The Bridgeport times and evening farmer., 1922-01-23
(By the A. P,)

"asn1ngt0n, Jan- 2S-DeVelop- ment of a thorough code of law and
 business procedure with the proper machinery of finance, to assure tt ? farmer as generous a supply of work Is wanted to other industries was advocated here today by President Harding in opening the National Agricultural Conference.
 "An industry" he soid, "more vial than any other, in which near half the nations wealth is invested can he relied upon for good security and cer- tain returns"
 Declaring that in the matter of what may be called fixed investment capital the disadvantage of the farm CT so impressed public opinion thas the federal farm loan board was cs- tabliShed to meet the need, he said the farmer still needed some provi- sion for supplying him with working capital.
 Compared with other industries" he continued, "the wonder is that griculture. thus deprived of easy ac- cess to both investment and accom- modation capital has prJspered even wen-
 turnover is rapid, finds he can borrow money from the bank on short time notes when he needs working capital and his money will came back to him to met his short time obligations On the other hand, he continued, the Iar- mer's turnover is a long one. from year in most crops to sometimes three years in the cattle industry.
 "Yet the farmer is compelled" he declared, eff he borrows his working capital, to borrow for short periods to renew his paper several times be- fore his turnover is possible and to take the chance that if he is called Npon untinely to pay off his notes, he may be compelled to sacrifice grow ing crops or unfinished livestock Ob- vtously. the farmer needs to have provisions, adapted to his require ments, for extension of credit to pro duce his working capital"
 The farmer he declared, from the very mode of his life is individualistic and, therefore, ''because he buys and sells as an individual, 1t Is his fate to buy in the dearest and sell in the cheapest market" He contrasted which could effect economies and ac- quire for itself a power in the markets by combinations.
 He said there was a misconception regarding the financial status of agri- culture
 "If the mortgage indebtedness of | farms shows, over a given period, a | marked tendency to increase, the fact | becomes occasion for concern" he | said. If, during the same period the 1 railroads or the great industries con- trolled by corporations. find them selves able to increase their mortgage S-'4ebtedness by dint of bond issues the fact is heralded as evidence of | better business conditions. and of 1 n- gage in these industries and thus in spire larger production and better employment of labor. Both the me- chanIsm of finance and the pre-con- captions of the community are unit ing in creating the impression that ! easy access to ample capital is a dis advantage to the farmer. and an evi- dence of his decay in prosperity; i while precisely the same circu1a- stances are construed, in other indus | tries, as evidence of prosperity and . of desirable business expansion"
 It cannot be too strongly urged ] that the farmer must be ready to l help himself" he added This con ference would do most lasting good if It would find ways to impress the great mass Of farmers to avail them selves of the best methods By this. l mean that, in the last analysis, leg lSLatlon can do little more than give help him sSsf"
 With proper financial support for asrlSuIture and with instrumentaIities Tor the collection and dissemination of useful information" he added s.o 1 group of cooperative marketing or ganlzations would be able to advise thelr members as to the probable de- mand for staples, and to pr0pose measures for proper limitation of acreages In particular crops. The 1 certainty that such scientific distribu- would strengthen the credit or agri- culture and increase the security on which financial advances could be l made to #. The disastrous effects which arzse of over production are notorious.
 Tt is apparent that the interest of he consumer, quite equally with that H the producer, demands measures | 70 prevent these violent fluctuations which result from unorganized and aaphazard productions. The farmer ioes not demand special considera- ion to the isadvantage of any other :lass; he acts only for that conSidera- lion which shall place his vital indus Try on parity of opportunity with others and enable it to serve the sroadest interest"
 'The heart of the continent" with | Is vast resources in both agricultural md industry" he added would be brought in communication with all the ocean routes by the execution of the It. Lawrence Waterway project. To unable ocean going vessels to have tccess to all the ports of the Great l lakes would have a most stimulating Affect upon the industrial life of the continents interior. The feasibility # the project is unquestioned and it's sost compared with other great en- dneer1ng works. would be small"