Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-18

Radical political leaders have made
Il, general charge against the in
drs.ries OF the country that by means
:; combinations exercising control
ov., production and prices, "in min
;ae. manufacturing, transportation
I'D all important business enterpris-
-. the cost of housing, warming,
.io.h;ng and feeding the American
, s.oole has been doubled and trebled
= the last twenty-seven years"
Such representations as these have
a. importance far beyond the results
~ any candidates or political parties
n this campaign. They tend when
;,s;s,ently repeated and not effective.
10 ,eiuted to offset the body OF pub
ie opinion, permeating all parties,
! ADD thus to alter fundamentally our
.oc;al organization. The modern Of
r,,ization is based even more upon
enn6dence in economic law than upon
: .o,6dence in individuals. We cam
~. know much OF the many indi-
riduals with whom directly and in
i;,ertIy we have economic relations
,,d must depend upon the benehcient
eo.ra,ion OF the economic principles
~ which all Our progress in the past
has been guided. If we turn from
,h;s system there is no recourse but
~ a vast system OF governmental
,,rulation, tending incidently to
bureaucratic domination and the loss
ii individual freedom, initiative and
efficiency.
That general rise of prices has
,,ken place since 1000 and particular
" since 1914 is of course we'll known
70 everybody. and most people are
aware that it has occurred all over
me world. 1t is one of the astound-
ing exhibitions of politics that can
adate for high office attempts with
mt Qualifications to represent this
rise as due to COMPUTATIONS among
producers.
The public is familiar with the
manner in which prices and wages
rose together during the war and the
two years following. and with the
fact that wages. which are the princi-
. oal factor in industrial costs, have
been generally maintained at or near
the peak. In our discussion last
month we showed by unimpeachable
authorities. mainly government docu-
ments, that in practically all the in
du,tries named the rise Of prices for
he products had been less than the
rise of wage rates. 1t is a highly
significant fact that the managers
Of these industries by means of i'm
provcments in industrial methods and
increased investment in labor saving
equipment, have been able to absorb
a large part OF the increasing wage
costs and have saved the pockets of
consumers TO that extent. This re-
suit Of energy and enterprise relieves
Industrial management from response
bility for such increase as has taken
place.
y It is in order in this connection
to give some information about the
profits OF these leading industries in
the time OF reaction since 1920, and
fortunately reliable information is at
hand in the public document entitled
Statistics of Income" issued by the
Commissioner of Internal Revenue,
and giving BY industries the returns
Of all corporations doing business in
the year 1921. This is the latest
year for which the official income
statistics are available. Anyone who
wishes TO verify the figures given
below can do so by sending for this
Official pamphlet 1t may be found.
and also the reports for earlier years,
in mos, public libraries. Our space
IS lmi'cl, but Tie following figures |