Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-07-03
EeU North Dakota Women
Trained as Home Makers
through fresh borrowings and the en-
tension Of maturing loans. The liGui-
dalton OF this indebtedness has been

OF this Indebtedness has bee
materially assisted by the marketing
Of long term bond issues Of Industrial
corporations, which were thus enabled
to pay off their bank loans and forti-
fy their financial position. The COM
paratve ease with which this huge
body Of loans has been shifted from
commercial banks to individual in
vesters must be regarded as one Of
the most encouraging and in some
respects n of the most remarkable
achievements Of post war finance. 1t
surpasses all other movements of the
kind, for the account was unprece-
denied both in the amount at risk
and the character and variety Of the
problems which had to be considered
in connection with the sensational de-
clines in raw material prices and the
heavily decreased buying power of
whole communities.
Building Operations.
The country is erecting new dwell
ings and business structures as never
before. with a total demand so great
as to force the payment Of premiums
to carpenters at New York and else
where. Statistics covering the volume
of new building permits and contracts
awarded disclose new high record to-
500 " N4A~ as VI ~ III
probability is that the total operations
for the full calendar year will break
all records. These gains are the more
significant when the decline in the
prices of certain building materials is
taken into account. The Indications
are that the movement would be even
greater were it not for labor disturb
nces and the difficulty of getting
wa~ge-earners to cooperate in the ma
finn.U i6e waOa >1i,1Cf roopf n4uy In
full swing. That this unusual activity
in building lines must have a fairly
sound basis is indicated by the really
argent demand for moderate priced
dwellings in large and small cities.
The dearth of such accommodations
is reflected also by the sharp rise in
rentals to a level so high as to figure
heavily in the abnormal living costs.
This new building movement is alb
sorbing a great deal Of capital and
giving IN unusual business to mort
gage companies and heavily capital
izer realty concerns.
Railroad Gains.
The railroads are making a re-
markable showing when the interfer-
ence of the coal strike is taken into
account. Figures covering car load
ings for the week ending June 10 were
at just about the level reported at
the time that the miners suspended
work. This is accounted for by the
striking gains shown in merchandise
freight. which were 20 per cent great
er than that of the same week of
1921 and reflects increased business
activity throughout the country In ;
asmuch as there are said to b. 1884,
900 bad order freight car and 1928
locomotives unfit for SER !
vice. it is easy to visualize the en- !
barrassment that some railroads will
be subjected to when the coal strike
is settled and the rush movement of
freight sets in. The outlook for the
railroads is very promising. provided
traffic is not tied up by the threaten
ed strike. The roads are surely in for
a period Of better business and must
country the service it requires at a
time when general trade shows dis !
tinct signs of sustained betterment.
Coal Strike.
The country has scarcely felt the
in effectssof the coal strike. but the !
recent outbreak Of violence in the |
sible dangers and heart-rending cas- !
ualties OF such a struggle. The crisis |
is apparently near at hand, and while |
no one can tell what additional losses |
may be sustained before the contend
ing forces get together and compose |
their differences, the Indications are
that a move simewhat similar to that |
made by President Roosevelt in 1902 !
may be necessary to enable the pro-
mining operation. h commission |
appointed in that yea did a vast
amount OF splendid work which was |
fully covered in n of the most COM
p~rehensive reports ever made by a
government commission. The time is
near at hand when extreme measures
must be taken to resume mining oper-
atoms in the anthracite field. That
portion Of the industry has been abb !
with a heavy aggregate loss to both
the producing companies and the
miners themselves. The. country must
have coal, and unless the fuel supply
is heavily increased in h near flu
ture. great Inconvenience. if not actu-
al distress will result, as reserve
stocks are low and household bins
are inadequately supplied. With a re-
vival of manufacturing there will be
a greatly increased demand for soft
coal, which is the great steam fuel.
This portion OF the industry has done
surprisingly we'll in maintaining its
present rate Of production. but con-
ditions demand more energetic work
to end the waste and get full opera |
ton Of the mines.
The Bond Market.
With the easing of the money rates, |
corporations have been prompted to
anticipate the maturity of bond issues
callable at the option OF the borrower
within two or three years or at any
interest date. To exercise this redemp-
ton privilege the borrower in many
instances has been obliged to pay a
high premium to the bond holders.
but this has been profitable in cases
where the borrower has been able to
sell another bon issue carrying a low
er interest rate for a longer term Of
years. The bond market of late has
been slightly less active, but the de-
mand has been sufficiently strong to
prevent any pronounced fall in prices.
With the recent marking down Of dis
count rates. the price of many bonds
has stiffened and the outlook favory
further employment of surplus funds
In the purchase Of investment secur-
tiles. Total isues Of foreign govern
I ment and domestic bonds since the
year opened have been prodisious.
and offerings have been for the most
part very successful
Foreign Affairs.
The situation abroad is improving
and it is to be hoped that great bene-
fits Will, accrue from The Hague con-
ference. The trend Of the European
exchange Is more encouraging and in
Great Britain there has been pro-
nounced Improvement in general bus
mess and foreign trade. with London
fast fegaining the prestige it lost dur
Ing h war. Russia presents the most
serious problem, with the chaos in
Germany next in Importance. All ma
tons are looking to the United States