Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-07-23
BY STEWART p. WEST
Special Correspondent Of Great rats Trjhuns

Dv "a 8ub ~
markets indicated plainly during ali Of
this week that they were concerned
primarily with basic things having to
do with industry, credit and transpor-
tatlon, making casual reflection on
temporary conditions. Thus, proof that
the steel trade had been making more
forward strides in the June quarter
was OF much more significance than
the closing down of blast furnaces
here and there because Of lack OF fuel.
Also, stocks were very little de-
pressed because the railroad strike
has slowed down the movement of raw
materials and finished products. The
market looked beyond the troubles of
the moment. Strikes end some time
and 1t was not illogical to reason that
when industrial peace again ruled, bus
mess would feel the impulse supplied
by several weeks or even months OF
d~isorganized production.
Industry Little Damaged by Strikes
This is not to say, of course, that
any real benefit can com to anybody
through such bitter contests between
capital and labor. 1t was fortunate in
some respects that the coal strike with
the vast loss of production which it
brought occurred at a period when in
dustry was just beginning to rise from
prolonged p~rostration. Because of ac-
cumulated stocks and the steady out
put of non-union mines, industry has
com through to date with very little
damage.
While reports from rail union lead.
ers and railway employers have been
much in conflict, the every day ex-
perience of the public has shown slight
inconvenience and delay in the move
ment of passengers and goods on the
railroad. Congestion has been severe
at junction points, especially in west
ern territory, and the number of
trains has been cut in some localities.
but commerce has not been handicap
ped severely.
The . s%teadiness of stocks probably
was grounded during the week in the
knowledge that the country was by no
the strike. The conditions supple
mented a real belief in the sound
structure of business. 1t enabled
holders of steel, petroleum, coal, au-
tomobile and railroad shares to ex-
anime the future calmly.
Small Profits, Large Significance
Industrial events of the week were
of the most interesting of this year
and several developments were worthy
of comment. Steel company reports
rather exceeded preliminary estimates
of results in the second quarter. The
stock market would not have been dis
appointed il the Republic Iron & Steel
company had disclosed a slight deficit
for even though operations throughout
the industry as a whole were running
during the period at between 60 and 70
per cent of capacity, economic caution
suggested that costs might not have
been sufficiently under control to per-
nit any none to be made. The COM
pany. however, had a profit. 1t was
small in itself, but large in its sig
nificance. The actual gain over the
period Of last year, which, by
the way. did not measure the full
of depression of 1921, was near
" $4,000.
The petroleum industry disclosed the
of intensive drilling operations
have expanded SO rapidly. fol-
last winters upturn of prices,
as to produce more oil than the re-
could use and put into storage.
The two general cuts of 20 cents a
naturally carried down with
mem CDe WnOleShle QuotdtioAS VI SOA
.ain refined products. Il
The movements would appear to be
Indicative of adverse conditions in the
.rade were it not for previous public
snowledge that things were shaping for I
his very end. The consumption of
"a soline is now running at a record
ate and it is likely to grow larger
,ext month. So there was no bust
less logic in holding up the price at
!, time when plain efforts were being
made to reduce the output of raw ma
.erial from which it is made.
Indemnity Affects Exchange
The principal event affecting inter