Every evening, Wilmington daily commercial., 1920-05-20
PRICE CUT PLEDGED
BY MANUFACTURERS
Decline of 10 to IS Per Cent in
Cost of Finished Products Ex-
pected by September.
From The New York Times of Today.

Jubilee Convention at the Waldorf
Astoria, yesterday unanimously adopted
a resolution approving and urging CO.
operation In the price slashlng movement.
The association represents 5,400 OF the
country's leading manufacturers, employ
ing 100000 persons and producing IS
to so per cent of the manufactured output
of the United States.
The resolution did not specify the per-
centage. of reduction its members will
be expected to make because, it was
explained, the great variety of articles
turned out by the manufacturers made
it impossible to settle on figure that
could he met by all. Members unothciaily
indicated, however, that the price cutting
would be from 10 to % per cent and that
reductions would begin in September.
The text of the resolution follows:
Whereas the cost of living has steadily
advanced during the past year therefore,
be it
Resolved, that we are in hearty ac-
cord with all sensible efforts to reduce
prices of commodities, and, to that end
we urge our members to cooperate in
all reasonable efforts to bring about that
result.
MEANING or RESOLUTION.
''The real meaning of the resolution,
said Stephen G. Mason, president of the
association, lis that the members of the
association believe that they should take
a definite stand on the reduction of prices.
The price-cutting movement was the
chief topic of conversation among the
members Manufacturers said IL was
caused by the halting Of buying by the
public and the Tightening Of credit by
the Federal Reserve Bank. 1t was n
reaction from a period Of proit-taking
which began before the United States
entered the war.
James A. Emery. general counsel for
the association, in commenting on the
resolution said:
Il gather from the expression of manu-
facturers that they are sincerely desirous
of joining in every practical and rational
effort to reduce prices.
Il am heartily in sympathy with the
principle Of the resolution and will per-
sonally render every effort to carry il
out, declared A. L. Humphreys, presi-
dent of the Westinghouse Air Brake
Company and chairman Of the committee
which prepared the industrial platform
which will be submitted TO both party
conventions. Other influential business
men voiced the same opinions.
INDUSTRIAL SITUATION DISCUSSED.
The members heard ad ,resses on MANY
phases Of the present industrial situation.
Among the speakers We're Francis H.
Sisson, wee president Of the Guaranty
Trust Company; A. Barton Hepburn,
chairman OF the advisory board Of the
Chase National Bank, and Milo ID. Camp
bell, president OF the National Milk
Producers Federation.
The convention closed with a dinner
l.
president Of the Baltimore d Ohio Rail
of economics at Vanderbilt University.
spoke. Mr.. Emery was toastmastcr
SAYS DEFLATIoN MUST CONF.
The keynote of Mr.. Hepburn's address
was "dehation must come" He re-
viewed the international exchange situa-
ton and declared that prices were certain
10 drop approximately TO pre-wear levels.
Referring to the undesirability Of
"had debts, Mr.. Hepburn said: I've
hear it asserted on all sides that we must
extend credit to Europe or else we will
suffer curtailment Of our foreign sales
1t is certainly not desirable to sell goods
abroad unless We are TO receive payment
for them"
Touching on the country extravaganza
he said that more gold was used last
year for ornamental purposes than the
mines OF America produced.
Railway managers, for time at least
must keep constantly In mind that private
ownership Is on trial, and they must be
determined that it shall WIN. declared
Mr.. Willard at the annual dinner. He
urged the expenditure OF 100000, COO
TO $1,000, 900, 900 for betterments, exten-
sion and equipment to keep pace with
growing commerce. but added:
The inability of the railroads to In
3rease rates to Offset higher operating
'osts Is making railroad investments
Increasingly unattractive."
DISCUSSES ESCH-CUMMINs Law.
Air. " Hard took UP the Esch-Cummins
law, and while calling attention TO its
failure to prohibit strikes OF tockOuts, |
declared It should be given a fair trial. |
He believed the railroads and the employees |
would settle all disputes IN the reason |
ably near future, but, If not, II would |
be the clear duty of Congress 10 pass q |
aw to make the stoppage Of railway /
rains, because of labor disputes, I'M |
possible
Mr.. Sisson contended that strikes,
which have been epidemic since the |
.rmistice, have done more to increase |
commodity prices than all the pronteers. .
1e declared there was great need at this /
lme for another Joseph Choate with the /
~, America, wake up, and, for Gods |
axe. hurry" He said an incomplete
st OF direct losses due to strikes in 1919 |
laces the cost of labor IN wages at
early s725, 900, coo and to industry at
1Ore than one billion and a quarter
PREDICTS WIDESPREAD UNEAiPI oYMENT.
OF the high cost Of living and the reduc-
ion Of prices. Mr. Sisson said Those
Who are clamoring for a rapid fall in
rices should bear IN mind that drastic
citation will mean painful economic
adjustment, of which widespread un-
mployment and business distress would
e features. The average man should
that there is not much adj
antage in being able TO buy twice. as
luch for dollar if he does not have the
ollar
The speaker said the volume Of British
Jreign trade was rapidly approaching
nat OF the United States British inter
sts were supplying the demands Of the
lerman markets.
Meanwhile we are still technically
war with Germany" he continued, |
thanks 10 a government divided against
self-a government Of obstruction in
cad of construction. /.
Mr.. Campbell discussed the farmer :
i'd the open shop. Professor Dyer
poke on the open shop and the freedom
the individual.