The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-06-26
HOLD WOOL
CLIP, ADVICE
TO GROWERS
Prayer Miller Back From
Washington With Good
News for New Mexico

New Mexico wool growers must not
be stampcdcd into sacrificing their
l woods as a result OF the recent coll
lapse of the wool market. IN their
| own interests. for the protection OF
the Industry and to maintain business
stability in tho state they must find
ways and means to finance them
selves until such time as the logic
, OF existing market and supply condi-
| tiUns shall have restored the wool
market to normal
! This is the message brought back
I to the state today b., Prayer Miller.
I OF Roswell, president OF tho New
Mexico Wool Growers association,
/ who has come direct from Washing
ton. where he attended the national
conference Of wool growers and
bankers with the governor Of the
/ federal reserve board, upon the pres
/ ent crisis in the wool market
Mr Miller arrived In Albuquerque
last night and will go to his home In
Roswell tnoight
To Finance Growers.
The way hy which growers can
finance themselves while carrying
their 1890 clips Mr. Miller thinks.
has been provided la the plan pro-
posed al this conference and agreed
to by the federal reserve board. un-
der which member banks will be
urged to take care Of wool growers.
upon warehouse receipt security. with
/ the privilege OF rcdlscounting such
/ paper with the federal reserve banks.
J II want. first OF all. To- warn New
/ MrNicu wool growers against being
: stHmpedcd into selling their woods at
sacrificing prices, because OF alarm
/ over q markct condition which while
/ distressing II generally recognized as
b only temporary said Mr Miller
7 The present situation is one that b.
. peculiarly favorable for the wool
I dealer ana the speculator who, u so
disposed, can take advantage OF the
I semi i-panic condition among wool
4 growers who have seen high mar
. kst tumble before their eyes to moth
ing. and pick up woods for a song
which within a few months at the
outside, viii bring, u not the prices
uf the past two years. then very sub
stautinl and remunoratiNc prices. II
Is not meant to assert that dealers
viii follow this course or will seek
to foster alarm or that they will take
advantage of grpwcr- u b. meant
O. assert that the conditions open
the Wny Co such possibilities. which
are all tu tho best advantage OF the
dealer aud To the very worst adyan-
tug" of the grower
Go Ia HankcrS.
The wise wool grower is the one
who Will immediately take his case
T 90 his bank. plan carefully and COM
pl'tcly TO carry himself and his wool
through tho interval while roudiust-
mcnt is taking place. and thus insure
q" himself the lair profit from the
. years operation, which he has car
rird out under conditions of alb
normally high production costs.
When I state that the wool mar
kct viii com, back / du not reflect
m, own Views and conclusions alone.
but ! reflect also the conclusions OF
bankers, market expert, ana wool
men who have had every opportunity
tu get 20 ia, bottom ot the present
situation and who's" Judgment Is
based upon conditions us they exist.
In the urst place the mauufuc-
turvrs with mills running ut only
labout forty per cent capacity, have
ON hand only enough WOOL to run
them tor irom four To five months,
The reaction against ubnOrmally high
prices has affected the manufactur-
rrs uI goods. \ production already
reduced hN labor shortages ana trou'
blc- has been further cut down IA
meet Sluukcu.ug demand But let
wool growers remember this signiu'
cant tact Prices quoted tu merchant,
Tor nest falls stocks To rrplcnish
their shelves. are from tiNv 90 twenty
per cent higher thHu the spring pri'
rvs. ~ there is to be- permanent
drop Iu the costs and prices oi
WoulcuS che greatest manutac'
/. turars and the best pau;.crs in the
country do not know %. Wool grow
crs du not wish to hc proutcorr or o.
maintain in any way an artificial
market. hut they are entitled to Il
thir return ON tho wool they haN,
produced at high production costs
aud if they VIII stand pat they vii
Get H.
Australian suppl, Stop.
In the second place the inflow OF
the fin, Australian Wouls has abso'
lutulN ceased. Governor Harding of
| the federal reserve bank told us IN 81
many words that hc had been ont
,iHllN advised that Great Britain
would permit NO further deliveries oI
| tine Australian woods tu this country
| IN other words the embargo has beer
restored 10y England because OF IN,
| world wide shortage of fine woods.
Thus these mcn who are iuformc,
| iu national trade conditions are con
| WINGED that the wool market b. com
| / iug back. hcCuusp there is ahsolutell
no logical substantial business rca
son WHY It should not come back, an,
| every reason why 1t should.
Were this not the case 1t Is in
| conceivable that the federal rcserNl
| bank authorities should have giyci
| the cordial sanction which they gaN'
20 the plpu finally evolved Ht th'
| Washington conference. for financing
| the wool growers through the perio'
| of market adjustment This, briefly
| Be- the plan. as approved by the boar
| aud authorized tor publication bl
Il Governor Harding.
Il "A wool grower may ship his WOO
| TO ore OF the usual points OF distri
button, obtaining from the railroal
II q bill Of iading foi 'tn shipment: m
u tCuntinue'l on page fourD