The Washington times., 1924-10-01
BARS
KPER||NENTs !.
NVP0LITICS
Capital Now Larger and More
Conservative ii y. s. Than
Ever, Says Hard
BY WILLIAM HARD.

ent lowered condition OF industry
and OF employment in this country
ts that II is accompanied by %
little outward complaint
There can be no doubt that net
weekly real" earnings for the nnasa
Of Industrial workers In this coun
try are considerably lower than
they were d year ago.
The facts collected by the Ma
tional Industrial Conference Board
of New York city are conclusive on
this point.
In May or last year, on the Ma,
tional Industrial Conference Boards
scale. the net weekly real" earn
ings OF industrial workers IN the
LOO industrial plants reporting "a
the beard stood at 196. BY July
Of this year It had dropped to I2l.
This applies to wage earners ct
work. It says nothing about wage
earpers who have been dismissed
from their work and who are un'
employed.
Earnings Drop.
Wage earners Of this latter class
this last summer were shown IN
yesterdays article to have mum.
bered probably more than 1900, 900.
They were able In most cases for
some time to earn nothing. Their
fellows, who were still at work,
have meanwhile been earning con.
siderably less than they earned last
year, The net disadvantage TO in.
dustrial workers as q class will,
therefore. be seen to be OF con.
siderable proportions. Moreover, II
is not only the employees that have
suffered. 1t 10 also the employers
and the owners. IN Calvin Cool.
idge's own New England, and in
the industry In which William M.
Butler. chairman Of the Republican
National Committee, is a large
owner, the suffering has .been
acute.
The distinguished textile firm
called the Great Falls Manufactur-
ing Company built its plant at
Somersworth, New. Hampshire, out
Of stock which people bought at
500 a share. That stock was
changing hands few days ago at
$32 share. Mr.. Buffers own tex
tile mills have had some extremely
depressing experiences. Nothing Is
nobler than the fortitude with
which Mr.. Butler keeps these priv
ate woes Of his 20 himself, and
nothing is more magnificent that
the calmness with which, in his
public capacity, as chairman Of the
Republican National Committee, he
sees continuous prosperity on all
hands. All people in public offices
have to endure such mental strains,
for one reason and another, and 1t
has to be said for Mr.. Butler that
he endures his heroicalIy.
The sad fact If. that the biggeet
cotton mill in New England-.the
Anoskeag-has just been obliged 10
cut wages 10 per cent. In order
to be able to continue to give any
employment at all the employees
were given the full, frank facts Of
the situation. and they consented
voluntarily to the cut. In boots
and shoes, as well as i'm textiles
New England has recently expert.
enced a depression ABSOLUTELY genuine
and at spots extremely acute.
Slump Hits Coal Industry.
A depression equally discomfort.
ing has been experienced In large
parts of the bituminous coal in.
dustry. In July of this year the
production OF bituminous coal sank
to the level of that desperately de.
pressed 1921. A considerable mum.
her of bituminous coal operators
were obliged to get out of the bust.
ness altogether.
Yet in spite of all these losses
N1Ny mo q nj kNS
and owners In the industries men
toned and in numerous other in
dustries, there has been no panic,
there has been nc holding Of great
meetings of protest by unemployed
persons, and there has been no
slackening in the new financing of
industrial enterprises for the future.
This is the miracle in the situation.
In the first seven months Of this
year there was no decline; there was
ar advance In new financing.
Money Put in New Stocks.
There was an advance, and a big
advance, In the amount of new
money put into new stocks and new
bonds OF private corporations.
II we take the years 1921, 1929,
1928 and 1924. and IL we take the
first seven months Of each OF these
years, we find that In spite Of high
taxes and in spite Of the industrial
depression Of this year, the amount
OF new money. put into new stocks
and bonds Of private corporations
has been as follows:
1921 100, 600, 900.
1921, 500, 600, 900.
1921 500, 000, 900.
1924-$1, 300, 100000
Moreover, in the first seven
months Of this year our investors.
besides putting $1,000, 100000 into
new securities Of private corpora
tons, put some $1,000, 100000 into
new bonds of municipalities and Of
other public corporations.
These stupendous figures certainly
indicate that even IL this country Is
staggering" under taxation Il also
~ staggering under the amount OF
money which 1t has available for In.
paid.
Certain individual capitalists hava
suffered recently. CapitaIists ~
a CLASS in this country remain
aounoantly able to provide this
country with enormous extensions
OF us public and private industrial
plants ana works and they are
conrldently expected soon to show
themselves abundantly able to ii.
nance the reorganization CT Ger
many and also the reorganization,
u necessary Of the French debt.
Effect Of Depression.
Thus the recent and present de.
pression. though trying, has not
called forth from the American
business community any grave an
prehension financially or any deem
discomfort politically.
A considerable part Of the Amer.
lean business community voted Cor