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September 28, 1918 RECORD AND GUIDE 359 "consolidation" of its position it is being generously aided by the full power of the present national adminis- tration, worked out through Secretary Wilson and the Department of Labor. In the same category of pro- ponents of the establishment of labor in a fortified position is the Taft-Walsh Board, which has Govern- mental sanction. The rulings of this Board, which have so far been eminently fair, nevertheless tend to the construction of a foundation upon which the whole fabric in which labor and capital are jointly engaged can be solidly and enduringly built. Stability of the labor resources of the country is not less important than the stability of its finances. We have the Federal Reserve Bank, which controls by pooling the resources of the country and equahzing the financial strain. We are working towards the Establishment of Labor in such manner as to bring about countrywide inter- changeability of supply and demand at rates of pay that are just and equitable. When this condition is arrived at, labor can always be convertible into cash upon favorable terms. The Labor Reserve Bank will look out for that. In the last few days there has come the recognition of the eight-hour day by the most representative corporation in the country, the United States Steel Company. This corporation has been an open shop and has, except for a limited number of employees, kept its huge force at work ten hours a day. There are 275,000 workers in its many rolling mills, glass furnaces, mines and transportation organizations and three-fourths of these were ten-hour men. Last spring Judge Gary declared, in announcing a wage increase and the determination of the company to continue the ten-hour day in the majority of its activi- ties, that the ofĩicers believed this plan would bring about the largest production. Now, although no official explanation is given for the changed policy, it is under- stood that it has been found that production wiU not be adversely affected on the eight-hour basis; that the company felt the necessity of yielding to the general pressure for shorter hours to stave off labor troubles. The action of the company means an average increase of ten per cent. in wages and the effect of the change in policy is already widespread. Another steel company is arranging its business on a co-operative plan. It will be more impossible to return to a ten-hour day than to reduce wages. AII of these things, and not all of the signs of the times have been mentioned, point to the probability that production, for some time after the war, will be carried on upon a basis of high wage cost. If this is true, building can only be done at the same cost that prevails today or at a slightly lower scale and this means that those who hold property already developed may count on a continuation of the present returns on their invest- ments; those who build as soon as restrictions are removed need not fear the competition of more cheaply constructed buildings put up a few years later. We must accustom ourselves to a higher plane, higher costs, and greater gross revenues, and plan accordingly. New York's Big Asset Considerable criticism has been aimed at State and National authorities on the ground that the new and immensely expensive State Barge Canal has not been made more use of in the transportation of grain and coal. The National Railroad Administration has been charged with discriminating against the canal in favor of the railroads. These ofificials have had the temerity to continue tending to their own business and have said nothing. Just now their business happens to be helping this nation in the conduct of the war. General W. W. Wotherspoon, State Superintendent of Puhlic Works, has made public the figures showing the business done through the canals for this season to August 15, which disclose the fact that there has been an actual increase of 80,000 tons carried by the system over the amount handled during the same period last year. Answering the claim that the canal has not been used for the transportation of wheat, General Wotherspoon states that whereas in 1917 there were 41 miUion bushels of grain received at Buffalo by lake carriers, only 7,300,000 bushels reached the end of the canal this year. Notwithstanding this great decrease in the amount of grain arriving at Buffalo the canal handled more grain than last year, although the amount in the entire period is small. He declares that the railroads moved about one-half as much grain from Buffalo east- ward as was carried by the canal. The fact is that the grain was not there for shipment, probably because of a lack of tonnage. The canals, however, carried a large amount of ílour, milled in Buffalo, of which the largest part was for military use, and the War Department officials expressed satisfaction with the movement and condition of the flour thus transported. Thus another bugaboo has been laid to rest. Truth is, the canal is a big thing. It has cost a lot of money. It constitutes the most splendid inland waterway in the world, says General Wotherspoon, and he ought to know. Like all big things it will take a little time to get this huge machine into smooth working order. Some day, not far off, when it is possible to have more and larger canal boats, there will be an almost continuous stream of commerce flowing towards New York City, between the banks of this wonderful and cheap carrier. The differential of 25 per cent. in the rates assures this, and as the canal management has been separated from that of the railroads danger of evil influences from that quarter is removed. The canal was built by the State, and will do much towards making it prosperous. But the canal is after all a big asset for this city, which will derive the great- est benefit from it. The canal terminals must be finished as soon as possible. They are a war necessity. Bill Affects Title Companies (Continued from page 354) viewpoint is not that of selfish interest but of the gen- eral welfare. This is evident if we remember that the great majority of its members are serving as the trustees for the many billions of dollars of trust funds placed with savings banks, insurance companies, mort- gage companies, stockholders and estates. Both value of real property and community prosperity involve many iiicidents such as provision of adequate building space at low rentals, ample mortgage funds at low in- terest, proper rapid transit, efificient sanitation, low cost of living, and especially the very best rail and water terminals in the world. Public budgets and taxatipn have now assumed new relations to all of these prob- lems, as is reflected by our work. "In view of the present and future needs of govern- ment we should not overlook the fact that a closer touch of businessmen with pubHc offĩces might produce not only greater economy but more eíĩiciency. As a 'new souice of revenue' there is none more desirable. Such work requires skill and experience but the uselessness of mere superficial critjf j§jn "5 Vprjr evi^ent,"