The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-05-28
FINDS BUSINESS
SITUATION
SOUND
William F. Morgan, Confident
of Future, Discusses Prob
lens of Industry.
BY w. S. COUSINS.
copyright, 1928, by Cosmopolitan
News SerVice.)

News Service)
NEW YORK, May 2s.-William
Fellows Morgan, chairman OF the
board of the Merchants Refriger-
ator Company of New York and
New Jersey, is not apprehensive
today over the future of American
business. Having served for seven
years as president of the Mer-
chants Association Of New York,
one Of the most active groups of
business men in the United States,
Morgan has been brought into
closest contact with national and
economic business conditions.
while there may be here and
there a tendency to excessive pro-
duction of what might be termed
articles of luxury, an unusual
shortage Of common labor in some
departments of industry and an
unhealthy initiation in price of some
commodity prices and wages, the
business situation is sound" Nor
gan said. ST see no storm clouds
on the business horizon and feel
sure that this country VIII soon
be enjoying the fruits of prosperity
ana tranquility. l am particularly
encouraged over the slow but steady
countries and that means within a
reasonably short time the reopening
of world markets to the products
of American industry"
Summarizes Problems.
Asked to summarize the outstand-
ing problems before American bust
ness men today. Morgan said that
the most serious problems are:
High cost of transportation and
the inability of the carriers to meet
transportation demands.
The difficulties of the coal sit
uation.
Shortage in common labor,
Curtailment Of foreign trade, due
to European conditions.
"The problem of transportation"
said Morgan, "goes to the very
heart of the matter. Living prices
are bound to soar when transpor-
tation costs are high. Our country
is primarily a long-haul country
and our average haulS are four or
five times greater than those of any
other country in the world.
HauIage Keeps Up Costs.
been an important factor in keep
ing up costs, but business men
have simplified the problem some
what by developing auxiliary trans
portation facilities, such as motor
transportation and waterway sys-
TENS. 1t has been estimated that
only per cent of the rail tonnage
is in carload lots, yet rs per cent
of the car supply is needed to
handle it. Here is where the motor
trucks can be of great service.
while the railroads themselves
have made excellent progress in
recent years in refitting and recon-
ditioning the equipment, they are
still greatly handicapped by lack
of equipment and terminal facilities
and could do better work were they
subjected to less railroad batting by
legislative bodies and less interior
ence by lawmakers.
Coal Question Unsettled.
"The coal question is one that is
vital not only to industry but also
to the general consumer. The con-
troversy over the wages of the
coal miners, which resulted in limit
ing the output of coal last winter.
has not been finally settled. It is
recognized that the soft coal in
dustry has too many workers and
too many mines. The quantity of
soft coal mined surpasses our con-
sumption, if worked 100 per cent.
IN rao1itU the soft coal industry is
a monopoly and therefore does not
have the beneficial advantage Of
competition. If the matter does not
settle itself, some measure of Gov
eminent control may be necessary,
in order to insure an adequate sup
ply and to prevent profiteering.
1.-THE American business man."
said Morgan, lis prone to overlook
the bearing which the European sit
uation has on American business.
Until other nations have recovered
their stability, the normal resump-
ton of foreign trade is difficult and