The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-08-15
AVOID THE BOOM

AVO1O The BOOM.
The indications are that Kansas is to
get big share of the immigration which
comes west during the next year or two.
Her big wheat crop is already attract
the people of states further west, and
the indications are favorable for a big
corn crop. There is danger that Kansas
people may get little enthusiastic over
her prosperity and bring on a boom. A
boom-one of the kind that struck the
state during the eighties-is not a good
thing, and care should be taken to avoid
it. In speaking of this subject editorial
ly State Bank Commissioner Morton AL
baugh says:
There is just one way to avoid the
disasters attendant upon a busted boom
in Kansas, and that is to have no BOOM
For seven years the state has enjoy
ed an unprecedented era of prosperity
There has been series of crops far
above the average. for which the peo-
pie have secured exceptional returns.
Corn and wheat have brought more to
the farmers during this period than
even the most sanguine would dare to
uOPG COQlQ DC realized IN the seven
years to come Corn fed to cattle and
hogs. and in fact all other feed crops
that have been fed to livestock, have
brought most satisfactory profits to
those so disposing of them. 1t is only
natural that these unusual results from
land have led to a marked increase in
land values, for land is worth that
upon which it will bring satisfactory
net returns.
TT is not from the products of the
land alone that Kansas has prospered
during these years. All articles manu-
featured within the state have com
manded good prices and have brought
good returns to those having money in
vested in such enterprises. In southeast
Kansas the mineral interests of the
state have been developed to an unpre-
cedented extent. Coal and zinc have
been mined in large quantities and
brought satisfactory prices. Oil and gas
fields have been developed and added
immensely to that portion of the state.
''All these things have combined to
tempt the average citizen to speculate.
and speculation is the first step toward
a land and town lot boom. The exper-
fence of the late sos and early EOS is
81 lIGSl III LIE luluuS Oh Tie OlQ-LlQl6
Kansans that up until the present this
tendency has not made much Roadway.
The bankers have stood out against it:
the solid, substantial business men of
the state have insisted upon conserva-
tism.
But everything now points to an un-
precedented year in the state. The
wheat crop already harvested will net
49, On AZ
The corn crop though not matured,
promises by direct sale and by returns
after being fed to hogs and cattle. to
bring twice as much. Other agricultural
and feed products will be produced in
abundance and all will command good
prices. The state is full of cattle. hogs
and other stock, much of which within
the year will be ready for the market.
The question is, what will the people do
with the money? It's very presence in
such unusual quantities is a temptation
for the ground work for the very condi-
lions that may later bring disaster to
the state
There has never been a time in the
states history when conservatism is
more in demand; when the banker
should exercise greater care than now;
when the business man who wants to
see this prosperity continue should stand
firmer for conservatism. The man who
is out of debt, and who does not go in
debt, is not likely to make bad invest
ments; but the one who is in debt, or
who utilities his credit upon the theory
that these good times are going to grow
better, is likely to find himself expert
menting with fire.
Wheat, which for a term of yeara has
yielded abundantly, may at any time
not only be a partial or total failure.
but have to be sold al a reduced price
Corn that has averaged well for an I'M
usual number of years may not be
raised in such abundance, and may have
to be sold for less money. Cattle which
have been in demand at six cents, and
hogs at about the same, may one of
these days have to be sent to market for
% per cent less, and when that time
comes the value of farm lands will be
based upon the net returns then secured,
rather than what it produced during the
past few years.
In short. 1t is a time for pressing
down on the brakes; when investments
should be limited to those that are safe
and substantial. and when enterprises
based upon speculative propositions
should be deprecated on every hand"
DO YOU ovEREAT
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