The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1922-08-23
TWO RESULTS Of
BOOST IN STEEL
WAGES ARE SEEN
Wall Street Optimists Are OF
Opinion Long Prosperity
Is Ahead.
OTHER VIEW NOT so ROSY
Some Think Added Pay to
Workers Will Cause Strik-
ers to Hold Out Longer.
BIZ W. II. GENES

United Financial STAFF Correspondent
NEW YORK. Aug. 23.~-Wan Street
today took two somewhat opposed
views of the 20 per cent wage increase
granted y the United Estates Steel
Corporation and followed by many Of
the independents. One view, the opti-
mistic one. was that the steel company
saw ahead a long period Of industrial
prosperity and that it wanted to check
in advance any dissatisfaction on the
part Of labor which would interfere
with the steel business sharing fully
in that prosperity.
The second view was not so rosy.
Those who have it, point out that a
great industry Gripping strike is in
progress because mems wages were
cut and that the steel company by
advancing those wages will strengthen
the determination Of the strikers to
hold out. Those who take this atti-
tude are of the bust the unions at
any cost" school Of Wall Street think
ing.
There has been no official statement
as to why the wage advance was made,
but it seems clear enough. AS long
ago as last spring the help wanted"
signs were appearing outside the steel
mills. a real labor shortage in the
steel industry was at hand.
Strike Effect Felt
Then the effects Of the coal strike
began to be felt and steel operations
g. L, 81 1,fe liz
headed off a labor shortage. The
coal strike IS being settled now. Steel
companies have large orders ahead
Of them and operations will increase
rs soon as a plentiful fuel supply
can be obtained.
In addition to these considerations
steel prices have advanced and freight
rates have recently been cut while
steel wages have been nquidated and
were at a low point since the war.
All this furnished excellent fuel for
the labor sgitator and the steel com
pany recognized it. If the railroad
shopmen take their case back to the
railroad labor board the advance in
steel wages no doubt VIII give them
excellent arguments az to why their
own should not be cut. Whether It
will Interfere with settlement of the
rail strike is very doubtful Judge
+. II. Gary is certainly one Of the
last men who would be- accused OF
making a move that would further
encourage a group OF striking en-
ployes.
Miners Go To Mills
The advance in steel wages also
touched both the coal operators and
coal miners in very intimate way.
Many OF the foreigners among the
miners have gone to WORK in the steel
mills. The advance in wages will
help hold them there after the mines
reopen. Already Western Pennsyl-
vania operators have granted 10000
non-union miners wage increases.
II tho miners are held in the steel
mills, neither. the operators or miners
will suffer unless the movement has
gone further than now apparent.
There are too many miners, which
Is one of the big reasons for part
time operations OF the coal industry
which in turn brings the demand for
a shorter work day to restrict pro
duction. Mine union officials know
this as well as operators and they
might not be wholly sorry to see some
OF the weaker elements shaken out
Of their organization.