Jht RURAL NEW-YORKER 
485 
Liberty Bonds at Low Prices 
Most issues of Liberty bonds, sold originally at 
100, are now quoted in the New York market at 91 
or a little more. Some of our readers are quite con¬ 
cerned about this, and they wonder how it comes 
that these gilt-edged securities have fallen off in 
price. The It. N.-Y. urged its readers to buy these 
bonds, both as a patriotic duty and as a good invest¬ 
ment. There is nothing wrong with the bonds as a 
security, and, at the present quoted prices, they are 
better investments than ever. Some of the bonds 
now offered for sale are put up by small investors 
who are forced for one reason or another to turn 
them into cash. Most of them, however, are offered 
by big corporations and banks who bought heavily 
during the war. Many of these corporations knew 
they would not get the benefit of big war orders un¬ 
less the Government could raise money through the 
sale of its bonds. Some of these big concerns there¬ 
fore paid the Government money for bonds and re¬ 
ceived part of that money back in profits on Gov¬ 
ernment orders—just as many workmen (outside of 
farmers) bought bonds and received part of their 
money back in increased wages. Now that the war is 
over and war orders shut off. some of these large cor¬ 
porations find themselves with millions of their cap¬ 
ital tied up in Liberty bonds. They think they can 
make more money by selling these bonds for what 
they will bring and using the money in big invest¬ 
ments which will pay more interest! They do not, 
apparently, consider the patriotic plan of keeping 
the Government's credit at par, but they do them¬ 
selves what they are constantly advising smaller in¬ 
vestors not to do! And one feature of the income 
tax plays a part in this. Corporations may deduct 
their losses from their incomes, and where the in¬ 
come is very large this is a valuable privilege. Thus, 
suppose a corporation sells $10,000,000 worth of Lib¬ 
erty bonds at 92. or eight points below par. It re¬ 
leases the capital tied up in these bonds for more 
profitable investment and gets a substantial reduc¬ 
tion in the income tax by showing a “loss” of $800,- 
000 ! 
That is the chief reason why these Liberty bonds 
are now quoted at low figures. They are still gilt- 
edged security, based on the credit of the richest and 
strongest government on earth. At present prices 
these bonds will yield from 5 to nearly 5)4 per cent. 
They make a sound and patriotic investment for peo¬ 
ple with limited capital—better in every way than 
the wildcat schemes so freely exploited. With their 
usual selfishness the big corporations seem to be un¬ 
loading just about as soon as “patriotism” fails to 
be as profitable as private enterprise. It will be a 
good thing in every way if these big lumps of Liberty 
bonds can be broken up in this way and widely dis¬ 
tributed among the people. The more general their 
distribution among the middle and working classes, 
the safer this Government will be. after the manner 
of France, where the plain people are the most numer¬ 
ous public creditors. These bonds at present prices 
make a first-class investment. They are perfectly 
safe, and will, we think, finally go to a premium. 
Cull Fruit and a State’s Reputation 
I am sending you seven apples which I took out of a 
barrel of apples, about six inches from the top of the 
barrel. The top was labeled "New York State R Grade, 
mean size. 2 1 4 in. Hendrick Sweet.” Shipping tag in¬ 
closed says “Rose Sweet.” I thought I had seen the 
very worst kind of such business, but did not expect it 
under New York State law. These I send you are by 
no means all the small ones. These are the smallest I 
saw. There must have been 20 more in sight, all 
smaller than 214 inches. Hurrah for our law-breakers! 
T. W. STEWART. 
Most of the apples sent us were about the size of 
walnuts (some even smaller), and several were well 
spotted with scale marks. It was, all in all. the most 
disgraceful outfit of packed fruit we have ever seen. 
Now we have traced back many of these cases to the 
packer or the man whose name is on the barrel. Al¬ 
most invariably t-he grower states (and he can usu¬ 
ally prove it) that his apples were sold on the tree 
and that the packer took a chance on many barrels, 
put in anything, and marked the grower's mime on 
the barrel. No one reports in praise of good fruit, 
but the people who get the culls are naturally indig¬ 
nant. and put up a protest. The grower, who had 
nothing to do with it. get the discredit. When we go 
to the packer with this story he ignores the case and 
says nothing, or else claims that the grower helped 
him pack and must have slipped in the culls so as to 
increase the number of barrels! This is about all 
the satisfaction we can get under the present sys¬ 
tem. This business is demoralizing the trade, and 
doing great damage to New York apple growers. 
Within a few years great tracts of orchard land in 
the Middle South will come into bearing, and force 
serious competition upon New York. If this “stove¬ 
piping” and fraudulent packing is kept up there 
will be a serious loss. The present apple law has not 
stopped the trouble. The true remedy lies in co¬ 
operative picking and packing, after the manner of 
the Pacific Coast growers. The fact is this is an¬ 
other case where ice have got to do it ourselves. 
The Effect of Syndicate Orcharding 
At the big “Agricultural Week” meeting at Tren¬ 
ton, N. J.. Prof. S. W. Fletcher of the Pennsylvania 
State College discussed the probable effect upon the 
fruit business of the big combined or syndicate or¬ 
chards which have recently been organized. Fruit 
growers are much interested and somewhat con¬ 
cerned over this problem. Prof. Fletcher said : 
Apple growers are interested in the development of 
syndicate orcharding. There are a number of these en¬ 
terprises, each operating many orchards. One of the 
most ambitious is reported as being capitalized at over 
.$100,000,000. and controls orchards of different kinds of 
fruit in all parts of the country. It owns large apple 
orchards in California, Washington. Illinois. Missouri, 
Pennsylvania and other States. Growers are asking 
“Will the syndicates ultimately acquire control of the 
apple business, and crowd out the small grower?” I 
think not. The syndicate has several advantages over 
the individual grower, but greater disadvantages. Since 
it. has apple orchards in many States, there is less likeli¬ 
hood of complete loss of crop. Supplies can be bought 
in quantity at a lower price. The syndicate should be 
able to standardize its pack, advertise, and sell to some¬ 
what better advantage than the individual grower, 
through more perfect distribution. But there are two 
very weak links in the chain—the high overhead expense 
and the lack of the incentive of personal interest. Big 
business requires high salaries and expensive operating 
machinery. Very few of the high-salaried managers of 
t he syndicate orchards will take as much interest in the 
care of the properties as the man who makes his home 
on his farm, and who operates it at a minimum cost with 
the aid of his family. The personal factor counts very 
heavily in the economics of so exacting a business as or¬ 
charding. Some of the best organized of the syndicates 
may succeed, but I doubt if they ever become a dominant 
or even an important factor in the apple industry. I 
believe that the future holds more for the apple business 
through co-operation than through corporation. 
A Case Under the Dog Law 
If your review of the dog law is correct I have been 
misinformed by our assessor. A dog killed a White 
Holland tom turkey and attacked a hen turkey until 
nearly dead. I was unable to find the dead tom for a 
week, but I notified the assessor the same day. Four 
days after he came, and said I could make no claim, as 
I must produce the carcass within 48 hours after death. 
I could have produced the bird when he was here. If I 
am entitled to damages I shall take the matter up again. 
The tom was worth $25. I have just paid $20 for a 
young bird not so good. M. s. d. 
New York. 
The assessor in this case is evidently mistaken. 
The law does not require that he review the carcass 
at all. It puts no limit of 48 hours, or any other 
time, on the discovery of the dead animal. The 
owner is required to notify the assessor within 10 
days of the damage. Within three days the assessor 
must notify his associate assessors and together they 
must assess the damage. They may make such as¬ 
sessment on the evidence produced without a phys¬ 
ical examination of the animals. This owner seems 
to he entitled to the claim for the dead tom and for 
what the hen turkey was worth before the attack, 
over and above what it was worth afterwards, and 
if the amount of the claims exceeds $25 the owner is 
entitled to $10 extra for liquidation damages. The 
correct way is to take it up again with the assessor, 
and then if the claim allowed is not satisfactory, 
make an appeal to the Commissioner of Agriculture 
for a new assessment. 
Sawing Out the Snow Banks 
With snow banks of mammoth proportions and Spring 
near by. the clearing of the roads when the thaw comes 
will task many communities to the utmost. Many towns 
will have to raise a snow fund of thousands of dollars to 
meet the bills for removing the accumulated snow from 
the highways. One of the most economical ways of 
opening big snow banks is by using a crosscut saw from 
which one of the handles has been removed, and sawing 
each side of a sufficiently wide track, and then breaking 
up the center with spades or bars and removing the 
chunks with shovels. If the snow has become hard 
packed or from thawing and freezing has become almost 
like solid ice. it may be well to saw through the middle 
as well as at the sides of the opening. A gang of six 
men, three to saw. one to break up the ice and snow 
and two to shovel out, can open up a considerable dis¬ 
tance in a day’s work. At least the worst banks could 
be treated in this manner, and the highways made much 
safer to travel over. A. b. katkamier. 
New York. 
Farmers’ Week at Ithaca 
A FINE PROGARM.—The State College put >ne of 
its very best week’s programs of events of great interest 
to rural people last week, as the experience and inspira¬ 
tion of the 12 previous years’ programs were put into 
this, with most satisfactory results. But the epidemic 
of grippe and extremely bad road conditions that pre¬ 
vailed over the State resulted in a smaller attendance 
than last year. Conditions on the campus were so 
pleasant, with more or less sunshine and thawing 
weather prevailing, that it was very difficult for those 
present to believe that not many miles away roads were 
impassable in the country, and trains were stalled and 
delayed. There was a very noticeable spirit of studious¬ 
ness and keen interest on the part of visitors, and there 
was nearly the usual number present of those who 
failed to register and get programs, and who were at a 
ioss to know how to make the best use of their time. 
Every visitor should register promptly and get a pro¬ 
gram that will show what is taking place and where, 
and also insure the visitor’s getting a program mailed 
in advance next year. This permits a study of the list, 
so that one knows when the things he or she is most 
interested in come and where. 
THE SPEAKERS AND THE AUDIENCE.—There 
were over 70 speakers of note from all parts of the 
country, besides the college staff, and over 400 events 
listed, besides 35 exhibits. A program that fills 30 
closely printed pages needs to be looked over in detail 
when unhurried if the public is to get best results from 
the wonderful variety of interests presented. The 
audiences were nearly all of good size, and many ex¬ 
hibited so much interest that it was frequently difficxilt 
to get the people out of the lecture rooms in time for 
the next events. Perhaps no one lecturer of the college 
staff was -so enthusiastically heard as Prof. G. F. 
Warren. His very wide understanding of farm prob¬ 
lems. his keen judgment and his quiet humor make his 
talks a vei’y great help in understanding fundamental 
principles that are often overlooked, while as an inter¬ 
preter of statistics he is perhaps unequalled. He said 
many people attributed the high cost of living to the 
war. If this had been correct, then when the war 
ceased prices would have returned to former levels. 
They had failed to do this, indicating the probability 
that the war was not the real reason, or the only one 
to blame for present conditions, but rather that condi¬ 
tions that have and do prevail were bound to have 
brought present prices, the war only hastening them. 
' FARM CONFERENCES—There were many impor¬ 
tant mid-year conferences during the week of various 
farm organizations. The State Federation of Farm 
Bureaus held a big mid-winter meeting, and will use 
facts brought out by its committee on transportation 
and marketing as a lever to secure attention to condi¬ 
tions in the State from the Inter-state Commerce Com¬ 
mission. These reports showed a serious car shortage 
in Western New York. Stockport and Medina fruit 
growers have met with much loss, due to a lack of cars. 
The Montgomery County Hog Growers’ Association 
lacks 128 cars. One limestone firm lacks 700 cars, and 
others nearly as many. Samuel Fraser, who has been 
studying the condition for several farm organizations, 
reported the average freight car to be idle 68 per cent 
of the time. It is in motion but nine per cent of the 
time, and loading and unloading each consume 11 per 
cent, while the average number of miles traveled per 
day by box cars is but 22. The Federation may consent 
to appear before a conference of labor organizations and 
will require them in return to appear before leading 
farmers’ organizations for an interchange of views. The 
Federation also approved State aid for town roads to 
cost $5,000 to $7,000 and to serve as feeders for the 
State highways. 
OTHER FEATURES.—The Dairymen’s League 
conference decided to offer silver cup«s to owners of grade 
and purebred cows that make the best production 
records for 1920 as an inducement to better breeding. 
The Eastman stage contest prize of $100 was awarded 
to H. I., freal. ’20. of the agricultural students, who 
spoke on “The American Farm Bureau Federation.” 
He pointed out that the food problem of this country 
can only be worked out by co-operation, and that this 
federation provides the means by which the great voice 
of the farmer may be heard in determining the policy 
by which the country is to be governed. 
WOMEN’S ACTIVITIES.—The Homemakers’ Con¬ 
ference was most enthusiastically supported all the 
week, and culminated in a reception at the Domestic 
Science Building on Friday night to the leadingwomen's 
organizations of all kinds in the State. On Saturday 
a big meeting of the State Federation of Women’s Clubs 
was held. The Home Bureau sections of the general 
program were very popular, and there was much regret 
expressed that this organization did not have more 
definite assignments on the program, as being the one 
organ of rural women of the State today. Arrange¬ 
ments were made to appoint a committee of women of 
the State to act as a permanent advisory council for the 
Department of Home Economics of the college, and a 
big delegation of women will later go to Albany in the 
interests of having the Legislature make this depart¬ 
ment a State College of Home Economics. Women 
visitors to the college are amazed at the growth of the 
department and at the scope of work it is doing, and are 
astonished that so much is done with so little room in 
which to work. Before the present students can grad¬ 
uate. with only normal entering classes each year, the 
department will not be able to house the work, and the 
demand for training here now is far beyond that of any 
previous years. The Home Bureaus and other organ¬ 
ized and unorganized women's clubs of the State are 
highly interested in seeing this work, which offers the 
women, and many of the industries of the State, help 
that can be had in no other way. properly financed and 
developed. To this end they are sending instructions 
to their representatives at Albany—and a little later 
many will go to Albany in person to interview them. 
MILK PRODUCTION.—Prof. Misner of the farm 
management department gave significant figures estab¬ 
lished by a survey of milk production in Herkimer 
County, made last Summer. The average size of 40 
farms was 142 acres. There were 21.5 cows to the 
farm, valued at an average price of $132 per head. The 
production per cow was 4.S04 lbs., of which 33 per cent 
was produced in Winter. In 191S grain cost $61 per 
ton: silage. $7 per ton: hay. etc.. $1$ per ton. and 
manure was valued at $2.63 per ton. Wages averaged 
32 cents per hour for man labor and 20 cents for horse 
labor. The average loss per cow at these rates was 
$33 per year. Only 20 per cent of the herds showed a 
profit. Some variation from a statement of the New 
York World that the twenty billion dollars’ worth of 
farm products last year was neaidy all profit, while the 
twenty billions in manufactured goods hardly returned 
six per cent net profit. 
CROP IMPROVEMENT.—The need of better seeds 
for the farmers of the State was emphasized. Crop im¬ 
provement societies of the West were explained and 
urged as of great value to the East, greatly needed to 
deliver us from the tricks of seedsmen. Farmers read 
a glowing advertisement of seed, order it. and when it 
comes it is tagged with a label saying there is abso¬ 
lutely no guarantee of purity. Roving of home dealers 
was advised as a protection against fraud. But the 
wonderful increased yields due to selection and improve¬ 
ment of home seeds was urged as the best solution of 
seed problems. M. G. F. 
