Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-03-11
READJUSTMENT
PRICE BOARD
IS NOW FORMED
President Approves Plan:
For the Readjustment
of Prices.

Having received approval from the
president of the plans proposed t re-
adjust prices, the industrial board Of
the department Of commerce has been
formed at Washington, d. c. A sum-
mary Of the industrial situation and
an outline of the work of the board
has been received in Grand Forks.
n board members are being Sc
lected under the. craftsmanship of
George n. Peek, formerly vice chair
man of the war industries board.
They are to put into effect q practical
program for the readjustment of
prices for basic materials in such a
fashion as to create a firm founda-
ftion on which the consumer can base
his future purchases. m the pro-
ducer can form necessary estimates.
The industrial board has the assist
ance of the national council of de-
Tense.
In a summary, issued by William
Z. Redfteld. secretary of commerce.,
some of the problems are outlined,
and the following remedies are sug-
gested:
81. A wise solution is equally i'm
portant to the government. to indus
try and to labor. for their true inter-
ests are so closely connected and
united that no detriment can be SUI
fered by one without a harmful effect
and reaction upon the other.
o. The vital need of the situation
is resumption of industrial activity
to the fullest possible extent and it
should be the aim to find the wisest
and most effective way to accomplish
this.
"3. 1t is felt hat the proper basis
for the selling prices for the present
will be found to be upon a scale high.
er than those of the pre-war days.
However, the level should be estab-
lished on the lowest possible plans,
having due regard for labor, industry
and government. The announcement
of such a plane of prices will imme.
diately create confidence in the buy
ing public:
tons from the high prices to the
proper level. so that customers may
be justified in buying, should be made
at once by one reduction.
"5.. The effort should be to
wholly eliminate the abnormal, I'M
balanced stimulation that business
has had and the inflated prices that
have resulted and to start anew on a
normal level. and thereafter, industry
having adopted that level, can safely
rely upon the law. of supply and de-
mand to govern future vaues. Such
a policy adopted and announced will,
it is believed, when understood by the
customers, induce at once sufficient
buying to start factories and to inau-
gurate the interrupted building and
other programs.
"6. Industry and labor have a mu-
tual interest in remedying present
conditions but industry should take
the first step by the reduction of
prices of commodities and should re.
Qulre of labor only reasonable aid.
The Remedy.
81. The president. having ap-
proved the appointing of a board of
the department of commerce there
can be no doubt hat industry will be
glad to cooperate in an endeavor to
arrive at a solution of the difficulties.
"2. Therefore, the first step to be
taken by the board will be to call
into consultation the leaders OF in
dustry in such numbers and in such
places as may be deemed wise. It is
believed that industries generally will
be able, to adjust the prices in line
with the above policy without material
aid from the committee.
"3. At such conferences the situa-
ton should be considered and under
stood and the principles that should
govern should be fully appreciated.
"a. In addition to giving assist.
ance in reaching satisfactory price
BASES tHe DOdru ought TO De aOle &c
assist in the disposal of surplus wal
material, it being desired to give az
little detrimental effect as possible tc
private Industrial activities.
"5. The immediate object is to
bring about such reduced prices as
will bring the buying power Of the
government itself, including the rail.
roads, telephone and telegraph, into
action n make it possible for the
government to state that it is willing
to be a buyer for its needs at the re.
duced prices. If these conferences re
suit in such an understanding on the
part of the government with respec'
to the basic industries concerning
proper prices. and these are approved
by the board, and these are an,
nounced to the public, hen the publ.
will feel justified in starting a pro,
gram of extensive buying.
by this process the law of supply
and demand will again come into pla,
and the trend of prices Thereafter
will, it is believed, be upward, there
after"