Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-02-10

he money situation indicated by the
'cclinc in the call money rate to 7 per
cent.
The steel market was brought to a
new stage in rcadjustmcnt with the
reduction in Mdvale steel prices. The
action is too recent TO permit of any
large business being done. There ore
plentiful indiCatiOns,' writes the Iron
Age. that other independent steel
companies stand ready to take share
of the going business, even though
realizing that under present conditions
there will he n free buying
That journal observes that the crux
of the situation Is the extent to which
wage reductions. already made by some
of the independents, will allow them
to 20 below the steel corporation schcd-
ulc. The stake Of the steel corporation
appears to be greater on the side OF
price and wage maintenance than of
price cutting, because last years con =
tracts were made at prices lower than
those prevailing and also because its
orders are in much greater volume than
all the new business now in sight.
Plan Copper Institute
4 development in connection with the
financing of a surplus of 400 900 900
pounds of copper through banking ar
rangpmonts is the proposed formation
of an American Copper Institute, the
organization 20 follow as closely as pos.
siblc the lines Of the American Iron
and Steel Institute and the American
Zinc Institute. However. this plan has
not progressed so far as that calling for
financing the surplus Of the metal, and
for that reason no announcement ls
likely in the near future.
A copper institute would embrace the
producers, selling organizations, con-
sumers and manufacturers using copper
for their finished products. 1t is felt
that such an organization would be OF
material benefit to the industry gen :
orally. as it would bring all concerned
in closer contact. 1t would not inter.
ferc in any way with the functions of
the present Copper Export Association.
and would not conflict with state or
national laws, as no attempt would he
made at restraint of trade or price.
fixing.
Perhaps the sorcSt spot in the indus
trial field is the matter of contract can
ccllptions. \ short time ago the chalr. =.
man Of the committee on arbitration OF
the New York Chamber Of Commerce
estimated that more than S2,OOo'eOO,-
600 in merchandise was to be found on
piers. IN railroad StHtlollN, III "ht''
houses. in cars and in ships, owner
ship Of which was in DISPUTE bccaus,
Of fault finding. cancellations ant
attempted cancellations. Another
81 900. 900 600 in American good
abroad was estimated TO be held VI
under similar circumstances. Th
chamber adopted resolution urgini
rhc business community to incorporate
into order contracts frank stipula
ton respecting cancellations.
The uncertainty created by the swa!
of such vicious practices" stated tn
committcr on arbitration, Extends fa
! beyond the two parties immcdiatel,
affected; it spread" ike q contagiou
disease and ultimately undermines AM
mcnaces the safety Of all branches 0
! production, trade and finance of tn
country. For our whole economic
structur" rests upon contractua
/ basis and uron clear recognition o
the san"tity Of business obligations.
The evil wolld seem to hav
rca' he'd the point which calls impera