC PULSE.
-Four Months of MckinIey's Admins
tration Has Restored Conti-
dence Over the Country.
Special to the indianapolis Journal.

Special to the indianapolis Journal.
WASHINGTON, July B.-By all means
the most encouraging prosperity story that
has appeared is one embracing reports from
banks, loan agencies and large business
concerns throughout the length and breadth
of the transmississippi territory as far
south as Kansas. The States covered are
Oregon, Washington, Idaho, Montana,
Wyoming, Colorado Nebraska, North and
South Dakota, Minnesota and Iowa With
out exception the reports dwell on the great
liquidation of farm mortgages (not by fore
closure, but by straight payments), the
marked improvement in the condition of
the agricultural position by reason of the
remarkable and general economies they
have been practicing for three or four years,
and also on account of modernizea and
more intelligent management of farming
lands and the superabundance of loanable
funds in every section at prevailing interest
rates, being third TO half lower than
they were a year ago. Reports agree that
the West and Northwest are more nearly
out of debt than they have ever been in
their history, and in better shape for sub
stantial and permanent growth from broad,
deep and solid foundations, than ever be-
fore.
Washington reports that her farmers will
be $4,000, 900 better off at the end of the
year than at the beginning crops being
abundant and good crops prevailing. Ore
gon, Idaho Montana and Wyoming, and in
fact, the entire country, reports marked
change for the better in the methods en-
ployed by farmers and ranchmen in the
raising of cattle, resulting in larger profit
and more satisfactory business. Iowa suf-
fered loss of $25, 900 900 last year. from hog
oI,oI hut la
from that State breathes spirit of revivi-
fed hopefulness, based on a consciousness
that actual indications are better. There is
a scramble among money lenders for good
loans at 6 to per cent. and very little
money is being placed at per cent, the
legal limit.
The loan agents of Sioux Falls, S. D., all
agree that the last four years have been
years of wonderful debt paying. d. L. Nc
Kinney said that $50, 000, 900 would just about
cover the aggregate of the debt liquidation
in that time When the hard times struck
South Dakota 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
Superhuman effort to get out of debt. For
the last two years crops have been good,
and for the last year have sold for a good
price. The creamery industry has brought
into the State So, 100000 a year. and live
stock $25, 000, 600 1t is estimated that in 1897
the product from the South Dakota farms,
including the live stock and creamery in
duStrieS, Will aggregate $lOO, 0OO, 0O0 diStrib-
uted among 350000 people.
The mortgage and loan business on farm
lands in Minnesota has fallen off more than
30 per cent. during the last three years,
principally in the last year and half. OF
all the loans that were in existence in Min
nesota on farming lands three years ago
the various concerns differ slightly on the
percentage that has been paid. The lowest
estimate places it at 10 per cent, and the
highest at rs per cent, while the average
seems to be 10 to 20 per cent. This is held
by the mortgage and loan concerns to be
a wonderful showing when it is taken into
consideration what vast amount of money
was loaned in Minnesota during the boom
times. 1t means that that much has been
paid back over and above what has
been rrowed. There have been practical
ly no enclosures.