The New York herald., 1921-10-15
ECONOMIC PENDULUM
SWINGING FORWARD
National Programme of Re-
adjustment Now Being
Worked Out.
HOOVER GETS PLEDGES
Will Announce on Monday
Names of Permanent Com
mittee Members.
ROADS TO TAKE UP RATES
Agriculture Is Beginning to
Receive Substantial Loans
From Bankers.
HOOVER GETS PLEDGES
ROADS TO TAKE UP RATES
Special Despatch to THE New. YoRK HnsALD.
New York Herald Bureau
Washington, ID. c., Oct. u

Special Despatch to THE New. YoRK HnsALD.
New York Herald Bureau,
Washington. ID. c., Oct. n.
The national programme of economic
readjustment outlined by the Wash
ington conference on unemployment
to-day was being worked out by manu-
facturers, workers. farmers, bankers
business men and public officials in all
sections Of the United States, it was
shown in kilograms and letters pledg-
ing cooperation which poured into
the Office Of Secretary of Commerce
Hoover.
President Harding, recipient of many
telegrams expressed an opinion that
the conference achieved a real and
lasting result.
Secretary Hoover and Cabinet MEM
bers were busy answering queries of
business men and officials anxious to
cooperate in the movement.
Mr.. Hoover took some time selecting
the permanent committee on economic
readjustment which will undertake to
direct the entire nation in the effort to
carry out the programme Names of
the committee members will be an
nounced Monday.
Freight Rate Reductions.
Railway executives. Federal officials
noted with satisfaction, are expected to
discuss reductions tn--freight rates at
their conference tomorrow In Chicago
Rate reductions were urged by practi-
caliy every conference committee which
studied the bsuness situation. Although
more than $4,000 reductions already are
estimated to have been put into effect
these deal mainly with sectional ship
ments
Reductions also have been put into
effect over large sections of the coun-
try for basic commodities like COAL iron
ore, lumber vegetables. sand and gravel
and other building materials, grain for
export and the like. Many more reduc-
tons of basic commodity rates must be
agreed upon by the roads, the Interstate
Commerce Commission and shippers be-
fore the effect desired by the unem-
ployment conference can be realized, 1t
is pointed out.
Agriculture. more in need of assist
ance than any other line of endeavor,
according to the conference decision. Is
beginning to receive aid in substantial
quantities from the War Finance Cor
PoIdlioH anu OduheTS ke0cTdlly. Inc
Finance Corporation has loaned In the
neighborhood of $4,000. 900, to assist
farmers and other producers@ In export
ing their surplus products. Cotton pro-
ducers in the South are beginning to ex-
perfence return of more favorable con-
ditions, according to reports to the Gov
eminent. Reports to the Department of
Commerce show that shipments of grain
abroad this summer have been largest in
L. f=Az fA&> a.
loans to be made by the Federal Farm
Loan Board farmers are to receive other
financial assistance in the shape Of long
term credits.
Bankers Extend Credit.
Bankers in the West and Southwest
are beginning to find 1t possible to make
loans to farmers on smaller interest
rates than carly in the year. To assist
producers of live stock. corporations to
lend millions now are being organized in
several Western States, with the CO.
operation of the War Finance Corpora
ton. The live stock industry is getting
back TO it's feet again, In the opinion of
Eugene Meyers, Jr., managing director
OF the War Finance Corporation.
Work for thousands of machinists will
he afforded this winter by the railroads.
which in the next three months are get
ting ready to spend more than $780,
100000 on repairs for equipment and
rights of way. according to an estimate
by DIR. julius Parmelee, director of the
Bureau of Railway Economics. The
roads have in their employ at least
100000 persons, DR.. Parmelee esti-
mated, or within 100000 of the total
number at work during the war period.
That the manufacturing industry gen.
orally is beginning to respond to the call
of the conference Is seen in the an
nouncement OF the United States Steel
Corporation that $10,000,000 worth of
extension work is being undertaken to
provide Jobs for the idle during the
coming months. Arrangements to carry
"A large number. of men on it's payroll are
being made by the Standard OIL Com
pany of New Jersey.
In the West the Federal and State
Governments are cooperating In pushing
reclamation work. With authority from
Congress these jobs can be made 10 care
for 4o,to0 unemployed, according to the
findings Of the conference. At the Capt.
to to-day several Senators and Repre-
sentatives stood ready. they said. to in
troduce measures authorizing the Fed
eral Government to undertake this work.
Road building totalling millions Is be-
ing contracted for in many States, es-
pecially in The South, where such work
can proceed all winter Contractors from
all sections of the country are sending
bids to the Carolinas. two States lead
ing in the work.
In the building trades workers and
employers of a dozen cities are negotiat-
ing new wage scales at lower rates, in
tended to stimulate building. New
Orleans reports that building contracts
are being let at a rate double that Of a
year ago.
Reports to the Federal Reserve Board
seem to indicate that n building boom
is developing In many sections. Both
the number Of contracts and their value
are on the increase In New York. Phila-
delphia and other large cities.