810 
The RURAL NEW-YORKER 
Juno 17, 1923 
HARDER SILOS 
;| Mand f WRITE FOP CIPCUIAR 
The Creamery Packace Mfc.Co. 
■ E22west St. Rutland.v/i. 
the work we do not know. Some of the 
printed matter on farm needs has evi¬ 
dently been taken from The R. N.-Y. 
We have no choice but to approve at 
least that part of it. The circular 
urges organization of farmers, As an 
academic proposition the advice is good. 
Beyond this we may differ. Organiza¬ 
tion of farmers by farmers for farmers, 
as Lincoln would say. is good. Organi¬ 
zation of farmers by others for others 
never brought farmers anything but 
confusion and loss, and will never bring 
anything else. This is the test: If 
farmers are doing it» themselves and pay¬ 
ing the bills, it has promise of good. If 
it is done by others, and the bills are 
paid by others, we cannot see any prom¬ 
ise in it for farmers. There is a sus¬ 
picion of that branch of politics in it 
that usually indicates the approach of 
an election. We have a suspicion that 
when the election is over the enthusi¬ 
asm for progressive government will de¬ 
cline. In the meantime, farm needs 
may benefit in a general way from pub¬ 
licity. The subject is timely, but in 
our experience tbe farmer bas never 
lacked coddling before elections. So 
far he lias never benefited from tbe at¬ 
tention afterwards. Polities has built 
up and maintains a system that robs 
him of the fruits of his labors, lie has 
the power, collectively, to smash the sys¬ 
tem : but ambitious politicians will not 
do it for him. Some day he will do it 
himself. 
PUBLISHER’S DESK 
The record of a new merger of steel 
companies is illuminating as to the mod¬ 
ern system of financing. The highly re¬ 
spectable banking bouse that finances 
tbe undertaking gets $2,000,000. Tbe 
attorney in tbe case gets $1,000,000. 
The banking house is to form a syndi¬ 
cate with other bankers to raise a fund 
of $04,004,925. Tbe syndicate is to buy 
$25,351,475 worth of preferred stock at 
$90 a share.. It will also buy 505,331 
shares of common stock without face 
value at $43 per share. The banking 
house, however, has the privilege of buy¬ 
ing 59,500 shares of the Common stock 
at $10; and the attorney may buy 25.- 
500 shares at $10 a share. The syndi¬ 
cate is to provide $20,000,000 cash to be 
used in the discretion of the syndicate 
manager to purchase additional shares 
or otherwise, as he may elect to do. 
This twenty-million dollar fund re¬ 
veals the character of this as one of the 
Wall Street transactions. The purpose 
of the syndicate is, of course, to sell the 
Stock to the public. If it were just a mat¬ 
ter of selling tbe stock, this twenty-million 
fund would not be needed: but tbe syndi¬ 
cate manager must develop a market for 
it. If the public is not buying and if 
those who have bought wish to sell and 
can only sell at a loss so that the stock is 
quoted at a falling price before the syn¬ 
dicate sells out entirely, the twenty-mil¬ 
lion fund can be used to buy what the 
syndicate or others are selling in order 
to keep up the price and advance the price 
until the public can be allured into buy¬ 
ing it at the top price. In common par¬ 
lance, the syndicate unloads at the high 
price. The syndicate manager accelerates 
the market by buying and selling with the 
$20,000,000 as a revolving fund. Stripped 
of all pretence, it is a wash sale. IIow 
would you like to pay $43 for a stock that 
cost the seller $10? 
The real point, however, is that those 
who buy iron and steel products must pay 
dividends on every dollar of these inflated 
values. Such companies are not capital¬ 
ized at their present appraisal, but at 
what they are supposed to be worth on an 
earning basis after tbe monopoly is com¬ 
plete. Tbe public will thou make the stock 
valuable by paying -the monopoly price, 
and after that buy the stock at the ad¬ 
vanced price. We need to understand 
these transactions because the informa¬ 
tion helps explain the high cost of farm 
supplies aud the comparatively low price 
for farm products. Homage to wealth 
makes the system respectable. Politics 
protects it. 
What Larro Users Say 
Every Larro user know’s that quality counts in feed, not 
price. B. W. Partridge, Jr., Huntington, W. Va., says: 
“My cow’s condition is vastly better on Larro. She has 
brought 2 calves, milked freely to within 2 weeks of both 
deliveries, is always full of ‘pep’ and never off-feed. No 
‘cheap’ feed for me, I prefer an economical teed.” Larro feed 
economy means extra profits, or profit instead of loss. 
TOR oopv cows jj 
JtftJJWWE Mtume co. 
'"•'T. MICH. U.O.A. 
/•d- ~ The Ready 
m I# y Ration for 
Dairy Cows 
Cows keenly relish the succulent, easily digested and highly nourish¬ 
ing Larro blend. It is economical: ( 1 )—Because it increases milk yield. 
( 2)—Or produces same milk with fewer cows andless feed. (3)—Keeps 
cows healthy. Neither “cheap” feeds nor ordinary home mixed kinds 
can he depended on to do this. Give Larro a trial and pro pc our claims. 
Write for details of the Larro guarantee. 
THE LARROWE MILLING COMPANY 
2237 Larrowe Bldg. Detroit, Michigan 
No filler—no off- 
grade ingredients 
“Larro never did. it 
doea not now. and never 
will contain materials of 
low feeding value. Every 
bag of Larro contains 
the same high quality Of 
ingredients — and la Of 
the same high feeding 
value. Larro high qual¬ 
ity is never chntwd. it 
is always the earn.* — 
yesterday, today, tomor¬ 
row. 
Recently I gave a note for $23.80, 
payable two months after date, with in¬ 
terest at legal rate, 6%. It was discounted 
at the bank. When I paid it there was 
a charge of 50 cents added to the face 
of the note, making the total $24,30. I 
called the attention of the bank’s teller 
to the 50-cent item, and he told tue it 
was the interest charge. This is a small 
item, and the note is paid, but I want to 
know if the charge is legal. Is it not 
technical usury? old banker. 
New York. 
The interest on this note for two 
months is 24 cents. There seems to be 
an overcharge of 20 cents for interest. 
The maximum interest rate in New 
York State is G per cent. If the bank 
charged more, as it seems to have done 
in this case, it would seem that it vio¬ 
lated the law. That is usury. 
s easy to se 
Harder Silos 
Have a FULL Silo 
Ever since 1899 the Harder has been 
the model for all other silos. It is 
known because of our consistent adver¬ 
tising. It is wanted because it has 
made good everywhere. 
There’s money for you in 
selling Harder Silos. If ^ ^ 
interested, write at once 
Silos with ordinary roofs can only 
be filled with blower cutters within 
three or four feet of the top. When 
the silage settles there is a loss of 
five or six feet of Silo capacity. 
GlobeSiloa withthclrextcnslon roofs as¬ 
sure a full silo, Tbe nearly straight sides 
of the roof permit a full Silo, level ut the 
top, after the ullage has nettled. Globes 
keep elUgc prime from top to bottom. 
Price 3 ofGIobe Silos back to 1917 levels. 
Write today forcatalog 
, - describing other exclusive 
Njji- features. Get your silo 
erected early. 
/'I M GLOBE SILO COMPANY 
111 2-12WiUowSt.,Sidney.N.Y. 
I am a salesman, selling paints, oils 
and roof coating for a Cleveland, Q., con¬ 
cern, and I wish to take exception to the 
article you have printed in Publisher’s 
Desk. May 13 issue. You are making u 
sweeping assertion when you advise your 
readers to avoid all agents selling paints. 
The house I work for sells through agents. 
They do not sell inferior goods, nor do 
they try in any way to get the best of 
their customers. 1 have been your sub¬ 
scriber for more than 20 years, and I be¬ 
lieve you wish to see fair play, but this 
article is not fair to honest agents, nor 
to reliable houses. w. j. w. 
Ohio. 
It is possible that the article ou paints 
eeiving full information about the prop- may be interpreted to include all paints 
erties. M hat do you know about it? sold by agents; but a careful reading will 
Massachusetts. c. u. m. ,. ... ^ , r 
show that we did not say that. IIow 
The country seems to be flooded With . , , . , 
,, • „ „ T , ever, we are at fault it any good friend 
these miners from E. G. L/Cwis, whose . , , , , , _ 
. ; ' , . * . . , misunderstands what we do say. It is 
victims lost it was estimated, $12,000.- mu . buginess to ma ke our meaning clear. 
000 in his St. Louis schemes Scarcely Wp try t „ (jo ^ SQ th . (t J)(> |>np ^ 
a dollar of the millions he gathered from I)ossibly mi . suudpvstand . We referred to 
people till over the country on fu e paint houses iu Cleveland that have ao- 
echemes was ever returned. The judges quired a bad record> and cautioned against 
on the bench designated the schemes .. suoh ttgcuts * W(? di(J not refer jn tWg 
fraudulent. J*raud orders were issued to honest agents, representing reliable 
against Lewis and some of his schemes houses. Unfortunately, Publisher’s Desk 
by the Post Office Department, and in- j,as opportunity to say little or nothing 
dictments were filed against him in crirn- about responsible houses. It would be 
inal actions. He spent other people’s pleasant to write the many good things 
money freely around St. Louis and man- that could be said about them, but that 
aged to escape conviction. lie bas the i s m , t practical. It is the unusual that 
reputation of being the slickest aud generally gets most publicity. Dishonest 
most plausible schemer that over ap- and tricky concerns are few, compared 
pealed to the gullible for money on get- with the number of good houses. This 
rich-quick schemes. Ills promise to re- department is trying to make dishonesty 
turn the $10 fee is one of his clever and trickery unpopular. To do so it is 
stunts. He knows right well that few necessary to throw the spotlight of pub- 
people would bother to look up informs- licity ou them. This is Intended as a 
tion after they had sent the money. Lit- service to all houses and agents doing an 
tie they could learn, if they did. In honest business, as well as to the public 
.Green Mountain 
r CIMOC ROADS, RUUD DYKES, LEVEES willT 
The Greet Farm Builder 
v. v. ■.* In may soil. Mskra V ob»prd dr»lhM« or Ir¬ 
rigation ditch or c Rant ill to he* down to four fret deep. 
IX>e* labor of 100 mm. Make rr*rr $CT$ AH tteel. 
fUveralbU. AitfuiXabl*. No or to got out 
of 6*. WHla for fre* book and our prupmltiutL 
k Owen a boro Ditcher A Grader Co., Inc. 
Vast stretches of undeveloped fertile agricultural land of 
the highest productiveness await the settler in Western 
Canada. The land possesses the same character of soil as 
that which has produced the high quality of cereals that 
have carried off the world's premier honors so many times 
in the past ten years. 
Native Grasses are 
Rich and Abundant 
Cattle fatten upon them without any grain being fed. 
Limited capital on high-priced lands i3 not a success, neither 
H with high rents hope to succeed. 
e these is in Western Canada — 
rhere a home may be made at low 
trying, mixed farming and stock- 
tred profit . 
iased from the Railway Companies 
e land Companies or from private 
n«st«ad of 160 aero* each arc to 
the more remote districts. 
Forillustrated literature, map,, descrip- 
tion of furm opportunities in Manitoba, 
Saskatchewan, Alberta and British Co¬ 
lumbia, reduced railway rates,etc..write 
O. G. RUTLEDGE 
301 £. Genesee SI. 
Syracuse, N. Y. 
\ Authorised Aa.nt, Dapt. of Iraml- 
,1 (ration and Colonisation, > 
- 
JHj 
III 
F 
II 
Qj 
Ft it 
H If 
:: 
Ml 
1 
Bl 
