The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1922-01-23
WORKING CAPITAL
is GREAT need OF
lNDUSTR Y NOW
Agriculture Has Made Rap
i'd Strides Despite Handi-
caps; Cooperative Loans
Are Advocated

WASHINGTON N-Deyelopment OF 4
procedure. with the proper machinery
Of finance to assure the farmer as
generous a supply Of working capital
on as reasonable terms as Is granted
TO other industries. was advocated
here Monday by President Harding
in opening the national agricultural
conference.
AN industry the president said
"more vital than any other in which
nearly half the nations wealth is in
vested can be relied upon for good
security, and certain returns
Declaring that on the matter of
what may be called fixed investment
capital, the disadvantage Of the farmer
50 impressed public opinion that the
federal farm loan board was estab'
lished to meet the need, the presi'
dent said. the farmer still needed
some provision for supplying him
with working capital
compared with other industries,
he continued, "thc wonder is that ag'
riculture, thus deprived Of easy ac'
cess to both Investment and accom-
modation capital has prospered so
we'll"
The lines On which financial support
OF agriculture may be organized, MI
Harding said, are suggested in the
plan Of the federal farm loan board
and in the rural advance societies
which have been so effective in some
European countries
cooperative Farm Associations.
"The cooperative loaning associa'
lions of Europe have been effective
to united acticn by farmers" he con-
tinued, and have led them directly
into cooperation in both production
and marketing, which have contrib
uted greatly 10 the stabilizaton ana
prosperity Of agriculture"
Whether these organizations are con-
sidered as means to buying the farm
ers requirements in a cheaper mar
.ket, the president asserted, or TO sell.
ing his products in more remuner'
ative one, "the conclusion in all
cases Is the same; it is that the
farmer is as good business man
as anyone If he has the chance"
1.-The farmer is compelled" he de-
clared, "if he borrows his working
capital, to borrow for short periods,
b renew his paper several times be-
fore his turnover is possible, and to
take the chance that if he is called
upon untimely TO pay off his notes,
he may be compelled to sacrifice grow.
: ing crops or unfinished livestock. OBJ
viously. the farmer needs TO have pro
visions adapted TO his Requirements
for extension of his credits 70 pro-
duce his working capital" The presi'
dent told the conference that "con'
cerning the grim reality Of the pres
ent crisis in agriculture, there can be
no difference of opinion among in
formed peo, le."
Depression Not Popular.
"The depressions and discourage
ments," he continued, are not pc
culiar to agriculture, and ! think II
is fair to say there could have been
no avoidance Of great slump from
wartime excesses 10 the hardships OF
readjustment. We can have no help
ful understanding by assuming that
agriculture suffers alone. but we may
fairly recognize the freedom diff
culties which accentuate the agricul.
tural discourgements and menace
the healthful life Of this basic and
absolutely necessary industry
The farmer. the president declared,
from the very mode OF his life. is in.
divldualistic and therefore, because
he buys and sells as an individual,
It is his fate to buy In the dearest
and sell in the cheapest market. He
contrasted with this. the corporation,
which. he said could effect economies
and acquire :o- itself power in the
market by combinations.
Farmer Must Help self.
1T cannot Dc too strongly urged
that the farmer must be ready TO
help himself he added. This con.
ference would do most lasting good
II It would find ways to impress the
greatest mass of farmers to avail
themselves OF the best methods. By
this, | mean that In the last analysis,
legislation can do little more than