The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1897-08-19
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.

at a very lew rate of interest, and it has
not yet had an application for u loan from
any farmer.
Helena, Mont.-lnformat ton 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
for some time. Farming settlements are
so small and widely separated that 1t is
difficult 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-
cidedly 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
helpful 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.-CoIorado has paid off
debts approxima ting 100000 since the
first of the year, and bankers report more
money in their vaults than they can pos
sibly ind any use for. The First Ma
tional Bank of Denver on the first of the
month had S1O.OOO.OOO 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 at 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 a ready mar
ket for loans
Never has there been so much loose
money i'll the Western country, owing
mainly to the introduction of feeding,
which has superseded the oldfashioned
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 great deal of building
going on through desire to employ funds
that would otherwise be idle This takes
away from the banks one of the most lu-
crative 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 are 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,OO0 900, 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 nv
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.
Des Mo;nes. 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 sos 600
600 worth of hogs of hog cholera. If
those hogs had been fed to sell the sur
plus corn would be of much smaller buIl,
now. and prices would probably rule high
er. During the last few weeks corn in
local stations has been quoted as high as
Y and % cents, this being in the places
where farmers feed rather than sell their
corn.
There are few farmers who are behind
on interest payments on mortgages
Money was never more plentiful in Iowa
than it is now for lOaning purposes. Tho
ruling prices for money are now G and :
per cent, rarely 8 per cent, which is tho
legal rate. Some money in large ou.nt;
ties and on leng time has been loaned on
real estate security for per cent. which
was unheard of until recently. There i
scramble among money lenders tn niol-
up good loans. That Iowa mortga pos !. No
fewer now than they were a few ve.rs
ago is admitted by all money lenders III
hard times have caused some peonle tn 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 are felt all over Iowa TODAY.
Sioux Falls, S. D.-The loan agents 90
Sioux Falls all agree that the last fo,,r
years have been years Of wonderful deht
paying. d. l.. Mckinney said that $40 :
100000 would just about cover tbe 90
gregate of the debt liquidated in that time
When the hard times struck Sontb ne
kota four years ago people stopped po;nr
into debt, because they could find no one
of whom to borrow. Then came an ar.
of close economy, followed by a sunerbn-
man effort to get out of debt. For ~,
last two years crops have been good. and
for the last year have sold for pod
price. The creamery industry has bronobt
into the State $4,000. 900 a year. and i've
stock So, 100000
Loan agents here are unable to nlaoo
one-h half the amount they are willing TO
loan, even at reduced rate of interest
Mark Russell. whose company has 500
loans in South Dakota, says that over 30
per cent are paying up in full at maturity
OF the loans and most of the rest are
y.f1