The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1920-09-28
HOLDING FOR HIGHER PRICES

HOLDING 1Ok
1t is human nature to desire tho greatest
possible price for what one has to sell. There
fore no indictment can bo madeto stand sgninst
the cotton growers. the wheat growers or those
with labor to sclL 1t Is the easiest thing
imaginable, however. to indct their judgment
In some cases,
Just now much advice iH being given the
wheat. cotton and growers. Hold until
the price 10 right" the wise men say. Even 40
able u paper AZ tho Manufacturers Record
urges the cotton growers to hold back their
product ugh thoprico they desire Is offered.
It would probably add none to ones popular
ity to venture the opinion that the price on all
these commodities quoted today will not again
be quoted, during the life OF any man now living,
and yet that is tho conviction OF most students
OF economies as we'll as hard headed business
and financial leaders. There may be come fuc-
tuatons but the conviction Ia rather general
that the price OF basic raw materials is on de-
cline that will carry the whole list to much
lower levels before anything in the nature OF
adjusted values will have been foalized.
1t makes no difference what so-callod Sex
perts" or "authorities' said few months ago
about the world requiring 10000 900 bale
cotton crop from the south for 1890, the facts
are quite different Possibly II every loom and
spindle that existed prior to 1915 was in opcr-
alton with n world demand equal to that period.
and providing all other cotton producing areas
Of the world were iuactivo. their figures might
have been credible.
But such are not tho facts Tho facts are
those The 1890 cotton crop in tho south is
Of the greatest Of record. while there lis a
carryovcr from last year, and two years
ago of tremendous proportions. Most OF 1t may
be short staple; but 10 tx most of tho present
CROP and It has been but comparatively
short time since short staple OF the best quality
nearly pared with the most desirable qualities.
The point Is there Ia visible supply OF cot
ton vastly In excess of tho visible demands for
many months to come. For informed writer's
TO continue to urge the cotton growers 20 hold
for 40 cent cotton Is not service TO the cotton
growers Nor the senseless charges that the
spectators are attempting to steal the cotton
crop Precisely tho same argument applies to
the wheat and corn situation. II transportation
facilities were up TO requirements the market
in each OF these commodities would sag In
stantly
It 10 one thing 70 advise holding for higher
prices, quite another thing to do it The truth
of the matter is that all Of these Industries are
vitality affected by credit conditions. one
grower out of "A score more may possess the
means enabling him TO store his crop. whether
such action would be wisdom Is for that grower
TO determine, II his ambition should happen
to be 40 cent cotton or 50 wheat or even 81 corn
such action would be anything but wisdom.
Because those prices, in the deliberate Judg-
ment OF the writer, reconections and viii
not again be realizations.
1t might be possible for tho banking interests
OF the country 20 nurse fictitious market for
either OF these commodities; but to do so the
banking interests would not only be cour;ing
disaster Of tho most serious kind. but would
be doing manifest injustice to other interests.
Suffice 70 say it win not be done.
motor car manufacturers are unable to
secure the necessary credit to hold back their
products and keep up prices certainly the farm
ing interests cannot safely count on doing so.
Uhe time has come when credits must be Of
that quality known as uquid-poss,ss the in
herent and certain qualities Of liquidating them
selves. Tho motor car manufacturer can ar
range credit TO meet his needs during tho pro
cess OF transforming the raw product into a
manufactured product Then he must sell and
wipe out his Indebtedness. That means not
holding his manufactured product but market
ing it on a new price Lowell.
Exactly the same condition confronts the
farmers OF the country. When they have har,
vested their product and It is prepared for
marketing they will be required to market It
II u Idle to argue. whether or not the money