New-York tribune., 1919-04-30
President of the National
Chamber of Commerce, in
Convention at St. Louis,
Demands Congress Call
Secretary Glass Speaks
Failure to Stabilize Prices
Deprecated by Chairman
of the Industries Board

ST. LOUIS, April 29.-Harry A. Wheel
er, president of the United States
Chamber of Commerce, told that body
to-day that the immediate return to this
country of President Wilson and an
extra session of Congress to deal with
problems of industry are essential to
Americas business.
"Completion Of the Paris conference
alone can open the way to resumption
OF normal conditions" he said.
After asserting that Americas DOS
session Of goods needed by the world.
coupled with the nations buying power,
had prevented business paralysis, he
SAID the country could no longer "spare
the Chief Executive to await the un-
ravelllng of European conditions while
we at home drift with neither executive
nor legislative attention to fundament-
al matters of readjustment"
He said that business must aid to
the utmost in paying war obligations:
that the principle of a fair return only
on capital actually invested must be
strictly observed, and added that it is
necessary to restore "business as
usual to insure the maintenance of
peaceful conditions "at time when
anarchy and other unsound theories
are clamoring for an opportunity to
try out experiments"
Secretary Glass Speaks
Secretary Glass of the Treasury
speaking on "Financc and the Victory
Loan" reviewed the disadvantages Of
the old national banking system for
nifty years prior to the introduction of
the Federal reserve system.
'ihe whole startling contrast" he
SAID, may be summed up in the state
ment that in 1907 the failure of two
banks in New York City preciptated
the greatest financial panic that ever
afillcted the nation, whereas, under the
new system, the greatest war of his
tory tailed to create ripple in the
country's banking community"
The railroad committee to-day sub
mtted report opposing government
control and operation of railroads and
urging that the roads be returned to
their owners "as soon as remedial leg
lslation can be enacted" No extern
sion of the period of government oper-
alton should be made until Congress
shall have found It impossible to enact
the required legislation within the De.
Rod possible under the railroad control
act" the report said.
1T recommended further that, in the
public interest, roads be permitted to
consolidate into strong competing sys-
tens, so situated that each of the prin-
clpal traffic centres shall, if possible,
be served by more than one system"
Other recommendations included the
creation of a Federal Transportation
board to promote development of ma
tlonal system Of rail, water and high
way transportation.
ut is most urgent problem of the
read]ustmcnt period" said the report.
I'm March 10 per cent of the mileage
OF the street railways of the country
was was IN the hands of receivers. BY
the middle of April the proportion was
l2ha per cent. Many companies not
yet formally declared bankrupt are in
tact lnsolvent when gagged by any
ordinary business standard"
George n. Peek's Address
Refusal Of government agencies at
this time to cooperate in the movement
to stabilize prices at lower level.
based upon scientific determination
or costs and proper consideration of
an interests involved, would be
f,raught with grave consequences to
the country, George N. Peek, chairman
OF the industrial board of the Depart
ment of Commerce, declared in an ad-
dress before the convention.
Mr. Peek's speech, in part. follows:
Normal prices can be arrived at nv
(a) a long period of tedious and un-
certain barter; or (b) they can be de-
termined by scientific study of their
elements, and be made effective by an
authoritative governmental announce
ment of what prices ought to be.
The Industrial Bo.~d's plan was
40 make such studies and announce
ments. The Director General of Rail
ROADS contended that the price on steel
rails was too high by 81 ton. Thai
is not, however, the circumstance of
greatest significance, which is that
throug ghout the discussion from it's
earliest word to this day, the figures
representing costs of production we're
constantly available to the railroad
admin nistration's representative, and
the basis upon which conclusions have
been reached has been repeatedly rep-
resented to the advisers of the Di