The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-03-13

AEAs4ueeTlAS anu MINING JOurna4)
The course OF prices in all Of the
free markets is downward, and rap
idly so. Among the metals antimony
went first, then zinc. then lead, and,
finally, copper. the last being quoted
this week at 16 cents. The only met
ais that now remain very high Con
paper) are tin. in which government
officials have perpetrated an outrage
Gus economic crime in order to con-
ceal the consequences Of their great
gamble; and iron and steel, the mag
mates of which industry refuse to
recognize that attractive prices ever
stimulate consumption. There ID too
much of the atmosphere of the erst
while Gary dinners still hanging over
the iron and steel industry.
So 1t is with other communities,
The prices of many foodstuffs have
started downward, but the fixed price
of wheat holds everything back. The
government must keep its agreement
with the farmers, but that does not
mean it should not liberate the mar
ket. Among retail dealers in all COM
modites there is the traditional pol
icy Of maintaining prices until they
have disposed Of their stocks of goods
at cost. Secretary Redfeld and his
colleagues are gravely talking about
arranging prices on the basis Of cost
of production. The present market
situation is temporarily one in which
cost of production has nothing to do
with the case.
The whole commercial situation is
like that of river that has been
damned up. The dam has broken and
the water has begun to run through
one hole after another, but some Sec
tons still stand, impeding free flow.
They are crumbling away and will
soon go also. Not even are the steel
magnates able to maintain a structure
strong enough to resist indefinitely
the pressure of economic law. When
the distractions have all gone, and
the river of commerce flows freely
again, there will begin to be revival
in business. In the meanwhile there
Is disappointment that the great de-
clines in zinc lead and copper have
not yet stimulated any considerable
demand Nor will there be such de-
mand until the whole commercial cur
rent is flowing more freely or until
offers are made to sell at prices so
low that spectators will be induced
to buy in anticipation of the rise that
will inevitably follow at some later
time
Another great obstacle to the read
tustment is the attitude of labor. The
workmen complain correctly that the
cost Of living is high. That consider
alton; however, is not going to stay
the course of events. There Is some
slack that can be taken up. Employ
ers can forego the profits to which
normally they are entitled, as they
have generously done already, and
workmen can philosophically sacrifice
the margain that they have enjoyed
as, indeed, they have done. There will
have to be contraction in the scale Of
living in many directions. But just as
the steel magnates stand in the way
of reimbursement, in the commodity
markets, SO do the railway brother
hoods and other aristocrats in labor.
Naturally they enhance the difficulties
of many other classes of labor rang
ing down to the ditch diggers and the
drudges, who have the hardest time.
1t is limited that the president has
become alive to there being something
seriously wrong with the economic
situation Some of the recent nego-
tiations in Paris have been concerned
with opening the German market for
commodities. That will be very help