davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-12-31
English Trade

The English division Of the trade cx-
ports some four-fifths Of its cotton
manufacturer. hence. as these 90
mostly 10 the poorer people Of the
world. there is much anxiety over the
course Of raw cotton prices. Indian
cloth ard yarn tariffs. and higher pro-
tectivc duties in other countries have
hit Lancashire very hard. Also the
expansion of mill building in lands
which were formerly good customers
after the fashion OF the one cstab-
lished during the war is being advo-
Gated as a way out Of present diff
culties. Others are pressing for still
more radical wage reductions.
On the Continent, German mills are
curtailing operations. increased tariffs
in other countries are working against
Che export trade. as is The higher price
OF cotton and the d appearing mark.
Imports Of cotton are falling OF. On
the other hand the mills of France
arc busy working almost Go capacity.
Poland is in q similar caviaDlc posi-
ton. Italian mills have been doing
well and arc look nc Tor continued
prosperity despite the fact that The
rates Of wages arc C75 per cent above
those Of 1913.
The chief Of the Tc@tile Division OF
the Bureau Of Foreign and Domestic
commerce, after trip abroad. roe
ports that "the mills cf Europc are.
generally speaking. spinning and wcay-
ing inner counts. This seems strange
ln view Of The Increased demand FOR
poorer grades Of cotton already men
toned.
in Asia India is showing more inter
cst IN Manchester goods after year OF
staenatlon, and tho prospects Of better
trade with China arc encouraging. A
factor in tho trade OF India Is The little
known fact that there ere zoo the conn
try some 100000 hand looms which
turn out about c5o00OO0O worth Of
goods a year. Japan ~ suffering from
being ovcrbuilt and suffering acute de-
preston. IN China The price Of silver
has a telling elect on exterior trade.
50 that if The metal advancee 20 a
marked extent better trade may be
looked for. Both India and China are
increasing the number Of cotton mills.
although increasing labor rcstrictions
tend 70 counter balance the increasing
spindl0ge.
Earnest efforts 20 extend cotton
culture continue and increase I'm scopc.
Brazil, which has orcn in the industry
Tor generations, b. working hard 20 in
crease the quantity and improve the
quality. The latest cntrant iu the Geld
Do Australia. whore there are sufficient
suitable areas 90 produce grade and
weight 10 riVal thc United states.
Progress indicative RI aa important
future may bc expected during the
next twelve months.
What OF the naXt Amer.can crop E?
Forward looking men iu the South are
advocating ;1c rece ity and destr-
ability OF a minimum OF 1900. .O0Q
bales being picked. There is no doubt
10 VIII bc needed.
New-York tribune., 1922-12-31
BauNiie Industry in I,alv

i.siia, italy, is rich in bauxite. vbi.h
oniy during the iast few ycarT bss -.
estimated ~ its true ,aiue n Ia '.eh
ported that ere is ororv p,eb,bu,...
~, \. ine-a,il cal plant being ertab-
'.,., li.n.a ln istria f0r the EXTINCTION n
ai1liilhum from the ore A compreber.
s.fe report on the deposits giving ar,i.
~. OF the ores has been maSe 81,
S,rsul Joseph Emerson Haven.~o IN ~.
.te' Italy, and viii be- sent ~ ipsc,-
tftro Amerlcan firms upon agolier+ion
lo ne Iron and Steel Division. bureau
o. Q, Foreign and Domestic Commerce
New-York tribune., 1922-12-31
More Competition Seen

Several other store executives in dis
Cussing the outlook for 1923 ventured
the opinion that competition will in
crease instead OF decrease and that
strenuous efforts will be made By mer-
camille concerns 10 reduce the cost Of
doing business. Overhead has become
the great buR-a-bo Of the retail trade"
said one Of them. I'VE all know that
our cost Of doing business has not de-
creased in proportion TO the cost Of
merchandise. All Of US are earnestly
working toward cutting down our SELL
ing expense without at the same time
cutting down on the quality or range
OF our service to the public. The re-
Gently announced formation OF groups
OF stores for research purposes is a
straw in the wind pointing the direc-
ton OF the trend IN the retail field
II is TO be expected that certain econ0-
mics will be effected and that these
economies will serve 90 some extent
20 Offset the rising prices Of mcrchan-
disc so that the consumer will not feel
the full effect OF the upturn ia the gen
eral commodity markets"
Another problem that is expected by
the retailers TO give them some
trouble during 1923 is that Of rapidly
shifting fashions In many lines Of
merchandise during the last two years
rev fashions have been created about
three times as rapidly as in normal
times, for the sole purpose Of stimu-
latinR consumer demand One result
Of these rapid style changes is the de-
laying Of buying until close 10 the time
when the consumer will demand the
goods. in order 10 take advantage Of
last minute style shifts. This de-
layed buying brings all retailers into
the market close 10 the same time. gnd
prices naturally stiffen in such a pc
riod. Also, when new fashions arc
born the old ones die. with the result
that large price reductions must be
made in order 20 move the goods. No
solution 70 this problem has been Of
fered IS yet In some particular lines,
notably shoes. retailers have appointed
style committees TO confer with manu-
facturers in en- effort 10 stabilize
styles, but little along this line has
been accomplished.
New-York tribune., 1922-12-31
Truo Outstanding Changes
In 1922 Foreign Exchange
Recovery in Sterling Gives Evidence OF Eng
lands Improved Outlook Just as Mark
Decline Shows Co llapse in Germany

pAPTNER in one Of Yors leading banking houses turning
neat phrase recently declared that sterling had written on e
rest Of Europe been many doubts as 70 inc
- soupdpcss Of England Nevertheless the definite assurance
afforded by Developments last that whatever may happen "
the nations Europe England may be relied upon ana pos
capacity work with the United States io the w
the most constructive failure check the collapse OF Germany mas
been the Disappointing feature Of tic 1922 record Of international
New-York tribune., 1922-12-31
Political Phase

Despite this still much be desired
situation the radicals IN Congress seem
determined TO remove any possible
favorable factor that must be counted
on il tho railroads should prosper.
Should the radicals srcceed, any basis
OF ont'mism for the railroads must fall.
Politicians however, have a wav OF
croqtirg clouds which never materialize
into re1l storms. For example. Con.
gress ia Mt likely 20 convene for any
81 those -adical programs until next
December. In the mean time much can
nGppen. FOR, efter ell, radical programs
or "blccs" are often formulated as
means of power 90 be used in the cen.
eral advancement Of special interests
or classes. Therefore their claims
must f9r outrun thpt which thew NAV
aetnally hope to obtain. The pressure
Of radicals wiif make conservatives
suleter' just as the pressure Of con-
servatiyes Will make radicals more ex.
treme. With neither party in complete
control we may loot forward 10 some
sird~Sf compromise.
Now the scheme Of tho radicals IN
rnil road legislation Is entirely chimcr.
zeal and IN the consequent bargaining
y is most likely that the fallacies OF
'hc'r program will become clear 70
their constituents. The farmers must
know and realize that their adversity
p based on worldwide conditions. The
lack OF buying power Of Europe for our
isrm proaucis results In on over.supply
und consequent low price FOR these
products. IN addition these difficulties
nave been aggravated By highly made
quate transportation facilities. This In
adequacy has been intensified BY DO
ltieal pressure similar TO that which
the farmers intend now 10 eXert
against the railroads.
The railroads, like every corporation
formed for the purpose % making
profit, must be able 10 make money.
otherwise they cease TO function prop.
crly II the farmers harnss the rail
roads they are only harassing thgm.
selves. because transportation will be-
come less and less efficient; asa result
Of which grain will continue 10 sell
49, - aistShnsiE- aanters, while n
New-York tribune., 1922-12-31

i rot, on The farm because /, anna, 5.
Inese natter must bse,a. el.,,,.
one OF he most intelligri ,l,,,.' !, y
our producers. namely. NJ t.,-.. o'
between the time they t,g, sa...f
their bloc" and the time ss., '.,l.se ..,.'s
:, charged with the resporstsas,. :,
direct action. Again, n world =.
Mons IN The course of this year h,,-..
set,ied me price o. farm pro5,e,
VIII appreciate so as % bring the u.
laiion 80 far a. the farmers are ee.
cerned back again 20 normal. ~,
VIII remove the cause Of their h,.
menL But assuming that an ,b~,
circumstances do no. mature In n.
sense that has been outlined what "a,
the radical farmers "blOeH dos
New-York tribune., 1922-12-31
Czecho-SlOyak Iron Works

me ne statement submitted b. the Off.
sis y 70 the directors Of the Procne
iron iron works FOR the year 1921 100 l. 81; i.
acne ae9ee OF the bad situation in fbc iro,
"lu sreei industry IN Czecho-elovakis
.ly' Trade Commissioner Y A c.
seI in a report 20 the Departnert aS
commerce. The lcssce for III. -
,.,ioSLl,d .'..S.L.l,d 10 s,4is.06iIs crowns. II ,vss
resolved by tie beard of direct -. -, -.
iceoianend ,e,. .iaInd @ the stoctholdcrt tbat
s2o'OyV crowns thereof be paid fro,,
w teserVe fund and that he bsiors'
ol +'''V5llf be carried over to no 80.
account. During 1922 conditions ~
noS improve in any manner. pec,1so
prices nave dropped eons.derabiv yssh
out Adjustment Of production ees,-
New-York tribune., 1922-12-31
Rescue of Railroads
From Attacks Urged
Carriers, Seeking to Regain Popula
Favor, Subjected Anew to Political
Pressure: Effect OH Stocks
By Theodore Prince
OIL. M. Primo e CO.

"ROM TIE old Greek mythology learn how Prometses,
n friend Of mankind stole fire from the kingdom Of o ~
n Il 10 man in hollow reed lie thus brought upon hi, g
Of Jupiter the Of gods and As punishment Jup
him to a rock Mount Caucascus where vutue preyed gD
For almost generation the railroads have been %
Of public resentment" and FOR just about long politician
engaged in the delightful and joyous occupation puekno
Of the railroads How far they have mcrtod antagp
yidua mismanagemcnt is immaera Representing an jrso
oasic industry country we'll nyese,
Of its people, time has when the railroads ought 10 E -
from their mmoaton and political attacks should cease
New-York tribune., 1922-12-31
Other Exchanges

Il Is also notable that the French
and Belgian exchanges have shown a
depreciation which, though quite mod
crate hs compared with that OF the
curreneies Of the DEFEATED belligerents.
has been serious enough % make n
evident that the failure 20 settle rep-
arations has reacted .aost unfortu.
nately on the finances OF these co in
tries.
In fact. as was said az the outset.
the position in Europe Is now so des-
pcrate that there .secma ts be- reasona-
be hope that 10 will az last be faced.
II this is done In businesslike spirit
and With mutual liberation, II Is still
possible that the disease OF demorali-
zation may give way 60 slow and
feverisn convalcseence. If not. the
outlook for Europe and for an coun.
tries which have trade with Europe ia
dark as night. The question Is still
one Of politics. and un,il Il ceases 10
be one OF politics and becomes one 10
which economic facts and calculations
can be applied it.is idle 20 ATTEMPT 10
make any certain forecast concerning
u. But ! fiill venture "a hope.
New-York tribune., 1922-12-31
Tin Mining in Indo.China

Consul Saith also reports that ae-
NWty has been resumed al thc tin
works ~ Namprton, in Loas. where Il
D. considered the deposits Of tin are
the richest IN the world. Il is an
nouneed that BY 1928 the plant Is In
course OF construction viii handle 200
tons Of ore a day producing two and
one-kah tons Of pure tin.
New-York tribune., 1922-12-31

business barometer.
Retail trade in general entered 1922
with many misgivings. There was
much unemployment, which reduced
surchasing power ir ihe industrial see
tlons. coupled with low prices for farm
products which prevented the agfieul-
turhl sections from doing much buying
These two factors operated against any
increase in demand FOR goods for the
first six months Of the year During
that period. according 20 leading retail
ers. the chief object of the merchant
was 20 obtain goods Of low enough
price 20 come within the buying range
of the bulk Of his customers. u was a.
that time that much cheap or IN
ferior quality merchandise was pro-
dueed and distributed 10 the public. In
the later months, however, this situa-
tion changed considerably. Although
there was no return 70 prohigate or
extrayagant spending, there was an
increase in the demrnd for better
quality goods and a dropping OF IN the
demand for goods a. a low price re-
Rardless Of quality. This changed sit
uatlon did not relieve the merchant TO
ANY great extent, II is said, ss his task
then became ono Of finding goods OF
quality az n price range that would
please his customers.
New-York tribune., 1922-12-31
British Trade
Is Confident,
Says Witllers
ccontinurd from PAGE Pour,


German mark has had It's external
yalu, divided during the last twelve
month, by more than fort. The
austrian crown, which was already n
year ago reduced 20 about l-5OD OF
rs pre-war value. has since then
again been divided by twenty-five
Any economist or dealer IN ex-
change who before the war had been
told that IL was possible for n coun-
try's currency 10 bo divided in value
by forty during the course of year
would in the first place have laughed
ai such suggestion as an incredible
nightmare, and would also have main
taircd that II such a thing could hap
ren il would be quite impossible for
the country concerned 90 survive at ali
80 an economic unit. And yet in spite
of these things Germany still survives
and keeps her population alive,
though there IS reason 20 fear that
'hc economic strain II now such that
IL cannot much longer be borne.
New-York tribune., 1922-12-31
Finances and Operation

Now tho railroads arc. az the present
momcnt. turning over almost the
largest traffic i'm the history OF the
country. n has been impossible 20
secure n real line On the net operating
income because Of the inroads made
into the net earnings by the strikes.
The net earnings of many roads are
still suffering directly from the strike
OF the shop workers. while others are
suffering indirectly from IL, inasmueh
as ihev have not been able 20 place
their equipment on an efficient basis.
In rough and in very general
Judgment indeed IL might be said that
n the condition Of railrood equipment
were normal and the eest, Of strikes
were written or, with traffic main
toincd ~ or near the present volume,
the railroads ought 20 show earnings
that would begin 20 place them on
self-sustaining basis. By this we mean
thst roads Of the highest credit and
with the most efficient and profitable
operating results would be able 10 fol
low out their normal course Of eXDan-
sion and improvement and enter into
fairly Drosperous career; that second
grade roads which have not shown any
degree OF prosperity during the last
rs not OF the highest will be able 10
maintain themselves and in time work
themselves into better condition.
Granting favorable conditions railroads
Of the weaker Gloss would, Tor some
time 20 come. still remain in a doubtful
position fnanciallv, whereas another
period Of unfavorable circumstances
might force these weaker roads into
rcceiyershin.
This is the best that can be said o.
'he situation at the present writing.
We ere not yet In a position 20 fore
tell the course % business for the next
year. TIE weaker roads will feel any
falling OF Of traffic very kccnly: the
stronger ones will not. Should the
course Of affairs abroad ripen into
settlement Of the basic differences
among al the actve commercial and
producing nations, our business here
will naturally gain a momentum and
volume that will be reflected in still
'nrgcr car loadings. In turn this in
creased traffic must mean much for All
railroads and brine them all nearer 10
the point where they may find their
prosperity.
New-York tribune., 1922-12-31
Retailers Are Encouraged
By Increased Activity
Losses of First Half of Year Offset by
Gains i'm Recent Months; Merchants
Outlook Is More Hopeful
By Harry F. Baker

w yITH steadily increasing trade in the latter part oi @ '
NJ nang in prehoday Of business that IN most cases
broke previous records retailers especially the executives "
looking forward 70 1870 WIN u %
optimism than was apparent the beginning Of 1922
Losses in the first year generally Offset by gains IN
t last siv months and most large report gains In the
volume Of sales compared with The growth Of retail trade for the
last wear closely parallels general business adding further
strength TO the use Of comparative volume retail and general
New-York tribune., 1922-12-31
The Cost OI LiUing

This brings ne 10 a couAuelatlOh Vi
tho cost OF living and IFS relation TO
wages The average weekly earnings
Of factory labor kept up with the cost
OF living until the latter part Of 1919,
after which thoy gained on the cost
of living. ia 1921 real wages stood
10 per cent above the 1914 level and
during the last year they roic grad
ually until In the last quartet Of the
year they were more than 20 per cent
above the pre-wnr base. This rs the
highest point ever reached IN our his
tory, exceeding as b. does the pre-
vious peaks OF 1896 and 1907. The HE.
tory of the real wages of railroad
labor is substantially similar 90 that
OF factory labor. Bituminops coal
miners wages did not overtake the
cost OF living until 1921, but were
nearly 20 per cent higher az the close
Of 1922 In the anthracite field real
wages declined severely until Novem-
Der, 1918. In 1920 they averaged
about f. per cent above the prc-war
level During the years l92l-'22 they
rose, owing 20 the decline In the cost
Of living, and 90 the present time are
about SO per cent above the pre-war
base. Skilled labor suffered severe
loss in real wages an through the
period OF prosperity, Not until the de-
preston OF 1921 did the hourly rates
overtako the cost OF living. Then real
wages rose and by May, 1929, the indcH
number stood l5 per cent above inc
prc-war base. The history Of the real
wages OF common labor ia quite the
reverse There was a phenomenal rise
during the upward movement or the
cycle. and an equally remarkable drop
in the depression period. In 1919 the
real wage index stood at l22, and M
the past year AZ SO. Thus the cost ol
living Jagged far behind the wages OF
common labor throughout the entire
cycle.
What now OF the immediate future?
The past movements OF prices, wages
and employment indicate the following
probable trend for tho coming year;
I. Wholesalc prices will rise more
rapidly than money wages. The price
level will therefore quite probably
oycrtakc the hieh wage level, and may
possibly exceed it.
.. Since retail prices are already CON
idcrably higher shan Wholesale prices,
the cost OF living Is likely 10 rise
rather slowly for a time az least. Real
wages are not likely TO decline until
the fall OF 1923. Skilled labor will al
most certainly suffer n setback. On
tho other hand. the wages Of common
labor probably will rise faster than
the cost OF living. as they did IN tho
previous CYCLE, especially IN view OF
Inc present restricted immigration.
Thus common labor will quite likely
recover most of the ground lost in tho
last two wears In fact, IN recent
months substantial Gains already have
been made.
z. Employment viii gradually. ap-
proaeh normal. and probably will eX-
cecd that level before the year Is
passed.
a. The purchasing power Of the wage
earning class will be- well above the
pre.war normal in thc coming year.
This necessarily follows from fuller
employment and high level oi rca,
wages. tExecrpts from paper read
before tho American Economic Associ-
alton at Chieagol
New-York tribune., 1922-12-31

Just az the railroads began 20 feel
that they might re-establish themselves
not only in public favor but IN en-
cheney and financial resources the In
terstate Commerce Commission ordered
a reduction In rates ard also IN labor
costs. Just when they we're beginning
to figure that the decreased freight
rates would be Offset by decreased
rates Of labor costs the strikes came
unon them. Just about when they
we're beginning 10 anticipate that the
couutry's volume Of traffic would di-
gest the effect Of the strike the No.
vember elections, with tha farmers
pronunciamcntos, came upon them.
The farmers bloc declared that pcir
commodities must be sold ior what
they should bring in the worlds mar.
kcts and that the railroads must haul
such traffic without regard 70 the cost
OF service; further, without regard 20
the result this would have upon the
efficiency Of the carriers, upon which
the farmers prosperity rests.
We are thus. az the beginning o. the
now year. again confronted Witn po'
litical pressure aimed at our Daslc
transportation industry. 10 would be
fruitless 20 inquire into the causes OF
this wanton attack. particularly when
Il Is directed at a time when the rail.
roads need the constructive efforts ard
support Of the government and ~, -
funetioning burenus. All we can do y
70 review the situation as Il exists and
10 present certain cogent factors. with
tho purpose in mind Of helping 70 give
the holders Of railroad securities an
insight into what the forthcoming year
holds in store.
AZ the outset we might say that the
prices OF railroad securities have A.
ready reflected the present unfavoraoie
state Of affairs. Whether or not the
price level Of these securities has DIS
counted in full the worst possloilltle.s
Of this troublesome trend Of affairs rs
the cruX Of our inquiry We may a.
vide the discussion into. hrst. the
financial and operating phase, and, sec
ond. the political phase.
New-York tribune., 1922-12-31

business for the large stores during
the coming year. but a decline IN the
gross volume Of business 20 be done by
the smaller retail merchants.
During the past year this develop
meni was marked" be said. II doubt
II general retail business increased
very much. hqt certainly the larger
stores obtained a greater portion Of
the available business than they did ia
the few preceding years. Il is becom-
ing increasingly difficult for the small
retailer 70 meet the competition offered
by the large department store, or even
the large euecialtV ehoD"
New-York tribune., 1922-12-31
PigIron sloeks In Japan FaII

On November l pig iron stocks IN
Japan totnled 1859 tons. decrease
Of e,30f tons from that on hand Oc-
tober ]. Dairen holds 47.557 tons q
this product and the balance Is for
the most part IN Muroran. keniho.
Osaka and Toko, according TO advises
70 the department of commerce.