The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-09-22
NO ALA RIM FORF|NAN ClAL
PANIC, MESSAGE DIN GS
bR|N GS BACK FROM EAST

There is no cause for alarm con-
cerr.ng a financial panic" said P.
c. Dines yesterday upon his return
from New York City. Mr.. Dings. as
member OF the board of directors
Of the Federal Reserve Bank OF Ok
lahoma was in New York with repre-
sentatives of the American Cotton
Association TO see Governor Hard
ing with reference 10 tie financing
Of the cotton crop this year.
Mission Successful
The mission to New York was
successful despite the reports from
the New York papers to the contrary.
What Mr.. Dings found was that the
Federal Reserve Board will not talk
OF financing one crop without financ-
! ing all and that it will require twenty
two billion dollars to do the work
He also found that there are four
million bales Of cotton that are be-
ing carried from last years crop
This cotton is Of a short staple il is
not high grade cotton. He learned
also that European countries could
use the cotton but wanted to work
It up and market the product before
paying for it. So it is as easy to
finance the cotton here as to send il
to England and wait from six to nine
months for settlement.
Accordingly an agreement was made
for the reserve banks to advance
money enough TO carry this surplus
cotton crop.
Worth of Honest Press
Mr.. Dings also learned while away
to appreciate what an honest press
means to the country. While he
was in New York the papers carried
story that the cotton association
representatives had called to see Gov
ernor Harding and that they had been
declined an interview. The same re-
ports also stated that they had called
on the president and that they had
been denied an audience. Both of
the stories We're without foundation
and were written by some bright re-
porter who must furnish his paper
some. sensational matter in order 10
get his articles accepted
Money Tight in East
Money is tight in the east" said
Mr.. Dings, "and II is my opinion
that it will not return to normal
for a period Of from three to five
years. The cost of living however is
being reduced. Radical reductions
are not being made. In the line of
dry goods prices have been reduced
from 10 per cent TO 33 1-3 per cent,
by wholesale houses and a greater
reduction will come from all fac
tories next spring. The raw ma
terial that is in the goods now on
the shelves of the merchants were
bought at the peak prices and labor
was also employed at its highest
price.
Merchants Should Reduce Stock
| 1T is my opinion that merchants
| should reduce their stocks These
stocks should be reduced even at the
sacrifice Of profit. As evidence that
Montgomery Ward is reducing his
stock it can be stated that this huge
mail order concern Is visiting the
merchants of the country to sell
merchandise. Prices are being offered
at figures much lower than the job
bers are offering and it is evident
that Montgomery Ward sees the hand
writing on the wall and is reducing
his stocks.
The gradual reduction Of prices will
mean fewer financial failures. The
merchant who keeps his stock well
reduced will not suffer disastrous
losses and thereby avail many fail
ures.
Labor Plentiful
Labor is more plentiful than II
was few months ago. There are
many men out of employment now
and the man who has good job is
more fortunate than he might think;
since the usual demand for labor Of
only few months ago"
lc-