Pine Bluff daily graphic., 1919-05-10
ACCEPTS
 RESIGNATION OF
 INDUSTRIAL BOARD
Final Effort to Obtain Sat isfactory Steel Prices
 Unsuccessful.

Washington, May 9.-Governmen- tai efforts to hasten the return of in- dustry to normal peace time activity by stabilizing prices through the in- dustrial board of the department of commerce, came to an end today. Following a final unsuccessful eff fort to bring the railroad administra- tion and steel proucers to an agree ment on prices yesterday in New
 York, the resignations of Chairman George N. Peek, of Moline, Ill.,. and the other six members of the board were accepted by Secretary Redfield. The resignations rendered April 22nd and had been held in abeyance until MT. Redfield was satisfied the board had exhausted every effort to stimu- late an industrial revival
 With the dissolution of the board, the natural forces of supply and de-
 mand will be left to re-adjust prices from war levels to those of peace. Director General Hines announced yesterday the railroad administration would return to the old system of competitive bidding.
 Officials Puzzled.
 Government officials declared they did not know whether the steel pro- ducers would keep in force the price board and which was the basis of all schedule approved by the industrial bids recently submitted for 10000 tons of steel needed by the navy. It becomes known that when the legal :ty of price agreements arranged by the board was submitted to Attorney General Palmer, he rendered an opin- ion that such action was not author ized by law, but did not declare such an agreement would be illegal. Other officials held that the purely volun- tary. nature of new price schedules, arranged by a board which admitted lv was without power to enforce the prices and seeking merely to stimulate business by effecting reductions put the agreements without the pale of the Sherman law.
 The steel schedule was the first and only one ever promulgated by the
 beard which was appropriated in March. Representative of four other
 industries, coal cement, hardwood and pine lumber-had expressed a willingness to cooperate with the
 board and conferences. looking to price reductions have been held.
 In announcing his acceptance of the resignations of the board members
 MT. Redfield made the following statement:
 Formed For Service.
 "That board was conceived in the spirit of unselfish public service and has acted from the beginning. I re- peat what was said yesterday, there has been no change in it's viewpoint rolicy or attitude from the beginning No statement nor inference to the contrary has a basis of fact It has had the widespread support of in- dustry and commerce throughout the country. It has sought merely to ser we and has been ready to consider all figures, to respect all facts and to re- consider any statement or conclusion in the light of further knowledge It's mind has been open and it's pur-
 pose was directed not to winning a controversy but solely and simply to serving the country. I believe it has developed standards of public c6s operation which will be of permanent value."
 Mir. Redfield paid high tribute to
 the boards work in letter to Chair man Peek.
 "You have not sought to control. | but to cooperate,n ' he said. "You have exI6usted the resources of courtesy. X6ur altitude haa boen unselfish gen. $ AS ' S,<,ssrr 1yso 1daS <anad ',