The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1920-05-29
BOTH WAGES AND
PRICES WILL DROP
Manufacturer Says Present Downward
Movement Is Bound to
Continue

Manufacturer Says Present Downward
Movement Is Bound to
Continue.
New York, May 27.--"The Amer
lean people-the ultimate consumer
may look for prices to fall like a
row of bricks says Henry Abbott,
manufacturer and a director of the |
National Association of Manufacture
ers. Values are going to find their
own level rapidly From raw ma
terials to the finished product, from
manufacturer on down the line to re-
tail, prices are on downward jour
Iney. And thew are going to drag
the high price of labor-one of the
things which has held them up
right along down with them
/ The national association, in an
nual convention here last week.
adopted resolutions pledgng its
members to aid in bringing down
prices. Each of the $500 members
was instructed to work out his own
method of price reduction.
"The manufacturers will not have
hard tasks declared Mr. Abbott, be
cause like row of bricks on end, if
one falls the Others come down with
crash. The bricks are falling right
now. 1t began with the consumer
He had been paying high prices for
4 everything, and he eventually found
ont that he could get along without
many things rather than pay the prices
demanded.
The department stores found
themselves with goods which they
could not sell, and down went prices
Thus It is and will continue to be all
, along the line. The wholesale mer-
chant finds himself overstocked with
, goods he cannot dispose Of Down
go his prices. The manufacturer
, depending on raw material and
labor, will soon find himself over
stocked When this times arrives he
| will cease to manufacture, and raw
3 materials witch depend absolutely
, on labor, will come down.
I'VE realize well enough that labor
will not voluntarily accept a lower
wage. But labor will do so when la
" Dor gets hungry. And these wages will
not be set by the labor unions, either
In the economic condition which
this country today finds itself. accord
4 ing to Mr. Abbot, there are Just two
= things higher than man-made rules
- which will have a stabilizipg effect -
the law of nature and the law of sup
ply and demand.
1T 10 all right 10 say that labol
union scales and rules, regulation!
and resolutions will have their CT
feet on the present economic situa
). !tion,' continued the manufactures
but you can no more change, basit
economic laws than you can beat tn,
e law of gravity and make water rul
uphill Water always finds its owl
level, and so must commercial ant
labor values If there is no marke
for either of them the value mus
Z fail, and, as I've said before, It j
y falling like a, row of bricks.
: Manufacturers not only face
lack of raw materials because Of tn
n labor situation, but face loss o
market due 10 economic conditions
he continued. aU
~ Labor generally today is produC
& ing too little for the money il get
{. Manufacturers who attended the an
v nual convention here were almos
- unanimous in declaring that en-
ployes seldom work full week nov
adays. They are on she job four o
five days and off the rest. They lo6
In the workshops and workrooms
I, Just now the price of labor is arb
trarlly fixed, but 1t will be ultimatel
fixed by the law of supply and demand
50 And the loafers or slaokers, will b
the first to find themselves out of
Job.
,r @Wliat we need most in this cour
try is common sense. gondi ion
10 have been prime for the greatest or
of business the country has eve
4 known, But people have not bee
reasonable. Everything in bushes
: starts and ends with the consumer
Now that people themselves have bC
gun 10 take matters into their ow
hands and be reasonable condition
will normalize
THE manufacturer, the wholesale
,ee and the retailer will not sell rheapc
IL voluntarily, but they will lowe
prices when unstable stocks begi
- to accumulate That is exactly wha
r is happening"
D Mr.. Abbot would not prediC
I'd breadlines and soup kitchens for |;
y Dor generally, but was willing {
. forecast that the time is comm
when, despite Samuel Gomper's al
nouncement that labor is speakin
4. in mandatory terms" the worke
- will be glad 10 find IAN honest day
- employment at reasonable price"