Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-03-12
OF STEEL
HALT ADJUSTMENT
Progress Made, However, and
Conditions Show Promise
Of Better Things
FOREIGN POLICY WATCHED

New York. March 12.---The N"w
York Herald in its review Of the finan-
cial situation says further progress in
the thrcshing out of the post war crop .
Of readjustment problems was made this
week to nm extent and somewhat in
manner to disturb the Cquanimty Of
Wall street and yet to Civ" hope that
the more trying phases Of the necessary !
process to establish sound industrial .
and business basis had been. II not
definitely passed, at least robbed "t
many Of their tCrrorS 10y familiarity. !
II remained a fact that nothing what |
over has happened since tho middle OF .
December last to undermine the conn
dent belief entertained in conscrvativ" !
quarters that turn for the better in .
economic conditions in this country took !
place at that time
Improvement. however slow and NJ
intervals bcroudcd By mists blown over .
from 1918 and 1919 storms, has been ,
continuous. There has indeed been litt!e
in this movement to arouse enthusiastic
optimism. II we're better so, perhaps
since there will likely be fewer vain
regrets arising from tho danger other
wise Of an Ovcr"Xtcndcd commercial
expansion. In other words, rcconStruc-
ton has proceeded along sane lines in
the opening months Of 1927. Tangled
threads have been unraveIcd ana al
though. in this work. the business fabric .
has not escaped some rents, IT mas
shown where in its parts 1t can be re-
paired most effectively. .
It is necessary to view conditions IN
this light in order to apprais" truly the
Significance Of industrial reports Tor
l.. ILL, Il.
Few of those reports fail To- disclose
state Of things no longer obtaining IN
full force vet necessary 10 take into cal
culatiOn that future prospects may Dc
guagpd with some degree of accurate
foresight. The steps being taken 10
prevent repetition ot the ooatacI"S
placed in the way of Development OF re-
sources are in themselves an earnest IN
dicntion of the nations determination
to get back to normal. Perhaps the most
signal event OF the current week was III"
;nitiutivc taken by the railroad com
paui"S in the matter of wag" Reductions;
The Pennsylvania Railroad took tnc puIi
by the horns and announced cut IN pa!
Of every employ" from president gov
through all ranks. The amount OF the
cut was not disclosed. The New York
Central and the New Haven Go. closely
| followed this lead and in turn we're iol'
lowed by several western roads. Inc SIT
untion thus created was of intense inter
est because Of the recent ruling OF III"
Railroud Labor Board in the Ere case
and also bccauS" of a possible cOnnlCt
| between the railroad cOmpapi"S ana the
labor unions. Aside from the direct IN %
tcrcsts involved this step of the trans
portation lines was viewed sympathe, ,
| tiraIlv nS one rcQu: site TO start IN" nan
| rolling toward overcoming the vicious
circle of the high cost of living. IL was
! intimated clearly enough that th'
movement for lower wages should prove
successful there would ensue revision
Of rates downward and nearer "a th'
level which the best interest for bust
ross revival calls for. The rcdu"t"n'
we're to be nut into effect next month
IMcanwhilo the attitude of labor Will u
watched carefully and on IT VIII h!hE
the question whether the progress mad
to date shall proceed or whether IN" ma
tionul agreements shall be pormitt"'
i longer TO stand in the way of facing
condition rather than theory
In the steel industry there was "N'
hibitcd a standpatism which was scarce
Ily less obtru~iv" in its effect than tn
preyious dilemma Of the railroads. The
United States Steel Corporation gave
no sign that it was considering either
n wage or price reduction. lh"r,
was no promise that March W"uI'
show more business being done thar
was done in February. Signs OF active
Ibuying wer" entirely absent. Al! the
| Immediate Improvement expected. OBJ
served the Iron Age, twill probably O'
due to increased purchases for urgent
ronsumption, seeing that present out
nut totaling hardly 10 per cent for tho
! industry as n whole, is only two third'
of what i considered necessary II meet
ordinary wear and tear, The rail
roads ind i, difficult to got tn" mean
to enter III" equipment market b"chuS'
uf the high price for steel, Whll" on th'
other Id" revision in steel prices l.
handiruppcd by high freight rates and
Of course. hi!l Wages. y beginning
must be made somewhere; hence The
great interest in the rHilr0ad situation
where. at any rate, n" lNSu" mas b"ci
| ioinrd It, iur"rtanrr can Nrnrr"I!
be- over estimated and tn" "ut"0m" may
conrrivubly open the way for similar
! initiative elsewhere.
| II nevertheless stands to reason that
whatever j. done on t"I~ side Of II,
! Atlantic VIII in it, r"oult, l." in
duruccd hy whu, il don" ON til" other
in the German rrpArauuu~ case. II
WAS not encouraging IT, 'Nn tnanrm
rnmn,uuit, thnr the London uvgotiu
,ior, should Glzl" down into imuositwl
nf urnultirS. What the advance Of th'
allied armies into thr Ruhr district Z"
Germany would accomplish WAS prob
iI,uHriral IN" most Auprtg view Wa
that tine Ebrr, government would TAI
and now government a. b"rNn n"rl
ulnruuh,, to persuasion w"uId b" -