Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-10-13
BIG FARM PROFITS
AID LIBERTY LOAN
High Prices Expected to Re-
suit in Large Buying
of Bonds
By CHARLES X. BROWN


as > u per cent; second the Governments
October crop report. The latter. for all
ment. although the figures are subject to
change in the Department OF Asrculture's
hnal report at the close Of tho year.
II confirms recent reports that the corn
yield viii he "A record marker, the depart
ments figures indicating an outturn Of
8,21o, 100000 bushels. This compares with
2.5s3.2Oo. 900 bushels In 1916 and fve-year
average G9il-l5) Of 2,514,2OO,00O bushels
The nearest approach TO this years yield
was that Of the phenomenal year Of 3,t2i-
$4,000 bushels in 1912
But Il is the wonderful prices that the
farmer IS receiving for his products that
Is quite important as the large volume
The price Of corn, for instance, on october
is given by the Government at Sl.75 l-lO
against only So $40 cents a year avn
In other words. tho value TO the farmer
Of 3.2OO, 900. -bushel corn crop is
$500. 600. .00O. which Is n rather satisfying
total when wc consider the requirements
Of tho Liberty Loan and the fact that such
active efforts are being made TO secure the
support Of the farmer to this loan.
II IS well known that the farming clc-
mcut was very backward in its subscription
TO the June loan. This has its own on
PLANTATION namely. that the AGRICULTURAL
sections always e. I'm debt at the beginning
of the season and, moreover are SO busy
with their farm work that II is an exceed
ingly difficult matter To interest them in
matters outside their immediate boundaries
But their crops being all in now and their
operations having been so unprecedenieuiy
favorable, it seems quito logical to expect
an altogether different result for their cur
rent loan.
GAINS IN PRICES
The price of corn Is merely representa-
tive Of all other main products. The pcto-
Der ] price Of wheat, for instance, as re-
fu GID g
against sl.36 $40 on october l last year
The price Of oats is 62 $40 cents, against
- J-l0 cents barley is Sl.lS 9-lV, against
IS $40 cents: rye, Sl69 S-lV, against
S.Oi ito: buckwheat. Sl5i 4-lO, against
80 40 cents: cotton, % $40 cents, against
10 5-lO cents. and so on throughout the
s Inc %nea1 TIUp Tt tL9t OS GsS SesU 900 ooS lush
eis which is 20 oOO, 600 in excess Of last
year The average for the fve-year period
referred to above. however, SOG.3OO, 900
bushels
nj, ,., .-. ..., ,..,. r,,,,,ors ,,o
it' ne, -, ~ - 1,,,,,, tI, r,,,,ri,-
t..s ,,..t,,,, -. ,Ia, :; ,,..;I,bro
80 it - H., ,,,,I,Iri- ~ inGrs-
@ ,uI an 'o..'I ", .,'' ,,,,si,i,, t,i-os
49, - -, ~, go, ono lno,,,.
w. "ylL % -. III ~
EE ms uuI ", -. s,i ,,,,o
,,,V aa,,',eta a.. w., 1.,,,,,,>
." y" Wv I9.t' ,,. T., ,.,,, l.;
ne saI.u - %pp'.2 er,a. 30 Ji,.,,,
,.'t ''uuS'' "a plSl's' , .o oVor % ,' I,,.ih'
,9e ~ TO- ahjii., 80 ,sU a,.y i,hor
%, 9o w. '''s tT s..IiI 1 ,'i
ciasers that are more particularlv feeling
nh, nrcat r,i,cb Of ,he situation
In bankjnr CIRCLES IN wall street there
arc Indications that advances In wages
viii be announced in the near future. taking
the place of the bonuses that have hereto
fore brcn the practice The National Bank
In. r,,I
stautial iucYeases the extra CONDENSATION
amounting to 20 per cent OF annual salaries
for cmploves receiving less than $4,000 a
year and Is per cent for employees rccelv-
ing up TO $4,000 u year. AS the banks usual
ly act in harmony in matters such as these
this action may be regarded as significant.
rr,, ,,,r, r,ro,r cr,pt>,,-r,>.C,,.
As 10 the money situauon' the reiet
from the recent strtngcnGy Is as everybody
Knows ariihciaI anu arDIrarF' Inc com
mittee or bank oH!cers and bankers which
II Worhhg as ulstIhCt uhlI WIN
Yorl; district. mas obtained pledges for a
large volume OF funds. S2O0,OOO.OOO being
Immediately available and is lending at its
discretion whatever amounts are necessary
to keep rates down, That they viii he
successful there can be no doubt; for ii is
recognized that nothing could defeat an
oversubscription TO the war loans 50 ef-
fectively as To have the situation upset by
unsettling rates OF money and fears that
banking accumulation Will not be avail
able for day-to-day enterprise.
As we are now approaching the sea-
son when year-eud money anxietics exist
even in normal times. It becomes evident
that our banking interests have before
them a very delicate and scientific prob
lem The Treasury, Of course will co-oper-
ate by leaving the funds on deposit in the
ban;s as long us possible. on the other
hand, the Treasury. by issuing short-tcrn
certificates of Indebtedness. is pursuing a
very wise course since as a matter Of fact
these certificates for all practical purposes
act as anticipatory subscriptions 10 the war
loau. That is to say, they mature during
the period Of the war loan installments
thus making to the extent of their repay-
nent n bookkeeping transaction of that mart
Of the loan.
But looking at the money position from
any broad standpoint, II Is. TO quote n very
well-known banker at this center mo time
10 be I'm debit
.,-.-,,.,,,., ,.,, ,.,, ,,-
sOCl'CES Of LAlE LlQCIDATlON.
As TO the sources of the liquidation that
have been responsible for the steady down