Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1921-11-03
Continued High Prices Are Not Based
On Logical Demand, His
Claim
REASON, FAIRNESS, HONESTY
HELD THE ONLY CURE
FOR SITUATION TODAY
By Ebert FL. GARY

Gary needs no Introduction to an!
reader of any daily paper in the Unit
ed States. Whether one agrees will
what he has said or done in the past o.
not, no one can refrain from reading
his views of the present national econ
omic situation with anything but inter.
est and with the knowledge that the
writer is man whose words are wei
weighed before being uttered or put
on paper. As the head of the steei
corporation his great mentality was
given wide opportunity to make itself
felt and he accepted every chance. 1t
was taking these chances that put him
in the eye of Americas public The
following will continue to hold him
there, national, dominant figure.
The devastating and destructive war
lasting four and one-quarter years and
ending November 18th, 1918, left the
entire world in a dilapidated and de-
moralized condition. Minds had be-
come distracted, visions obscured, NOR
ais perverted, natural progress inter
rupted and the total economic struc-
ture disjointed. The destruction of
and damage to lives and property were
so great and the souls of men so en-
bittered that it was difficult for them
to think straight or to act intelligently.
In this extremity it seemed desira-
BILE, but was found impossible to
promptly establish a basis for the alb
solute prevention of further interna-
tional military conflicts. Since the
armistice was signed nearly three
years have elapsed and nations have
been drifting and struggling endeav-
oring to formulate and adopt plans
for reasonable readjustment and re-
habilitation. Up to the present time
there still exist doubt, discord and dis
order
This very brief outline I think will
suggest to youh minds many facts and
circumstances which, combined, have
brought the business situation in the
United States to its present state. In
a country of 1877 100000 people, requir-
ing for their daily necessity various
products aggregating in value billions
upon billions of dollars per year,
which can be obtained here, having
money to supply themselves, produc
tion is proceeding much below that
which is actually needed for consump-
ton.
Richest Nation
In the richest of all nations, in prop
erty and money, with the greatest and
most rapidly increasing resources, our
people are not buying enough to sup
ply themselves with the ordinary COM
forts of life, although they have the
disposition and the means to do so.
They are to an appreciable extent wear
ing their old clothing, living in their
unrepaired houses, eating usually
plain food and, in various ways, deny
ing to themselves many of the things
they would generally buy and utilize;
and they are right in their attitude,
up to a certain limit. This is in ac-
cordance with the inexorabIe law of
supply and demand. The demand is
and for some time has been below nor
NAL.
In the main, what has brought a.
bout the present unusually low range
of purchases? Why is there less
building, diminished purchasing of
clothing and wholesome food, less
travel and reduction of expenditures
for new enterprises and extensions
of old?
1t is because the great purchasing
public has formed the opinion that
there have not been consummated COM
plete and proper readjustment of pric-
es; and on account of failure to dis
criminate between different lines or
departments of business the whole
economic system has suffered
Steel Reduced
During the time the United States
was engaged in the war there was a
governmental board in Washington
which, by agreement with industry
had general supervision over the sell
ing prices of the larger producers. You
are familiar with these proceedings
You were part of them and you re-
spended promptly and nobly to all the
acquisitions made by the Government
After costs of production were ascer-
tanned by the Federal Trade Commits
sion, patient investigation made b!
the War Industries Board, full oppor
tunity given for consultation and dis
cussion, prices were fixed by the Boart
and you promptly furnished the goods
Steel Interests voluntarily reduced
prices to a substantial extent almos
Immediately after the armistice wa
signed, and three months after, re
peated this performance. Some hav
never since increased these prices
and all sooner or later have reduce,
them. They are now, on the average
at least $40 per ton lower than the fig
ures agreed upon by the Government