Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1907-09-03

LdIlleTS earnings are Sl,UUO,UUO,-
600 greater this year than last. The
big gain is due entirely to tho In
creased prices Of farm products,
as the production In general will
be fully ten per cent less than
last year.
The Situation in Iowa.
Present conditions and the future
outlook for business and banking in
Iowa are very favorable, according
to the annual report compiled by tho
Commercial National bank of Chi
cago. This is the institution to which
Geo. u. Roberts, formerly editor Of
the Fort Dodge Messenger, went as
president after resigning the director
ship of the United States mint recent
iy The report devotes several pages
to conditions in Iowa and while 1t Is
stated that an occasional banker pre-.
sented a pessimistic forecast. the
great majority Of them were confident
Of continuing prosperity.
While Iowa banktrs, according to
the report generally agree that the
crops will be from 10 to 20 per cent
less than last year, they also claim
much money because prices are
|
The weak money demand In parts
of the state Is reflected in the large
amount of commercial paper bought
| by the banks. OF total of 108
banks reporting. IA, Or 70 per cent,
are buyers. The amount bought aver
ages about II per cent Of the banks
total loans. Not one Of the seventy
four banks reports these purchases as
unsatisfactory, and nineteen report
them on the Increase. 1t has only been
necessary In the past two years to
seek outside investment Of paper IN
Clay county and 1t is on the increase
at present. This is the first year the
banks in Floyd county have used any
commercial paper They are taking
up what they have as fast as 1t ma.
lures. An increase of about 20 per
!, cent in the loans of Fayette county
Is largely made up of purchases OF
commercial paper, which amount to
about 80 per cent Of the total loans.
!, Money for Crops.
It is reported that the banks ara
!, well supplied with money and as tho
crop is short, the demand for the pur-
: pose of moving it will not reach the
same proportion that it did last year.
A correspondent in Council Bluffs
states that the banks are loanina
: heavily on the eastern markets and
when they withdraw these funds they
will have sufficient funds to take care
of their own local customers. Though
the corn crop Is not as heavy as last
:, year, 1t is thought farmers will get a
: better price. 1t is reported that
: Iowa was never In u more prosper.
GUS condition than today verybody
is feeling good, labor Is we'll paid and
. no one need be idle il he has dispo.
2 sition to work.
!. The total estimate necessary fol
the moving of crops is over $4,000, 900,
or this sum about S1,700,000, or over
45 per cent, will have to be brought
in from the large cities 1t will be
shipped back after an average period
of three and one-half months.
Only about 6 per cent Of the banks
find it necessary to restrict local
credit during the crop season and
T about 20 per cent to borrow Of other
y banks. These borrowing are In all
y cases very small, the largest reported
) being $4,000. In some parts it is nee
g essary to borrow to feed cattle and
u sheep and not to move the grain.
! Land Speculation and Values.
:. Land prices In the state have
4 shown a very marked increase during
a the past year. OF total Of eighty
n one banks reporting, sixty-six state
:, that land values have increased, Il
that they have remained about the
) same and only one that they have
: decreased. There has been a very
!, brisk sale of farm lands near Hol
., % stein to local people for homesteads
= Farm lands have increased in value
- $40 to $50 per acre. Land value:
= around Storm Lake have increased
" about 20 per cent; near La Porte
City about 10 per cent Lands o.
Crawford county selling for higf
is prices. as high as $130 per acre, ant
ir increased in value 10 per cent owe
e. last year. Land prices in Sioux count.
le have advanced $40 to S25 per acre
le and have been sold in the past year al
g, high as $140 Land purchases in Can
N adian and western lands hare Gu
~ deposits large total.