The Birmingham age-herald., 1919-03-10
INDUSTRIAL BOARD ID WORK FOR LAW OF
 SUPPLY ANDDEMAND
Personnel of the Body, To- gether With Plans, Was Announced in Wash
 ington Sunday
By Assscistes Press


 Washington. March 9.--Comple'
 ton of the personnel of the indus
 trial board of the department. O.
 commerce, together with the plans of the board for hastening the re
 turn of prices and wages to nor
 nal leveL was announced today
 through the council of national de-
 fense.
 Associated with George ". Peck
 df Moline, H.. former me.nrei
 of the war industries board, as
 chairman of the new organization,
 are Samuel r. Bush of Columbus,
 O.; Anthony Caminetti, commis
 sioner of immigration; Thomas k.
 Glenn of Atlanta. Ga. George k.
 James of Memphis, Tenn; T.. c.
 Powell of Cincinnati. and William
 M Ritter of West Virginia.
 The chief purpose of the new board. II was announced. is to bring about the operation of the law of supply and de mand, interfered with by the processes of war. To this end conferences will be held with representatives of the chief industries "to decide on prices to De offered to the nation as the gov ernmentally CT approved Judgment on a price scale low enough to encourage buy.rg and the resumption of oimal activities.
 As soon as a stable and wholesome sca-e of prices is acnieycd." said the arno uncement, "the. cost of living will have so far been reduced as to create a;.l. matical1y reductiops m the rriec of lahor without interfeii iie with Amer ioan standards and ideals for the ,rcat-' ment and living conditions of a5n., and thus the last inflatlng element will have been withdrawn from prices 1t is believed that industry will agree that the cost of living must be- sub startially reduced before labor shcu,J be asked to accept lower wages and thus industry should stand the fifs: >nock of readjustment.
 BASIC COMMODITIES
 Basic commodities. such as steel building materials, textiles, and food will be considered. first and brought to stable basis. The governmental policy, as expressed by the bill to au thorize purchase by the government of wheat at the guaranteed price and re- sale of it at the world price. is to as- sist in bringing prices of basic com modities to normalitv by bringing down the cost of living. It is hoped that these steps alone will automatically operate to reduce the price of fabricated ar ticles If they do not do so in any particular case the industry affected will be invited into conference.
 The assurance to the country of a market stabilized at the lowest req sonably expected level will loosen such q flood of buying for the creation of stocks. the making up arrears in the building programme, the feeding sof needs long starved by economy, and the invasion of world markets. as may stand unprecedented in this country. From the stable level thus reached by cooperation, we may expect a healthy and normal condition created by the complete and unhampered operation of the law of supply and demand.''
 In reply to the objection that gen. eral reduction in selling prices now will force industry and commerce to take loss on products purchased at war prices the boards announcement said the losses under the proposed plan would be less than if industry were required to await a natural readjust- ment with its consequent long period of stagnation.
 The normal operation of the law of supply and demand" said the statement, "cannot cure what it did not cause. first, because 1t cannot operate until buying begins, and second, because buying cannot begin until we have more normal, stable and Homogeneous market"