The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1919-11-12

WASHINGTON. ID. C.-The people !
Of Iowa and adjoining states are on a
corn land jag"
They have gone land mad.
And spectators are getting theirs.
They are making millions on This
land.
The riot Of Handwriting became
so that the Farm Manage
ment Bureau OF the Department Of
Agriculture here rushed elgn men TO
the boom-crazed region to investigate.
They gathered all tho data possible
and hurried back TO Warrington -
compile II for Secreut y Houston. he
will take steps to stop thu bqJm ne
fore IL runs away VITA Itself.
Sioux county, Iowa, IS ne storm
center OF the land-hp}irg hgfTicnue
and IL takes in tho cntife state and
extends Into southern minnesota, Fast
Nebra ska, Central Winos. AM thine
has been rev~erhcratiora 81 Il IA ms
Dakotas. eastern Kansas, northern
Indiana and Missouri Had Western
| Ohio. In fact. according 10 w. = q.
Smith. secretary OF the Farm Loan
Board. every part OF the Initssi states
is on "A land speculation JOY ride Ia
New England there hasn't been much
Increase, but much land Is changing
hands there. whore the spectators are
satisfied with smaller profits.
Captain Smith knows OF a case
which a Spectator bought 200 acres
at a24O an acre. total $4,000, ANA
paid $50 down. He promised 10 pny
$4,000 March 1. A few days later he
sold n for $4,000 profit. used this u
buy other farms and mad f50eO more
and with his sli.0OO has bought AZ
more farms. involving more than Sl,-
900. 900, promising to make a substan-
tial payment In March, but expecting
to-and banking on it--sell them u
pass the contrac; INTO the neNt sucker
before he has 10 make good.
Many farms have sold as many as
six and eight times. March 4 seems
10 be the settlement date in all casea.
II the Spectator promises to pay
100000 for "a farm, and pays 81 900
down, he then X his profit by
transferring the contract TO another
for 5000 or $4,000. This purchaser
agrees to pay the $4,000.
In Boone. Dallas. Hardin. Grundy.
Blackhawk. Tama and Story counties,
Iowa, the heart OF the state and %
land speculation, land IL increasing AZ
the rate OF $50 an acle per month.
Real estate men say the average price
BY March !, when "A crash Is expected,
will be $500 an acre and second-rnic
land will sell for $500 to $500 an acre.
In Case county 81 ,000, 600 worth Of
band changed hands IN one DAY most
Of IL being In mall farms with nu-
merous purchasers,
n. O. Messenger, banking commits
sionef Of iowa. L. alarmed for fear the
country banks viii load themHelvea
up with too much "non-liqutd paper,
Heavy MORTGAGES are being made,
any money stringcncy that might
strike Iowa might force many banks
to the wallis. us they couldn't convert
the paper readily to meet their cur
rent liabilities. Millions OF dollars OF
this paper Is due March /, % much
Of IL runs for five and ten years
when time CGtles TO pay the
spectators will have the cream OF thr
prolific ln their pockets and h uii-
wary newcomers viii be LEFT 10 hoid
the bag. And h The prices OF com
mudities come dowu-it the cos OF
living drops swell, b "A H too Had To
predict what would happen. Many OF
these farms were sold on the ~Haunil-
ton that corn would stay around Sl,ep
"A bushel and hogs around s.S per l9N
puunds-and corn b. already on about
G5 cents and hogs are on $40 per 100.