The Washington times., 1919-09-26
D. c. FINANGIERS
SEE CRISIS AHEAD


tion by local financial men, and
strong fear has been. expressed that
the present manifestations OF the
capital-labor conflict are merely the
beginnings Of a much more serious
struggle yet to be developed.
A general lack Of sympathy for the
striking steel workers was expressed
by one of Washington's most promi-
nent bankers.
at Is my opinion" he said, that
the people Of the country as a whole
are opposed to this strike, and IL the
foreign element are the chief in
stigators. am sure the American
boys will not back up them in their
attempt 70 disrupt industry.
This industrial problem is more
vital to US" he continued. than the
/ treaty of peace. We are not worry
ing, at present, about the establishing
of credit for European countries.
That will come after we settle our
| internal industrial difficulties. II is
useless to talk about building up an
export business If labor IN this coun-
try Is going periodically TO tie up
our industries and balk production.
From the present outlook IL seems
that a certain element of the laboring
class will continue to cause blood
shed in the name OF the rights Of the
working man until conditions viii
become intolerable.
Unrest Worldwide.
From reports I receive from Eng
land, Ireland. and France. am con-
vinced that, this labor unrest Is
worldwide, and has within it's germs
the possibility Of causing more trou-
bic than is at present anticipated. The
world is very small these days. and
what goes on across the waters af-
fects US in one way or another"
The present high cost OF living
problem. II has been pointed out, has
weighed down more heavily on the
wage earners than any other class,
and the discrepancy between the cost
Of living and the wage income has to
a large extent been the cause Of the
present unrest.
DR.. A. c. Miller, OF the Federal
Reserve Board, in describing the
present situation. said: There has
been on the whole a lack OF close
correspondence Of changes Of wages
with changes On the cost Of living. In
many cases wages have Jagged; in
other cases they have Overtaken and
outrun the cost Of living. There has
been no general policy, either public
or private, governing the action of
Industry in the matter OF wage ad-
justment to changed living condi-
tions
Some mechanism BY which wages
may be promptly adjusted to changes
in the cost Of living must be accepted
as an essential part of the Ameri-
can wage system. Public sentiment
is rapidly focusing itself upon this
principle, and the employer who at
tempts to escape Il or desist Il is
likely to find himself in contempt OF
public opinion
Expansion OF Credit.
The major influences In the price
changes which have taken place in
the last FIVE years, as pointed out by
Dr. Miller. are: The excessive de- |
mand by belligerent governments for
war supplies both before and after
our entry into the war: the excessive
expansion OF banking credit; and the |
shortage Of supplies in many lines. |
due to wasteful consumption and loss !
Of goods, heavy loans OF capital and |
expectations OF goods, and slackening
Of production.
Maurice d. Rosenberg. president OF |
the District OF Columbia Bankers As |
ISOLATION, will leave Washington to- |
day for st. Louis. where he will at |
tend the convention Of the American |
Bankers Association. Mr.. Rosenberg
is delegated by the local association |
to extend to the American association !
an invitation to hold its next annual |
convention in Washington
It is expected this invitation will /
be accepted. as the local committee
o the invitation has been in touch |
with some of the officers of the
American association, and they have
expressed a desire to hold their next |
convention here.
J. c. Thomson. president OF the
American Institute of Banking. ar |
rived in Washington today on his |
way to ST. Louis to attend the con-
vention. Mr.. Thomson will also at |
tend the convention Of the American |
Institute OF Banking in New Orleans. |
where he will make his report for the |
year.
Inactivity again ruled on the Ioca.
stock exchange today. only two sales /
being recorded. Lanston was firm at /
78, and $4,000 Potomac Electric Con- /
sOlidated SIS sold a o.
The District National Bank has de- !
clared its regularly quarterly divi- !
dend Of . per cent. payable October 1. |
Books close tomorrow.
After tomorrow the local exchange !
will hold sessions on Saturdays