Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1920-11-12


while the cotton crop is unmoved in
the south, the wool clip of western
states still in the warehouse, a
shrinkage announced this week in
the three articles of corn, oats and
cotton alone of one billion, three hun
dred and fifty million dollars. Wheat
was being contracted for in the state
of Washington at $3.50 a bushel
while last week the price broke well
under $500. The lumber yards and
mills of the west are overstocked and
ume of export trade there is nothing
moving in the lumber industry, so
that many students of business con-
ditiOns today are afraid that we are
on the verge of a financial panic
which will reproduce in this country
the conditions of broken industry,
shortened payrolls and the army of
unemployed with the bread line and
the soup kitchen which have been
seen in this country after every 9TH
er great war.
In my judgment there was abso-
lutely no need for this kind of thing.
There was nothing in the economic
conditions themselves that warrant
ed any financial disaster. We have
had an unusually good crop, our in
dustries have been operating under
full time and forced volume of orders.
Our federal reserve banking system
could take care of any possible tenn
pCrary crisis. We had over one-third
of the total gold reserve of the world
to our credit and we ought to have
been able to pass through the time
OF readjustment absorb the small
losses, which gradually reduced
price in commodities would have en-
tailed without any financial shock or
industrial paralysis, and had public
opinion in this country been steadied
by an intelligent grasp of these eco
nomic conditions and had our people
maintained conservative but CON
sistent volume of buying, cutting out
the excuses of extravaganza and
speculation we would have been able
to move back gradually but surely to
something like pre-war basis with
out any of the hazardous conditions
that confront us today But instead of
this public opinion has conferred its
attack upon the distributing system.
appeals have been made through
grand juries and fair price commits
sions, indictments and prosecutions
OF honest and honorable merchants
have been conducted in almost every
city, and the public mind has been
inflamed by the agitator, the propa-
gandist and the radical and the pres
ent disruption of business affairs has
been an inevitable result.
The program of the Washington
State Retailers association is one of
constructive education-firstw with the
merchants themselves. Secondly with
their sales forces but more particu-
larly with the public. We are con-
Quoting campaign of publicity in
which we are planning to give to the
public absolute information and def
mite facts regarding the present mer-
chandlsing system, it's service to the
people and the cost of this method
OF distribution. We are laying our
cards upon the table face up and we
have absolute confidence in the fair
ness and intelligence of the buying
public when once they know the
truth. Retail merchants have been
largely to blame for the condition
that confrOnts them today inasmuch
as they have absolutely failed to CO.
operate among themselves, with their
local newspapers or to invite any pub
lie discussion or investigation of the
distributing system. They have been
Sc busy behind their own counters
buying and selling goods that they
have failed to recognize their duty
and their privilege in creating re-
serves of public confidence and public
good will which can only be brought
about by mutual understanding OF
the problems and cost involved in the
present system of distribution.
1t is proposed now to organize the
merchants of all lines in this pro-
gram OF education, and to carry the
same policy to the state legislature.
I where we hope to defeat disguised
OF camouflaged form OF socialistic
control of American business. Not by
swinging the big stick, nor by the
spending of any political slush fund
but by comforting with our represent
atiyes on questions which so vitality
affect the welfare and the security
OF the humblest home owner as well
as the most highly capitalized bust
Eess institution.
Il am at present carrying out this
educational program by speaking be-