The Washington herald., 1921-05-15
Business-Indusnial Resume.


n LTHOUCH certain favorable events eliminated
~ during the past week, business whole
= marked time. II is clear that industrial revival
b going rather slowly and that certain funda
mental conditions must be cleared up before any per-
manent improvements to be expected
German -Rsparsdons.
The most important development of the week was
he acceptance Of the allied reparstion by the
German government This result had been pretty well
expected and It's effect upon business had largely been
dsconnted In advance 1t is generally realized that the
Germans signed the reparaton agreement under heavy
protest and that the signature to little
than a German promise. In the past such promises
have not been regarded important assets just what
Germany will do In the present situation Is yet to be
determined II she goes to work In earnest and Is
allowed revive her foreign trade, she. no doubt
make good progress towards the payment Of these
enormous sums. On the other hand, il is perfectly
possible for her TO- continue making showing Of IN
ability to progress. In such event the result will
be only continued friction and disturbed conditions
The signing Of the reparaton agreement by
means settles the reparation question The problem
Of how Germany isto pay sl remains 1t Is proposed
10 issue German <bonds which are to be sold in the
worlds market The United States is looked to as
the principal purchaser. but il is doubtful anything
approaching the several billion dollars of these bonds
en- BE- marketed here. In financial circles it has
~
would absorb Is $aoooooooo and that only the bonds
sre well secured.
Sussian Troubles Continue. ..sE
So far there has been no settlement over the
plebesitc conditions in Upper Siiesa The insmgent
Poles have occupied large portion of the territory
which under the plebesite should 60 to Germany
Italian troops acting under the league Of nations are
usng German recruits in their attempt to stop the
advance Of the Poles
~ :. =
Aside from the unsettled political conditions which
Win result from this action it is also having very
ERECT influence on; export trade. Through the
activities of the War Finance Corporation arrangements
had been practically completed for the expectation of
cotton and other commodities certain of these CEN
Gai European nations. But Is is regarded that
NE risks involved through such insurgency and re-
beiion-is greater than be assumed.
This together with the unsettled strike of the Brit
20 coal miners is tending restrict trade throughout
Europe The effects Of this are felt the exports
from this country with the possible exception Of coal
There seems to be deadlock in the British strike
with no prospect for immediate settlement y.
Shipping stiis
In our own country the most serious disturbance
has been that caused by the strike of marine
and ssaen. Is believed that the whole matter is
low near settlement There stiff remains some question
about the wage agreement, but il is believed the sea-
aen will finally accept the Shipping Board terms
a rather serious strike in the paper making in
usy has also developed Reports indicate that 5000
men IN all branches OF the industry strike
In the United States and Canada
Steel Trade Dull
The reaction to the wage cut of the United States
Steel Corporation has served still further limit the
Dteel business. The majority Of consumers feel that
mother price reduction Is as result of
the decrease in wages Consequently they are buying
pnly for their most urgent needs Steel ingot produc-
hon IN April fell of about per compared with
me peced'ns month The rate of current production
. approximately 20 per cent Of capacity. .,..-.
Railroad Income Improved /
II i. matter of consratuiation that the report
4 the Interstate Commerce Commission on railroad
OPERATIONS for March showa signifcant srnI,s Coz