The Washington herald., 1922-03-19
.PESSIMlSM RULES
GERMAN NATION AS
MARK DECLINES
Feeling of Insecurity and
Suspense Weight on
Industries. !

The feeling of insecurity and
suspense noticeable in German in
1ustry during January has been.
heightened by the recent fall in
exchange rates. The German mark
was lower on March G than at any
time since November. the dollar be-
Ing quoted at 26l marks. The at
titude of labor continues most un-
satisfactory and pessimism is in
creasing in regard to a further re-
vision OF the reparatiOn question at
Genoa. The Boulogne meetings
combined with the mark collapse
are the principal reasons for this
pessimism
Manufacturers have not been
covering foreign exchange require
ments but have delayed up to this
time in the hope of more favorable
political developments. Prices have
increased greatly since October and
wages are also advancing; the Jlip-
ping situation is still not clear.
The extension of the recent rail-
way strike was an occasion for
concerted attacks by the opposition
party on the Wirth government
which is apparently weaker despite
the settlement Of the strike.
Initiation Increasing.
According to the Reichsbank state
ment of February 2S. the notes in
circulation amounted to l2o,O26,-
$4,000 marks as compared with
l15,375. 163,000 on the 31st of Janu-
ary. This February imitation shows
a tendency to return to the high
monthly rates of last year. after the
temporary relaxation Of January,
when the imitation amounted only to
about 1,7OO, OOO. 900.
Private discounts amounted to
1,s56,956,00O marks on February IS,
a figure which represents an in
crease of about $4,000, 900 over the
January 81 statement The float
ing debt Of the German government
on February IS showed discounted
treasury bills amounting to 263.-
SlI52O,OO0 marks. The circulation
of government loan office notes
amounted to 7.S22.OOO.O 900 on Feb
ruary %. as compared to S.O45.5OO.-
900 one month before.
Industry II Active.
The Ruhr coal production duying
the twenty-four working days Of
February. reached 7.T5O.OOO tons
and Upper Silesian production in
twenty-three working days of the
month amounted to 1851. 900 tons.
RUIZ pit head supplies were given
on February IL as 992.364 tons Of
coal and 642,725 OF coke. The trans
portation of coal and Ignite as
well as of all other classes of goods,
was entirely disrupted by the rail-
way strike and the freezing of
waterways and has not yet re-
turned to normal Freight rates
Were increased about 20 per cent on
March l. and are now thirty-two
times the prewar figures.
The pig iron and steel industries
report a brisk month despite great
ly increased transportation difficult
ties Prices are soaring No pig
iron and steel production figures
are published. as a matter OF policy.
but 1t is understood that the steel
output in January slightly exceeded
the estimated combined production
OF England. France and Belgium
The industry is in need of scrap
metal, hitherto an important fac
to- in its raw materials Stocks or
scrap are now low and unless SUP
plies are obtained from Poland
there will be felt a serious pig iron
shortage.
The engineering Industry is still
busy with old orders but anticipates
Auluit Slt'hneSS. Ine pOtaSh in
dustry reports sufficient orders.
Many deliveries were prevented on
account of the railway strike. Pot
ash prices have increased Is per
cent All textile mills are active.
the reason being given that buyers
have waited without any result for
diminishing prices ard are now
buying briskly to anticipate further
increases. Cotton spinners have
orders ahead until July. Wool and
woOlen goods and linen mills are
lively but the silk Industry less 80
Leather is more active. Chemicals
are unsteady, although dyes have
somewhat improved
Coal Prices.
Coal prices were raised on March
l by between 106 and I59 marks per
ton. Ignite briquettes by between
II and 81 marks per ton; thus the
present minimum price of Ruhr nit
coal is 500 marks per ton and of
Ignite briqUettes. 200 marks per
ton. including 20 per cent coal tax
and Is per cent turnover tax.