The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1918-09-13

Mr.. Norman Lombard, the presi-
dent of this company, has had a
training which peculiarly fits him
for this work. He is a mechanical
engineer by training and a well
known tractor expert. He has also.
been active in financial affairs being
the head of the Investment Banking
House of Norman Lombard and Co
For many years, he has been con-
nected with companies making loans
to farmers and has made loans in
Oregon and other states for such
companies as the Union Central Life
Insurance company of Cincinnati,
Ohio, the Prudential Insurance Co..
of Newark, New Jersey, and others.
Mr.. Lombard says: "The farmers
are the bulwark of this nation. The
winning of the war depends largely
upon them" Food will win the war
is a slogan all of us have heard,
but we are just beginning to realize
that it is absolutely true. Now
tractors, trucks, threshing ma
chimes and other kinds of power
farming machinery are necessary if
the farmers are going to turn the
trick. Labor is scarce, expensive
and inefficient on the farms today,
because of the draft and the lure of
high wages in shipbuilding cities
As result tractors are being
bought by farmers as never before
Unfortunately, there has been no
proper system to finance the pur-
chase of these tractors on time
spreading the payments out, say,
over two seasons. The length of
time which the farmer needs has
been the big stumbling block. Most
financial institutions don't under
stand the farmer, and therefore they
mistrust him. We know him per
fectly, and therefore trust him.
For generations, my people have
been lending to farmers, and they
are the surest pay, most depend
able, most honest of any class of
borrowers.
"Now, our plan for financing these
long time sales of tractors and
ether power machinery, is, really
very simple. The farmer merely
pays a small part of his purcase
price in cash and gives his note for
the balance, payable at such times
that the saving and increased profit
resulting from the tractors use will
meet the payments. Anyone who
knows how scarce, expensive and in
efficient farm help is today will
realize this is a great thing for the
farmer.
1--WE have been splendidly received
by your Chamber of Commerce of
ficials, your bankers and your nipple
ment dealers and anticipate great
satisfaction from our Portland con-
nections."
The Federal Reserve Board at
Washington recently gave out
special ruling to the effect that trac-
tor paper should be considered as
agricultural paper within the mean
ing of the Federal Reserve Act and
entitled to re-discount as such, this
applying, however, only to notes
running six months and less.
The government farm loan system
has nothing to do with tractors, be-
ing confined by law, to loans on
mortgages. Somehow the impression
has gotten around that the govern
ment is financing tractor sales or
helping to sell some one make of
tractor. The government wants
farmers to buy tractors-good trac-
tors which will do the work required
but it is taking a position of abso-
lutte neutrality as between the diff
fcrent tractors and is allowing the
private financial institutions to show
their patriotism by handling this
business for farmers. 1t now looks
as though sound, helpful plan has
come to light.