318 
American Agriculturist, November 10,1923 
UNADILLA 
SILOS 
N OW is the time to arrange for 
your Unadilla Silo. While our 
factory is not rushed you may secure 
the famous Unadilla with the 
greatest saving ever offered on 
early orders. 
Send today for our large illustrated 
catalog showing details of the Better- 
Built Unadilla. 
Our Agency proposition 
open in a few counties. 
UNADILLA SILO CO. 
g ox g Unadilla, N. Y. 
SKINNER HYDRAULIC 
BARREL HEADING PRESS 
VOUR packing 
* equipment 
should include 
this well built, 
practical barrel 
press. Operated 
either by motor attached or by 
pulley from line shaft. Entirely self 
contained with pump mounted on 
base casting. Valves which raise 
and lower the hydraulic plunger are 
part of main base casting. Pump 
consumes no power except when 
actually pressing head into barrel. 
Work controlled by double foot 
pedal action. 
Other features of 
the SkinnerBarrel 
Press appeal to 
busy packers. 
Write at once for full 
particulars and prices. 
Skinner Machinery Co. 
Fourth Street 
Dunedin, Florida 
r 
I S 
As Low as $lO*h 
*uy your saw direct from the factory at lowest fac- 
Saw 
Buy your saw direct from the factory at lowest fac¬ 
tory prices. Every saw truaranteed absolutely satis¬ 
factory hr your money back. You can jjet a thor¬ 
oughly well made, dependable, absolutely guaranteed 
Hertzler & Zook 
Portable Wood 
for as little as $10, that will saw firewood, lumber, 
lath and posts Ripping table can be attached. 
Ix>west priced practical saw made. Other styles and 
sizes up to big contractors saws--all at money-saving 
prices. H & Z Baws are designed and made by saw 
experta of best tested 
materials,every one guar¬ 
anteed 1 year. Guarantee 
backed by $10,000 bond 
in bank. Write today 
for free catalog toitn 
illustrations , descrip¬ 
tions and prices. Full 
of s ur prising low 
priced bargains jot the 
farm 
HERTZLER & ZOOK CO. 
Box 44 Belleville, Pa. 
Guaranteed 
Uncle Sam Helps Farmers Get Credit 
How to Use the Various Federal Land and Intermediate Banks 
Direct from Factory SAW RIGS 
$103.00 to $130.00 
Send for Literature 
MORRISVILLE FOUNDRY CO. 
Morrisville, Vt. 
Write for a.copy today. 
SOLUTION OF THE MYSTERY 
THAT HAS COST FARMERS 
MILLIONS OF DOLLARS 
A cedar post outlasts a pine.so 
two rolls of wire fence may 
look alike, and cost, the same, 
yet one will last twice as long 
as the other. Our circular 
solves the puzzle and shows I 
you how to save that 100 per I 
Cent. You can know what you P 
are baying just as surely as 
you can tell Oak from 1 oplar. 
BOND STEEL POST CO., 28 East Maumee St., ADRIAN, MICH. 
T HE usually whimsical and always By J. VAN WAGENEN, JR. If ty 
ldelightfur‘George Duff has ‘recent- mortgages an “amor- carrying a mortgage. Let me say in 
ly remarked the fact that Congress ana lnciuut: that is to sav a fixed passing that, of course, an appraiser 
Government in general is doing every ^ semi _^ nnual pay ment which must never gossip. I don’t know if it 
thing possible to make it eas y 101 , takes care of the interest, but is just a happenstance or a character- 
farmer to run in debt In certam ways t 1 ^ I j; o k extinguishes the principal istic sex-difference but I have never yet 
literal“y true, at the end of a long period, the exact met a man who appeared to care f the 
Fvpr since the length of which may vary but most whole township knew about all his af- 
wlr and the prob! commonly is about 34 years. As some fairs. On the other hand I have met 
Jem of a world one has well put it, it is “the kind of a two or three women who first swore me 
food supply mortgage that never comes due.” to secrecy and then could hardly bring 
focused attention wf may repeat then that both types themselves to discuss their matters 
on the farmer, of banks are organized under different above a whisper. . 
everybody in- sections of the Same Act, both are de- There is one other rather important 
eluding Govern- signed to furnish the same type of ser- distinction between the two banks in 
ment and Big vice to farmer-borrowers and both have the fact that the Joint Stock Banks do 
has been the same underlying regulations and not require their borrowers to purchase 
sincerely anxious control There a?e about four respects any shares of stock, where as the Fed- 
Teething” in which there is a fundamental differ- eralBanks ^everykan^ondH.opal 
land ei The well- The first and most vital is that the amount of five per cent of the loan. On 
meant anxiety Federal Land Banks are organizations the face of it, it is rather ridiculous to 
Sr his welfare that ar e specifically forbidden to oper- say to the man wll^st given a 
seems to have ate for the purpose of private gam and mortgage for $1,000. Vv e will give 
r van wacenen JR declared itself any profit arising from their operation you $950 m real money and $50 in 
J. VAN WAGENEN, JR. ^ajed 1 1 s returned to their stock-holders shares of our-or rather your-mstitu- 
form of legislation Sng toward (that is to say their borrowers) in the turn.” Of course these shares are a 
IrPdiS industrial life has form of dividends on their shares of very gilt edged investment and their 
easier credits. .industrial nie this means anything, it value will be credited against the last 
ro^easUv'a^fo^rate^of^interest^as mean's that the borrower secure! his payment but still most borrowers want 
Wn^PofthrjSraMsandincen- money “at cost”-that is, at the lowest cash rather than investments The 
tWe” a|^ty and good times rate at which it is possible to furnish it. —er is ttfatUm Federal Land-Banks 
and having heard that the farm¬ 
er very frequently suffered from 
lack of sufficient capital and 
regular banking facilities, they 
have naturally desired in his 
behalf to correct these condi¬ 
tions. So to-day we have the 
twelve great Federal Land 
Banks, the seventy or more Joint 
Stock Land Banks and just this 
year the new Federal Inter¬ 
mediate Credit Banks. It does 
look as if the Government was 
-giving us every, opportunity to 
run in debt. I have no word of 
criticism of any of these institu¬ 
tions. I believe that in many 
cases they have supplied a real 
need and the fact that at the 
close of business on Feb. 28, 
1923, the Federal Land Banks 
and the Joint Stock Land Bank 
taken together had outstanding 
loans of more thhn 918 millions 
of dollars, shows that the farmer 
Land Bank Information 
S OME months ago we asked Mr. Van Wagenen 
to write for you an explanation of the pur¬ 
poses and plan of operation of the three Federal 
Banks that deal with farm loans. In our issue of 
May 26, Mr. Van Wagenen wrote about the Fed¬ 
eral Land Bank. On this page is an interesting 
article about the Joint Stock Land Bank and in 
our next issue there will he explanation. of the 
Federal -Intermediate Credit Bank. If you pre¬ 
serve these articles you will always have at hand 
an accurate explanation of how these important 
institutions operate and how to go about it, should 
you wish to secure a loan.—The Editors. 
are not organized to make a 
profit for any one, but is an 
absolutely cooperative enterprise 
and that the dividends on these 
shares is really their method 
of distributing their surplus—a 
surplus that in the case of a 
Joint Stock Bank would go into 
the pockets of the owners. The 
purchase—or better—the de¬ 
duction for shares is all right 
if we can take the long look 
ahead but it sometimes seems 
rather hard on the man who 
feels that he needs in cash every 
possible dollar that his loan 
calls for. To be perfectly fair, 
it ought to be stated that theore¬ 
tically thosq shares are assess¬ 
able in case of insolvency— 
although this seems a rather 
remote contingency. 
From what I can learn, the 
requirements of the Joint Stock 
Banks regarding what sort of 
NATURAL LEAF TOBACCO lbs?, $3 g 00. Smokin'.’, 5 
» -i i.i i'" — — ~ lbs., $1.25; 10 lbs., $2.00. 
Pay when received , pipe and recipe free 
FARMERS TOBACCO UNION, Dl, PADUCAH, KY. 
to a smpnsinp- exteit has availed him- On the other hand the Joint Stock property can be offered for loans, is less 
Slf of these facilities Banks are corporations frankly organ- rigorous than m the case of the Federal 
At the time time I have the convic- ized for the purpose of personal gain- Banks. The formqr can oan on land 
Hn „fW nftpr ill the greatest need of an object that is of course m no way operated by tenants or held for specu- 
he farmer ^ is not eas!S credits and reprehensible. It is true that they are lative purposes while the latter are 
hotter banking facilities but rather a forbidden to charge an interest rate practically restricted to agricultural 
reorganizatior! of our Celling system greater than one per cent in excess of lands operated and controlled by the 
that will enable the farmer to retain the rate of interest which they must owner. 
for himself a larger share of the con- pay on their bonds, but having complied Perhaps it will be safest for me to 
sumer’s dollar It is however, very much with this regulation, any profits arising sum the matter up in this fashion, 
easier to provide the banking system from their operation becomes the prop- Both plans can help the farmer and the 
tuff j- a cni't of fiat legislation erty of the owners of the bank. I can- amortization plan common to both, gives 
thS may be fmposed upon the*farmer not escape the feeling that the. differ- a safety and security and yet certainty 
from above while a cooperative buying ence is a most fundamental distinction. 0 f ultimate payment which is surely 
and selling organization must be a mat- I do not know that it is worthwhile not a part of the usual short term loan, 
ter of education growth and individual to worry about the question of .the fail- The old-time farm mortgage between 
iovaltv ’ ure e ither the Federal or Joint Stock friends and neighbors was generally a 
Some weeks ago I tried to set forth Banks. As a matter-of-fact, both of very human sort of document and it 
something of the plan and procedure them are subject to pretty rigid super- was usually construed in most liberal 
of borrowing from the Federal Land vision, both deal with what ought to be an d kindly fashion. I do know, how- 
Binks the world’s premier security—agricul- ever, that more recently m the neigh- 
rrv, AM- ixrbipb nrnvided for the tural land—and it is certain from the hoed of cities there is a tendency to 
oJ a oi 7a Zn^f these^seSublic insti- market enjoyed by their bonds that sell lands on contracts that would draw 
ToHoos ZderGoZZierZlZpervision both are most favorably considered by a smile of approval-and envy-from 
A Tlio n-mvid!d P for the the big banking houses who buy their Shylock. I am not much given to sug- 
fZnkation of privately owned institu- bonds in blocks of millions of dollars, gesting remedial legislation, but I do 
fn ? general wav aTe in- It is interesting to remember however think that we might have some modifi- 
rions which in g Y that each of the twelve Federal Land cation of our laws that would draw the 
rice^s that given bv the*Federal Land Banks is responsible for the debts of teeth.out of some of these smart-law- 
Ra!ks 1 Thefe are \he so-called Joint every other one so that no failure could yer contracts which enable some land 
Land Banks and already about occur unless all twelve went crashing sharks to fleece the innocent and ignor- 
Stock Land Ban ? down together while on the other hand a nt “back-to-the-lander.” Much this sort 
tt Act” every Joint Stock Bank is an individual of thing was done in behalf of the old 
S rt mmt hP understood that a Joint enterprise and independent of every time merciless life insurance contract 
qt^k Land Bank “ not a “mall affiir other and we might well recognize the prm- 
that may be set up as a local com- Another distinction lies in the fact ciple of certain equities in contrac s 
munity enterprise. B must be organ- that the Joint Stock Banks have less where phave been made, 
ized by groups of not less than ten machinery of operation. For one thing ( Continued next weetc) 
persons and with a capital stock of at there is no “Local Loan Committee,” a -. 
least a quarter of a million dollars of feature which plays such a large part 
which at least one half must be paid in in the Federal Land Bank. This does “TUNE IN” 
cash. In a general way the powers and aw ay with one step (often a very halt- , . 
privileges of the Federal Land Banks ipg step) in getting a loan and henee American Agriculturist broadcasts 
and the Joint Stock Land Banks are permits the giving of prompter service, market reports from Station YY EAT in 
• -i There is also the additional fact that cooperation with the New Yoik State 
Once'having completed its organize- the elimination of the local loan com- Department of Farms and Markets o„ 
tion and paid in its entire capital stock, mittee does not make it necessary that every Tuesday, Wednesday, Ihuisda, 
the TointStock Bank may then proceed a man’s financial affairs be canvassed and Friday at 11.50 A. M. These re 
the Joint OTOCK oar y f neighbors, and this item of ports cover the daily conditions of the 
to issue bonds d . privacy may be desired in some cases, market and include quotations of van- 
captafXk q Bo{h classeT ‘ftank! EulhTis true that the great ma- ous farm products, received for that day. 
