Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1897-07-23
Prosperity in the West.

Farmers Are Paying on Their Mort
cages as the Result of Large Crops
and strict Economy Taught Them by
the Hard Times.
The reports of the mortgage and loan
companies doing business in Nebraska
shows that S2S, ,OO0 600 Of indebtedness has
been paid in the last six months, mostly in
the rural districts. For the first time in
the history of the banking department in
Kansas the total deposits exceed the loans.
The fruit crop of Missouri is estimated to
be worth S20,000,O00 this year, or more
than the wheat crops of Missouri and Illi-
nois combined.
For the first time in several years there
is idle money in Washington. This is due
in large part to the excellent crops of 1896
and the prospect of still better crops this
year. All of the wheat belts of the state
will produce one-thrd more than ever be-
fore The debt of the farmers of Wash
ington will be decreased at least % per
cent by this years crop. A prominent
dealer of Seattle estimates the gain to the
farmers this year at 100000.
The news comes from Bismarck, North
Dakota, that few applications exist for
farm loans in comparison with former
years, and hundreds of mortgages have
been cancelled recently. Similar reports
come from Montana. Colorado has paid
of debts aggregating 5000, 600 since the
first of the year and bankers report more
money in their vaults than they can invest
/
Denver has 100000 in deposits, the
largest amount in its history, and the in
stitution is the oldest in the state.
A Denver despatch says: "Never has
there been so much loose money in the
| Western country, owing mainly to the intro
duction Of feeding, which has superseded
the od-fashoned range system in live stock
raising. Colorado farmers have embarked
heavily in feeding Of both beef and sheep,
and have taken the place and the profits
that formerly accrued to the corn growers.
In the city there is a great deal of build
| ing going on through desire to employ
funds that otherwise would be idle. This
takes away from the banks one of the most
| lucrative sources of loans, for building has
always been carried on here on borrowed
| funds"
The fruit crop of Colorado is unusually
large, and its value is placed at So. 600. 900.
| The mining world is not taking money at
the bank rate, which has been 10 to,l2 per
cent in Denver, but has now fallen TO )
and g per cent, with money begging en-
! ployment at these figures.
The farmers of Iowa are paying off their
indetedness rather than adding to it. not
| withstanding that they lost thousands of
dollars last winter by the hog cholera epi-
ldemic. Money was never more plentiful
in Iowa for loaning purposes, and the rul-
ing prices are and per cent, rarely :
per cent, which is the legal rate. Some
money mas been loaned in large quantities
and on long time for per cent.
The last four years have been ones of
wonderful debt paying in South Dakota.
When the hard times came people made a
desperate effort TO stop going into debt and
to get out OF it. For the last two years
crops have been good. Loan agents are
unable TO place One-half the amount they
are willing to loan, even at reduced rates
OF interest. Mark Russell, whose COM
pany has 1900 loans in South Dakota, SAYS
30 per cent are being paid in full at matu-
rlty and most of the others are being paid
partially. There has been a large falling
OH in the mortgage loan business on farm
lands in Minnesota in the past year and a
half. This is due in large part to the strict
economy which the people have learned to
practice. Diversified farming has been of
great benefit to Minnesota, and hundreds
of creameries and cheese factories have
been established within a few years.
This good news from the West is verified
by the statements of large Eastern whole
salers, who say that orders are coming in
from the West in volume far exceeding
the trade of any recent years.