The New York herald., 1922-02-10
WALLACE DEFENDS
FARM LEGISLATION
Secretary Of Agriculture De-
clares It Will Benefit All
the People.

Henry {. Wallace, secretary or Agri-
culture. speaking last night at the an
nual banquet of the National Retail Dry
Goods Association at the Hotel Penn
sylvania. defended the so-called farm
legislation passed by Congress during
the last year and declared that there
had been much thoughtless talk about
class legislation in behalf of the farmer.
While he did not specifically deny the
existence OF a farmers bloc in Con-
gress he emphasized his belief that legis-
lation that benefited the farmer was Of
material good TO the country at large
A feature OF last nights banquet.
which was attended by more than 1000
men and women delegates to the
eleventh annual convention of the asso-
citation, was the presence of a delega-
ton os wooden manufacturers from Scot
land and of +. w. Cook of England, a
former chairman of the Drapers' Board
of Trade OF the United Kingdom. who
also acted as chairman of the reception
committee that entertained the Amer
lean dry goods delegates that visited
England last spring. Mr.. Cook. who is
accompanied by his wife, brought the
greetings of the English diapers TO the
dry goods trade of America.
Secretary Wallace, who was enthusi-
astically applauded. said in part:
Retailers ought to be especially in
terested in every sensible effort to get
farming back onto a sound basis.
Farmers and their families number
about 40 per cent. of our population.
Their ability to buy is governed by
what they get for their products. A
better adjustment of farm production,
more stable prices for farm products.
cheaper and better methods of market
ing farm crops, ample credit for pro-
ductive purposes-in short everything
which promotes better farming and bet
ter marketing ought to have the en-
thusiastic support of retailers and busi-
ness men generally, because 1t will
result in larger buying power OF this
lao per cent"
we cannot hope for a return of
| the good old times until we restore the
normal relationship between the prices of
the things the farmers have to sell and
of the things they have to buy. Farm
prices are below the pre-war prices. but
wages in the highly organized industries
Prices of these other things must come
down and prices of farm products must
come up until the relationship between
them Is fairly normal once more"
Additional criticism of the American
valuation clause of the Fordney Tariff
Bill was presented to the convention at
the afternoon session by S. w. Reyburn.
president of Lord & Taylor who spoke on
financing a retail business and con-
| demned the American valuation princl-
| pie as a mistaken idea that would result
in an increase rather than a decrease in
retail selling prices. He denied that re-
tailers were profiteering on a large
scale. His criticism was supported by a
letter from S. c. Dumaine of the Amos
| lIeg Manufacturing Company Of New
| England. manufacturers OF ginghams,
who characterized the valuation as "un-
businesslike. un-Amercan, and. most
| important of all. dishonest. in that it de-
lceives the public.
| Mr.. Reyblrn read figures showing the
number of failures in the dry goods bust
ness from 1919 to 1921. In 1919. there
| were, he said, in the entire country
| 6.451 failures of dry goods house. OF
which 4,013 We're retailers. In 1921 the
total had Jumped to 1862. of which
1899 were retailers.
Frank a. Black Of William Filene's
Sons Company of Boston. spoke on
what the Advertising Group can do"
and Herbert J. Tily of Strawbridge &
| Clothier. Philadelphia. on How it looks
to the general manager"
A silver loving cup was presented 10
Richard II. Webber Of the j. l.. Hudson
Company, Detroit. retiring president,
who was the toastmaster. The follow
ing officers We're announced for the
coming year President, Jesse I. Straus
Of r. IL Macy d Co vice-presidents.
for New England George b. Johnson OF
r. ~. White & Co, Boston; middle At
lantic states. Sam Mundheim of the
I<aufmann Department Stores. Inc.
Pittsburgh Southern States. W. S.
Rhcads Of Miller & Rhoads. Rich MI
Va; middle Western states, Ira Nj.
Youni-er OF Younker Brothers, Des
Moines. iowa.