The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-02-10

teres.
"a, la trito to say that one can
stand too close to a picture TO see
its real beauty. 1t is equally true
that we can dwell upon our own
troubles so m$h that the whole
horizon IL nothing but "a cloud, shut
ting out OF our sight the sunlIt sky
of opportunity, hope, and pros
pcrity.
AT the present time the pro-l
ducers Of oil feel hard hit and are
hard hit. by the severe and disor-
DERBY cut in crude prices, a look
backward is always cheap loon.
II is, however, now plain that "
the price Of crude had not been ar
bitrarily maintained "A more orderly
recession in price would have bcno-
fitted the old industry as a whole.
The fact IL that the oil industry IN
now enduring its share of world de-
flation, and is rcacting TO the
economic law OF supply and de-
mand. That law. like all the other
inexonorable laws that rule and
govern In the final analysis, Will
have it's way. 1t has been very
plain to seme OF us that this indus
try could no more escape the con-
sequences Of world initiation than
could the Japanese silk merchant,
the producers Of coffe In Brazil or
the agriculturalists OF our own coun-
try.
"Liuuidation and deflation would
not and will not be complete unu'
1t Is finished Justly and that means
when everyone of US pays tho pen
atty for the spree that we have been
on. 1t means that We shall all nave
70 take losses. and not try to pass
them on to some one else.
The nation as a whole is under
going readjustment. IL VIII lake
time. A great change has occurred
| IN the mental attitude OF business
men during the last five or sin
weeks. II will pay just at this time
| to get away from the picture a bit
and look around. There are plenty
| OF bright spots 10 look at. The sun
is still shining. This nation, thanks
to the federal reserve board, mas
avoided one OF the worst FINANCIAL
| panies in all history which would
have laid low for many year the
| Industries of this country. II not the
world.
This was accomplished, not b,
Withdrawn credit. as has been cr'
ronoously charged, but by adjusting
| credit to production and dirtribu
ton. The report OF Comptroller o'
Currency John Skelton Williams II
MS last annual report or hatloha
banks Just issued, shows that loan'
and discounts OF the national BANK
as of November Is, 1920. amounie'
to si3,764.O0 900, and that or thli
total about ss.5O0,OOO,OOO went i'
farmers and live stock men. manu-
featuring concerns. merchants, jon
bcrs and individuals in the Jobolh'
business, wholesale and retail
'"The large banks and trust com
panies Of this country are said u
have been and are today, 10 som'
extent, "drrylng large amounts o
frozen credits, bot hin this couh
try and abroad for merchandis
sold, but not yet paid for. SOM
large spectators in Wall street nav
been taken over by friendly banklnl
Interests for the general good. Tn
financial atmosphere has cleared
Ire the nation as whole ma
learned it's lesson, gets down {
work on the new basis. permit
optimism OF the conservative kin
to take the place of sour depression
the picture looms big for substan
tial prosperity which Is slowly, ot
: none the less surely close at hand.
! "But one must work and produc
and stop talking about burnin
crops and cease this loose talk abou
I planting only half crop Of this q
. that product.
, Labor also must take its fai
share OF deflation. As the CONF
: troller of the currency says I'M ~
, report mentioned above, Lspo
a must soon determine whether shl
, down and idlencss rs preferred TO
/, lower wages scale" Unul recei
. months IL would have been man
testify unfair to ask labor to accei
= lower wage scale" Duntll recci
y consumed and used was sky higi
The great fall in prices, howeVe
makes an adjustment with labor NJ
only desira BILE, but the economic 10
which governs says, necessary III
retail merchant, II ne Is wise, wi
clear his shelves. take his loss (n'
. A small profit or no profit, but II
c own loses), and adjust his protit
Il new prices. when this process
v | finished we shall see the mills an
factories opening and not slandlr
!, idle because OF lack or orders.
Il There is a golden lining TO IN
. temporary cloud; 1t will pay goo
L dividends to take stock be col
d sorvatively optimistic and remen
Der that oil will I'm the nature
2 thiNgs, be first~ TO come back
. will also be "A good investment
. take our medicine like men vii
a the rest Of the world and not fors
\ that this nation is at present in
- better position than any other