The New York herald., 1922-01-14
100000 JOBS SEEN
! AS MONEY CHEAPENS
Drop in Interest Rates I'm
locks 81, 900, 900, 900, Say
Government Officials.
ORDERS GROW RAPIDLY
Era of Great Activity in
Spring Is Confidently
Predicted.
ssscial Dispatch to rns Nrw Yo.K HERALD.

Epecial Dispatch to THE NEW YoaK HERALD.
New York Hesald Bureau.
Wasliugton. ID. c.. Jan. Is. !
More than 81, 1,oO0. 600, 600 in capital be-
lieved to be lying idle in banks and trust
companies represents JOBS for 1000. 900
men and women for one year each. Gov
ernment reports show that the average
industrial workers earnings are $1,000
year.
That this tremendous reservoir OF
capital will be drained dry by midsum-
mer is the conclusion of Government of
ficials who are studying the labor situa-
ton and economic and business condi
tions The belief, If justified, means a
job for every one who wants to work
next summer
Manufacturers, promoters and build
ers are beginning to draw on the cash
reserve as interest rates descend. Cheap
money is encouraging expansion or bsasi-
ness plants. Call money in New York
recently went to S1s per cent. During
the war and in the period of initiation
following the armistice call money
touch 20 per cent. These quotations
show that call money is becoming
cheaper.
Interest rates have direct effect on
the pocketbook OF every family, Govern
ment officials point out to those inclined
to think of Wall Street as something far
away from the daily life OF the average
worker.
Cheap money, it is emphasized. Is
coming to mean employment for millions
now idle because manufacturers and
corporations are beginning to borrow to
build additions and lay in stocks Of
raw materials at present low prices.
Workers receive approximately 80 per
cent in the long run of every dollar
spent in such ways. The building to
house the expanded factory is by workers
who get approximately so per cent. OF
what the structure costs. The same pro-
portions hold true for the money ex-
pended for machinery and raw ma
Z terials. Labor constitutes more than
as ber cent. Of the cost of producing
steel, castings and raw materials like
copper ore, coal and the like.
The United States Steel Corporation
is now spending s10.0O0,0OS on addi-
tions and betterments. The railroads
are buying rolling stock, rails and
other supplies. Farmers are giving or
ders to mills manufacturing fertilizer
Textile mills are buying stocks Of raw
cotton and wool against the time when
business conditions improve.
Spring is the time fixed in the minds
of officials as the beginning of an era
of business activity. During the re-
manning winter months business men
ard manufacturers will be content IL
they hold the gains already made in
climbing out of economic depression. To
the workers these gains represent jobs
for at least 100000 more men and
women than We're regularly at work
year ago. At that time unemployment
involved 100000 persons. Not more
than 100000 are idle now. 1t is esti-
mated. and the total may be but 2,000.-
900. II this estimate is correct the
nation is short just 100000 jobs. it is
pointed out This is became in normal
times at least 100000 workers are
continually out of work because of the
wholesale shifting from one position to
another.