The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-03-25
ISSUES ANALYZED


News Service.)
NEW YORK, March 25.-The
Treasury Department is expected to
make statement relative to the
amount of gold that has been with
drawn from the Federal reserve
banks and the Treasury vaults since
the removal Of the embargo about
three years ago. While the monthly
figures of gold exports and imports
have been available and the weekly
summaries Of the Federal reserve
banks have revealed the exact status
of the Governments gold holdings,
no records of the public consumption
of the precious metal have been
published.
Some fantastic suggestions have
been made by prominent American
bankers as to the formation of a
rejuvenated European banking sys-
tenn, with a new currency issue
based upon American gold. The pro-
posal is feasible insofar as it in
wolves the return of the gold to it's
original owners, to whom will come
the responsibility of making proper
use of the precious metal. But to
attempt to place the American Gov
eminent, or even individual Ameri-
cans in their private capacity, be-
hind the scheme is the height of
| absurdity, as will soon be realized il
attempted.
Wall street has never taken the
coal strike seriously. AS q matter
Of fact, the effects of strikes In
industry are never construed as
bearishly as the average reader
might be supposed to think; and 1t
10 wi, 81 ha
that stocks should never be sold
on strike talk. The results of the
coal strike fiasco in England are
still fresh in the memory of the
speculative district, added to which
is the realization that steps have
already been taken to counteract
the effect OF even a prolonged ces-
sation of work at the mines. Con-
sumers, including the railroads,
have laid in a stock Of fuel suffi-
Gent to tide over a period of from
sixty to ninety days. In addition,
a large percentage of coal produc-
ton is from the nonunion mines.
The public hopes for an aInicable
settlement. In which the grievances
of the dissatisfied miners will have
full consideration.
IC itlboi vi tilt SlttI COi~
poration, published today is a COM
mentary upon business conditions
as a whole in the year 1921. Nothing
Of a favorable nature in the way OF
net profits had been expected, but
the net earnings of only 1924 share
were a distinct disappointment to
the Street. After dividends for the
year, the big corporation reported q
s14 1000 900 deficit against surplus of
$50 ,059 ,425 in 1920. Operation of the
plants of the steel corporation have
increased from 80 to 20 per cent OF
capacity. The bad news is out and
there is no reason for assuming a
pessimistic attitude toward this or
any other Of the representative bust
ness enterprises of the country. A
general advance in steel prices,
which will be participated in by the
United States Steel Corporation rs
well as by the leading independents
will be operative in the near future.
1t is generally admitted that there
! is no profit to be made at present
prices and that the increased demand
for steel products will help in the
campaign for higher prices.
The strength in Endicott-Jo johnson,
which has enjoyed a steady rise is
due to pool manipulations. aided by
| the excellent past record and future
| prospects of this leading shoe manu-
! facturer. The $4,000 dividend was
earned nearly twice over in 1921
and the company is said to be doing
the largest business in it's history.
In recent statement President
Johnson said: I'VE are very busy
with bright prospects of a big year
ahead. There is an enormous de
| mand for medium grade shoes and
| we are building more factories"
The company has a very small
| bonded debt and it's cooperative
profit sharing system with its en-
ployes is said to be working very
satisfactorily.