The Minneapolis journal., 1902-07-12
NORTHWESTERN BUSINESS GOSSIP
" - -f =. :
Minneapolis Flour Shipments Through New Orleans
~ Cause Lively Debate Among the Rate Makers Mill
ers Disposed to Ship More Al=Rai1 and Less by the
Lakes-Farn Loan Business Lacks Ginger Railroads
After Harvest Hands. Z: " y: --~*=*:-

as security, and many people who are
making loans, but the percentage of farm
ers putting financial blankets upon their
lands is growing remarkably less One OF
the best authorities on these, loans says
that the business generally has reached
the lowest point, comparatively, that it
has known for many years. Good prices
came at the time that, eastern money Be-
gan to loosen: and come west for better
than 4 per cent. Retired farmers and
merchants in Illinois and Indiana and
small banks in New England found that
| the northwest farm loan was a good thing
| about the time that the northwestern
farmer began to finance his own enter
prise. In 1900, owing to the short crop,
many farmers in the wheat, belt were
forced to make small loans, but that spurt
has been forgotten by the loan men in the
| decreased profits of last year and the
| period of exceptional quiet which. they
have experienced in 1902. o.
An investment banker in the Red river
| valley who has followed the loan business
| since the valley was paying twelve per
cent and glad to get the money at that,
says that the going rate is now. 6 or per
cent. The shoe is on the other foot now
and wherever a farmer can be found who
wants loan his business is solicited
earnestly from many quarters. The rate
on first mortgage loans in the newer Sec
tions of the Dakotas averages about 8
per cent Business is better HI the
newer country but in every small town
there is a loan man located on every
business corner. -.
Some of the smaller life insurance COM
panies which have been loaning in the
corn belt' for many years are placing
| money in the Dakotas.~ The light demand,
| however, does not make it an attractive
field to the larger companies which while
realizing the merit of the farm loan de-
sire to invest money in bigger blocks than
| is possible in that field. -. d.
The Harvest Hand Business.
! Northwestern railroads are. preparing
for the annual roundup of harvest hands:
The cry for farm help will not be fierce
| for a few weeks, but some of the railway
men will profit by the experience of last
| year and lay their wires early. Predic-
4 tions. are already being made that the
crop will be a big one and require more
than the usual number Of farm hands.
! The time is not yet ripe for intelligent
crop predictions but 1t is fair to presume
that the northwest will raise enough
grain to require the services of the usual
1army OF, imported laborers.
Although it becomes necessary at times
for him to yell Justify for help it is rarely
| that the northwestern farmer loses grain
| through lack of hands to harvest it. Scar
city Of ,threshing machines frequently
causes loss. but In some way or other the
harvest hand gets here in time to dissolve
! the scare characteristic of early August,
/ The railroads are announcing low rates
! at-an early date and hope to have the
| harvest hand here in time. Much depends
upon their ability to coax men from the
southwest. It is believed that Illinois,
! Indiana and Michigan can be made to fur
nish more than the average number OF
harvest hands this year.
The approach of harvest is giving the
managers Of various manufacturing indus
| tries much concern. The wages offered
the harvest hand are usually attractive
enough to take common labor from the
mills into the fields. Common labor has
| been scarce enough for these Industries
as is.