Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-02-28
BARUCH PREDICTS
BIG FALL IN PRICES
New York Financier Tells House
Committee the End of Profit
eering Is in Sight.
GOVERNMENT SAVED NATION
War Board INTERVIEWED, He Testi-
fles, to Protect Consumers
From "a Riot of Greed"
GOVERNMENT SAVED NATION
LRw UnIvcrsn; sn-ylnn !,

WASHINGTON. Feb. 27.-rrice fix
ing by the War Industries Board was
vigorously defended by former Chair
man Bernard ". Earuch before the.
House War Investigating Committee
todaI.
If we had not hxod prices" he de-
cared. theT would have been limited
IN the riot Of greed especially in
shame. because there would have beer
no price TO which steel would not have
rissM., Ihis would have broken up the
fnor3Ie OIL the country. We couldn't
afford 10 let the steel interests fattcn
off the blood OF the soldiers"
The end of high prices now is in
sisht. however, he believes World
rapidly is approaching it's peak, in his
opinion, and prohtecrs and hoardcrs
soon VIII run 10 cover.
"Oniy God Can Prevent y Drop
Only a ''catac!ysm. an act Of God or
some Development such as the over
throw OF the government and estab
.!shmcni OF some unwantcd substitute
IN lts place. the committee was told,
Storatlon OF normal transportation on
sea and on land. and with the world
back n work, reduction OF the cost OF
living Is an absolute certainty"
ihc former head OF tho War Indus
tries Board was on the witness stand
FOR abou, four hours. Representative
Garrgtt. OF Tennessee. Democratic
member Of the COMMITTEES. said nc had
asked MIN to appear in order that tho
inside workings Of the board might be
learned.
Mr. Baruch admitted that he was
allowed n free hand as an economic
adviser TO the American peace commits
SION. lie was ordered from his coun-
try place in South Carolina to Paris hv
wireless. message from President
Wilson. who had him named as a
,nemhe,r of the supreme economic
representative on the reparations
board
Did the President ever find fault
with your work." Chairman Graham
IF he did, he was kind enough not
10 say anything about It," VS. the
Shop running amuck."
Fnthcred Economic Sections,
Mr. Baruch said he frequently adj
viScd with tho President when he was
asked" and he had something TO do
with the reparation clauses of tho
peace treaty II am responsible for
the economic sections put in by the
americans and frequently attended the
meetings fn sSro6 OF the the big four"
ator Thomas. Democrat, of Colorado.
declared the economic clauses are the
mos, inilnitous features" Of the
against ratification: Now thu; Mr..
Baruch has assumed responsibility for
these sections. some big guns are en-
pccted to he turned upon him.
Mr. Baruch said he had favored the
government taking over tho railroads
because they had functioned badly
from the outset of the war and were
about to break down. He added: IF
The railroads had ceased 10 function,
IL would have been good night"
Helped to Sell I.iEgett d Myers.
On the question of the cost of gov
crnnent operation of the roads. the
witness said: 1T must be remembered
that the railroads were not operated
by the government TO effect efficiency
and economy, but to win the war"
Among his business activities Mr..
Raruch stated he had assisted IN the
sale of the Liggett IL Myers Tobacco
Company. the SFclhv Smelter. the
Tacoma Smclter several copper COM
nanieS and rubber CORPORATION at
Iorreon, Mex. He drew a laugh when.
IN reply TO question as o WHO lad
'irst suggested Herbert Hoover be
named as food controller, he said. Il
could not say any more than ] can
say who il was that FIRST namej him
as K presidential caniidate.''