40 



HARDWOOD RECORD 



August 25, 1919 



Notes of National Interest 



M.arli.'s EiHxnn, son of Thomas Edison, invenfor, has resigned all other 

 connections to become treasurer of the National Social Unit Organization 

 which is conducting experiments in community organization at CinclDnati. 



The board of directors o£ the Chamber of Commerce of the United 

 States on August 12 issued a formal statement relative to the demands 

 by labor organizations for government ownership of railroads. To in- 

 crease present public debt from $30,000,000,000 to .f50,000, 000,000 in order 

 to acquire the roads would severely strain the credit of the nation and de- 

 press the value of Liberty and Victory bonds. 



Representative Kelly of Indiana has introduced a bill to authorize a 

 national board of conservation, to be headed by the president and com- 

 posed of members of cabinet, five senators and five representatives, which 

 would have power to regulate wholesale and retail prices of food and 

 clothing. 



The secretary of the War Trade Board announces that American consuls 

 abroad have been instructed that it is no longer necessary to require evi- 

 dence of issuance of an import license before certifying an invoice covering 

 shipment of any commodity whatsoever, notwithstanding such commodity 

 may be one whose importation is still subject to control by individual 

 license. 



The Treasury Department has announced that advisory tax l>oard which 

 was established under authority contained in revenue act of 1918 to ad- 

 vise commissioner of internal revenue in administration of income and 

 excess profits tax laws will be dissolved at end of September. 



A net liquidation of nearly 100 millions of discounted and purchased 

 bills, accompanied by a substantial reduction in government deposits is 

 indicated by the Federal Reserve Board's weekly bank statement issued 

 as at close of business Aug. 15, 1919, and a moderate liquidation of all 

 classes of investments, except certificates of indebtedness, is indicated by 

 the hoard's weekly statement showing condition on Aug. 8 of 770 mem- 

 ber banks in leading cities. 



The shipping board has announced a revision of freight rates from 

 North Atlantic ports, and new commodity rates from United States Pacific 

 ports to Hongkong, Shanghai, Kobe, Yokohoma and Manila. 



According to the International In.stitute of Agriculture, the total land 

 area of the world, excluding the polar regions, is about 30,000,000,000 

 acres. What proportion (jf this is productive agriculturally is not def- 

 initely known, but the institute has collected data for 30 countries hav- 

 ing a total land area of 15,071,209,000 acres, of which it is estimated that 

 4,591,091,000 acres, or 30.59r, are productive, and 1,313,832,000 acres, or 

 8.7% are cultivated land. 



Capt. Charles J. Glidden, chairman, -Verial Touring League of .\ero 

 Cluh of America, Aug. 1,S, announced plans for a transcontinental aerial 

 derby from New York to San Francisco, with more than $100,000 in prizes. 



Charles Booth, chairman of the Bank of Liverpool and Martins, address- 

 ing the annual meeting of that company recently, said that "the chief 

 financial problem of the year has been the course of foreign exchanges. 

 and especially of American exchange. American exchange, being no 

 longer artificially maintained, is gradually finding its natural level, and 

 the fact that the pound sterling is now worth in America not more than 

 $4.50 is a striking indication of the huge indebtedness of this country and 

 of other allies to the United States. 



Evidence that returned soldiers, particularly those who saw service 

 overseas, are going back into civil pursuits better fitted for work is fur- 

 .nished by one of the largest employers in the United States, that of more 

 than 000 returned soldiers who have been employed by this corporation, 

 43% have proved more efficient than they were before the military ex- 

 perience. 



It is stated that Canada's external trade in iron and steel during the 

 fiscal year ended March 31, 1919, was in value the largest on record, 

 amounting to $220,335,562, compared with .$205,119,090 in 1917-18, when 

 former highest point was attained, and $174,078,916 in 1916-17. 



The office of Internal Revenue August 22 states that upon iuiiuiry 

 received from the railroad administration the bureau has recently ruleil 

 that where taxes have been collected by carriers on basis of legally pub- 

 lished rates and such rates have subsequently been declared excessive and 

 unreasonable, and ordered reduced by Interstate Commerce Commission, 

 rejiaration payments to shippers being required, carriers making reparation 

 payments may refund amount of taxes collected on charges found to be 

 excessive ; or, in event that taxes have been covered into treasury, carrier 

 in making reparation may refund tax on amount found to be excessive and 

 take credit for same against amounts included in any subsequent monthly 

 return. 



The Bureau of Foreign and Domestic Commerce announces that imports 

 in July were the largest in the history of the country, while exports were 

 the lowest in any month of this year. ,Iuly exports amounted to $570- 

 000,000, nearly $350,000,000 less than in June, but an increase over 

 ?507,000,000 exports in .Tuly, 1918. For the seven months ended with Julv 



exports were $4,018,000,000 in 1019, and .f 3,482,000,000 in 3 918, an 

 increase of nearly 33 per cent in one year. 



The shipping board announces that up to August 14 it had sold 185 of 

 its vessels for a total sum of $127,187,740. Amount of tonnage represented 

 in sales totals 712,727 dead weight. 



The Wall Street Journal states that because the officials of the Columbia 

 Graphophone Manufacturing Company, uespite liberal attitude toward 

 employees in the past, have been unable to induce their hands to return 

 to work, it has been decided to remove operations from Bridgeport to 

 another city. The company's three plants employed 6,100 men and women, 

 or approximately twent.v-five per cent of all people working in the city. 

 The annual payroll at plants was $8,000,000. 



The lower house of Congress has iJassed the daylight saving law repeal 

 over the president's veto. 



A cable from General Pershing states that by Sepember 1 all divisions 

 will have departed for the United States and total forces in Europe in- 

 cluding both troops of occupation and those remaining for S. O. S. should 

 be less than 40,000. 



J. J. Mitchell, President of the Illinois Trust Company, says that we 

 have reached the peak of the present strike situation and within a few 

 weeks conditions will have materially cleared up. There is nothing to 

 suggest a nation-wide disorganization of industry. Drift is now decidedly 

 toward improvements. 



A dispatch from London states that Sir A. Geddes, discussing in the 

 House of Commons the effects of increased coal prices, compared British 

 iron and steel prices with those prevailing in the United States. Steel 

 rails in England, he said, cost $85 a ton, while in the United States they 

 were .fSO, and steel plates for shipbuilding $87.50 in England and in the 

 United States, $70. 



A British estimate places the number of houses required iu the United 

 Kingdom to meet demands within the next few years to be from 300,000 

 to 500,000. 



National Committee Meets 



On August 19, at the Blackstone Hotel, Chicago, the executive 

 committee of the National Lumber Manufacturers' Association held 

 a meeting and discussed matters now 'before the country having 

 to do with government regulation of business. Among those present 

 were Charles S. Keith and L. C. Boyle of Kansas City, Mo.; E. A. 

 Lang, Chicago; J. H. Brown, San Francisco; D. C. Eecles, Ogden, 

 Utah; C. A. Bigelow, Bay City, Mich.; F. E. Babcock, Pittsburgh; 

 Willis J. Walker, Minneapolis; A. L. Osborn, Oshkosh, and others. 



It was the sense of the meeting that the railroads should be 

 restored to their owners as soon as proper steps for doing so could 

 be taken, and that no further subsidies be granted the railroads 

 because the cost of operation should not be borne by taxes but by 

 .shippers who use the railroads. 



Opposition was vigorous to the Kendrick-Kenyon bill requiring 

 licenses of the packing industry. The danger of federal control of 

 all big business was feared. 



The proposed league of nations was brought up for discussion, 

 but no action pro or con was taken, though the various regional 

 associations were called upon to give the matter immediate and 

 earnest consideration. 



The solution of the high cost of living is to be sought in greater 

 production and reduced consumption, in the opinion of the com- 

 mittee. 



At the morning session Charles S. Keith was heard on the 

 problems of price control. As a result of his address the committee 

 went on record in favor of amendments to the Sherman act to 

 "permit combinations in trade and commerce when such combina- 

 tions are not injurious to the public, or are in the public interest." 



The meeting adopted the two following resolutions: 



Resolved, That it is the opinion of this meeting that the laws of the 

 United States and the laws of each state should be so amended as to permit 

 combinations in trade and commerce when such combinations are not 

 injurious to the, public or are in the public interest, and that the courts 

 should be the judge of the effect upon the public of such combinations. 



Resolved, Further, that we are unalterably opposed to further extension 

 of governmental participation iu the afEairs of industry either by way of 

 price-fixing, licensing, or pulilic ownership and operation of industry or 

 otherwise. 



