The Morrills and reminiscences . ver one hundred inches. Wethen returned to Salt Lake City by way of San Francisco. Drought and Panic On my return to Nebraska, in 1890, I settled inStromsburg, where, soon afterwards, I purchased theFarmers & Merchants Bank. Nebraska had been favored with good crops and theprice of land advanced to thirty-five and forty dollarsan acre. In the year 1893 crops in Nebraska werealmost totally destroyed by drought and hot came the panic and financial stress, whichparalyzed business. In 1894 Nebraska was doomed tohave another crop failure. Farmers were obl
The Morrills and reminiscences . ver one hundred inches. Wethen returned to Salt Lake City by way of San Francisco. Drought and Panic On my return to Nebraska, in 1890, I settled inStromsburg, where, soon afterwards, I purchased theFarmers & Merchants Bank. Nebraska had been favored with good crops and theprice of land advanced to thirty-five and forty dollarsan acre. In the year 1893 crops in Nebraska werealmost totally destroyed by drought and hot came the panic and financial stress, whichparalyzed business. In 1894 Nebraska was doomed tohave another crop failure. Farmers were obliged toship in grain and even hay to feed their stock; manysacrificed their live stock by selling at very low farmers shot their stock hogs to prevent theirstarving. Financial conditions grew worse and theentire state was almost in the grip of actual were greatly reduced, merchants and banksfailed. In Lincoln all banks with the exception ofthree went out of business or failed. Farmers could not [70]. THE MORRILLS AND REMINISCENCES pay interest on their mortgages; land could not be soldat any price; foreclosure of mortgages was the generalorder. When these lands were offered for sale on fore-closures they were sold to owners of the the central and western sections of the state theprice of land fell to almost nothing. In Custer County,a very large acreage went into the ownership of easternreal estate and loan companies. These lands weremortgaged for five hundred to seven hundred dollarson each one hundred and sixty acres. One eastern loancompany offered to sell me forty quarter sections attwo hundred dollars each. The crop for 1895 wasalmost a failure. The result was that all confidencein Nebraska real estate was gone. Trees which, intwenty years, had grown to one foot or more in diam-eter, died for want of moisture; in many places entiregroves were killed. Good farm lands in Polk and othereastern counties sold as low as twenty-five hundredd
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Keywords: ., bookcentury1900, bookdecade1910, bookidmorrillsremi, bookyear1918
