The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-09-16
WESTERN HARMS.
Those Who Hold Mortgages Will be Glad
to Learn of Rise of Values.

Some Investigations that have been
carried on by the Chicago Tribune dur
ing the last few weeks indicate that, fol-
lowing the advance in wheat and as one
of its consequences, there is to be, and in
TACT, already has been, a notably in
creased value given to farm lands. This
will be good news to those people here in
the East who have been waiting long
time for an opportunity to recover the
money lent ON Western mortgages. Dur
ing the long period of agricultural de-
preston farm values in the West had in
many cases sunk below the mortgage in
debtedness, SO that foreclosure was as
much out of the question as collection of
overdue interest. Now, however, accord
ing to the information collected by the
Tribune, it is probable that many of these
mortgages can soon be collected in full !;
and at any rate the better prices to be OBJ
tanned by the farmers will enable them to
discharge the arrears of interest on their
debts, and SO do much to rehabilitate the
credit of the West in the Eastern money
market.
OF course the figures which show the
increase in land values are very incom-
plete, and only intended to indicate the
drift of things, but so far as they go they
can be accepted with confidence. The
Chicago Tribune has long been recognized
as trustworthy authority in the compi-
lation of statistics relating to the West
In this particular work its correspondents
were instructed to mako the most careful
nj thQr.a ic no reac coz
to challenge the general accuracy of their
reports, which, indeed, can be readily
verified by comparison with the actual
prices of land offered for sale. The re-
ports were obtained from twelve of the
leading Western States; they do not, of
course, cover the entire field in these
States, but enough is given to show de-
cided tendency to higher figures in all
farm holdings. The average price per
acre, as indicated by the reports, on the
first of the present month was So. 80 great
er than it was September 1, 1885.
The wide extent of the improvement
that has come to the agricultural dis
tricts of the West is illustrated by the
fact that of the four hundred and sixteen
counties from which reports have been re-
ceived only ten show decreased valua-
tions, and those were due to local and
special causes. In Illinois ffty-seven
counties out of hundred and one show
an increased valuation of about 9 per
cent. over last years ratings. The re-
ports from Indiana indicate rise of
nearly one-ffth; Iowa 7.05 per cent. ;
Michigan l6 per cent; Minnesota 8 per
cent. Missouri IS per cent; Ohio II per
cent; Nebraska IL per cent. In regard
to the last named State, Senator Thurston
expresses the belief that fifty thousand Of
its farmers will pay their debts in full
this fall The uplift has been felt, too,
in Kansas, where thirty-fve counties re-
port an increased valuation of S3S, 900, 900,
an average gain of three dollars per acre.
Altogether the Tribune estimates that
the total increment in the twelve States
of the Middle West, which it has investi-
gated, already reaches u round billion dol
lars.
And prices and values will doubtless
go higher before they stop; for there is
an increased inquiry from purchasers of
farm land in all the States referred to-
This alone shows the great change that
has come about in short time. A year
ago land was drug on the market in
many districts where now sales are fire.
quent. OF course the full effect OF agri-
cultural prosperity has not yet been re-
corded on the assessors books or the bro
kers' price lists in any State, but there
seems to be no doubt that there has been
a substantial increase in land values
throughout the farming sections of the
West, and there can be no question of the
encouraging significance of that fact. 1t
means that thousands of farmers who
last year felt that they were little better
than bond slaves, with nothing to look
forward to, will presently find themselves
once more in position of financial in
dependence. There may be political as
well rs economic consequences of that
change -PrOyidence Journal