Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-07-10
TIME events of the past month

present contrast between, or
the one hand, those which
show encouraging progress TOWARD
normal conditions of industry and
prosperity, and, on the other hand
those which indicate that human
perversity or distrust is the CHIEF
obstacle to progress. The trend ir
business has been favorable, at home
and abroad.
In Europe, industrial conditions
would improve rapidly but for the
political conditions. The prospect
of foreign loan for Germany has
been abandoned for the present, be.
cause it is impracticable for Ger
many to give security for such a
loan without a complete settlement
of the reparations debt, and France
cannot afford to make final settle
ment for any amount that could be
raised by the loan.
The currcncies q both Austria
and Germany continue to decline in
value as the result of new issues
The German mark, before the war
worth about 238 cents, is now
worth about 81 hundredths of one
cent. The bitter antagonisms which
exist between political factions
within Germany are indicated by
the second assassination in high
circles, this time OF Walter Rath-
enau, minister of foreign affairs.
In Ireland state bordering upon
civil war exists, and Sir Henry
Wilson, Field Marshal of Great
Britain, has been assassinated in
front Of his residence in London, an
act presumably related to the Irish
situation. The energies of the
world are being largely expended in
strife.
In this country unemployment has
been diminishing and the crop out
look is good, but the growing men,
ace OF coal shortage or of railroad
congestion, if not railroad suspen-
sion, overhangs the situation.
The Coal Strike
The anthracite field is all union
lied and the shutdown is complete.
Stocks Of anthracite coal are now
getting low, and as there is no great
surplus capacity for production the
danger OF a short supply next
Winter is becoming serious. An
thracite is used mainly for household
purposes, and the supply is not so
vital to the country as that of
bltuminous. OF the latter the nom
union districts are producing about
one-half the required supply, and
industrial and railway stocks are
getting low. President Harding has
taken steps to bring about some
kind of settlement.
The mining industry needs some
thing more than temporary adj
Justment that will provide coal for
immediate needs. All accounts
agree that it is ovcr-dcvelopcd.
George Otis Smith, Chief of the
United States Geological Survey. in
recent address said:
Mr.. Peabody as representative
operator admits that one-th;rd OF
the operating mines represent a bur
den on the industry, and he suggests
their elimination through bank
LiHS ScdIlcS, the e0ItOr OF
the United Mine Workers Journal
admits that 10000 miners, like one
third OF the mines, should be
eliminated, and he suggests that
they leave the mine for the farm.
Mr.. Peabody estimates that the idle
days of our biturninous mines in
volve an annual loss to the capital
and labor employed of not less than
100000, 900, and l suspect that most
OF this loss is paid by the consumer.
"A longer working year for re-
duced force is the only possible
method of bringing about the lower
wage scale and tie larger annual
earnings, both of which are gener.
ally needed. 1t is largely by reason
OF the high unit rate of wages that
coal costs too much. and on broad
economic grounds it may well be
questioned whether the producer
should be paid wage out Of al,
proportion with the wage If the
consumer. Can S. day workman
anord TO buy coal mined by a $40
day mine worker"
The public should not he asked %
~