Richmond Palladium (Daily), Volume 92, Number 148, 22 June 1922 — Page 2

PAGE TWO

SAYS ALLIED DEBT DECISION WILL FIX WELFARE OF WORLD (By Associated Press) ; ST. LOUIS, June 22 The problem of requiring payment of the allied 5debt, or cancelling it, Js "the fundamental question, upon the answer to which will depend the future of our .own commercial and industrial welfare anil that rf the rest Of the "nnrirf" Walter TJehtenstein. Ph. D.. . the Chicago tanker, said at the convention of the Illinois Bankers association here today. Dr. Lichtenstein hen presented a summary of both sides of the controversy as voiced in recent statement from the Chicago Association of Commerce. X "Most of my time during the last 'months has been spent in making an economic survey of this country on "behalf of the American Bankers Association." said Dr. Lichtenstein. "It Is evident that there is a much greater Seeling of hopefulness in the country. The most thoughtful observers feel :that we have probably gone as far as ?we can in a rehabilitation of our conditions unless we can bring some influence to bear upon Europe as It is Europe which is the sore spot and I believe that In the present Juncture "of affairs this fact cannot be overemphasized. Impossible to Pay "With the exception of Great Brit--ian none of the European countries are really in a position to bring about net reduction of their governmental indebtedness to us in the near future. "The world has become more and more interdependent, even though it is inaisputaDie mat ims genera imui lis less applicable to this country than ito any other. To quote from a recent .speech of Mr. Reginald McKenna, the 'very able chairman of the London : Joint City and Midland Bank: 'One nation, and still more a large group of nations, cannot be broken up and impoverished so as to destroy its ability to function, without throwing the entire machine out of gear. , . , The trade of each country is linked up with that of the whole world. - ; ' "Our own trade cannot recover Its pre-war activity whilst so many countries continue in their present broken down condition.' And he well exemplifies that world-trade interrelationship by showing that If ' Russia, for instance, fails to make purchase of tea in China or India, as- formerly, the result is to affect unfavorably the capacity of those countries to buy cotton goods from England, which in turn leads to a reduction of the purchases of raw cotton by Jjmgland in the United States, and that again reacts unfavorably on England's business of shipping, banking, and insurance." - 567,420 BUILDING PERMITS IN JUNE Building permits issued to date this month are nearly twice what they were for the same month last year, according to Building Inspector J. Ed Higgs, who made the comparison Thursday. Up to the present time in June $67,420 worth of permits have ben issued aa compared with $37,860 in June of 1921. For the first six months of 1922 building r permits issued amount to Rbout $360,000, exclusive of the David Worth Dennis high school building, which brings the total near $400,000. A special request has been sent the building inspector by the Indiana state board of health. The board asks that he mail them copies of the permits issued to builders of apartment and tenement houses since Jan. 1. The latest type of battle plane to be used by Great Britain, weighing nine and one-half tons, will carry machine sruns mounted in a kind of gallery. CRAMPS, PAINS AND BACKACHE St. Louis Woman Relieved by Lydia E. Pinkham's Vegetable Compound St Louis, Mo. "I was bothered with cramps and pains every month and I had backache and had to go to bed aa I could not work. My mother and my whole family always took Lydia E. Pinkham's Vegetable Compound for such troubles and they induced me to try it and it has helped ma very much. I don't have cramps any more, and I can do my housework all through the month. I recommend your Vegetable Compound to my friends for female troubles."Mrs. Delia Schol 1412 Salisbury Street, St. Louis, Mo. Just think for a moment. Lydia E. Pinkham's Vegetable Compound has been in use for nearly fifty years. It is prepared from medicinal plants, by the utmost pharmaceutical skill, and superior methods. The ingredients thus combined in the Compound correct the conditions which cause such annoying symptoms as had been troubling Mrs. Scholz. The Vegetable Compound exercises a restorative influence of the most desirable character, correcting the trouble in a gentle but efficient manner. This is noted, by the disappearance, one after another, of the disagreeable symptom. " ' " Advertisement Alway3 Good Always' Frosh At All Groceries

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Trust Experimentahqji By FREDERIC J. HASK1N

WASHINGTON. D. C, June 22. , Two new experiments designed to establish business facilities to take the place of the old-fashioned trust, condemned by the Sherman law as monopolistic and in restraint of trade, are being tried out in the United States. The oldest 6ingle problem of the American government in the regulation of business has been the suppression of malicious combinations. Perennially, the private business Interests seek out a new way of combination as soon as the government breaks up an old one. Recently, government officials have adopted the policy of working in cooperation with business in an effort to discover means of co-operative effort which will not be malicious. Economists and some government officials take the position that there 13 such a thing as beneficent combination of business interests. The great problem Is to make laws and regulations which will produce the benefits of concerted business and repel the evils of monopoly. The two latest experiments are. first, the plan, of an agreement, personal in nature, between a high officer of the government and the Individual members of an Industrial group or trade, whereby joint action may be had along beneflcient lines and without general conspiracy; and, Becond, the agreement within a group in business or in dustry to operate between two extremes, under the general auspices of government supervision, but avoiding absolute definite agreement. The outstanding purpose of all trusts, monopolies and combinations is to fix prices. The motive is to create a business situation wherein the predominant element controls the

RICHMOND PALLADIUM AND

ED ANIMALS A.26O.00O.OOO IDS SE.KVICE, WASHINGTON, O.C. price the public must pay for a given product. The old-fashioned malevolent trust operated in this way: It would accumu late a strong fighting capital, with this backing it would reduce prices so low that independent and weaker competitors would be forced out of business. Then when the field was clear, it would increase prices to a point where huge profits would accrue. This is the sort of trust the Sherman law forbids. The Heir of the Trusts The trade association is declared by government trust-busters to be the heir of the old-fashioned trusts. An association in, for Instance,' the leather industry, would be made up of ostensibly competing independent leather manufacturers. They would furnish to a general headquarters a statement of the prices they intended to charge. Each member" would see the trend being followed by the other members with the result that a tacit understanding would ensue and concerted action leading ultimately to a monopolistic control of the prices would follow. This system was broken up recently by the supreme court of the United States which declared a price-fixing trade association, even though composed of independents was, in effect, a monopoly in restraint or trade. The first experiment is being made by Secretary of Commerce Hoover. He believes that the emergency of the coal strike makes concerted action among coal operators and dealers desirable and believes It is better for the public to have prices fixed on a fair basis than to have wild competi tion which would run prices of coal up to extortionate levels. Therefore, he haB adopted the plaiJ of making,

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personally, an agreement with each individual tht he will charge no more than a given maximum price for coal which Mr. Hoover and his federal experts have determined is a fair price. In this case, the dealers do not deal with each other, through any sort of an association. By dealing Individually with Secretary Hoover it is clamed the law is not violated, yet the public has the benefit of concerted action to control the price on a relatively low level. - Should the plan work successfully, it is possible it may be employed in other industries, resulting in the creation of a new sort of beneficent trust. The second experiment is being tried by the federal trade commission. Chairman Gaskill of that body has notified certain trade associations that while they may not agree, either directly or Indirectly, to charge certain prices, there may be a general understanding that prices will be charged between a named maximum and a named minimum. Both of these experiments appear on the surface to be subject to legal re view, especially the latter, and it Is rather doubtful, In the opinion of trust experts of the department of justice, whether either plan will stand. The present session of congress opened a new field for the so-called benevolent trust by enacting a bill which exempts farmers' co-operating organizations from prosecution under the anti-trust laws. This law would permit farmers to market their goods in groups and while safeguards are provided Intended to prevent monopoly, some observers declare that with th edoor opened, monopoly is likely to rise up and control the cooperatives. This law will be attacked in the courts to test its constitutional ity, cases already being in preparation for that purpose. Labor unions are declared by the Clayton anti-trust law to be specifi cally exempt irom prosecution as trusts. But the supreme court, in the recent Coronado case, and inferior courts in other cases, have modified this exemption so as to make labor unions amenable to damages where their combinations have caused loss through strikes, in certain circumstances. Combines of Ancient Origin The tendency of business in all forms to combine against the public is of ancient origin. No study of the development of the great industrial corporations, and later of the trade associations, can be made without the discovery of the impossibility of alter STOP ITCHING SKIN 9 Zemo, the Clean, Antiseptic Liquid, Gives Prompt Relief, There is one safe, dependable treat ment that relieves itching torture and that cleanses and soothes the skin. Ask any druggist for a 35c or $1 bottle of Zemo and apply it as directed. Soon you will find that Irritations, Pimples, Blackheads, Eczema, Ringworm, Blotches and similar skin troubles will disappear. Zemo, the penetrating, satisfying liquid, Is all that is needed, for it banishes most skin eruptions, makes the skin soft, smooth and healthy. Advertisement.

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IND., THURSDAY, JUNE 22,

ing profound and immutable laws of political economy. "People of the same trade," says Adam Smith, the eminent Scotch economist, writing generations before the Standard Oil company was born, "seldom meet together, even for merrt ment or diversion, but the conversation ends in a conspiracy against the public or In some contrivance to raise prices." The same economist notes the presence of a counter force which defeats indefinite monopolistic oppression. In discussing the effects of this force upon workmen who are members of a trade association, in the form of a guild or labor corporation, he observes: "The real and effectual discipline which is exercised over a workman is not that of his corporation, but that of his customers." By this it is meant that the public always Is in a greater conspiracy even than the tradesman or manufacturer. Always seeking the article obtainable at the lowest price, the public constantly maintains a fight against the highpriced man or combination It Is the observation of economists that while a trust may control prices and perhaps production for a season. sooner or later, the public will find a cheaper source of supply and break down the monopoly more certainly than legal processes can do so. Students of the rise and fall of trusts point out that the motive of business men or tradesmen to join against the public is, regarded in one light, self defensive. Every man who has something to sell and must de pend for his living upon selling it at a price above what it costs, feels that the buying public is in a conspiracy directed against him in that the pubic always is seeking to find some one who will sell more cheaply. The indications at Washington are that, there will be a never-ceasing development of experiment and legislation directed at the evil of oppressive HIS FRIEXD RECOMMENDED THEM "Six years ssro." writes W. H. Shadwen, Stanley,' Va., "I had kidney trouble, and at times was unable to raise myself in bed. Foley Kidney Pills were recommended to mo by the Chief of- the Fire Department. After using3 bottles I was completely relieved and have never had a return of the symptoms." Why suffer when you can get relief from rheumatic pains, backache, swollen, sore and stiff toints. sleep disturbing- bladder weakness and other symptoms of disordered kidneys? A. G. Luken Drug- Co., 626-628 Main St. - Advertisement. Sun Bonnet Peaches per can 19c Sliced, in heavy syrup Clover Leaf Grocery 603 Main Phone 1587 CLOCKS Eight-day Mahogany Clocks Special $7.50 and up 0. E. Dickinson 623 Main St. 1079

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monopolies and also a constant constructive movement toward the provision of highly efficient means of cooperative industrial effort. : Lawyers, statemen and business men of all branches of industry are watching with keen interest the outcome of the two new experiments In business regulation. News of the Counties NEW PARIS. Ohio Children's Day Paris, have been changed from tho evening hour to the morning hour next Sunday, June 25. The committee has prepared an interesting program and the numbers promise to be well worth while. Pleasant Hill U. B. Sunday school will present their Children's Day program next Sunday evening, June 25. at 7:30 p. m. Tho exercises always at tract a large crowd to the rural church and the program is always enjoyed. All the churches in the township will have observed Children's day when this program is completed. MILTON, Ind. The Willing Work ers of the Methodist Sunday schooLI fit 1 1 J - 1 . J 1 ,L. ! will noiu m let? ci wiiu icsuviu uu uie green near Dr. Denny's office, Saturday evening. The young people of Bentonville -rill present the play "The Pill Bottle" Monday evening in Grange hall for the benefit of new Christion church of Milton. Have a Look!

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SPECIAL LICENSES MUST BE RENEWED

"The end of the government's fiscal year comes June 30 and all special taxes and licenses must be renewed at that time," said George Matthews, collector of internal revenue, Thursday. "Special taxes include licenses to sell oleomargarine, to run theatres, taxis, poolrooms, baseball parks and the like. "Sale of narcotics and manufacture of cigars also come in among these provisions. "A severe penalty is provided for failure to renew these licenses at the proper time," he added. To Wear Thin Waists or Sleeveless Dresses (Beauty Topics) With the aid of a delatone paste, it is an easy matter for any woman to remove every trace of hair or fuzz from face, neck and arms. Enough of the powdered delatone and water i3 mixed into a thick paste and spread on the hairy surface for about 2 minutes, then rubbed off and the ckin washed. This completely removes the hair, but to avoid disappointment, get the delatone in an original package and mix fresh. Advertising. 4th & Main OATMEALS (1 PER ROLL Sold with or without bordsr pr illna 4TH & MAIX DAYTO.V, (O.) Hdqrs. 440 E. 5th St. Romey's Delivers Your HOOSIER

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