The Ontario Argus. (Ontario, Or.) 1???-1947, 1922-12-28

and others are very low, but the
majority at present are about Is pei
cent above their levels a year ago
A year from now we shall probably
find them averaging at about the
same levels they stand today. In
between, there may be a further
rally from the low of 1922, and
agricultural products certainly will
do better"
Earnings VIII Be Higher
Earnings" continued Mr.. Bah
son, SHOULD average somewhat bet
ter than in the year just passed. A
survey of 100 leading Industrial
onlycompanies, recently made by
my organization, showed that in
1919, SO per cent of these companies
made a net profit, while only per
cent showed deficit. In 1921, the
number of firms which could show a
profit was cut down to As per cent
Over half, or So per cent of these
industrial concerns lost money on
their years business. 1922 has wit
messed a change from red ink fig
ures, but the amount of net profits
will not be large when the books
are finally balanced. We are just
getting back onto the right side of
the ledger.
1.-THE shortage of labor is one of
the worst features of the 1923 out
look. The moment that business
works up to average activity it be-
comes impossible to get sufficient
workers. This raises costs and in
turneincreases commodity prices and
the cost of living. The immigration
law is largely the cause of this
shortage. This law restricts the
number of immigrants in a single
year to per cent of the total num-
ber already in the United States.
Before the war we had an addition
of million immigrants a year. Now
we are receiving less than 100000
and at least 60 per cent of these are
women, children or other depen-
dents. On the other hand, doubt
if the repeal of this per cent i'm
migration law is the proper solution
of the present labor shortage.
1.-THE real solution is not the re-
peal of the present immigration law
but rather the repeal of the Con-
tract Labor Law for as long as the |
per cent law remains in force. |
This would make it possible for en-
ployers to promise selected foreign |
workers employment before eaving |
their own homes. The moment that |
the immigration law is repealed
the Contract Labor Law can again
be applied.
"There should be no great diff
Guilty in getting ample supplies of
coal this winter. The
car shortage is diminishing some
what. Ample supplies of bitumin
Gus coal are being produced suggest
ing lower prices. The mischief of
this situation lies in the fact that it
will again be to the advantage of
both miners and operators to close
the mines for time. The diff
culties which brought on the strike
last year have not been settled.
There is serious danger of another
strike in the soft coal fields.
"Eeverybody is worrying about the
political situation. There is talk of
radical legislation during the COM
ing year. Most of this is merely
The echo from campaign speeches.
It may be noisy year. Both the
and the Radicals have
| veto power, but neither is strong
enough to push thru any extreme
measures of it's own. The only
kind of legislation that will really
,e enacted is that which will appeal
% members of both groups. AL
'eady the Federal Reserve Board {
las issued a ruling, admitting {
arge amount of agricultural paper
or rediscounting in the Federal Re- +,
erve Banks. The Muscle Shoals
,roblem will probably be settled,
ither by sac to enry Ford or by de- '
'elopment on the part of the gov
rnment itself. The Soldiers bonus
will probably be enacted, altho no
.greement as to the terms or means
4 raising the money has yet been
made. 1t is improbable that there
gill be any increase in the amount
4 business taxes.
"The political aspect has fright
ned many stockholders, but it is !
ntirely too early to be worried.
he thing to watch is fundamental
onditions. We are still in a re- |
djustment period. This means !
hat sooner or later we shall work