Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-07-02
BY STUART p. WEST
New York, July 1.-The interval of
Special Correspondent Of Great Falls Tribune

Special correspondent Of Great Tails Tribune
quiet into which the financial mar
kets have settled is in line with pre-
cedent at this season of the year.
An active spring, with some tendency
to speculative excess, calls for a re-
adjustment in the month of June, with
gradually diminishing interest, fol-
lowed by a spell of inaction during the
greater part of July. This is an al
together familiar chronology. In the
old times the markets were described
as awaiting the outcome of the crops.
This is hardly true now. but it is n
fact that important financial opera
tons are being held back in order to
see how general business is going 20
shape up for the fall and particu-
larly to see how the labor troubles will
come out.
Coal Strike a Menace
The railway strike threat at no time
has been taken very seriously. The
investment community has been in
clined toward the view of the rail
executives that q walkout of unskilled
maintenance Of way men could do no
harm. while it would be several
months before a shutdown of the car
repair shops would be keenly felt.
But the coal strike has gotten to the
state where it is a distinct menace
The anthracite mines nave been coin
pletely tied up for three months. 1t
is a question whether immediate re-
SUMPTION would allow of supplies be-
ing brought I'D to normal by winter
time. Certainly if the strike is at an
prolonged, it will entail hardships with
the coming of cold weather when
would be difficult to overrate:
The bituminous industry is netter
off. Production is running AT aoout
80 per cent of normal and has oeeh
slowly increasing, thanks to the speed
ing up to the utmost the output AZ
the non-union mines. RESERVES ar
still large enough for the mills ana
factories to get along for another two
or three months. But every Gay the
strike continues brings the danger
nearer of a curtailment of the produc-
five energies Of the country with al
check upon trade recovery.
More interest, therefore, attaches 10
IN efforts of the administration TO seI
onerators and miners together ana
snttle their differences, than 10 an!
ether nending matter. II the attempts
it is quite possible tnat my
will furnish the spur when the wa.
Street market needs to drive 1t our
- its nresent rut. If they fail, 1T Will
,;haIy mean a further indefinite per-
Cd If more or less uncertainty ana
Business in General Good
p.rr;np the labor troubles, the gen
,r.l s;tuat1ou is favorable. BUSINESS
.anorts are good. The steel mills are
,oirg * ner cent business. Ihere is
'nnenaI a%ctiyity in the building INDUS
~ and unemployment is small IN com
,arison to what it was ever SIX mohths
100 The general volume OF retall ahu
li~str;butiye trade is almost, II not
,,,;te hack to normal. Federal bank
commercial discounts. bank
re- accentances and open market
,onev rates are all on a pre-war oasis
extent and thoroughness OF the m
deflation may be ludseo oS
he fact that r~e-discounts at the feder-
| reserve banks, secured Dy. otheI cor
ateral than government bonds ana rep,
esenting transactions OUTSIDE OF wal.
,treet. are down from their peak OF
4 600. 0OO. 900 at the close OF i"zo' 10
pss than S2S0.00O, 900.
Next TO the rise in agricultural
,r;ces which allowed the farmers TO
off their obligations at the bank,
he most important influence IN reduc-
no loan accounts has been the i'm
in investment conditions,
corporations to finance their
nfnnded debts. This indebtedness a
oar ago was carried on the shoulders
the banks. ,
Now it has been shifted to the gen
raj investment body through the sale
6 rau corpOrafa securities. .
German Mark Continues to Fall ,
The fall in the value of the German
lark continues the most interesting
eature of the European situation, but