The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-08-23
HEAD OF Chicago.
BOARD Of TRADE
TALKS TO HAY MEN
"The Grain Trade Has Been
In the Heat of Dramatic
Struggle for Existence"
He Declared
GRAIN TRADE IS
AN EASY TARGET"
AMERICAN BUSINESS Is JUST
TURNING THE CORNER AFTER
LONG PERIOD OF DEPRES.
SION; DARK CLOUDS
(By the Associated Press)

+. Griffin Of the Chicago Board o.
Trade today declared before the Ma
tional Hay Association that il all
business institutions had been sub
jected to the same bitter attack as tho
grain exchanges, the American in
dustral structure would have co,.
lapsed"
The grain trade has been in the
heat of dramatic struggle for exist
ence," he told the fifteen hundred
shippers, jobbers, brokers and conn.,
mission men. "The struggle began a
year ago with world price defatoi..
There was no more reason for attack
ing the exchanges than the banking
industry or the railroads or any other
line of business.
But the grain trade is an easy
target. If prices go down the pro.
ducer is naturally disappointed. 1t ls
then that the agitator reaps a golden
harvest by turning the farmers dis
appointment into bitterness against es.
tablished methods Of marketing. The
agftator makes extravagant promises.
Frequently he thus obtains a seat in
legislature or congress. Sometimes he
becomes an officer OF a new cure.ali
for agricultural problems at a sub
stantial personal income.
No one unfamiliar with the grain
trade can realize the unnecessary
hardships and business disturbances to
which 1t has been subjected The wave
Of emotion engineered by uniformed,
ambitious critics carried with il q
number OF proposed laws as destruct.
i've as anything ever offered in q law,
making body. Fortunately, when the
state and federal lawmakers and farm
ers themselves realized the grave
dangers Of such impractical legisla.
tion it was defeated. But this was
only after protracted and expensive
inquiries and statements by leading
economists that the present grain
marketing system is the most eco.
nomical food distributing machinery in
The world.
Recently congress agreed upon the
so-called Gapper-Tincher bill. While ii
docs not by far represent the wishes
OF the grain trade ii is less dangerous
effect remains to be seen. Secretary
Wallace has pledged himself to ad
minister the law in reasonable. con.
structive manner.
'Is the fight on the grain trade
the prelude 10 similar unjustified, dis
turbing attacks against other line,
Of commerce? Is the proposed grain
pool. which would tie up billions OF
dollars worth OF farmers produce for
five years, with no security but the
high.soundng promises of grain pool
ing directors. 10 be followed by other
such movements?
III Is reasonable To presume that O
few of these quxotic movements would
kin individual business initiatve-the
thing that has built up the wealth and
lower OF the nation. The entire indus
trial structure would be shaken. The
dangers are deep-rooted.
American business is just turning
tho corner after a long period OF de-
preston. The dark clouds have been
cleared from the Industrial horizon
sound Judgment. cooperation 81 IN,
right kind. less government In busi
ness. and "a curb on agitators whC
are spreading false doctrines against
established business institutions will
hasten the era OF prosperity"
Raw Materials
Real wealth can be- increased onl,
az result OF increased production Vi
raw materials and manufactured goods
and not at~ "a result OF Increase oI
,.thcr prices. bank credit or CONNER
cIal credit. Dr. Walter Litchcnsten o
Chicago told members OF the Nationa
Hay Association In his address alsC
made today.
"As time has gone on and the arti
fetal stimulus Of business due 20 IN,
Initiation produced by the war has re
suited In violent reaction. the Who'll,
world has been forced TO accept this
fundamental axiom" continued Or
t.ichtcnsten. at is due 90 the mis-
conception of what real wealth IL thai
We have such inquiries as were d
rec,cd to Mr.. George T.. Roberts Of the
National City Bank of New York. one
ot these correspondents ask. "Whcr,
has all the money gone to2" His cot
respondent simply confused the dues
ton oC wealth. and money or credit
two totally different things. To b'
sure there has been an increase IL
actual production and therefore an in
crease in actual wealth.
The Wheat Production
I'm 1919 the total production o
wheat, stated In bushels. was 763,
100000. and In 1890 5S7.OOO.oOO. w
PRODUCED almost 2.5OO.OoO0OO busheli
4 corn In 1919. as against something
over 1900. 900 600 bushels in 1920. II
1914 there were produced not Quit
. il.OOO. 900 bales of cotton. as agains
' a.sOO. 900 bales In 1890. or iron ther'
were produced In 1918 about $1,000,
700 long tons. as against 56.5O0.0 .0ol
long tons In 1890. The production o
copper In 1918 amounted to i.250.OOo,
200 pounds. as against i.1i5.O0o 600 II
issO.
I'm other words there ls no grea
variation. take IL all In all. In tn
producticn Of our principal raw ma
tcrials between 1919 and 1920. and !
,ou stop to think about u. why shoul'