New-York tribune., 1922-01-24

a business man as any other if he ha,
tho chance
Tho manufacturer, Mr. Harding said,
whose turnover is rand iinds he can
borrow money from the bank on short
time no'es when Ne needs ror.iag capi-
Is suG his money will come back 20
him III time q meet lis abort term OBJ
legations. On the other hand, ne con-
tinued, Tic farmers turnover Is a long
ore from year in most crops TO some
times three years in the cattle indus
try.
yet the farmer IS compelled" he
declared, 'if he horrows his working
capital TO borrow for short periods. to
renew his paper several times before
his turnover il possible and to take the
cAarce that If he is called UPON un~
timely to pay of his notes he may be
compelted TO sacrifice growing crops or
unfinished livestock. Obviously. the
to to his requirements. for extension
o. credit to produce his WORKING capi-
tel"
The President tod th~ conference
That 'coacerNiug tho grin, reality of
the present crisis in sgricu.ture there
can he no differences OF opinion among
informed people
The farmer. tho President declared.
from the very mode of his life was
'ndividualistic. and therefore "becausc
he buys and sells as al individual, il
Is MS fate TO bay in the dearest and
sell 10 the cheapest market"
Cooperative System Supported
Tee President then refe rred to CO.
operative marketing. It should he pos
Sln'c TO aNorl TO the farmers. he said.
ample provision o. law under which
tney may carry on in cooperative fas1-
,or those business operations which
lcn6 themselves 20 that method. and
fantaGes to both tho tarmar and his
consuming public The farmers, he
continued mus. be responsible for do
ng the ress and must themselves learn
oreanl7ation and the practical proceed
uro of Cooperation
With proper financial supnort for
agriculture. and with instrumen alities
for tns collection and dissemination OF
useful information. ne added. "s group
of cooperative marketing orgarizations
would 6e able to advise tileiy members
as TO the probab]" lsmand FOR staples,
and TO propose measures for proper
limitation OF acrcAges III particular
crops. Tho certainty that such scie7-
tif'c distribution of production was to
be observci would strengthen the
credit OF agriculture and increase tie
security on which financial advances
could be made to It. The disastrous
erecta which arse from oyerprod act ioa
are notorious.
~ is apparent that the interest cs
the consumer. quite equally with that
of the producer. demands measures to
prevent these violent fluctuations which
result from unorgarized and haphax-
ard production. Indeed. the statistics
OF this entire subject clearly demon
strate that the consumers concern for
better stabilized conditions is quite
equal t. that Of the prcducer'
Turning to the slbject OF .raneporta-
tor The President said that az broad
vizioned craftsmanship shall establish
Fundamentally sound policies toward
transportation the prescnt crisis will
one day be regarded as piece OF good
fortune TO the ration
"'rc this time railroad construction.
;irarcing and operat;on.' he added.
"have been unscientiiic and devoid %
proper consideration +or the wider con-
Germs of The community. To say this
is simply TO admit a fact which applies
To practically every railroad system in
the world.