The Washington herald., 1921-04-29
j. S. GOES SAFE
THROUGH CRISIS,
SAYSMR. HOOVER
Chamber of Commerce Is
Told of Plans to Aid
Business.
SURVEYS INDUSTRY
Asks Cooperation in Deyel-
oping World Markets for
American Trade.
CONTINUED FROM PAGE ONE.

Some groups are able to put up
stronger resistance to reduction OF
economic levels than others. For
Instance. this resistance against
liver levels in the service and
mmodities that the farmer must
v in the face of his very much
~ yer returns. is already digging a
ave of unemployment for the
hsr industries
With imitation and price changes
OF a rapidity and magnitude never
before known. human nature IN
voluntarily seeks preservation ana
voluntarily seeks advantages
Financiers. manufacturers. mer-
chants-employers and employees
have all acted with varying de-
erees of kelf-control. No greater
lesson can be brought home to our
people than that We must not only
get, but give quid pro quo in serV-
ia No particular economic frac-
N of our population can lons
:. ntinue securing over advantage
thout disaster TO itself OF the
, immunity. Our whole economic
q moral problem. indeed our
= tety, our satisfaction and our
n ppiness are balanced upon our
-actice Of this basic fundamental
business dealings.
Encouraging signs.
There are many encouraging signs
this readjustment. There is very
tch less speculation and profit
.ing. Many manufacturers and
Is olesalers are making cuts in their
n entories that equal or exceed the
In6 eases which they obtained when
i've were on the up-gtade. They are
IpS sing their savings in raw ma
)terial and labor on to the next step
in distribution. Economically, the
retailer is of necessity the last of
..Se chain to make readjustment ano
some localities and some lines
has been less responsive to the
csssity of this readjustmentth than
he situation calls for. The pro-
esses of competition work very
harpIy and promptly upon the
Manufacturer and wholesaler be-
ause the buyers are comparatively
ewtand very wise They do not 50
eact upon the retailer because the
. b. lie at large is not so wise and
Ia 90 inert to do that shopping
lara md for the best bargains which
u ~ eCcSSdEg 70 SCI Up NhC
ompetition.
lbor shows a willingness to
reductions in wages in many
ctions and I believe is willing
ace even further reductions. IL
Isacrifice can be demonstratively
ded on in general reduction of
4 price levels. so that the cost Of
ng travels in step. Labor Is
wing in efficiency and shows a
lngnes to remove the objection
Limitations, an effort that grew
in, some industries during the
is entirely possible for US to
ltain our high standards Of liv-
4 we can secure equitable read
nents all along the line. But
must face the fact that IL We are
old to our higher standard of
z and TO maintain employment
n people against the competi-
of the living standards of
pe, lowered for a whole gen.
D, we must do it by better
.ent, greater efficiency, and by
er work.
SQuestion of Rates.
e, railways in our country. more
any other place in the world,
the keys of industry. No one
huestion the financial difficulties
e railways and the fundamental
ssity of producing for them
cial stability. But 1 conceive
the. continued use of an emer-
y horizontal basis of rate in