The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-01-01
Federal Board Does Not
Regard High Rate AS
surances of Peace
TAKES ISSUE WITH
GENERAL PALMER
Says Much of Skilled La
Dor Works Only Stuff
cient Period in Month to
. Keep Things Going

WashinErnn- Dee. z1--he Federal
reserve board does not regard the full
employment of labor in the United
States at unprecedented wages as an
assurances of continued industrial
peace and prosperity. In a. statement
issued by the board today II Is de-
ciared that "tLe effect Of excessive
raxes- has been that of destro 1.ir q
regular standards OF Irving and the
recognized basis Of prices"
The board takes issue with the dec
Taxation Of Attorney General Palmer
that the high cost of living Is zradu-
ally coming down It asserts that
prices are rising throughout the coun-
try and that genArl anxiety concarn.
ing the continued advance Is bang ex-
hibited by the public On this sub
tect the boards statement says:
Increase tn the onSt OF living Is
referred to - an uuquestionabIe
menace and In some districts IT is re-
ported that retailers themselves rel
cognize this fact The work and
save program h reported by some to
be conadlrAd h&eknAy4d sor cosolAss.
Htrh wages are resulting chiefly in
reduction At labor dime. According 70
one report. much OF our skilled labor
works only suAitiert days during the
usouth 10 kAAp going
10 BO0Q6 0Lc1yES5S-
The unprecedented wages witch are
baing paid TO tabor throughout the
country have operatad to boom busi-
ness
IN practically all districts save
placed On the general distribution Of
purchasing power ana the freedom,
with which re6xpiAntc OF; waes6s and
salaries ara AiIsG their iaaeans IN
tle pxrchaaA 0& Gnoaa y
- Noaxd qu0t11 I report from
oue ~ thu di1fsikks 10 the Middle
WA4 which a1Un.
Win nd thought 0f srtice,s with lit
ti6 prowa6z0n Tor thu futnr4, our peo-
unAndine gocds, especially Injuries.
The signing of the arnlist1ce was APP
parently the signal for an outbust OF
the huyinx fever which has not YET
reached its heights"
Manufacturers and distributors Of
dry goods. textiles, hardware. foot.
wear and similar merchandise are re.
ported as said UP ahead ss tar a.
they. with take orders.
Reports at the middle OF DAceni
Der indicated more liberal supply 81
cattle and sheep. but largely reduced
supplies Of hogs as compared with
the same period OF last year. The gaze
ef- the ~saf -depaFtrza&nt.& ArsIire sur
plus of frozen bAef Is not expected to
affect the market very materially.
GRAIN SHIPMENTS. SHORT.
Grain shipments ara reported un-
usually SLOW. partly owing to coal
shortage and consequent reduction Of
warehouse accommodations. The
country elevators are full Of grain
Coal production has felt the effect
OF the strike and has accordingly bean
low In the bituYninous fields The
production during November was 40
500. 900 tons as compared with So
s7s 200 tons during October and A.
50 700 tons during Nov3m Der 1874.
The production Of anthracite coal
however. was well maintained. IS /.
Petroleum. conditions as reportAd
from Kansas City district indicate The
compilation Of s6S wells, 4 decline OF
seventy-six wells q compared with
the October record. The total daily
new production from the November
competitions was 69.13l barrels
Great activity In the effort 70 speed
up production has occurred. An adj
vance of Is cents barrel on crude
oil has given new interest. 4
It Ia estimated the loss OF produc-
ton in tho iron and steel tndultTJ
during the past .thrse months, as com