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Rh Association for March, 1923, discusses this subject, drawing attention to the discrepancy between the bulk of the wealth being owned by the few and the the latter having been proved by the National Bureau of Economic Research in a way that has received common assent. Professor Hoyt remarks that no one has reconciled these apparently conflicting statements and adds that as a matter of fact both of them are correct, following which he proceeds to try to prove that what seems to be a paradox really is not so. A simpler mind would not so quickly jump to the conclusion that both of these conflicting statements are correct, but rather would deduce that one of them is probably wrong, and knowing the nature of the work of the National Bureau of Economic Research on the national income would conjecture that the error is in the statement respecting the distribution of wealth.
 * bulk of the national income being shared by the many,

The genesis of the latter statement is as follows: It appears in the ‘Final Report of the Commission on Industrial Relations’? (Frank P. Walsh, chairman) published in 1915, wherein it is stated that “the ‘rich,’ 2 per cent of the people, own 60 per cent of the wealth.” Mr. Frear, Senator LaFollette and the rest: of them therefore find their authority in the report of a governmental commission duly transmitted to Congress. That commission was not, however, the original authority for the statement, but adopted it from the book on “The Wealth and Income of the People of the United States” by Dr. Willford I. King, whom the Walsh Commission correctly characterizes as a “statistician of conservative views,” Reference to the work of Dr. King will show that he did not make the statement in