The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-04-04
JERSEY PROSPERITY
Farmers Enjoy Better Times
Than They Have in
Twenty Years.
CONDITION OF THE BANKS
Note Holders Rapidly Paying Them
oT-Increaso in Mortgage
Cancellations.
CONDITION OF THE BANKS

Jersey have not enjoyed as much pros
perity for twenty years as they are
doing now. This proposition is not made
on hearsay testimony, but upon actual
evidences as they are found in the
banks, where the farmers are promptly
paying their notes, and in the County
Clerks office, where there has been a not
able increase in the number of mortgages
that have been Cancelled.
The statements as to the improvement
Of the condition of the farmers have not
more o. less general for the past four
months, but inquiry has been made at
the representative banks throughout the
State, and in thes offices of the County
Clerks the information received bears out
the proposition, and also gives an interest
ing glimpse of the States localities.
These Inquiries were particularly pursued
in the agricultural counties.
The most prosperity seems to have come
to the agriculturists living below Camden.
An ordinary crop of tomatoes supplement-
ed by a large crop of sweet potatoes did
much to help the South Jersey farmers
out of the slough in which they have been
for so many years. They, received good
prices for their wheat, although they did
nOl NAVY iAd0A ~ SCiAs SAtt
products brought good prices, and there
has been more evidence of good times APP
parent than any time for years.
The prosperity of the farmers brought
out an easy money market, particularly
in Cumberland county, where the banks
are not particularly anxious TO have the
farmers pay their notes, preferring to let
them use their money for farm improve
ments and the purchase of stock. The
cashier of one bank in Bridgeton makes
the statement that his bank had not
pressed for payments, as they did not
particularly need the money. After sat
isfying themselves that the farmers had
the money, they encouraged renewals
and secured them.
Gloucester county is considered one of
the prosperous agricultural communities
of South Jersey, and the returns from
the banks there indicate that the farm
ers nave the handling of ready money.
The cashier Of the Farmers and Me-
hanics Bank of Woodbury. makes the
statement that the farmers are paying
their notes better this year and ave
had less protests than for a number of
years, and it is generally believed that if
they nave another year like the past
many of them win get entirely tout of
the woods and the value of farms will
materially increase.
County Clerk Frank B. Ridgway, of
the same county, states that there is a
notable Increase in the number of can
cellations Of mortgages. and that it has
been particularly noticeable for the past
six months. In Salem county, where are
located some of the big canneries and
the successful small fruit farms, it has
been a matter of comment for some
months among the bank officers that
notes are being paid his year by the
farmers with more promptness than at
any time within five years.
In Camden county Jacob Steckler, the
Register of Deeds, reports an increase in
the number of Cancelled mortgages the
number in 1897 being 1855, against ], 23S the
year previous. In Camden, however, the
numerous real estate booms within the
cities and towns have had the effect of
bringing about numerous real estate
transactions, so that it is impossible to
tell directly what has been the percent
age Of increase in cancellations for the
rural localities. In Camden there were
Cancelled in 1891 1911 mortgages; 1897. 1,411;
1898, 1926; 1894, 1873. and in 1895, 1,40o-
Burlington is distinctively an agricul-
tural county, the largest and most i'm
portant in the State. Colonel Nathan
Haines, of the Farmers and Mechanics
National Bank of Burlington city states
that there is a marked Improvement in
the ymen of obligations by the farm
ers along the Delaware shore. There IS a
marked Improvement in the payment of
all paper, even among the manufacturers
and the individuals, but it is mostly no.
ticeable among the farmers.
In Mount Holly, which is the county
seat, there is a division of opinion, one
cashier saying he has noticed no i'm
provement, while another states that
there is a marked improvement. The re-
port from the County Clerks office is of
a positive character. The figures in the
office show that more mortgages have
been Cancelled than in any time dur
ing the past ten years.
The report as 1t is given by Alfred F..
kinner, the Register, indicates that
there has been a marked Improvement
t~hroughou Essex county. He has not
been long enough in the business to
speak for any length of time, but he
has observed since he has held the office,
and by inquiry from those connected
with it. that since September, 1897. there
has been a marked increase in the num-
Der of mortgages recorded, indicating
that the holders of mortgages have been
calling in their loans, and it was paid
by the owners of the property. who bor-
rowed from somebody else for that pur-
pose.
In Atlantic and Monmouth counties the
figures Of cancellation are not an index
of the general prosperity of the farmers,
because the recording is in excess of
the cancellation, owing to the fact that
there are growing seashore communities.
The recording is greater than the cancel
lation, because of the numerous transac-
tons in seashore property. This is par
ticularly the case in Monmouth county.
The county Clerk OF Monmouth, Theo-
dore Aumack, estimates that there are
three put on record to one cancellation,
due to the development Of the numerous
boroughs along the coast and the city
of Asbury Park, and the newer resorts
between Spring Lake and Long Branch
The banks of Monmouth state that the
Improvement in payment of notes is dis
cernible. but not to a degree sufficient
to strike an average. The farmers large
" depend on the seashore boroughs and