The true northerner., 1898-07-27
Agricultural Conditions.


and abroad has been conducted 10y the
Orange Judd syndicate of agricultural
weeklies. 1t leads TO the conclusion
that America in particular and the world
in general will see several years of good
times based upon the bedrock of agri-
cultural prosperity.
One thousand millions of dollars will
hardly measure the increase in the
farmers receipts for last years pro-
duce over the values that pre-
vailed as late as 1896. More than $780,
100000 of farm mortgages have been
paid off during the past two years.
Millions in chattel mortgages have been
wiped out, and the paying up of other
forms of Indebtedness has become almost
mania in the West.
This has been attended with such an
increase in bank deposits that through
out much of the trans Missouri country
interest rates on farm loans are down to
from to per cent, contrasted with
from to 10 per cent or more as late as
two years ago. These gains in the West
are largely responsible for the vast in
crease in national bank resources of
more than Sl,OOO,OO0,OOO since the low
point of 1893, and more than S400,O00,-
600 during the past twelve months.
The two wheat crops of 1896 and 1897
have returned farmers nearly twice as
much as the crops of 1894 and 1850
gain of more than s400,OO0,0O0. Corn
shows decline of some Sl5,OO0OOO, but
these two staples alone make net gain
of nearly s250,OO0,0OO. The United
States wheat exported during the past
twelve months sold for about as much as
the whole crop was worth in 1898, 1894
or 1895.
While the agricultural exports of the
past twelve months reach in the neigh
borhood of 100000 by far the great
est on record, this was partly due to the
phenomenal crop shortage abroad.
Hence the American Agriculturalist
bases its conclusions on the past two
year and four-year periods rather than
upon single seasons exceptional con
ditions. 1t compares the last four years
agriculture and export with those of
1S7SS1, which usher in the brilliant
prosperity of the early eighties, and con
cludes:
I'VE look for an industrial activity
early this fall quite unparalleled, with
quick markets at home and abroad for
the surplus of American farms. We find
no reason to anticipate higher or fancy
prices for produce, but with economy
in production and marketing, brought
about by recent improvements, and hav-
ing regard also to the cheapness of man
ufactures (also due to inventions), and
the ease of money, our deliberate con
viction is that the average American
farmer is to have the largest prosperity
he ever enjoyed. This forecast is meas
ured by the standard of the present, by
the exchangeable power of farm pro
ducts for the products of labor in other
vocations."
The balance of trade in favor of the
United States during the past two years
is more than S1,0O0,000,0O0. From the
resumption of specie payments up to
July l, 1898, the United States has inn
ported some S5OOOOOOO worth of gold
more than was exported, to say nothing
of the large additions of gold from
American mines, amounting to from
S30000'OO0 to S50,0O0,OO0 yearly This,
with the immense excess of merchandise
exports, may well raise the question
whether the United States has not
practically paid up its foreign obliga-
tions, what we owe abroad being off
set by what foreigners owe our people,
so that the United States may enter upon
the new century creditor nation.
There is a brilliant promise for the
largest tonnage of crops, this year ever
produced in America. Prices bid fair to
be reasonably well maintained, com
pared to the low values of 1929, in
dicating a total return of staple crops
alone of slO0,OO0,OO0 more this season
than last year. Railroads may Justly |
expect large traffic, and some remark |
able figures are given as to the earning |
capacity of railroads under assured CON
ditions.
Even if the world should have a |
bumper wheat crop its supply for the
two years ending June Both next would |
be some 100O00,O00 bushels less than for
the previous two-year period of advanc-
ing prices, indicating that the fair prices
paid for the 1896 crop from 63 cents to
93 cents at Chicago) are likely for the
present crop.
The advance Iin the value of agricul-
tural lands is noticeable, with more
active buying demand for improved
lands, in view of the comparative
scarcity of available public lands. The
live stock industry is again fiourishng,
with great revival in the breeding of