New-York tribune., 1919-03-10
Industrial Board
Strives tO Reduce
Nations Living Cost
Personnel Completed and
Plnns Are NJ ad g Ia
Speed Operation of Law
of Supply and Demand

WASHINGTON. March . Compile
ton Of the personnel of the Industrial
Board Of the Department Of Commerce
and plans of the board for Fastening
the return Of prices and wngcs to a
normal level were announced to-day
through the Council of National De
fence.
Associated with George ~ Peck, of
Moline, H. former member of the
War Industries Board, as chairman Of
the new organization, are Samuel T..
Bush, of Columbus, Ohio; Anthony
Caminetti. Commissioner of Immiera-
ton; Thomas X. Glenn, Of Atlanta,
Ga; George r. James. of Memphis
Tenn; ]. c. Powell. of Cincinnati. and
william NJ. Ritter, Of West Virginia.
The chief purpose of the new board.
1t was announced, is TO bring about
the operation OF the laws OF supply
and demand. interfered with By the
process OF war. To this end confer
ences wi be held with representatives
Of the chief industries "to decide on
prices to be offered to the nation as
the governmentally approved judgment
on price scale low enough to en-
courage buying and the resumption OF
normal activities"
Automatic Reduction Seen
AS soon as stable and wholesome
scale of prices is achieved" said the
announcement, "the cost of living will
nave been so far reduced as to creetc
automatically reductions in the price
of labor without interfering with
American standards and ideals for the
treatment and living conditions o.
labor, and thus the last initiating Gle
ment Will have been withdrawn from
prices. 1t is believed that industry
VIII agree that the cost Of living must
be substantially reduced before labor
should be asked to accept lower wages
and thrs industry should stand tho
hrst shock of roadjustment.
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 bil. TO an
thorize purchase by the government Of
wheat Mt the guaranteed price and re
sale of it nj the world price, s to assist
IN bringing prices of basic commodities
to normality by bringing down the cost
OF living. 1t is hoped that these steps
alone VIII operate automatically TO re
duce the prices Of fabricated article.
If they DO not do so in any particular
case the industry affected viii be in
vited into conference
Big Buying Predicted
The assurance to the country Of
market stabilized at the lowest reason
ably expected level viii loosen such ii
flood of buying for the recreation OF
stocks, the making up Of arrears in the
building programme. the feeding o.
needs long starved by economy and thu
invasion Of world markets az may stand
unprecedented IN this country From
the stable level thus reached by coop
GRAFTON, we may expect healthy and
normal condition created BY the com
plete and unhampered operation Of the
law Of supply and demand"
In reply 10 the objection that a gen
eral reduction in selling prices now will
force industry and commerce to accept
a loss on products purchased al war
prices. the boarI's announcement said
the losses under the proposed plan
would be less than if industry we're re
CURED 20 await a natural rcadjustment.
with its consequent long period Of stag
nation