The Washington herald., 1922-07-30

not to bring about any bankruptcies on the
part of the men who must pay the wages at what
ever rate they finally compromise upon.
Strikes during hard times are few and far be-
tween in American history There may be riots Of
one kind or another on the part Of the unemployed.
But the men with jobs stick to them until there
is certain prospect of getting other employment.
No men who depend upon their weekly wages to
buy bread and clothing anxious to JOIN the
army of the unempoyed-let agtators preach as
loudly as they may =.
But strikes come, the other hand, just at
the start of the upward trend in industrial condi-
tions. The labor leaders sense the situation early
and, as rule, accurately. They know that with
prospects Of unusual profits in the near future,
capital is not anxious to waste any unnecessary
energy in disputes with employees and that these
will be compromised, at least not to inter-
fere seriously with the progress Of business i'm
provement
Investors realize the same situation They
know that the railroad and mine strikes, for in
stance can not stop the present advance of domes-
tic business in the United States-no matter how
they are settled. They know also that these will
not be allowed to continue long enough to do much
real damage.
The coal strike has continued.for FL weeks. Dur
ing that period the output has been curtaed greatly
Plentiful supplies of coal at reasonable price are
absolutely essential to the prosperity of manufac-
turing concerns Steel mills for instance, not
function without continuous and certain supply
Of fuel Yet in spite of the apparent danger in the
situation and the occasional pessimism expressed,
there has been boom market in steel ever since
the coal strike started.
The importance of the strike might have been
discounted by wise investors for week or so.
They hardly could make a mistake, however. for
81 weeks. The weakest of steel stocks have re-
manned stationary There has been notable de-
cline anywhere. The stronger stocks have mn
proved-some of them in an almost sensational
manner. And it is sort Of axiom that steel is the
surest barometer of American business. Steel plays
a prominent part in almost every other sort OF
manufacturing.
I he railroad strike has had very p.ss:mistc
appearance at tinres. Hopeful developments have
been few and far between until, within the last
few days, prospects of settlement came into view.
Railroad equipment has suffered, of course, from
the continued absence of competent mechanics and
the employment of inferior men to repair and
locomotives.
Yet railroad stocks either have remained sta
tionary or have advanced. The most pessimistic
factors yet encountered in the strike situation have
failed to cause sharp declines. The reason for this
is not far to seek The whole nation is charged
with sane, powerful optimism. American business
has passed through the dangerous period when
there was little money in circulation and the public
hestated about buying automobiles, houses, furni-
ture, clothes, etc.
American industry staggered out of the war
like drunken man out of old-time saloon.
| 1t was blatant and hilarious ]. seemed to have
no thought for the future. Everything tinted
with gold and with scarlet. Then, all of sudden
it seemed, it began to green snakes floating
around in the air. Everything went black Indus
try came to its again in the hospital. For
many months it lay its cot, very weak but at
time in danger of death. 1t improved slowly
and steadily. There never much danger of a
relapse. $50
With the first days this spring the
patient able to sit out the hospital lawn
and enjoy the sunshine. Within the last month
or so the patient has left the hospital almost as
strong as ever. 1t is growing stronger every day
With confident stride it is climbing the healthy
| its home in the land of eternal ranbows If it
| had undertaken the journey few months ago j,
might have tripped some rocks in the road
and lain unconscious for while. Now it is SO
strong that these distractions only temporary
inconvenience to the pilgrim.
Everyone can afford to be, in the words of the
late James J. Hill, "a bull on the future of the
United States
A few months ago these strikes might have
constituted "a NATIONAL EMERGENCY" Now
they will prove, at best, only temporary obstruc-
tons. The return of American prosperity is as
certain as love or death. 1t may in, like the
tide, few inches at time, but it is coming with
such force that neither capital labor stand
| in its path 1t is coming because of the workings
! of the natural laws of economics-not because
of the manipulations of any groups OF
| men. 1t is coming because. there than
100000 people in the United States with money
| to spend and with wants to satisfy-more than
| 100000 people eager for higher standards Of
| living and eager to produce more goods in order
that such standards can be maintained.
Most of US have experienced pessimistic and
cynical hours during the past year-hours when
| it seemed the Biblical prophecies about to
| be fulfilled. But may be confident now that