The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1897-08-07
Unprecedented Showing Of Mortgages Cleared
off by American Farmers.
Great Democratic Journal Produces Indisputable
Evidence of This Fact.
Newspaper Press Everywhere Continues Testify the
Business Improvement.

this paper In the past two months,
through n collection Of statements of
the press Of the country, irrespective of
party, has attracted much attention
and been received with much satisfac-
ton. So gratifying has this presenta-
ton been. and so rapidly do the evil
dences Of prosperity accumulate from
every direction. that another series or
statements Of very recent date are here
with presented.
These statements are all remarkable
and striking but none Of them is more
so that the lengthy one from the New
York Sun. which has gathered from all
parts Of the country information about
the condition OF the farmers and the
rapldity with which they are paying
of their mortgages under the better
prices for crops. and the lessons OF the
past four years, which have taught
them the Importance Of taking the first
opportunity Of paying off their debts.
whenever possible. The article. 1t
will be seen. covers all sections OF the
country, and shows remarkable pros
perity and prompt application thereof
to reduction Of Indebtedness, a double
condition on which the farmers Of the
country are to be congra tulated. Here
is the collection Of convincing dispatch
es appearing in the Sun:
Seattle, Wash.-For the first time in
several years there is much idle money in
Washington. This state Of affairs is due
In great measure to the excellent crops
n 1SM N nd IN ha % etil hatt
crops in 1927. All the wheat belts Of the
State. including the Big Bend of the Co
lumbia. the Palouse country, the south
western part OF the State. and Skagit
and Whatcom counties. will produce. it
is estimated, at least one-thrd more than
ever before. and the first step Of the farm
ers will be to raise the mortgages of their
farms. ..t
''The debt OF the farmers OF Washing
ton" said G. +. Villas Of the Washington
National Building, Loan and Investment
Association Of Washington, will be de-
creased at least % per cent by this years
crop"
X. p. Latimer OF Dexter. Horton & Co.
says that reduction OF % per cent on
debts for the last three years is low
figure. The estimates are that the farm
ers will gain $10,00O,OOO from the crops
OF 1897.
Jacob Futh, president of the Seattle
National Bank. says a great number OF
mortgages on farms have been paid off,
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.
Levi Ankeny, banker of Walla waIla,
was in Seattle few days ago and said
that Walla Walla had too much idle
money.
L. Cardin Of J. Adams & Co. says the
wheat crop will be the largest ever pro-
duced in Washington. amounting copser-
vatively to about $4,000. 900 bushels. The
farmer will probably get 81 cents in east
ern Washington and 20 cents Mt this port.
Seattle. owing to the opening Of the
Oriental trade, will handle six times as
nue. grain as ever before. Mr.. Cardin
says there will be better times this fall
than in five years. Last year an east
Washington farmer went to the North
western Rank in Spokane.
Take my farm" he said. 81 cannot
pay the mortgage"
The bank not only declined to do So but
gave him seed wheat. This year he will
clear himself Of debt and have snug
balance.
Portland, Ore.-The farmers of Oregon.
Washington and Idaho, owing to the
good price of wheat. have been enabled
to pay off 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
pnpnliaf lnpiuIafinn The In 7
passed IN net increasing the amount OF
property exempt from execution. and nbol.
ishing the personal judgment clause in all
mortgages, so that only the property mort
gagged can be held for money loaned. In
Oregon loan agents are not hindercd in
this manner. but they report very slack
demand for money at the present time.
Bismarck, N. D.-lnquiry among lend
ing agents Of loan companies develops the
fact that few applicants for farm loans
exist In comparison to former years. end
hupdreds Of farm mortgages have been
pnid recently. The exact reduction Of the
mortgase'l debt of the State would be i'm
possible tc ascertain without investigates
of the records of each county, but the nr.
gregnte decrease will be large. This i'm.
provement has come about through more
scientific farming, greater attention to
diversifcation of products. and the ex-
tension OF the stock industry. The Inter
has assumed larger proportions among
small farmers in the last few years thu n
ever before. Applications for hundreds
of new brands have been fled with the
Secretary OF State. The raising and ship
ping of stock Is the most profitable occu-
patton OF farmers. and not until recently
has II heen taken advantage OF here.
The advance In the price OF wool has
been worth hundreds Of thousands of dol
lars to the State. and nearly every farmer
has flock OF sheep and receives part of
the benefit. The new law allows the State
Board ~ School Lands. which has the
ru~inlv ~ SI.OWO.W0 Of the permn nent
school rund. to make Ionns on farm lands
at very lew rite Of interest, and Il has