Show FOULY arice IS GOING gning TO I 1 vy so says george N peek chairman of the new industrial board HOW HOV STEEL PRICE WAS CUT chiefs of industry called in by peek and matter Is finally settled N government control but purely a voluntary arrangement washington ton there Is every rea rca iun to expect lower food prices in ili the relatively near future so speaks george N reck peek chairman of the new industrial hoard of the ho department of commerce peek describes tile industrial board boan ns as tile the dottor to american business ile he believes the patient should lie be well on the way to recovery within sixty feisty to ninety days and after six months of convalescing les cing american business should be lical healthier and more prosperous than ever he asserts doctor peek is now diagnosing the ailments of the industries which produce the basic necessities such ns as steel coal lumber brick and building materials already he and ills his assistants si haie hae bro brought tight about a reduction of 10 to 15 per cent in the prices of steel when the prices of these commodities have been brought down donn then the board hill go after food prices how the system works theres no government control about it its purely a voluntary arrangement heres about the way it works not so informally perhaps but along these general lines down in the wood and paper building where the council of national defense lifts has given quarters to the industrial board theres a committee room with a long plain table and a few plain chairs into tills this room chairman reek peck calls judge garyon the united stated steel c corporation orp oration charles II if schwab of BethI bethlehem chem steel and other magnates they all come willingly now judge says chairman peek you know darn well steel prices are too high Nob odys buying any steel because they cant afford it now it seems to me it would pay you to apt the price even if you do lose a little by it so that people would buy what alin t so do you say I 1 sure says judge gary flicking tile lie a ashes alies lies off ills his cigar im willing ill il cut prices 10 per cent if that suits hie file rest C of f you all right says charlie schwab but I 1 think some things could be cut 15 per cent too much says some other inn magnate grinte 1 I think 12 per cent would be holter better so they agree on oil 12 per cent then they take a pad of paper and a pencil and figure out just what Ilat charge for NR arilous Ilous commodities this schedule Is put into shape and they nil all sign on an agreement not to charge more than ilia it says charge and there you are 1 one of 0 tile the best things illings about this new and novel method of price fixing is that labor Is perfectly protected the industrial board looks after that eliat it will mill no cut in ili prices that will give the employers a chance to cut wales so long in as tile the cost of living remains high wages must remain high the board holds so io that the living standard shall not be lowered business to bear shock the theory underlying under lym the whole arrangement ran gement is that big business still holding its profits made during tho the war Is in a far better position to stand the first shock of readjustment than is the american world workingman rigman no one dares buy until prices fall ond even then everybody will wiit walt to see liow bow far they fall says peek peck individual action in lowering selling prices Is therefore long drann out and unscientific it renders the market un unstable table and dangerous by sane and temperate action all this can be avoided aroi ded |