The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-22
The western Land Hunger.

Chicago Bonds and Mortgages.
The great activity in transactions in farm
lands continues with no abatement OF
prices. 1t is one of the remarkable fea-
lures of recent commercial development
that land owners who few years ago had
not supposed themselves to be specially
well favored in the world have suddenly
found that the value of their holdings has
been increased from so to 50 per cent. and
that they have been classed as the posses
sors of fortunes. The amount of money
being placed in farm lands breaks all prec-
edents In other years farms have been
sold very often that the money might be
put at interest or used in some other en-
terprise. but now the sellers of high-priced
lands in the older communities proceed at
once to reinvest in cheaper lands in newer
sections In this way the aggregate of in
vestments is enormous and the actual cap
ital turned in this direction is so great as
to put the agricultural interest more dis
tinctly at the front in the United States
than it ever was before. a perfect army
OF land-seekers has spread over the west
and extended far to the South, and 1T
seems now as if in a comparatively short
time but little would remain of the avail
in the roundup of investment. Just what
return is to be received from TINS vast
amount of money going into real estate
may be a question or some doubt. 1dhll4s
the chances of seasons and of great crops
abroad into account with taxes and neces.
sary expense of improvements many OF
these investments do not promise more
than a small per cent. But at any rate
capital seems TO be willing to take the
risk and the rush and the high prices stlll
continue.
A prime reason for this unprecedented
demand for lands is to be found in the
greatly enhanced price OF farm producIs
within the past year or two There Is
conviction that the market Tor some OF our
staples notably corn, must continue good
for several years at least, owing TO the dc
mand for il in lAe production or meat and
the steadily growing favor with which 1t l.
being received as food product in Euro
pean countries. The corn surplus that was
once a source of concern is as good as en-
gagged ahead at profitable prices for the
near future. The demand for this product
has in fact greatly increased while the area
for it's production cannot be very much en-
larged.
Another reason is to be found in the
abundance of money in the country and
the low interest rates. Large areas of the
West that were once heavy borrowers have
now become money lenders, and have
trouble in finding interest-producing in
vestments. Under such conditions the sur
plus naturally turns to land as safe and
sure thing. While it may not yield biz
return, it cannot fly away as other forms
Of riches often do.
Another reason is the turn of the tide of
population from city to country, owing to
the increased comforts and conVeniences in
a strictly agricultural lire, and the facility
of communication between country and
city.
Still another reason possibly IS the cen
traization of manufacturing into a few
hands and the inclination of capital in
/ the smaller cities and towns to venture in
that direction. few years ago talk of
manufacturing establishments in many of
! the smaller cities was heard favorably
| where the suggestion now meets with littl
| encouragement. The idea has got abroas
| that the great interests of this kind are
controlled by a comparatively few corpora-
/ tons and that to operate outside of them
Is TO take the risk of failure. Under such
Tear men who once would have been
/ wiling to put money into local manufac-
/ turing concerns now prefer real estate as
safer investment. This apprehension
/ may not be fully justified in ali cases but
/ It's existence VIII help to account for the
land boom just the same.
! The result of it all seems to be that this
country is to be me scene of agricultural
/ activity the next few years the like of
/ winch 1t has never known. An effort will
| be put forth to make the money that has
| gone into the farm lands at high price
/ yield good return. To this end the old
/ Iahds VIII be made TO produce more than
/ ever, anu the new areas that have hitherto
/ done little or nothing will be brought =
yleld abundant crops. The grand total of
/ TINS production VIII be equal to ALI the
needs OF our rapidly-growing popuIation
/ anu VIII supply the foreign demand and
! enter into the trade with our island nos
| sessions. Indeed we seem all az onca -
/ nave entered upon the agricultural noesi
plhues or America, and to be abort IN
! compass In few years what a little while
PACK appeared as dream Of the distant