Arizona republican., 1922-06-20

ried over, unless we except corn,
which does not enter readily into con-
sumption until it has been converted
into meat. The grains chiefly used
for bread are closely used up. the
world depending upon full crops each
year. In the chief materials of cloth
ing, wool and cotton, the carry over
existing since the war has been
reduced in an important degree
during the past year. These condi-
tons give an assurance of a stability
IN the principal agricultural staples
which has not been felt since the fall
of 1920.
A readjustment of industrial rela-
tions is under way and has produced
the Improvement in sight. but COM
plete readjustment has not been ac-
comphshed, either in our interna-
tional or our domestic relations.
Foreign trade is better. The South
American countries which produce
raw materials and foodstuffs are
finding better markets. working off
the surplus stocks of merchandise
which have embarrassed them. and
beginning TO buy again in substantial
amounts.
which has forced great activity in
house building all over the country,
has been perhaps the leading in
fluence for industrial revival. 1t has
been an imperative situation. for the
country is very much behind in hous-
ing accommodations and it has been
expected ever since the industrial de-
preston set in that building opera
tons i'll this line would be a strong
factor in the general recovery.
The activity of building operations
has had wide ramifications, stimulat-
ing the production of all kinds of
building materials, helping employ
ment in many lines and supplying
more freight for the railreads.
The easing money market, with
falling rates of interest. has enabled
the railroads to adopt a more liberal
policy in the purchase of equipment.
THE automobile industry came
back with a strong swing at the
opening of the outdoor season. April
seems to have been the best month
in the manufacture of pleasure cars
in the history of the industry. This
is significant not only of the stability
of the industry, but of better financial
conditions throughout the country.
i
made a good recovery.
THE iron and steel industry has
benefited by the revival of building,
the contracts for railroad equipment.
better demand for implements. heavy
sales of automobiles, increased ac-
uVlty in the oil fields and general i'm
provement in the other industries. 1t
is now operating at about pre-war
capacity. Structural steel awards in
April equalled the capacity of the fab
ricating works
The revival indicated above nat
urally has affected all lines to some
extent, but the Improvement is not
uniform Retail trade the country
over is not back in full proportions
and the industries ministering to the
common needs of the population are
still under normal activity. This is
true Of clothing dress goods and
shoes, although these are picking UP.
Nearly every class and group of
workers in the country, excepting the
miners, has taken a reduction Of
wages. Even the railroad employees
have taken a reduction of IL per cent.
The miners alone are still receiving
wages upon the scale adopted when
the cost of living was at the highest
level. They are receiving the services
of all other trades and occupations at
lower compensation. but insisting
that the others shall continue to pay
for mining coal at the extreme rate.
The railroad situation has had sew
eral important developments. The
inter- state commerce commission has
ordered 10 per cent reduction OF
freight charges. with allowance from
it for the reductions since the general
increase of 1920 took place.
THE railroad labor board has
rendered its first decision in the wage
cases pending before it. cutting the
rates of pay OF the maintenance -ofT
way employees some 10 or II per cent.
The spring season has been cold
and wet over the principal agricultur-
al districts, but with the exception of
cotton none of the principal staples
have had their prospects injured by
these conditions