New-York tribune., 1921-10-15

peace, and general interchange Of
comm oditie5 between the great coun-
tries of the world is resume ed. Whan
that time comes, however. we must be
prepared TO meet the most extreme
competition.
- acre is no way to have prosperity
except by f-supporting, balanced in
i stry; by the free d natural ex-
change Of products and services and
this requires that the compen att n Of
the people in the various industries
shat be on such basis that they will
ibsorb each others products.
Demand for Rate Reductions
"a stNdy Of tie rcadjustment proc
esses indicates that the price Of prac-
ticaily every commodity mas Deen
heavily reduced Trans nsportation. coal
and the building trades arc the out
sta ding exceptions.
"Freic ht rates, which are such
large factor in our industrial fabric
have not been adjusted but remain
It the highest ,evel in history. Mani
testify, there can be no ret -rn to normal
business iitiens until the price OF
IL. nsp rtat n bears a proper relation
tc comm olity values.
"frhc business Of this country has
been developed on the W 1e distr,bu-
ii of commodities, encouraged by
freight rates that bore a proper rcla-
tion to the prices Of the comm Gltles,
and as these prices fall, SO must ra-es
oe readjusted.
"Demands for reduction IN rates
are now becoming almost universal.
"A general reduction in freight rates
will not of itself restore business 10
normalcy, nor can a genera reduct on
be demanded of the carriers IN inc
present condition of their revenues. AT
the same time it is beyond question
that there are situations WheIe LeouC-
lions mig hit be made.
"The railroads are vita'ly Interested
in an early return to proper ratio
between commodity values AMI costa
Of transportation. In fact, if the pres
ent condition of high rates long can
tinues, many industries will be relo-
Gated 1T roints nearer consumption, the
railroads losing traffic and the indus
tries their Investment.
"Nevertheless, it is fact that the
carriers, though they are not earning
what they should earn To entitle them
to be cal ed prosperous, nor what the
law intends they shall earn, cannot rest
under such protection while other bust
ness struggles for its life.
1T would be wise policy for the cnr-
rftrS PUBLICLY to aVOW tnaC view 9Iu
voluntarily move to reduce rates where
they new work hardship, even though
such racs may be reasonable In a
transportation sense, and even though
tc reduce them means loss Of revenue
TO the carriers. The carriers can do
.hs Of their own volition where it
would be improper for the Interstate
Commerce Commission 30 do SO.
Plan to Restore Business
"The result would be temporary
check in the rising fortunes Of The car
riers. and that the can III afford, but
It would be q step in the restoration Of
sound business conditions and the pub
H., should give to the carriers real ap-
rrcciatiNn Of their act.
"No one who has not been through the
mill can realize what man feels who
has been under the necessity Of direct
ing reduction in forces, depriving a
large number of mon of their employ
ment, and q redGction In wages.
"Under such conditions one cannot
think o. himself, nor Of them. hut only
o. the general situation as whole and
the final result.
~ ask You to feel, therefore. and /
ask every railroad employee who may
harren tn hear of these utterances OF
mine to believe, that in suggesting re-
adjustment of wages now | am giving
oppression to what to NE is a necessity
which un'ess faced now will come with
far greater force later on