The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1920-12-14
PROFITEERING
IS CRITICIZED
BY SENATORS
Evils of Alleged Speculation
Draw Sharp Rebuke From
Senate Committee on Re
construction-Ask Laws.
ASK PROBE CONTINUED
(By Associated Press)

tDy AoSVSiotco IEcSSt
WASHINGTON, Dec. 14-Sharr|
criticism of the national coal INQUIRY
with implied threat Of drastic legisla-l
ton accompanied the partial report oil
the senate committee on productionl
and reconstruction submitted to the
senate today.
In general the report, which asked
power to allow the committee to con-
tinue it's investigation, suggested gov
ernment activities to bring about CO.
operation under regulation in buildinEI
construction but its three Republican,
members, Senators Calder, of New
York, Edge, New Jersey and Kenyon,
Iowa, supplemented their findings
with additional statements all Of
which agreed In asking special legis-
lattve attention to present methods of
producing and distributing coal.
These, Chairman Calder said, must
be corrected" while Senator Kenyon
declared that eff the matter is to GO
| on, /, for one, harsh as the remedy
may be shall favor taking over the
| mines"
Senator Edge expressed as his con-
clusion that "the coal industry cannot
| bring order out of the prevailing chaos
the suffering people, so l am ready to
modify somewhat, in this case, my op-
position to government intrusion into
private business, and to advocate leg
itimate scrutiny" r.
Point Out MonopoIies.
Coal profiteering especially as it
| followed the priority orders of the in
terstate commerce commission has
continued unchecked by the depart
ment of justice and is a national dis
grace" the COMMITTEES said in its joint
report. Goal speculation has been
permitted to monopoliZe the transpor-
tation facilities of the country, resard-
| ing necessary construction and in
| creasing the basic cost of manufacture
and distribution of commodities in
general. 1t has bled the home owners,
public utilities. and industries.
"Our investigation into the coal
situation has convinced US that the
private interests now in control OF
the production and distribution OF
actually unable to prevent a continu.
ance or repetition of the present de.
plorable situation and that 1t is the
duty of the government to take such
reasonable and practical steps as it
may to remedy the evil"
Ask for Reports
Government administration of the
iproduction and distribution of coal
the committee said, should be a last
resort, but for the present ii was
recommended that operators, whole.
salers, jobbers and retailers in the in.
dustry be required to file full and FIRE.
quent reports with federal agency.
These reports should show" the com
mittee concluded, total tonnage pro
lduced or handled, size and quality
thereof. amount OF tonnage contracted
for, sold on contract and at spot sale
to whom, and the prices made and re
ceived under contracts or sales"
The reports should be sufficient etc
determine costs and profits, and the
corporate inter-relations or the com
munities of interest. if any. between
companies producing and distributing
COAL"
Housing Shortage
In other fields, the committee said
there exists a serious shortage OF
housing, not only in the great cities
but in the smaller cities as well, even
in the far west and SOUTH" which 1,
held to have a deleterious effect upon
health, morals, and industrial growth
by the committee.
Financing building investment, the
committee said, should be aided in
several ways, suggesting lowering OF
excess profits tax and sur.taxes and
tax exemption for real estate mort
cages. A modification of the federal
reserve act to permit member banks
to invest in longtime mortgages was
further recommended, and the commit
tee said 1t indorsed the principle oil
"the home loan bank bill, which is de
signed to facilitate a wider distribu
tion of real estate mortgages through
standard bond issues"
Popular saving and thrift, It was
concluded, would be aided by consoli
dating under the postoffice depart
ment all federal thrift activities, and
by amending the postal savings Law
Ito provide adequate interest for de
. nSiforS