The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-04-21
]3AB|N DENIES
LAUCK CHARGE
iAYS CAPITAL NOT ON
STRIKE AGAINST SOCIETY
Head of Guaranty Trust Co.
Strongly Refutes Charge of
Union-Calls 1t Plea
Of Dcmagogue

Special Dispatch IN The lnteitlScncr".
. New York. April cG.---CharlcS II. 81
Sin. president Of Ii" Guaranty Trust
company. in response 70 = query con-
>crnirg the statement made before the
United States labor hOIrH yesterday.
tAprl -. l92D ny w. Jctt !.auck. eco
oomist for the unions. rcp!tsi as fol-
lows:
so far aS thr Guaranty Trust COM
pany is concerned. tho statement report
sd 20 have been made BY ". Jet Laucii
In Chicago before tho railroad labor
board in regard 20 the alleged combtna-
sIon Of New York banks 10 Gcflatr labor,
is absolutely and unqualihcdly false n
every respect This company has never
been n party. c:;hcr formally or infor-
n.aily. To any Such understanding.
agreement or combination .tnl further
moro. neither nor any nt my lS:;Hc:al cs
.ver heard Of sIch an ail>,cG comhina-
ton or any discussion Or proposition &C
lat!ag 20 l.. Mr.. I.auck's statcm.A,
that Now YORK banks htv.. combined 70
cauSc thu spread OF unemployment: -
also utterly false.
Capital Biggest Loser.
AS 70 IN" SpcCi"u$ reasoning TIM:
tho industrial paralysis is capita! or
strike against society," any observer If
thc rcleral economic situation must te
aware that the existing industrial de-
preston in the United States is due to
postwar. Worldwide conditions ard
that If capital went on strike against
society IL would DO striking against IT.
self and suffer quite as much as soci-
city. Capital. which IS composed OF che
savings Of all classes, would have FAR
more 20 lose than labor in making labor
lob hn
other hand. has much to lose in needing
such economic fallacies and ahsurdit'es
a. those advanced In the statement re.
frrred TO.
Tho Uusal Recourse.
The popular recourse OF the dema
gocup and the aCitator In attempting to
plead his cause Is almost invariably 20
attempt to set up mythical Wall
Street opposition. and this seems to be
Just another instance of that .lnd OF
utterly unwarrant"d appeal TO popular
prejudice AMI ignorance. The alleged
statement IS not only untrue. but most
unfair. No institutions or organizations
in the country have struggled harder
against difficulties to preserve the finan-
cial industrial and commercial stability
of the country through this period or
Worldwide reaction and economic re.
adjustment than the banking inStltu-
lions Of New York in their individual
capacities. 1t is largely through their
efforts. with the cooperation of the Fed
eral Reserve system. that this country
has been able to pass through this nee
esSarily painful period with such re-
lativcly small amount Of suffering Ly
either business or labor. The burden
of the situation has. as matter or
fact, fallen far more heavily upon capt.
tai than upon labor. The values OF Sc
curities AMI commodities have been &C.
flated far more than wages in the gen
era; economic reaction Of the world from
inflated war conditions.
Rave donS the Limit
Even a most casual survey OF tie
facts should show that the banks OF the
country have extended their credit re-
sources to the utmost limit OF safety
In financing industry and commerce. suS-
tanning business and the employment OF
labor as far as lay within their power.
$50 far as our own company Is con-
cerned. II II has any opinions IT poll
cies to suggest on the labor question.
they will be- expressed by this institu-
ton individually and openly on its own
responsibility"