Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1897-07-24
SOUTH DAKOTA FARMERS
HAVE Been PAYING DEBTS
Fifty Million Paid in -Four Years
Out Of the Profits From
the Farm.
FIGURES FOR THE PESSiMiSTS
Ucaiwood's Streets Are Not For the
Salvation Army---Crusbed 10
Death by "A Failing Tree
at Piedmont.

Sioux rails, July I'D. L.. Mckinney,
one IF the best known loan agents in
The state, is authority for he state
nent that the people OF South Dakota
an the last -four years have paid off $780,
zoe, 0O0 ot their obligations. He says it
IS not tue that anything like the bulk
Of this sum is enforced liquidation
through mortgage foreclosure, but is a
payment ul debts out Of earnings or
profits. Mr.. Mckinney has carefully
studied the question and has made his
statement after a thorough survey Of
.he whole situation. He says that the
Oan companies In the state arc anxious
% place vice as much money as they
,Jn loan. the tendency In this state now
Jping To get ont of debt end If possible
20 keep out.
Mark Russell or this city, who repre-
.ents . loan company which has over a
million dollars loaned upon South Ia
lutl farms coTroboIatcS Nh. Mckinney.
Mr.. Russell says hat his company rs
anxious 10 loan about $50, 900 more per
wear thaH it can pace upon farm Sc
curity in South Dakota. About all the
business we have lone in the last year."
said Mr.. Russell, SIS to renew in part
I'D loans and to accept the cash for
those maturing. 1t is not true that the
farmers are paying up through en-
'orccd liquidation. The company which
, represent has over 500 loans in South
Dakota and we hav had but fifty fore
closures in all the seven years during
which we have done a loan business In
this state. In Hutchinson county,
where Ne have made liberal loans we
ave had but two foreclosures, 1t Is my
observation that 80 per cent OF all farm
oans which have matured in the last
tWo years IN this state lave been paid
n full or in part. And they have been
paid. not With borrowed money, but out
Of earnings and profits. Not long & |
became dissatisfied with the business
we were doing IN NcCOOk county and |
vent out TO investigate, thinkins that
perhaps our agent was not getting his
share OF the business. / went to the
fecords and found that twice as many
mortgages had been paid in the last
eighteen months as had been flied. The
same situation prevails over the state.
IN Hutchinson county 1 had a loan ma
turing for 81. 500. / hoped, Of course, TO
ct a renewal for at least a part Of it.
~ INV hiN > ph.k4E q M &AA't wv
aVer, the borrower showed up with ev-
Try cent Of the cash ana would not ac-
sept a continuance At any rate Of inter-
est. All bat 5000 of the o he had
saved from his profits on his farm. The
5000 he had borrowed from his brother,
also a farmer. In that county l have
since learned that something over 400
mortgages have been paid off since the
st Of last January"
The improved condition of South pa
Hotl farmers is in part due to the de-
velopment Of the creamery Industry.
Five years ago there "a scarcely a
.reamery in the tate. Today there are
over $50 and by the LIST of January the
number viii have increased easily to
700. l.. y. Hunter, the creamery expert,
says that the farmers Of South Dakota
are now receiving a quarter of q million
dollars per month in payment for milk
and that by the middle of next summer
The mou viii have increased 70 a
.hird of n million. 1t is such things as
this which are solving the financial
problem for the South Dakota farmer.