Norwich Bulletin Newspaper, January 1, 1916, Page 25

size oF THE siLo. .“And the table below, likewise prepared station, gives height, diameter and capacity. . varying dimensions: 2 S 4 . . DIAMBTER IN FEBT. ; T JNERtC N .M W B g - o - Feet Tons Toms Tons . Tons ;2 SR s | B E ‘With these two tables to refer to any farmer fing a sifo to be able to get an approximate working .. .. size he qught to start with. fd e A8 TO THE COST OF SILAGE. ;7. Ksto the cost of silage, statistics aren’t worth much—I mean « its cost per ton In dollars and cents. So much depends upon the. acre, upon the cost of growing the acre, upon the rates farm might be pitifully short ‘for another. The Dairy the U. 8. Department of Agriculture has investigated widely separated parts of the country during the past The average cost of fllling these was 87 cents a ton. -.was $1.58 a ton. This, added to the 87 cents for filling, made . the average cost per ton, of silage in the silo, $2.45. But how impossible ' a basis’ for any individual consideration such an aVerage is may be seen from the further fact that the cost of a in individual cases varied from $1.10 to $5.42 per ton. the average was $2.45 per ton it cost at least one farmer $2.97 more than that for every ton he .put’in, while at least one other put in'his-tons for $1,85 less, each one. In this, as in most other things, the big fish have the best ..~ A small silo and & small crop involve greater pro- portional expense than a big crop and a big sflo. Where more <~ powerful machinery can be used for all the work the ton-cost is ' inevitably less than where hand-work is involved or even where the machinery cannot be run ‘at about its maximum capacity. Likewise, the proportional loss from fermentation. etc., is greater in e small silo than in a large one. - The area of exposed surface and of side walls is necessarily greater in proportion. to the en- tire ,of contents in a small container than in a large one. For these and other reasons, it is usually held to be real economy ulld a stlo “jest a leetle Pigger” than theory indicates the ‘need of; rather than build it even an inch smaller. _DON\"J‘!RNING THE PROFITABLENESS OF THE SILO. As/to whether a silo wiil ‘be ‘a profitable investment for any particular farmer is and must be a question solely for him to “seftle by and for himself. ~If he is ing from ten to a dozen cows and has land "which will produce awerage corn at avérage cost, thenm the ex- perience .of silo-users goes to indicate that he can increase his’ stock. by fromr two: to three times without any appreciable in- trease in the cost of their maintenance during the feeding -months.” That would ‘mean more milk, butter and calves to sell, and more manure to grow better crops with. . One thing more; the dnrymn who proposes to build him a 5 . 'sllo {sn’t-compelled to throw himself wholly upon the mercy of Contractors and supply dealers. The Dairy division, Bureau of m{ , U. 8. Department of Agriculture, if any such * will'tell it the size and kind of silo he intends to build, _will'send him & complete list of all material needed, free of cost. +-» And if he will ask for Farmers’ Bulletin 889 he wiil find in 1t - ~complets and detailed instructions for building concrete or stave 'z of Wisconsin-silos, with all needed plans and numerous drawings ‘to {llustrate each successive step In comstruction. ;. THE FARMER. PUBLICATIONS FROM MEN ra 7 o MAIMED IN THE WAR German Christmas Jewelry Catalogue Containg _Seotion for One-armed an o1 usual on _one sid 5 the Bruns. side. - dinary fork ‘with the inner o 31—t 18 o but the forks arranged has at last Norway Et then”jl)" in men. ere so-called fork-knives, con (Continued from Page , Eight) usefulness. ~His circle of = h‘l: hB:m‘;.u abilities and e characteris- | which he pract the_entire “stais 8 borders he was so well-known. trived in a very ingenious and handy rdinary manper. consists table knife with the cutting edge as having fork extremity | fed Another is an or- sharpened. ‘A “meat- mincer” consists of two sharp pronged pincer like or like chop sticks. Another offering is a little rack which enables a one-armed card- player to hold, arrange, and shuffle his cards. ered who "—Boston un-|a warm interest in his younger thin whose faderal: reserve in placing in the hands of the federal reserve banks $208,000,000 gold. Since the /initial payment of capital and re- 'serves, two additional payments banks, ‘and many of the city banks have deposited with: the federal re- serve banks a considerable additional amount of gold because of the fact that-they were permifteéd to carry ex. cess reserves with the federal reserv banks. By these additions to the orig- inal resources of the banks they have increased their gold holdings in their invested in bills and notes discounted and In bonds of the United States and ‘| municipal warrants to the amount of $78,000,000 and in addition to this the federal reserve banks have deposited ®old with the federal reserve agents In their respective banks to cover their Uability on note issues to, the amount of $133,500,000, making a tolal accu- mulation of gold by the federal re- serve during the first year of their operations, of between $400,000,- 000 and $500,000,000. This is probably the largest concentration of gold that this country has ever seen as a basis for credit and s good evidence of the success ‘of the federal reserve banks in ‘this direction. Confidence Reestablshed. In the last twelve months business confidence throughout the United States has been very generally rees- tablished. No one can measure how important & factor-the federal reserve ‘banks-have-been in their psychological § _effeét, but it séems beyond dispute that the establishmegt of these banks and the accumulation of the great re- sources immediately available as a basis for credit, should emergency arise, has had a powerful influence in establishing confidence in business eircles and the business community Phas felt that it" could without hesi- tation accept the great volume of bus- iness fiowing from Europe because of the assurance given by the resources of the federal reserve banks that such credit-as was necessary would be pro- vided, and provided promptly, to meet any neéds that might arise, or to take care of any emergencies that might be precipitated by the varying fortunes of war in Europe. The effect of the es- tablishment of the federal reserve banks in this connection $hould not be exaggerated, because many other things were important factors in this reestablishment of general business confidence, but it cannot be denied that the federal reserve banks contrib- uted. their full share in making pos- sible the rapid recovery that we have experlenced from conditions existing a year ago. Since the compilation of the figures quoted above _a second. .payment of reserves and further issues of federal reserve notes has increased the gold holdings of the banks to approximate- ly $482,000,000. Further transfers of regerves afe to be made in 1818 and by the time this process is completed the United States should have in its eral reserve banks a fund of gold not only sufficient as a basis for cred- it for our own business, but to enable us to extend credit in large amounts to foreign countries heretofore financed by some of our European frierids. This process of foreign financing has al- ready beén undertaken to a large ex- tent i the form of governmental loans, like the recent Anglo-French loan of $500,000,000 and other various smaller governmental loans, and through bank- ers” credits. It is doubtful whether the United States would have found itself able to so easily assume this position of flnancial importance in the world’s business had not the federal reserve banks been established and ‘this great reserve fund of gold bea made avaijable. In this respect the federal reserve banks been established and this great reserve fund of gold been made available. In this respect the federal reserve banks seem to have well justified the expectations of their sponsors and to have made excellent progress in performing a function never herétofore possible under our-in dependent bank system. e~ Facilities for Rediscount. The next activity to be undertaken by the federal reserve banks after the initial accumulation of gold was to provide facilities for ve-discounts for the member banks which contributed their nn;l;vu to the federal reserve turities and for some particular kin: of paper the creation of which, it hoped, will be encouraged rate. The Qquestion asked why, under the federal not more nearly coincide minimum discouht rate has been -al rate in. the larger m: icy governing the bank rates in this count tionably been wise—it erally accepted practice . in with the | the banks, * These notes are secured either | or import of merchandise, by the deposit of commercial paper or ith " the federal x:{resenuuve federal reserve banks. uv to hl\ll:i them h'f““: £ paper has pu rm, banks in & position unusual currency needs at request of any of the “and has provided an ent for y a low | gold “with in_the a - where a central -bank amt'n;‘un: in use-to'make such a rate as W precipitate too rapid a decline nor ac- ‘celerate too rapid an - ing for a stability of rates. Discouraged High Rates. E Unquestionably the establishment of money soon devel 1) pursued was in line. with ing practice abrosd- in’ federal reserve banks practicaily kept oyt of the market by maintaining a rate ‘somewhat higher. than ‘the going. discount rate. - Undoubtediy, in time, the discount rates of the fedaral re- serve banks will be-as important a controlling factor as the discount rates of the great European banks, but since the opening:of the federal . reserve banks, excepting perhaps the first few weeks, the federal reserve-banks dis- count rates have not.been a -tactor -of great influence to the couniry over, and they will not become so until the money market hardens and.‘he pres- sure for accommodation, h foreign and domestic, begins to rapidiy absorb our available supply.of credil: & If the disceunt rate works as it should the federal reserve bank rates should become an effective ¢ne with the first period of tight money in the country, The bank rate of the fed- eral reserve banks will become much more important when the business conditions of the world return to nor- mal, for then this country will un- doubtedly be confronted with a stren- uous effort on the part of all the Euro- pean countries to rehabilitate their|of gold reserves, which have been great- ly depleted by the financing ineidental ‘to the war. Every legitimate method will_be employed to attract the gold to European coffers, and our abfl- ity to maintald our reserves will depend ~on - the ~manner in which the diséount rate of the federal re- serve banks is adjusted to meet the situation. E Another Important Provision. Another and very important provi- of the law was that which au- ederal reserve banks to issue their notes against rediscounts of commercial paper by the member of retiring the emergency currency is- %\ud under the terms of the Aldrich- ‘Vreeland act was in rapid progress, except in the southern and southwest- .ern districts, and there the substitu- [ tion of federal reserve notes for Ald- ri¢h-Vreeland notes was rapid. In the other districts it was felt that it would be mflm% t:h substitute, -: tlu as r e purposes of cir- culation, federal reserve notes for gold certificates, - because- for, eirculation purposes federal reserve notes.are as good currency ‘as the gold certificate, but“they ‘are not good for reserve pur= poses for banks, nor for the mainte- parice of credits based upon-them, and consequently it ‘was felt that the po- sition of the federal reserve- banks would be strengthened by the /substi- tution’of-their own notes for gold, and this has' gone steddily on until. as mentfoned before, the federal re- serve - banks have issued federal re- serve notes to amount of $183,000,- 000, against which is held $166,000,000 in_gold, which, had not.this policy been pursued,- would have been in ula- tion-and+of no value.as a-basis for [ ¥ ne of the _important financial papers of the country has taken excep- tion to this process of substitution of federal reserve notes. for -gold, main- taining that it was.a process of infla- tion which should not be This position seems entirely untenable in view of the, fact that for every dollar of federal reserve notee issued, except e~ nst rediscount, there is Im- po..aded in the vaults of the federal reserve banks a eorresponding amount gold, ‘and. it simply means a substi- 4ution*of federal reserve notes for gold in the pockets of the people, where the gold is. of no value as -a basis for credit; and placing the gold. in banks, where. it can readily be made avgilable. So much for the operations the note issues during the first year. -of the federal reserve banks., | Development of ‘Acceptance Business. Ornie of the most Important and in- teresting activities of the federal re- serve banks has been the development of the accéptance business, le pos- sible by the authority given to the na- tional banks to accept bills change drawn in' connection with export the | practically all of the foreign business of the United States has been financed through London, and our bankers and merchants and manufacturers .| paid tribute to the English _money markets. Drafts were for -ac- ceptance in pounds sterling and were negotiated in the London market. The suthority given .to our national banks to accept bills of exchange has result- ed in a rapidly increasing amount of biils of exchange drawn upon :‘and | tio negotiated in our market and is going to be an immensely important influ- ence in the development of foreign trade because of the economics that will result for the American exporter and importer of goods and the pres- tige that it will carry with it in estab- lishing our large financial centers as factors in the world's money market. Since their establishment the federal Teserve banks alone have dealt in ex- port and import bills drawn against and .accepted by American banks to the amount of $37,466,000, and-though this is a very small amount as com- pared with the vast transactions of the London market, still it marks a real beginning and it has all arisen during and been creatéed Dby the first year's operation of the federal reserve banks, More or less complaint has been made of the great ease of money rates since. the establishment of the federal reserve banks, and because of their part in the situation, caused by the released reserves under the terms of the federal reserve act. This has un- doubtedly contributed largely to the situation and it is felt quite generally that the reserve reduction should have been made gradually and covering the perfod required for the compléte transfer of reserves. On the other hand, it must be borne in mind that the federal reserve banks were organ. |be ized for the benefit of the whole busi- ness community and phat the plentiful credit and consequent low discount rates have been important factors in our rapid business revival of the last few months and have enabled ' the United States to take a place in the-in- ternational money . markets which would otherwise have been impossible. A Difficult Problem. One of the most difficult problems has been the establishment of a sys- tem for collection of checks through: the federal reserve banks. Such a system was undoubtedly contemplated under the terms of the act, but the problem is so cast in volume and eo intricate and far-reaching in its rami- fications that in spite of -the fact that reserve o speration have heen wmll the gross urnha{- from Nbv. 18, 1814, to Sej 30, 1915, ».n..xrmu to o:r.:‘x:."' 1 as Wi expenses 2 B 843, but it must be borne in mind that he federal reserve banks tempted by a desire for earnings lng active compe- tition with their stockholding and de- banks in the given for the policy pursued by the federal reserve board and the banissg M. ‘Substantial Progress. Sometimes, from day to day, the progress of the federal reserve banks has seemed &low, but a review" of the operations for the whole year justifies the conclusion that the system as a whole' has made substantial ‘progress in all of the principal activities con- templated in the federal reserve act; that the organization of the banks has been an important factor in restoring and maintaining financial confidence in a period of unparalleled commercial disturbance and that a substantial foundation has been laid for the fu- No ‘one believes- that the financial has been the subject of constant|of- th it study for the last year by the officers of the banks the progress made to date has been small, but it is hoped that this furiction of the banks ‘can be largely extended in the mnear future. There is no doubt, however, that the activities of the federal reserve banks in this fleld have had a marked indi- rect ‘effect and the subject has been under renewed and careful study and e federal reserve-banks on 16; 1914, but it cannot be denled that In the 12 months since that date very substantial progress has been made in the development. of & banking system, more flexible, sounderiand more sci- entific than this country has ever en- Joyed and which should in time not only -provide all domestic needs, but make us a sharer with England in financing the trade of the world. ~ SAFETY FIRST The savings bank exists especiall afford to lose their principal. It is for those who want safety first. It pays as much interest as is consistent with safety. : If you get elsewhere a higher interest, you take more risk. Your money is protected by the character of the bank, by the laws of the state, ments. - . ' "The risk in: a' savings y for those people who cannot and by ;he carchl nature of the invest- bankns so small as to be practically nil.