New-York tribune., 1907-09-12
GET MONEY IN WEST.
Secretary HiLson Finds the Usual
Conditions Changed.
rB- Telegraph to Tho Tribune. ]

Washington. Sept. 1.-The money OF the farmers
throughout the West and tho South IS being used
N New York and other financial centres for the
purpose OF furthering huge manufacturing enter
prises. railroad building and other such enterprises
according 10 Secretary Wilson OF the Department
OF Agriculture. That there IS call upon the
East FOR funds 70 move crops is the belief Of the
Secretary. and he insists that money is at present
moving East. instead O West
Banking houses IN the East sending out cir
culars TO the smaller banks throughout the farm
ing sections Offering special Inducements FOR loans
high class Eastern securities. This Information
comes directly TO Secretary Wilson from friends
who owners OF small banks in Iowa and else
where The large institutions have discovered he
says. that sums Of money are I'm the smaller
banks II having been deposited there by the pros
porous farmers.
Chicago is in the market with the Eastern cen
tres. and the bidding for these deposits is brisk
High interest rates or long time offered. The
rates range from TO per cent and even higher.
payable in advance One big manufacturing CON
Germ is offering per cent discount Railroads are
asking for money for terms Of three or four years
and are willing TO pay 6i9 per cent more. They
are willing TO borrow small sums. as low. for In
stance as 1900 They are reaching for the farm
ers money through the small banker
Secretary Wilson declares that the fnanciers are
Just beginning to appreciate that If they want
money they must the who produce the
most Of it. the farmers. The Secretary said:
Last !.esr the farm products Of tbs country were
from 800 Ooo0 TO 81 900 0r60 90 more II is not pos
sihe TO give the exact sum. but that the value Of
the crops viii be greater this year have doubt
What other element of our population produces a 8
much thIs1
have often told capitalists that II they would
make their railroad and other securities as safe
government bonds they would have no trouble IN
borrowing mcney. The recent exposures OF the
methods OF juggling with railroad securities and
a sort Of thing have made people doubtful
about where to lend their money The man that
take proper steps will not have difficulty In raising
money.
The country bank Is close 20 tie farmer. His
money is deposited there. and he receives interest
on In ironciad securities The bank holds the
paper virtually in the hands OF the farmer
himself. -.
With the increase in the demand for Western and
Southern money the details Will be perfected ana
the transactions will he made more and more On,
roctly with the farmer. This producer or the real
wealth of the country Is coming 70 be more, OF q
financier than il was thought he would ana
the end is not yet
Secretary Wilson confirmed the statement maze
lv ! p Mathews in The Tribune OF this morning
10 the effect that the cotton crop of tlle South
,,ould make a record for value this year He goes
further and states that the whole crop OF 'he
country will be OF greater value than any crop
over raised This does not mean that II Is hlgstr
croD than has beer grown in some previous years
but that it will bring more money because Oh 'iie
higher prices that prevail this year