DIY History | Transcribe | Building the Transcontinental Railroad | John L. Coffin, land agent in Davenport, Iowa, correspondence with land speculator Thomas Clark Durant in New York, part 3, 1874

Transcribe
Translate

John L. Coffin, land agent in Davenport, Iowa, correspondence with land speculator Thomas Clark Durant in New York, part 3, 1874

leo00066-134page1

Boston, December 4th 1874
H.G. Crane Esq. Atty.
20 Nassau St. N.Y.

Dear Sir,
Yours of 3d rec'd. The prices named in mine of 27th ulto are "ruinous", but as much as can be got - all cash. The bulk of the lands remaining in Iowa & Poweshiek County are "rough" or they could have been sold long ago to settlers at 10 to $12 on usual terms. I have wide-awake agents in the two counties named, living in the nearest towns to the lands, who might be able to find customers at say $8 per acre by giving very easy terms, say $1 an acre down & balance in 2, 3, 4, 5, 6, 7 & 8 years, 10% int annually - in 80, or more, tracts - Such purchasers generally complete their payments, but I don't usually give a deed until 1/4th is paid - sometimes a neighboring farmer will buy and mortgage a piece of his farm as additional security when deed & mortgage can be (paped) - The Story County would not fetch  (even?) $6 probably on such terms - and it is usual to allow the local agents an extra commission, say 5%, to induce them to work up sales.
If you wish I will try and dispose of them in this way - it might be done in 4 to 6 weeks - and since securities got

Saving...

Boston, December 4th 1874 H.G. Crane Esq. Atty. 20 Nassau St. N.Y. Dear Sir, Yours of 3d rec'd. The prices named in mine of 27th ulto are "ruinous", but as much as can be got - all cash. The bulk of the lands remaining in Iowa & Poweshiek County are "rough" or they could have been sold long ago to settlers at 10 to $12 on usual terms. I have wide-awake agents in the two counties named, living in the nearest towns to the lands, who might be able to find customers at say $8 per acre by giving very easy terms, say $1 an acre down & balance in 2, 3, 4, 5, 6, 7 & 8 years, 10% int annually - in 80, or more, tracts - Such purchasers generally complete their payments, but I don't usually give a deed until 1/4th is paid - sometimes a neighboring farmer will buy and mortgage a piece of his farm as additional security when deed & mortgage can be (paped) - The Story County would not fetch (even?) $6 probably on such terms - and it is usual to allow the local agents an extra commission, say 5%, to induce them to work up sales. If you wish I will try and dispose of them in this way - it might be done in 4 to 6 weeks - and since securities got