Evening star., 1923-08-03
BUSINESS WORLD
TRUSTS COOLIDGE
Especially Familiar With In
dustriaI Conditions, Finan-
ciers Assert.
BY j. c. ROYLE.
cial Disnatch to The Star.

Special Dispatch to The Star.
NEW YORK, August Sit speaks
well, both for the stability of Amer
lean business and the serenity of
mind Of this country, that the COM
merce and trade of the United States
went on today without check or
hesitancy. The daily crowds that
poured into the offices, mills and fac
tories were silent and subdued.
There was no lack of evidence of the
sincere grief which the death of the
Chief Executive of the nation had
brought to all. but with it there was
not the slightest indication of con-
sternation or anxiety for its effect
on trade or industry
The snuffing out of the life of one
great man left his hundred and ten
million fellow citizens to take up
the tasks of business las usual" at
the same point that they laid them
down Thursday night. Even the
markets found little cause for alarm.
Fundamental conditions of employ
ment. supply. demand and buying
power remained unchanged
Financiers Trust Coolidge.
Business men and financiers ex-
pressed themselves as confident in the
ability of President Coolidge to take
up the work of President Harding.
This was especially evident in manu-
featuring circles, where ii was felt
that the new chief executives long
residence in industrial New England
had put him thoroughly in touch with
conditions.
Throughout the middle west, the
better feeling which had begun to
make itself evident suffered no re-
lapse. The intermediate credit banks
are beginning to function. to the
benefit of the farmers. who find moth
in President Coolidges views, pre-
vlously clearly expressed, to cause
uneaSiness.
Even the threatening situation in
Europe failed to produce increased
anxiety here, as President Coolidge
has been thoroughly in touch with
every move and policy of the admin
istration through his constant attend
ance at cabinet meetings and the
close accord that has existed between
him and President Harding and Secre-
tary of State Hughes.
This feeling of security was accen-
tuated by the announcement that no
changes either in policy or personnel
of the Presidents official household
were contemplated.
New Steel Wage Scale.
Reiterated announcement that the
abolition of the twelve-hour day in
the steel industry would be put into
effect at the earliest possible mo-
ment, which was pledged to Presi-
dent Harding by the steel industry.
was coincident with news OF his
death. but the time when the neces-
sary changes will become possible
still was entirely indefinite The
granting of 25 per cent hourly in
crease to workers, changed from
twelve to eight hour shifts, will give
steel company executives a definite
basis on which to work in building
up the additional forces of 6OOO0
men which will be necessary.
The workers changed in future
Will receive 81 a day for an eight
hour day instead of $3.50 for twelve
hours, but 1t is a question how soon
81 day will become attractive
enough to produce the additional en-
ployes necessary. Many steel execu-
tives feel that this probably will not
occur until the completion of the
harvest and fall cessation of outdoor
work releases the men now laboring
In the fields and on roads.
New Copper Merger Helpful.
The absorption of its subsidiaries
by the great Calumet and Hecla
Mining Company is expected to act
as a decided stabilizer in the COPPER
industry. This move was deemed
necessary because of the instability
of the copper market. higher labor
costs, increased charges for trans
portation and fuel. BY the merger
much duplication of work can be
avoided and many shafts necessary
TO separate operation can be aban-
doned. Underground operations can
be concentrated with a minimum of
underground haul.