San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-08-04
BUSINESS AS
USUAL At TER
HARDING DIES
Speaks Well for Stability
Of Industry Of the
Nation.
NO CAUSE FOR ALARM
Abolition Of 12-hour Day
by Steel Is An
nounced.
NO CAUSE FOR ALARM
By j. c, ROYLE.


Copyright by The San Antonio Light.
New York, Aug. Alt speaks well
both for the stability of American
business and the serenity Of mind Of
this country that the commerce and
trade of the United States goes on
without check or hesitancy.
The daily crowds that poured into
the offices, mills and factories 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 oil but with it there
was not the slightest indication Of
CONSERVATION or anxiety for its ef-
feet on trade or industry.
The snuffing out Of the life Of one
great man left his 110,000,000 fellow
citizens to take up the tasks of "busi-
ness ms usual" at the same point that
they laid them down Thursday night.
Even the traders in the purely specu-
lative markets found little cause for
alarm. Fundamental conditions of
employment, supply. demand and buy
ing power remained unchanged.
Business men and financiers ex-
pressed themselves ms eminently con-
fident in the ability of President
Coolidge TO take up the work of
President Harding. This was es-
pecially evident in manufacturing
circles where it was felt that the
new Chief Executives long residence
in industrial New England had put
him thoroughly in touch with condi-
tions.
Throughout the Middle West. the
better feeling which had begun TO
make itself evident suffered no re-
lapse. The intermediate credit
banks are beginning 10 function TO
the benefit of the farmers who found
nothing in President Coolidge's views,
previously clearly expressed, to cause
uneasineSs.
No Increased Anxiety.
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 ut
tendance at cabinet meetings and the
close accord that has existed between
him and President Harding and Sec
rotary of State Hughes.
This feeling of security was &C
centuated by tire announcement that
no changes, either in policy or per-
sonnet of the Presidents official
household were contemplated.
Reiterated announcement that the
abolition of the twelvc-hour day in
the steel industry would be put into
effect at the earliest possible moment
which was pledged to President Hard
ing by the steel industry was coin
cident with news of his death. but
the time when the necessary changes
will become possible still was entirely
indefinite. The granting Of a 20
per cent hourly increase to workers
changed from twelve TO eight hour
shifts, however, will give steel COM
pany executives q definite basis on
which to work in building up the
additional force of 10000 men which
will be necessary.
/ The workers SO changed in future
VIII receive 81 n day Tor an eight
hour day instead Of $3.50 for twelve
hours, but it is a question how soon
81 day will become attractive
enough TO produce the additional en-
ployes necessary. Many steel cxecu-
tives feel that this probably will not
occur until the completion of the
harvest and fall cessation of outdoor
work releas:s the men now laboring
in the fields and forests and on
roads.
The absorption Of its subsidiaries
by the great Calumet and Hecla
Mining company is expected to act
rs n decided stsbilizer in the copper
industry. This move was deemed
necessary because of the instability
of the copper market.
Higher labor costs, increased
charges for transportation and fuel
BY the merger, much duplication of
work can be avoided and many
shafts necessary to separate opera
ton can be abandoned. Underground
operations can be concentrated with
a minimum of underground haul.