The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1920-11-28

for labor. while some less than at a
corresponding time last year. Is none
the less greater than Il was this sum
mer. II has. ia regard TO tabor. be-
come = buyers market" and not
sellers market" as Il has been since
1918. But everywhere the report Is
made that the change IL one of read
jnstment, that IL il not a slump. de-
preston. or panic. and that tho great
er part OF II Il over.
In the great middle west the read
9usfment has not been nearly 60 SCI
we're as In the east. and especially In
New England. The south has now re-
ported such heavy losses, while the
Pacific coast seems TO have out the
business as usual sign.
The reductions which factories are
making, coming BY slow process OF
commerce through the channels Of
wholesaler and retailer 20 the public,
+ certain 70 have the effect of stimu-
laiing buying II will take some time
Tor these prices 70 come 60 you and
20 me. just as Il took sonae time for
the higher prices 70 reach as. The
stock which the merchant is selling
TIM winter was purchased this sum
nler--and 50 naturally has 20 be sold
the manufacture this summer. NAxt
spring though. the new prices viii
come IN vogue that - the way the
stream Of commerce carries prices; A Isl
no, an instantaneous flash. this fac
tory reduction. but a slow. steady
working stream, but sure nevertheless.
And. on tho whole a Is a good
thing that both increases and DROPS
3 r. "a Ia f.
way business over the nation n ad-
tusted % them. and whatever losses
there come. whether 10 tho public
through Increases. or To be merchant
through the drop. are spread over a
considerable period % time. The losses
can DO absorbed great deal better
this way
The present status OF retail trade
has been compared by come 20 a "con-
sumers strike; On other words. that
the consumers were not buying. even
az the reduced prices az which mate-
rails were being displayed, because
they felt certain that prices would
come far lower than they were even
then. bat the assumption Is not who'll
- correct; the lower prices at pres
ent being offered ars cuts on mate
rails bought AZ a high price level. and
many further cuts on these cannot be
made. When the stuff manufactured
az a lower cost comes 20 the markets,
why then the true lowered costs will
be reflected. And that viii be some
time off
Consequently the expectancy on the
part ~ a section Of the public that Il
VIII wait Tor lower prices is likely 90
lead II 20 deluaion. These win get
here, but not in a trtce. and people
have 20 live In the interim. The pub
lie should buy with care ia this time
of readmstment TO be sure. but Il
should get rid Of the idea that in q
week or 40 Il can buy at half ~ what
things cost now. DO your part OF the
readtustmcnt--the merchants are do
ing theirs. News.
Mere "ssate Sovereignty" ~ Danger.
Although states which ratified the /
eighteenth amendment are not strictly /
warranted IN kicking az the recent de- /
cision 81 the interstate commerce COM |
mission that n state rate-fixing agree y
ment with a railroad Is preferential |
aud operates 20 defeat the constttu- /
tienai authority 81 congress-. still II I
must cause them 70 wonder what they /
have gotten themselves into.
The appellate court OF New York /
held that the charter az the New York /
held that the charter 90 the New York /
Central Railroad fixed the price OF /
passenger hauling in that stale at two /
cents a mile and that this was part /
OF the consideration IN return for the /
franchise granted in the charter that |
Il was a solemn contract between the |
state and the railroad which could not /
be abrogated or set aside by any after 4
act Of congress. Tho interstate COM /
merCo commission says mot So:
THAT ne New York statute il prefer /
entiai and operates 10 defoat the con- |
stltutionai authority OF congress 20 1
regulate commerce. and that the ma
uoual Law must prevail where trans /
portation within state lines interferos /
with just regulation os interstate COM /
merce. even though the judgment may 4
have the effect Of completely dlsplac- |
ING state jurisdiction over state COM
merce."
viii probably turn on the word lust" |
fOf there is evident room for argu- !
meut whether any regulation which /
abrogntes OF seeks - annui a con-
tract entered into in good faith. con-
corning a thing legally contractable. /
for a just and legal consideration BY i
those competent 20 contract. Is Just 4
regulation. Tampa Tribune.
Bread viii now be reduced 90 /
three loavag fnr one RurkasS. I