The Washington herald., 1921-05-08
Rusiness-Tndustrial Resume.

i
important factor Some progress has been made ~
ward the settlement Of fundamental conditions upon
which Industrial revival must depend bot in no in
stance has this progress been more than steps in the
right direction. No Of the underlying conditions
have so fas been finally determined
Steel Prices Reduced
Perhaos the most important step taken this week
v.s the announcement Of 4 % per cent reduction in
the wages Of common iaborers BY the United States
Steel CORPORATION Some two weeks ago the eorpo-
ration announced a decrease in the price OF steel
h. reduction has failed to stimulate business to the
extent that was expected. II Is the current belief
that the present wage reduction Is the forerunner Of
= stii greater drop in steel prices As consequence
The steel business is almost at a standstil Con-
sumers are not willing to order ahead As long as
they expect further decline in price. The present
wage reduction would be equivalent to decrease OF
about 81 per ton II the plants were running at tu
capacity As matter of fact the steel corporation
plants are operating at about - per cent OF their
capacity " -
The April output Of pig iron was at daily
average Of less than 10000 tons. Or the lowest daily
rate at any time during the last thirteen years Only
o6 furnaces ont Of total Of 4Io in the country arc
now ii operation These facts Indicate the low ebb
in the iron and steel business.
Tire and Automobis Prices Cut "a. e..
Many observers have believed that the apparent
revival IN the automobile business Is largely sea-
sonabie affair and could not be continued through
the year: With more than ooooooo cars IN the
United States certain amount Of replacement bust
ness must occur. large portion sof this naturally
comes at the beginning Of the year This view was
strengthened by the news this week that certain
promnent automobile manufacturers were reducing
their prices Ii is freely predicted that this action
will be followed by other makers. The reduction in
the price of steel and in labor would seem to- give
the manufacturers basis for substantial reduction
below wartime prices. - "s-t
Another significant fact has been the announce
ncnt Of reduction of 20 per cent in the price OF
automobile tires by several large manufacturers
This IS the first time that any reduction has occurred
In tire prices although materials, including both
cotton and rubber. are below prewaf prices
Unemployment Increasing
Despite the popular belief that unemployment was
decreasing during April. the report Of the United
States Employment Service shows that there was an
an actual increase in the number of men out of work
during the month The fact that automobile factories
showed an increase in employment amounting to over
"a per cent during April indicates that this particular
industry has continued to improve during the month
The Shipping Strike
The strike of marine engineers and seamen. which
began on May l. still continues. The Shipping Board
and the majority of ship owners are standing out
firmly for the IS per cent reduction in wages A few
companies have signed crews at the old rates, but
the majority standing by the action OF the Ship
ping Board The wages of marine workers in 1870
were from Izs to per cent above those of 1915.
Public sympathy tends toward the belief that these
yates can justly be reduced. in common with wages
In other industries Negotiations between operators
and the unions still continuing. and government
Officials express the hope Of early settlement.
Foreign Developments Important
V. The situation in Europe oontinuesAto hold the
center OF attention Although no definite settlements
have been made during the past week. much confidence
Il felt that agreement the reparations question
will be reached soon. The supreme council delayed
the order for the occupation Of the Ruhr district
until May IL In order to give the Germans more
chance to accede to their An ultimatum has
been sent to the German government demanding
accenkance nf he he.