The Washington herald., 1921-07-03

grcateSt constructive feature OF the business ant
industrial world during the past week Lloyd George de
ciared the system under which the miners will go back tc
work the greatest and most scientific scheme for profit
sharing ever applied any industry in any country
The miners after holding out for eighty days
gained Observation-Disclosures of profit haring-b lost
the fight for national wage pool and national wage
board. and still accepted reduced pay
Cotton Report Disappointing III.
Reports on the cotton crop for the month of june are
rather disappointing since notwithstanding the improve
ment that has taken place in many sections latest estimates
Of percentage condition representing the opinion OF nearly
1900 special correspondents Of this journal under an aver
age date Of June s3 indicate loss Of os per cent to oS3
per cent This compares with 6S8 per cent last month us
per cent year ago. and ten-year average Of 7S3
1t IS in fact the lowest estimate twenty years Reports
Of per condition for years show tina, in
ioIs was S3I hIor6 and ioI4 alike $50 and in 1915
cent More important declines have taken place
previous occasions notably 1919 when cotton lostz
per cent 1913 cent and 1917 23 per cent but in
each the percentage condition was above the pres
ent level Ayear agothere increase Of IS per cent
at this time From the above showing would seem that
there isxery little reason anticipating anything But
short crop this year. especially view Of the greatly
ded acreage which is estimated by this good supply apd
labor willing to work at much lower wages than last year
consequently the crop generally clean and in good
dton. and the plant. though small is vigorous. Some
abandonment reported and farmers here and there
said to be powing up cotton land and planting
other food feedsuffs either of inability
fight of the weeyi else inadequate credit facilities
pay for cultivation of the crop AS regards the latter how
ever fewer complaints have been received which would
seem 10 reflect the gradual easing in money and credit con
ditions Tenant farmers are still finding il difficult to
finance cotton but landowners report banks will
ing to extend loans where conditions considered favor
able
Output Of Soft Coal
Soft coal production fell of sharply during the third
week Of june For FIVE consecutive weeks the coal output
had hung around 8oooooo In the week ended jung
is dropped back $4,000 net tons This the
lowest output reported for any full time week since the
middle Of May The of the decrease is not yet ap-
pareat according the experts of the biological Survey
Preliminary reports indicate that ioadngs on the first
two days Of the present week Ome eo29 were 1874 and
7ss The total for the two days suggests further
decline in production IL
In pon OF production Of soft coal Io2I is 100000
behind Ioo s4oooooo behind IQao and 100000
tons behind The years Compared with the average OF
all four years is 100000 behind Before assum-
ing that the fact Of sbuora production this year forecasts
possible shortage later is necessary to reckon with the
decrease in coal consumption which has resulted from the
business depression.
Thus the cumulative output is put little short 81 that
for 1914 also year Of business Depression and Is prae-
ideally equal 10 that for 1915 in which the stimulus OF
the allied war orders did affect demand for coal until
after the middle OF the year. .. Il
Production of hard Coal remained unchanged during
the week ended June 49, The total output is estimated
100000 net TONS decrease from the week preceding Of
1900 Cumulative production during the calendar
year to date placed 100000 TONS which exceeds
that in 1870 by over aooo, ,oeo tons IT,. -,
West Becoming Normal a
Back from a four-weeks trip to the West, and from
taking an active part in the annual convention of the Ma
tiona Association Of Credit Men held at San Francisco
j. HI Tregoe executive secretary of that organization said
last week that he found business conditions IN the process
of rcadjustment and in course Of healing"
He said in spite of some depression that he found
nothing but an optimistic feeling prevailing among business
men as to the immediate future Reviewing the situation as
he found 4 on his trip, Mr.. Tregoe said: