Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-10-26

sustaining the circulation, gradua-
lily reduces the fever and the pa
tient throws off the pneumonia in
modern practice Let our "techni-
clans of financial force" take heed
of natures universal laws lest by
too great haste to reduce the fever
they bring the whole commercial
structure into peril by vitiating the
vital current by which it has been
reared and is sustained.
Let one illustration suffice:
When wool factors were notified
in January that they must conduct
this years business with half OF
last years credit, foundation was
| laid for what occurred in May.
Shearing began in Texas with
prices above 10 cents per pound.
Credits We're inadequate. Within,
one might say. twenty-four hours
! the entire market for wool was
lost. Wool could be neither sold
nor consigned, nor could any ad-
vance pe obtained upon 1t. As
shearing progressed throughout
| the west and markets remained
closed the federal reserve banks
NSlN AlilciilS COIup CllStl " IaNpA'Nc
an inadequate 20 cents per pound
at point of origin, and there the
present crop of wool remains to
the present writing. end of Septem-
Der.
orders were cancelled. Mills
were closed. Laborers are idle. A
| great industry has been paralyzed.
| discrimination and unrest are wide
spread. Production has had the
most serious jolt in many years.
No financier has had the acu-
men and courage to analyze and to
publish the facts. There is no ac-
emulation of goods. There are
no large stocks Of cloth. Simply
the wool trade of the country has
been derailed by finance,
A similar condition can be
shown in other lines. 1t is rapidly
\ becoming universal.
Cotton Growers Organizing.
AS this is written cotton growers
are meeting to devise means to
protect their crop in markets
threatening to fall below the pres
ent cost of production, largely in
I SA 1IlpdllIy Will Nlllt iltbo pNN-ehA ~
in wool. They are advocating a
so per cent reduction in acreage
to avoid bankruptcy.
The high cost Of living can be
safely and sanely reduced only by
increased production. 1t can be
quickly and insanely reduced by a
financial crash. There is no mid
die road.
Are present results such as TO
Justify the 'technicians Of financial
force" to believe they have thus
far pulled the right levers?" Can
the damage initiated last January
be repaired before another year
begins? Can production be in
creased and people be Adequately
fed and clothed without marketing
facilities? Are we mere playthlhgs
of fate, helpless alike to avoid and
to enjoy peace?
II the statement herein made is
correct regarding the wool trade
does it offer justification for the
charges of Gompers that certain
financial interests are deliberately
planning REIMBURSEMENT through
suffering, or is it simply another
case of bonehead in high quarters
The condition of the wool trade
cannot be denied. The psychology
arising from that condition is fal
reaching and by no means the
least damage inflicted upon the
nation. SO colossal, a blunder Is
little less than a crime.
"Some High Finance"
A few days since q high fedora
reserve authority sapiently argued
= that if retailers had not become
: unduly disturbed when theil
credits were withdrawn and hat
not cancelled their orders. condi
tons throughout the country to
day would be very different. Ever
the tinanciers closest to the rail
= way administration and to thu
Kansas wheat crop failed to fore
7 see the financial crisis inevitable
f from car shortage Query, If whea
: can not be moved for lack of grain
t cars and this crop must be financ
/ ed in the hands of the growers
8 but there are cars for wool. VIII,
was it not correct policy to financ
$ (wool for the factors and thus dis
1 TRIBUTE ltlt llIluHtldl StiNOSt II AZ
= deed this would not have led to tn
r restoration of confidence and re
E vival of business?
5 The country is now suffering
E from universal lack of confidenc
1 and Encouragement from too per
} feet propaganda and too strenuou
9 measures in favor of declinin
= values, condition rapidly becom
= ing as dangerous and as exaggerat
1 ed as the wild optimism it was in
e tended to terminate.
a When our financial technician
r display so little foresight both il
Q matters practical and psychology
& cal as they have in reference t
wool and wheat, we need not b
t surprised at some disastrous re
suits of their efforts to stabiliz
f business, or to their bewilderini
( effect upon the mental attitude o
. the people at large, as exemplifte'
9 in such spectacular efforts at re
: adjustment as the recent con
. science sop of Henry Ford, in par
[ surrender of unjustifiabe advance
E since the armistice.
1t is surely time for all con
t aervatlve and patriotic minds to &C
Q in harmony. What we need is skin
full portage around, not furthe
spectacular shooting of the rapids
. in the necessary descent towar
I quieter waters.
| Should Equalize Burden.
' Every individual resource in tn
: country should share the burde
Y to steady the ship, instead Of eac
: blindly and selfishly playing 70
s individual safety and advantage i
q a general shipwreck which unite
: patriotic effort will prevent. lie
5 the labor unions set the pace to