The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1920-11-27

'oi IN statement pre-
pared for publication, Charles H.
sabn, President of the Guaranty
Trust company, comments on cur.
rent conditions as follows.
There are some important consid.
erations which should be borne in
mind in the present situation by all
who seek to alaliza iY accurately.
"In the first place, there is moth
ing mysterious or unexpected about
the. present conditions in either the
commodity or security markets. For
months it has been certain and it
has been repeatedly so stated by stu.
dents of the situation, that there
must be a liquidation of commodities,
securities and labor before this coun-
try could fully recover from the ef-
fects of the war and-be restored to
anything like a normal business bas-
is. 1t was inevitable that the pro-
cesses of readiustment should be
painful in many respects and in
many instances, but that they we're
and are inevitable was matter of
common knowledge among all who
seek to study these problems from
immediate selfinterest. The regret
table thing is that, as commodity
and security prices reached points
far above their real value in the
boom period, so they are today fall.
ing to points far below their real
value. Necessary liquidation is pro-
ceeding-after the manner anticipated,
on the whole, but there are yet sew
eral steps to be taken,
Perhaps the most important OF
these is for retail merchants to
realize that they too must meet the
inevitable economic trend and adjust
their prices to meet the new condi-
tons Only in that manner can the
situation be stabilized and frozen
credits thawed cut. | know this is
not pleasant message, but I am
firmly convinced that the sooner
such policy is pursued, the less
costly and painful it will be- to all
concerned The process of ~deflation
must include all the elements in the
body economic sooner or later and
there can be no escape from the in /
exorable law which directs it. Dodg
ing the facts or attempting to post
pone the inevitable will not bring
immunity to anyone whether his in
terest lie in production or distrbu-
tion, capital or labor.
"The unfortunate effect in such a
situation is always that many inno-
cent parties are made to suffer
through ignorance and misunder,
standings and also through the
spread of false and malicious rum
ors which such conditions always
inspire with resulting loss of con-
fidence and panic sales.
There is so much in the present
situation to inspire confidence and
hope for the future that it is little
short of criminal for anyone to paint
the picture so bla ky, through either
ignorance or intent that these vital
facts are obscurel l. TO cite few
pertinent facts; This country will +
harvest this year one of the largest
crops in its history; its transporta
ton congestion has been relieved
and its railroad system is for the
first time in decade on a sound
financial and operating basis; we
have passed through a national cleo
tion and assured four years OF sane
of public affairs; our
banking system has withstood the
greatest credit strain in its history
and is on sound and workable
basis the accumulated surplus of
five years of splendid prosperity is
stored i'll many ways for our con
tinued uHe; the markets of the world
demand our products anr- a great
marine is prepared to