338 
American Agriculturist, November 17,1923 
“Starts 
every time 
Hot 
or 
Cold” 
Fairbanks -Morse 
i 
engine 
o 
C. E. Sumner, Nettleton, Miss., sayss ... 
“Three years ago I bought a *Z*. I have not spent 
one penny for repairs. It starts every time you 
call on it; makes no difference, hot or cold. Uses 
less fuel for power developed than any other I 
ever ran.” . ... R. H. Kingsbury, Fort Worth, 
Texas, says : . . . “I have been using a ‘Z’ engine 
for about three years for irrigation. I have never 
suffered 4 loss due to insufficient water.” 
Over 350,000 users have approved the "Z” 
Engine. No matter what your power requirements, 
there is a “Z” Engine to exactly suit your needs. 
Over 5,000 dealers carry these engines in stock 
and will save you money on freight. 
IK H. P. “Z” (Battery Equipt) $ 54.00 
H. P. “Z” (Magneto Equipt) 74.00 
3 H. P. “Z” (Battery Equipt) 
3 H. P. “Z” (Magneto Equipt) 
6 H. P. “Z” (Magneto Equipt) 
f. o. b. factory 
Add freight to your town 
90.00 
110.00 
170.00 
FAIRBANKS, MORSE & CO. 
Manufacturer* 
CHICAGO 
(849) 
Eastern Branches 
_ New York Baltimore Boston _ 
/•As Low as $l0*t 
Buy your saw direct from tbo factory at lowest fac¬ 
tory prices. Every saw guaranteed absolutely satis- 
oug^hl^welf ^ade^^ctTerH^ble, ab^olutely^gimranteed 
Hertzler& Zook 
Portable Wood 
Saw 
Guaranteed 
f^ a8 as . $10, that will saw firewood, lumber, 
lath and .poets. Ripping table can be attached. 
Lowest priced practical saw made. Other styles and 
nn>pH P w * % c " ntractor ? saws--all at money-saving 
prices, 5 & Z saws are designed and made by saw 
experts of best tested 
materials,every one guar¬ 
anteed! year. Guarantee 
.backed by $10,000 bond 
in bank. Write today 
for free catalog with 
illustrations, descrip¬ 
tions and prices. Full 
of surprising low 
priced, bargains for the 
farm. 
HERTZLER & ZOOK CO. 
Box 44 Belleville, Pa. 
KITSELMAN FENCE 
“I Saved $28.40/’ says I. D. Wasson, 
Orbisonia, Pa. You, too, can save 
We Pay the Freight. Write for Free 
Catalog of Farm, Poultry, Lawn Fence, 
KITSELMAN BROS. Dept. 20SMUNCIE, INO. 
Chewing, 5 lbs. $1.75; 
10 lbs. $3.00; 20 lbs. $5.25. 
Smoking, 5 lbs. $1.25; 
FARMERS UNION, MAYFIELD, KY. 
The Intermediate Bank 
The Third Type of Federal Credit For Farmers 
J. VAN WAGENEN, JR. 
Natural Leaf Tobacco 
10 lbs. $2.50; 20 lbs. $4.50. 
This is the concluding 
article on Federal credit 
facilities for the farmer, 
written by Jared Van Wagenen, Jr. Last 
week he discussed the Federal Land Bank and 
the Joint Stock Land Bank. In the following 
paragraph Mr. Van Wagenen discusses the 
features of the Federal Intermediate Credit 
Bank, Be sure to save these articles for future 
reference, for they contain valuable informa¬ 
tion relative to the features of the various 
banks, written in Mr. Van Wagenen’s charac¬ 
teristic style. 
O NLY last spring, April 1923, Con¬ 
gress still intent upon giving the 
farmers further credit facilities, author¬ 
ized the Federal Intermediate Credit 
Banks. There are twelve of these in¬ 
stitutions, located in the same cities as 
the Federal Land 
Banks and very 
closely related to 
them, although 
their affairs are 
supposed to be ab¬ 
solutely distinct. 
Each one of 
these institutions 
has a capital stock 
of $ 5,0 0 0,0 0 0, 
which is sub¬ 
scribed by the 
Secretary of the 
Treasury, so that 
it might be said 
that they are 
strictly Govern¬ 
ment institutions. 
Their function, in 
the language of 
the law, is to furnish credit facilities 
“for any agricultural purpose or for 
raising, breeding, fattening and market¬ 
ing of live stock”— a fairly liberal in¬ 
tention of function. Just what con¬ 
stitutes an “agricultural purpose” will 
probably be determined by the rulings 
of the Federal Farm Loan Board. 
Such loans shall be for a period of not 
less than six months or more than three 
years. 
The Federal Intermediate Credit 
Banks are not designed to loan directly 
to the individual farmer. As a matter 
of fact, it would be wholly impossible 
for them to know anything about either 
the character of a loan or the worthi¬ 
ness or responsibility of a borrower 
hundreds of miles away. 
Loans Through Local Banks 
What they are organized to do is to 
“rediscount” the agricultural loans of 
any National bank, State bank, trust 
company, incorporated live stock loan 
company, or incorporated cooperative 
agricultural organization. These insti- 
tions are essentially local and it is their 
duty to investigate the loan and the 
security offered and to become respon¬ 
sible for its collection. It does not seem 
likely that just at present there will be 
any very extensive field here in the 
East for the Intermediate Credit 
Banks. 
The cattle country has long had the 
habit of borrowing money for carrying 
feeding cattle and it is probable that 
in these sections, the plan may be used. 
In distinctly perishable products, a six 
months’ loan is not needed—or at least 
the security offered would hardly be 
satisfactory. 
I see no reason why our wool pools 
cannot come in under the system and it 
is also sure that purebred cattle might 
be .distributed on farms under this phase 
if some local bank or incorporated agri¬ 
cultural organization will act as the 
local agency. The whole movement is 
still so new that policies and procedure 
is not yet fully determined, but I under¬ 
stand it' to be the expectation that loans 
will be made up to 75 per cent of the 
appraised value of cattle carried under 
this plan. 
Loans Direct to Cooperatives 
Direct loans may be made “to any 
cooperative association organized under 
the laws of any State and composed of 
persons engaged in producing or 
marketing staple agricultural products 
or live stock if the notes or other such 
obligations representing such loans are 
secured by warehouse receipts or by 
shipping documents covering such pro¬ 
ducts.” It is also provided that no loan 
shall exceed “75 per cent of the market 
value of the products, covered by such 
warehouse receipts.” It might be noted 
in passing that this is a very liberal 
By J. VAN WAGENEN, JR. loan limit 
where the 
and one 
margin of 
safety could easily be wiped out by a 
falling market. 
The whole Agricultural Credits Act, 
signed by the President on March 4, 
1923, is a long and weighty document 
of 228 paragraphs and it will, to some 
extent, have to be interpreted by the 
rulings of the Federal Loan Board. 
There are not lacking some thought¬ 
ful men who insist that making it easy 
for a man to get in debt is not the best 
way to help him in the long run. I am 
not going to express an opinion on this 
particular phase of the subject, but I 
do feel that this ponderous Act covering 
the three types of banks, established 
for the purpose of affording credit 
facilities to farmers is at least proof of 
the fact that the Government wishes 
the farmers well and has not been care¬ 
less of his welfare. Perhaps it is not 
too much to say that Congress has tried 
to give us some special help such as it 
has not offered any other class. 
BANK A CONVENIENCE AND A 
HELP 
I would like to say that I have found 
the bank very convenient and a great 
help in many ways. I am only an ordi¬ 
nary farmer who started out in life 
as a hired man, my only assets consist¬ 
ing of a few work clothes. 
Our little town bank was organized 
about fifteen years ago, about the time 
I began farming. Like many others I 
needed money. About my first visit to 
the bank was for a loan, and the 
cashier, a new man in our town, had to 
call one of the directors to see if I were 
financially sound. I heard him answer 
that the cashier was to let me have 
what P needed and if I didn’t pay, he 
would be responsible. 
Since then I have passed several thou¬ 
sands of dollars through this bank, and 
I am glad to say that our relations have 
been very pleasant, convenient and 
profitable as far as I have been con¬ 
cerned. 
I seldom have much cash at hand and 
pay nearly all my bills by check. This 
gives me a receipt and sometimes saves 
me from paying bills a second time. It; 
also gives me a record to show me where 
my money has gone. I also go farther 
by this method, for I believe a person 
will be a little more conservative when 
making a contract if he has to stop to 
write a check. 
I believe that the farmer whose credit 
is good might use the local banks to a 
greater advantage than many of us do, 
when we lack sufficient capital to do 
business. At this time of the year, we 
can usually buy feed for considerably 
less money than it costs later. By 
securing a loan from the bank for this 
purpose, we might put in our winter’s 
supply and save a good many dollars by 
paying the bank only a few dollars’ in¬ 
terest. 
The best way would be for several 
farmers to pool their orders and buy in 
car lots. This same method might apply, 
to many other purchases made for the 
farm. We hear much of rural credit or 
farm loans and easier way for the 
farmer to oblain money with which to 
do business, I believe too easy credit 
might prove a curse to many farmers 
and agricultural interests as a whole.— 
E. W., New York. 
“TOOTH AND NAIL FOR 
HIBITI0N” 
PR0- 
I notice your article “Are Farm 
People for Prohibition?” I am a 
farmer and am tooth and nail for pro¬ 
hibition. I know every farmer in this 
vicinity and am sure that 80 per cent 
are dry. 
Let the writer of the letter that heads 
your article line the wets in one row 
and the drys in an opposite row, walk 
up and down between them, see which 
crowd he would prefer to belong to. 
If the writer of the letter will give 
me one convincing argument why I 
should vote wet, I will vote it. For the 
one, I will give him one hundred reasons 
why I should not.— J. A. F., Schoharie 
Co., N. Y. 
LANterNS 
No. 160 
$1 
.50 
Emhlirv is one of the oldest names 
J in America, and in the 
lantern business it stands for solid 
worth and progressiveness. The Em¬ 
bury Supreme Oil Lanterns are models 
of convenience, strength and dura¬ 
bility. Ask to see one the next time 
you go to the store, and compare it 
with any other. 
No. 160 Embury Supreme burns 35 hours, its 
improved burner, one inch wick, gives 20% more 
light, it is windproof and rainproof, and will 
give lasting satisfaction. 
Order from your dealer. If he 
has none in stock we will mail 
postpaid on receipt of price. 
NOTE—When ordering by mail, be sure and mention No. 160 
EMBURY MANUFACTURING CO. 
t WARSAW, Dept. F, NEW YORK 
HERE’S WHAT YOU WANT 
Made from 
heavy, tough 
wrought steel — 
double tinned— 
they wear well 
and the handles 
are shaped just 
right to fit your 
hand. 
From 34 years 
experience we 
know you’ll find 
satisfaction with 
our line of milk 
cans and other 
dairy equipment. 
J. S. BIESECKER 
Creamery, Dairy and Dairy 
Barn Equipment 
59 Murray St. New York City 
You Really Need STRUVEN’S 
FEEDING 
For Better ROULTRY, HOGS and STOCK 
Actual experience of users has proved 
STRUVEN’S FISH MEAL to be the ideal 
feed supplement, as it adds the essential 
proteins and minerals for health and 
growth. STRUVEN’S FISH MEAL is made 
from fresh, whole fish—finely ground — -clean 
and nourishing. It is less expensive and 
superior — by test — to animal concentrates. 
STRUVEN'S FISH MEAL wins increasing 
popularity daily — by real value. 
Free Feeding Instructions and 
Free Samples on Request 
CHARLES M. STRUVEN & CO. 
114-C S. Frederick St., BALTIMORE, MD. 
Id Direct from factory 
Our new selling plan saves you big 
money. Same High quality. Prices 40% lower. 
PREE Write for free catalog showing how you can 
■ NOW buy Famous Peerless Fence —Gates — 
Posts—Roofing and Paints, at prices that will surprise you. 
PEERLESS WIRE A FENCE CO., Dept., 3005, CLEVELAND, OHIO 
Other Sizes up to 
22 H.P . 
at Low Prices 
IWs43« 
I frfj°rvL y0 & b “ y a P y engine, Bend 
I *P r Free Engine Book and Low 
I Factory Prices. Write today. 
I OTTAWA MFG. CO. 
^Desk 1054-LMa geeJUdg. Pittsburgh, 
JO A TCMTC Write today for free in- 
rAl Ull I struction book and 
Record of Invention 
blank. Send sketch or model for personal opinion. 
CLARENCE A. O’BRIEN, Registered Patent Law¬ 
yer, 328 Security Savings & Com’l Bank Bldg., di¬ 
rectly across st.from Patent Office, Washington, D. C. 
