The weekly times-record. (Valley City, N.D.) 1912-1922, 1922-07-13
Current Business Conditions
BY E
o

T~HE events OF the past month
Jiesen: a contrast between, on
tee cre hand, those which
shaw encouraging progress toward
r'or12a' conditions oi industry and
prosperity, and, On the other hand,
:ac:e which Indicate that human
:'-Evers:iy ct distrust is the chief
c.a;acle to progress. The trend in
business has been favorable, at home
an', abroad.
~ Europe, industrial conditions
Sou,l improve rapidly but for the
political conditions. The prospect
re- foreign loan for Germany has
been abandoned for the present, be-
causc it is practicable for Ger
'rany to give security for such a
loan without complete settlement
Of the reparations debt, and France
cannot afford to make final settle
'.ent for any amount that could be
raised by the loan.
The currencies of 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 u hundredths of one
.ent. The bitter antagonisms which
exist between political factions
within Germany are indicated by
'ne second assassination in high
circles, this time of Walter Rath-
enau, minister of foreign affairs.
In Ireland a 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-
Son, ovcrhangs the situation.
The Coal Strike
The anthracite field is all union
ICED 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 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
hituminous. Of the latter the non
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 a settlement.
The mining industry needs some
thing more than a temporary ad-
jtstlnent that will provide coal for
immediate needs. All accounts
agree that it is over-developed.
George Otis Smith, Chief of the
United States Geological Survey, in
a recent address said:
"M1. Peabody as representative
operator admits that one-third of
the operating mines represent bur-
de-: on the industry, and he suggests
their elimination through bank
Tuptcy. Ellis Scarles, the editor of
the United Mine Workers Journal
admits that $50, COO miners, like one
tn:,tl of tine mines, should be
eliminated, and he suggests that
Cicy leave the mine for the farm.
NJ. Peabody estimates that the idle
Gays OF our bitun,inous mines in
7oIvc an annual loss to the capital
and labor employed OF not less than
5000. 00G, eco. ant! I suspect that most
OF !ilis Loss IS paid by the consumer.
"A longer working year for a re-
duccd force is the only possible
'nethcd Of bringing about the lower
wage scale and the larger annual
earnings: both OF which are gener-
ally needed. 1t is largely by reason
u Inc high unit rate of wages that
eeai costs too much, and on broad
economic grounds it may we'll be
9nestet;ed whether the producer
should be paid a wage out of all
proportion with the wage of the
consumer. Can a S. day workman
afford to buy coal mined by = $40 a
day mine worker?"
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