The sun., 1917-07-01


lamb, In other words Of Wall
= Street and the farmer. being
hooked up together and led to the
plough by a little man from up State
is presented for the edification OF those
who have doubted the patriotism Of
either.
ID Wall Street has gone to farming this
year 1t has invested so far 100000
In seeds and fertilizer for 1000 New
York State farms, is charging An per
pent. interest and ii not requiring any
security FOR the loans. And back Of
This financial enterprise are such men
- A. Barton Hepburn of the Chase
National Bank, William Woodward Of
the Hanover National Bank, Jacob II.
Echlff OF Kuhn. Loeb & Co, Robert b.
Van Cortlandt, a director OF the State
Land Bank; Clark Williams, president
Of the Industrial Finance Corporation.
and William Church Osborn,
Wall Streets connection with the
proposition began along in the first
lwee,t in April when Mr. Osborn ran
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stirring days when war hung in the
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s % "e ,ou a
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her S~rpr"'
Along about this time he fell in with
NJ. Osborn and told him his plan. Mr..
Osborn invited him to lay It before
certain men whose names carry weight
n national and international finance.
1fr. Cole is little, wiry sort of man
and he has the punch to put over his
remarks. He told the men OF finance
That the question Of bigger crops, not
pnly in 1917 but in 1918 as well, was
pretty much question OF money.
"A farmer can't increase his opera
dons at present prices without some
cash. he told them.
oI, h.
Hemen of finance. who deal in terms
Of millions and billions.
"Oh. a matter of $25 or $50. maybe
eioo." replied Mr.. Cole. Tipping the
ashes from his cigarette.
It was like hitting mosquito with
o eledgehammer. The men OF high
finance were inclined to pick up their
hats and go home. But the meeting
was at Mr.. Osborn's house, and to do
that would not have been polite But
the idea of getting them together to
talk about financing a loan Of $25 or
$50 was not in keeping with their ex-
perience.
Why" they said to Mr.. Cole. they
can step into their home bank and
raise $25 or $50 on a note"
Can theyF retorted Mr. Cole. Then
he went on to enlighten these mighty
men of money on some phases of farm
ainance they did not understand. He
told them that to go to village bank
20 borrow money set farmer down as
improvident and hard up; 1t hurt HE
credit.
This was a strange doctrine to tell
Enrts ~ bns,rsss r,n ON crsdi,
He told them, Furthermore. that
Farmers would not borrow money be-
cause 1t subjected them to the humilia-
don of having their personal affairs
dragged out for the inspection OF their
heighbor, the banker. Besides, a loan
would involve mortgage or the in
norsement of their note, and in the
country people shy at indorsing notes
worse than a colt SHES at its first
automobile.
And over and above all that, he told
Them, If any group of gentlemen in
New York were waiting for farmers to
20 ahead and borrow money, even II
ehey were inclined to do so, it would
involve so much delay that the spring
blanting would be too late.
'If you want a crop this year he
NDld them, put come money in the
Mariners hands right away and let
MEM do the rest. They know what
hhey can raise and how much 1t will
tcost. There's great chance for men
l0f money to do big patriotic service
20 their country by affording means
for the spring drive"