The gazette-times. [volume] (Heppner, Or.) 1912-1925, 1922-08-03


and October to finance crop movements.
Another factor which has made money
cheaper is the receipt from England Of
large quantities of gold, which 1t is said
is being accumulated in New York for
payment October 1st of interest on the
British governments debt Of something
over s4,300,000, to the United States
government. As the result of these ship
ments the weekly statement of the Fed
eral Reserve bank shows a gain Of $751;
100000 in gold holdings, and reserve
ratio Of 77.3 per cent. 0ne-half per cent
above that of the previous week. In view
of this accumulation of gold, reduc-
tion Of the Federal Reserve new dis
count rate to Sh per cent is expected by
financial observers.
The Strike Situation.
The strikes of the coal miners and
railway shop men seem to be about the
only clouds on the horizon of a gener-
ally Frightening internal business situa-
tion in the United States. Coal reserves
on hand are being depleted and the
production is lessening from week to
week, while the shop mems strike is in
terfering somewhat with the distribu-
tion Of coal and is having some effect on
the maintenance of railway transporta-
tion generally. President Harding's ad-
dress to the governors of the various
coal states, calling on them to give pro-
lection to the miners who wish to work
and pledging federal assistance if neces-
sary, met with a moderately good re-
sponse; however, it is by no means GER
tain, as yet, that coal famine will be
averted this winter unless stronger mea-
sures are taken. The Interstate Com
merce Commission has also aided the
situation by ordering that in the move
ment of coal preference be given to es-
sential industries.
In the case of the railroads there have
been some additions to the ranks of the
strikers, and these in addition to other
features are justly causing much anxi-
ETY. to both railroad men and shippers.
1t is feared that there will be a serious
blockade of freight later on in the year.
Complaints of shortage of cars come
from many parts in the West, especially
with respect to the movement of grain.
This strike is more serious than it ap-
peared a week ago. In the meantime,
however, the roads are advertising Wig
orously for men to take the place of the
strikers, and public sentiment, which in
the last analysis is the determining fea-
ture in any controversy between capital
and labor, seems to be in their favor.
1t is also worthy of note in consider
ing the coal strike that recent press dis
patches indicate large purchases of Eng
lish coal for export to the United States.
A tendency to increase water rates for
carrying this coal has been counteracted
by the large numbers of Shipping Board
vessels available for the purpose.
Conditions in Industries.
A revival of the market for Pacific
Northwest lumber is indicated by water
shipment figures, for the first quarter of
1922, which are now available. Compar-
ing with the corresponding period of
1921 the following increases are shown: !:
to California, 92 per cent; Atlantic
coast points, lis per cent; to Japan, 131
per cent; the total water shipments for
the quarter were slightly in excess of
seven hundred sixty-three millions of
feet. Copper is in a strong condition
with the quotations at 10 T-S to IA cents
a pound. The amount of the metal in
the hands of the Copper Export asso-
citation is one hundred seventy million
pounds as against four hundred million
pounds when the s4O,000,000 notes were
issued by that organization. The July
shipments were over one hundred and
seventy million pounds, the largest for
any month in the history of the trade
comparing with one hundred and fifty
million pounds in May. England, France
and Germany are said to be in the mar
ket for this metal,
The recent cuts of from twenty-five tc
fifty cents per barrel in the price OF
crude oil, with a reduction of two cents
per gallon in the price of gasoline, are
of interest as showing the natural eff.
fects of the great accumulation of oil
The last report, that of May 30th, show.
ed a supply of crude oil on hand in the
United States, of two hundred and forty
five million barrels. Production ha:
lately been running at million and one
half barrels per day as compared with
one million two hundred and eighty-si,
thousand barrels per day during 121
and it is generally understood that man!
wells are capped and that any increase
in demand could be instantly met. The
demand for gasoline, however, continues
enormous, the refining figures for Ma!
showing an increase of 15 per cent ovel
the corresponding month Of last year.
Wheat prospects for the year show I
total estimated crop of eight hundred
and seventeen million bushels, an in
crease of twenty-five millions over tn,
1921 crop.
Building statistics from one hundred
and forty-one cities for June show
gain of 5h per cent in volume of per
mits over May, and of Z per cent owe
June, 1921.
Foreign trade figures for the fsca
year ending in June are in the ratio o
six to ten as compared with those fo
the previous fiscal year, This is largel,
matter of prices rather than quaint
ties, however. For the twelve month
ending June, 1922, our exports were val
ued at sS,770,22O,97l and for the yea
ending June, 1921, they were $6,516,5l0,
033, while imports for the same period
were respectively, $2,6O7,61s,110 an,
1864, ,459,S
The Foreign Situation.
The international situation is improv
ed by disposition among the Allies t.
relax the claims on Germany, although
France is still recalcitrant. German,
has recently made payment of fft
million gold marks to her reparation &C
count. Another payment is due Angus
18th, but moratorium Of three to 81
months is talked Of, the French con
senting. The danger of return Of tn
royalists, the power in Germany. is abat
ing, the present government havin
shown itself strong enough to deal witt
the matter. France has proposed t.
Great Britain a cancellation of part o
her debt to that country in return TO
corresponding reduction in Germany