Evening star., 1923-01-05
COLLAPSE |NPAR|S
IS VIEWED CALMLY
Business Chiefs Believe Sup4
ply and Demand Law Is
More Vital to U. S.
BY j. C. RoYLE.

Special Dispatch to The Star
NEW YORK, January 5.-AmericAa
business resolutely thrust aside to-
day the depressing influences of the
European situation.
Tho break in the relations "a
france and England over the repara4
tions question undoubtedly had
marked effect on some commodities
but men closely allied with ths
products most affected expressed to-
day the belief that the laws of sup-
ply and demand would provo creates
FACTORS in the situation than the
plans Of premiers.
They pointed out that hopeful in4
fuences were not lacking and pre-
oucers OF cotton, sugar, wool ard
other world necessities asserted thai
foreign nations would find means 4
buy American products and that de-
preston in sales and prices would "a
but temporary.
Debt Assertion Pleasing.
Many found strong encouragement
in the announcement that import
duties into this Is country in 1872 AZ.
greater than in 1921. This, they de.
clared, indicated a greatly increased
buying power on the part of the rest
of the world, as the sums paid by tbs
country for foreign goods have in turf
become available for purchases 4
American products.
Business men and bankers here e.s
pressed satisfaction over the stats1
ment Of the British debt commissied
that Britain always had and always
would pay her debts" British bust.
here made plain today the British
stand on German reparations. Enge
land is not self-contained, they
pointed out, and is dependent on for1
the terrible depression IN British
trade continues, with more than IL
$4,000 totally unemployed and q
large mum ber working only part time
Germanys recovery is the key I'd
European recovery and the recovs
cry OF British markets, according ID
the British financiers.
worry Over Mine Wages.
OF far more Importance than the
foreign situation, IN the opinion OF
manufacturers and business men, wa4
the fact that the bituminous mins
workers and operators had failed q.
reach an agreement as to wage scales
and working conditions TO replace ths
arrangement which expires April /,
Large consumers indicated that they
would continue to accumulate surplus
stocks of fuel and some additional orr
gers were pldCcu mere EHBll61
coal to be delivered in the next twq
months. Coal prices in some districts
are rising.
The measure Of Improvement in tht
steel industry is measured with con,
siderable accuracy in the announce,
ment by the United States Steel Cor
poration that $4,000 shares Of cons
mon stock would be offered to emt
ployes under the part payment and
bonus plan of the company at S10T
The price of this stock offering each
year is fxed by the average price OF
the stock in the open market during
the last three months of the year. lr
1922 the price was fixed at SS4 a share
and in 1921 at $S1.
Paris Advance Helps Oils
The increase In the price of bunkel
fuel oil at New York, Baltimore anS
Norfolk went into effect today and
added stimulus to the improvement
which the entire oil industry has
shown since the turn of the year.
The forecast for higher wages tH
the garment trades. made weeks age
in this column was fully borne out b5
the award of the referee in the Clevei
land Garment Workers arbitratior
proceedings, which eliminates the u
per cent wage reduction of last year