The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-07-01
HAVE \ CARE. GENTLEMEN,

,lfg urIcr wov $50 noticeable has this hc-
como Nni many close Observers have become
onurrhouHuc For n tho tendency continues
,i,rc cau bc lint ono result substantial nd
v1rrrs 'u mo market price of commodities with
the growing dlsaD'lafoctlon which marked that
phenomenon 'ov months ago ana brought on
.nlt FOR want ~ n better torn has boon ro-
f.r.oI 10 as n buyers strike.
This tendency became evident almos, lmm,d'.
o...v of'or bus.uota had begun 70 show signs Of
noriu1lry In other words os soon az the buy
crs' strike w7s calIcd or ana tho public began
purchasing as usual. the very practice which
caused tho public 10 strike In the first Instance
was ngnln employed,
We sny n is the most threatening aspect Of
the general business situation ot this time. and
should be avoided by business men they
would cvado tho plague. For II thcre ia an
other reaction against excessive prccs and tho
cost ~ living. ~ the endless chain Of initiation
ls again sct IN motion. tho experiences Of tho
laqt two yonrs will he referred 10 with positive
pleasure by those gentlemen handling any kind
OF commodities other than the basic necessities
orllfc.
However We DO not look with comphccnce
on tho attitude Of the federal reserve board IN
respect 10 this business trend. II is said the
board senses marked tendency toward infla-
tI,n. that II feels It should take immediate
steps to discourage It, that It Is IN the delicate
position ot sccking 20 discourage business In
faton without checking business revival.
while there ls probably a proper opportunity
for the federal board to exert n wholesome IN
fluonce In the interest Of conservatism and sta
bIlzng values, we cannot agree that IL is
either charged with the authority or officially
given the discretion to sit as an arhter OF trade
and industry IN this land. The action OF this
body few months ago In seeking to dictate
business and banking methods. however sound
ly advised that action may have BEEN however
happy It's ultimate results may have bccn--and
we here neither affirm nor deny in this respect
gave It nm experience which should rorewnrn
It Of the dangerous ground It is now on.
We doubt II the federal board could survive
another such experience. There Is feeling
exant that tho federal board is directly
sponshle for some billions Of dollars In losses
which could have been avoided had the natural
laws Of trade been allowed to work IN their
own way n any action should be taken hy
the board now which would check the business
revival and prccptatc reaction, Its members
had best be praying men with faith unbounded,
for nothing but that prayer which nvailcth all
'"'"hS VIII W UNIV ~ '''' '"''''
\ financial writer commenting on TINS a'u-
tude OF the federal reserve board explains that
~ ls the thought of the board ana bankers gem
orally that business should be able to gradually
accommodate broader movements or merehan-
disc without adding to the cost OF 1t all along
the line
This - the opinion OF the board ana bankers
But what about the moro thoroughly advised
and experienced view OF manufacturers ana
merchants and their employer These had tho
opinion at the time the dofauon movement was
on, when merchandise was plentiful and only
money scarce, that tho detlatlon movement
could have been hroadencd without adding TO
the cost ot money necessary to carry out detla-
tion successfully. Yet the banker policy OF put
ting a price on money which made It prohibit
tive prevailed. This same writer explains that
labor is the nub Of tho problem EVERYWHERE"
ho says There are indications of an Imminent