The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-11-18
DOlley Says Farmer Still Makes
Profit on Investment.
Declares 20 Per Cent Loss at
Market Leaves Him Safe.
MONEY VALUES LOWER
Bank Commissioner Thinks
There Will Be No Disaster.
Spectators and Middlemen Ones
Hurt by Conditions.

That money values which have been
rather inflated will be lower but not
disastrously so, is the statement Of
Bank Commissioner ]. N. Dolley. who
today discussed farming conditions
and said that while the interior farm
ers are getting 81 cents for wheat, the
lowest price in two years, the profits
have not been reduced to point
wheresthey are other than fair.
Just what the effect will be on the
high average of prosperity remains to
be SEEM said Mr.. Dolley, though 1
do not look for the price to go any
where near a point where the selling
price would be a loss. The extra 20
per cent of selling price which the
farmer has received has given him
money to buy blue sky, Texas land and
Florida swamps. In the last five years
the farmer has been making a greater
percentage on his investment than any
! business man or class of business men.
I'm the regular course of business
it is a certainty that the farmer can
not expect to maintain the enormous
per cent of profit he has been SO for
tInate in getting in the last few years,
profit which all other business men
have been glad to see him receive.
There is no probability that within the
near future farm products will de-
crease anywhere near the point where
they will not leave a good net profit
for the farmer. On the other hand we
must think of the millions of poor fell
lows VINO Duy the OdCOAlJ OSSI anu
-four and work in cities for small
wages. It might be well to let up on
him a little.
LAS the cost of living has been too
high it necessarily follows that it must
decrease. The reason of high living
cost has been because there was too
much speculation among the middle
men, also too much profit to the specu-
lator and to the middle men, too great
difference between the hog and the
md the dressed nOrk
and beef on the table of the working
man.
THAT the low price of wheat as
compared to other years Will halt eX-
pansion and have influence on land
values can be predicted safely. The
basis of much of the land speculation
of the last two years was the soaring
price of wheat. 1t was particularly
influential in the western counties of
Kansas and Nebraska, where profits
were enormous, based on the selling
price of land two years ago. Now that
there is a falling off of income there
is likely to be less desire for specula-
ton by farmers
ct is generally believed that there
will not be any material discomfort in
the older settled sections, except by
those who bought land at unduly high
prices and went into debt to handle 1t.
The farmer is raising too many other
things to feel the loss of 90 per cent
in the price of wheat. Even If the
price goes into the seventies at prf-
marv markets as is probable, it will
not materially affect the producer who
follows a varied agriculture. 1t will
have its effect upon the speculator,
however, and the land dealers there
fore are not pleased at the outlook.
1.-THE encouraging thing is the fine
prospect for the coming crop. A re
cent trip through the wheat belt Of
Kansas shows beautiful fields already
well covered by the growing crop. The
wet autumn prepared the ground and
the stand is even and sturdy. Favor
able winter weather will bring it to a
much better spring condition than last
year when the crop went into winter
with poor growth and was i'll prepared
to Withstand the severe weather that
followed"