: : INFORMATION PUBLISHED BJilLY under order of THE PRESIDENT of THE UNITED STJiTBS by COMMITTEE on PUBLIC GEORGE CREEL, Chairman COMPLETE Record of U. S. GOVERNMENT Activities 1919. No. 546 VoL. 3 WASHINGTON, TUESDAY, FEBRUABY 25, AMERICA HOPE OF WORLD, Industrial Board of Commerce PRESIDENT WILSON SAYS Department Formed to Adjust IN ADDRESS AT BOSTON ON PEACE CONFERENCE WORK Prices for the Basic Materials AT PARIS OUTLINE OF PROGRAM COUNCIL BRITISH ADMIRALTY SUSPENDS HEARS ^‘WHOLE CASW^ Price SHIP EXAMINATION SERVICE High Conditions De- United States Not Only Held clared in Statement by Advices to the State Department state Ideals, hut ‘‘Acted Ideals that the British Admiralty has an- Secretary Redfteld to Be examination nounced the suspension of Cause of of Busi- Before All Nations”—Has service at all British Empire points ex- Most Forth, Cromarty, and for cept the Firth of ness Inactivity and Work Tried to Speak Amer- Scapa Flow. It also announced that all from entering the ica, and Believes He Has vessels are prohibited of Board Will Be to Rem- area 1 mile in length, extending in a 293 Represented True Senti- degree direction north 52 degrees west edy That Situation as far magnetic and 113 degrees south, 52 de- ments ofAmerican People. grees east magnetic, direction 2 cables as Possible. wide. The southeast corner of the area Following is tlie text of President is 7J cables 304 degrees north 41 west The Secretary of Commerce has is- Wilson’s speech in addressing an audi- magnetic from No Man’s Fort Light. sued the following ence at Boston, Mass., February 24, 1919, Plaving received approval from the on his return from the peace conference President of the plans proposed to re- at Paris, France SUBSCRIPTIONS TO JANUARY 16 adjust prices, “the Industrial Board of Department ’’ “ Governor Coolidge, Mr. Mayor, the of Commerce has been formed, composed of rei)resentative men fellow citizens: I wonder if you are TREASURY NOTE ISSUE CLOSED from industry, labor, and half as glad to see me as I am to the Govern- ment, who are being selected under the see you. It warms ray heart to see The Secretary of the Treasury yester- chairmanship of George N. Peek, for- a great body of my fellow citizens day announced that the issue of 4J per merly vice chairman of the War Indus- again because in some respects dur- cent Trea.sui’y certificates of indebted- tries Board. They are to put into prac- ing recent months I have been very ness of Series T-2, dated January 16, tical effect a program for the readjust- lonely, indeed, without your com- 1919, and maturing June 17, 1919, would ment of prices for basic materials in such radeship and counsel, and I tried at close at the close of business February fell a fashion as to create a firm foundation every step of the work which 24, 1919, about .$370,000,000 of these cer- on which the consumer can ba.se his fu- to me to recall what I was sure tificates having been subscribed for to would be your counsel with regard ture purchases, and the producer can date. form necessary estimates. The Indus- to the great matters which u'ere Final figures of the subscription by dis- Irial Board has the assistance of the under consideration. tricts will be promptly announced upon Council of National Defense. receipt of final reports from the Federal Greeting Not Personal. The following is a summary of the in- reserve banks. “ I do not want you to think that dustrial situation and an outline of the I have not been appreciative of the work of the board : extraordinarily generous reception AMERICAN Y.M.C.A. MEN TO AID 1. General Conditions. which was given me on the other side, in saying it makes me very ENEMY PRISONERS IN SIBERIA 1. There exists at the present time an happy to get home again. I don’t abnormal situation in the industrial say I wasn’t very deeply world. It is a condition of stagnation mean to The American ambassador to France that came from of business and industrial activity. Mills touched by the cries advises the State Department that the greater crowds on the other side. and factories are idle or are producing French Government has given its a.s.sent I want to say to you in all hon- but a small part of what they are capable But to the proposal that American secreta- I felt them to be the call of of doing; building operations, now de- esty, ries of the Young Men’s Christian Asso- greeting to you rather than to me. ferred for several years, are not begin- ciation be authorized to aid in the di.s- I did not feel that greeting was per- ning—and, in fact, resumption is not bursement of enemy funds in Siberian sonal. I had in my heart the over- contemplated until the confused condi- relief work among the German and Aus- crowning pride of being your repre- jtions of the transition period are clari- tro-Hungarian prisoners of war. sentative and of receiving the plau- fied. Many enterprises, such as street dits of men everywhere who felt that railway companies in various municipali- your hearts beat with theirs in the Credit of $15,000,000 ties, laboring under restrictions of charter cause of liberty. There was no mis- contracts are confronted with advanced taking the tone in the voices of these Extended to Serbia wage scales and unprecedented prices of great crowds. It was not the tone of materials needed for repairs and neces- mere greeting, it was not the tone A credit of .$15,000,000 has been estab- sary extensions. Unemployment exists of mere generous welcome, it was the lished in favor of Serbia, making a total and this unemployment is increasing at calling of comrade to comrade, llie cry of .$27,000,000 foi- Serbia and .$8,674,- such a rate as to challenge the be.st (CoutimieO on page C.) 6-57,836 for all the allies. thought that can be given to the situation. 2 THE OFFICIAL IT. S. BULLETIN: TUESDAY, FEBRUABY 25, 1919. INDUSTRIAL BOARD TO READJUST PRICES OF BASIC MATERIALS 2. One of the striking features of tlie fullest extent possible, and it should be of those who come into conference ques- present situation is the high prices dc- the aim to find the wisest and most ef- tion these principles and views, a dis- niauded for practically all articles and fective way to accomplish this. cussion thereof in the conference will, commodities of trade and commerce. This 3. It is felt that tlie proper basis of without any considerable delay, lead to liigh-price condition is undoubtedly the selling prices for the present will l)e a unanimous acceptance thereof. cause of most of the business inactivity, found to be upon a scale higher tlian 4. In addition to giving assistance to and, tberefore, also is the cause of the those of the prewar days; However, the industry in reaching satisfactory price widespread uuemiiloymeiit of labor. level should be established on the lowest bases the board ought to be able to give 3. Tlie living costs of the present are plane possible, having due regard for vah#ble advice in regard to such ques- unusually higli and will continue high Industry, labor, and Govefinnent. The tions as the disposal of surplus war ma- until there are substantial reductions in announcement of such a plane of prices terials, it being desirable to accomplish the cost of the necessary staple food- will immediately create confidence in the this in such a way as to have as little stuffs. buying public. detrimental effect as possible upon pri- 4. A large and it is believed satisfac- 4. It is believed that the reductions vate industrial activities. tory latent buying power exists in the from the high prices to the proi)er level, It will be the endeavor of the board country—an abundance of money—but it so that consumers may be justified in to act promptly by consulting and inter- is not being used to employ labor and to buying, should be made at once by one changing views with these representa- piu’cbase goods and materials. reduction. tives of industry in the fullest and freest 5. The present conditions have come The effort should be to wholly elimin- manner possible, with a view to aiding about l).v a series of uuusual happenings ate the abnormal, unbalanced stimula- and assisting industry in general to re- due to the war. The industries and labor tion that business has had and the in- sume activities to the fullest practicable of the country were diverted into new flated prices that have resulted, and to extent. The immediate object is to bring and unnatural channels in order to mobi- start anew upon a normal level, and about such reduced prices as will bring lize all efforts possible in the winning thereafter industry, having adopted tliat the buying power of the Government it- of the M'ar. level, can safely rely upon tlie law of self. including the i-ailroads, telephones, The capacities of many factories supply and demand to govern future and telegraphs, into action and make it were expanded, new ones built, aban- values. Such a policy adopted and an- possible for the Government to state doned plants remodeled and put into pro- nounced will, it is believed, whqji under- that it is willing to be a buyer for its duction, and industry was managed and stood by the consumers, induce at once needs at the reduced prices.