OCR Text |
Show - I THE SALT LAKE TRIBUNE, SUNDAY MORNING, JULY X Prevailing Shortcomings of Coal System Are Showh similar statement can doubtless be made of certa-unite In the merchandising of coal; yet the average coal mine and the average coal yard are far from being' gratifying exhibits of that. engiability or buiiness thrift wh.ch neering we like to regard as typ.cally American. Reform of Business In bringing about the adoption of th?e higher ctandirda and more' businesslike In the coal business, public practice opinion must be the force that refuses unneeded to or open capital operate, mines, that refuses to pay wages or prof tta figured on an expectation of one third idleness and work, that e n co ur agree purchase and storconsumers above all, and of coal age by we need ary enlightened pubre opinion that puts a ban alike upon the selfish disregard of the Interests of the producer of coal by the purchaser end of the Interests of tne consumer by both the mine operator and the mine worker. The present unhappy condition of the coal industry Is not an aftermath of the war; rather he blame for most of the evila that burden the coal business have burdened tt for years must be la d on the common garden variety of blind selfishness. The sharp buv Ing of coe) and d sregard of contracts whenever the market favors the buyer, the profiteering by- - the operator or dealer when his turn comes, the collective bsrgalnlng with the walkout as the club all these bring unnecessary hcucArflfc into the business and useless coats to the product. The general welfare ia tied up with coat affd a regular supply of lower-colarger earnings for those who produce it. And the responsibility for mending the broken vear needs tobe shared bv the many who can help thue to bring about the economic and social benefits arising from coal that the nations industry can afford to buv, and from mining towns of whleh the nation need not be ashamed. Qf Mining and-Handliri- Fuel g and Cooperation of Miner and Operator Necessary. By GEORGE OTIS SMITH, Director of the United State geological Survey. Th present lack of publio anxiety over the coal situation Is not at all novel. The . popular . feeling toward coal has always j been a sort of Irish arlety of chills and fever. The average citizen doesn't get thoroughly warmed up on the coal question until he begins to get chilly. Thus it happens that a midsummer cool shortage is likely to be a lukewarm affair. Tet disregard of unpleasant facts does not stave off .disaster. Paralysis of Industry and transportation on a country-.wid- e scale Is the natural outcome of a coal shortage If carried to the extreme that can not be may weeks distant.. Serious as the. present situation la, howeverj there are fundamental problems more insistent for solution than even the pending differences between employer and emThese basal problems affect the ployee. whole ooal Industry to some degree, but the bituminous branch. Clear especially t p the economics of the business and a lasting settlement of labor controversy would bocome a possibility, leave these and Industrial questions unanswered, peace dan not be expected to survive the usual two-yearmistice. M hnt coal producers and coal consumers alike need is reiorm of the business rather than compromise between parties to the controversy, and In this reform it is absolutely essential ttvit the mine worker erhould cooperate with the mine Too loner have the mtne owners operatoit. treated the coaT business as private lege, and too long have the labor leaders with no less monopolistic sttitude obstructed every move for underground efficiency and economy, The people's coal costs too much because of the mistaken Idea that mine owner and mine worker can continue to fight over contracts and rules. Cheaper coal and larger earnings will come when engineering is emphasized more and bargaining less n ten-to- Jv jrv S - m ar Better .Contracts Possible. one-thi- rd j one-thir- Industry Handicapped. . In terms of engineering, the coal industry has a bad load, factor, translated into human relations, poorly functioning mines A longer mean poorly employed miners worktng year would seem at first glance desirable to mine owner, mine worker and consume1 alike. Why not get it ? The trouble With our soft coal mines is not so much the broken year as the broken month, the broken week and even "he broken day. The running time is broken Into small pieces, for mine operation is not simply seasonal; it Is intern, ittent. In that theoretical mine of the statistician, the average mine of the country, the find November a longer month than Juno by 25 per cent, and June longer than April by 10 per cent, amd yet the working time In a normal November is only nineteen to davs. And irregularity creeps twenty-on- e into the working week and the working for Friday anf Saturday are normnlly day. shorter days than Mondav. Granted that in other industries suffer the workers the handicap of seasonal unrmplov ment, our problem, and the nat onalof problem Just the working now, is the betterment time of coal mines, and especially bituminous coal niir.es. That average mine is located nowhere in particular, and the average working tln-by slates and fields shows marked The average and sifrmficant differences tear In the. southern Apnalacman region t n four'h longer than the average year In the central competitive district. With 215 days as the average year a for v the whole counlrv. we find a 247 dava in average year in New Mexico. In West 223 davs Virginia, Alabama and as against 202 days in Missoml. 197 davs in Illinois and 192 davs In Oklahoma. Tor the soft coal Vner this is plainly not a land of equal opportunity. . 1 . Lyon-Me- Public Regulation Near. U5V 1004 1004 1184 10 10Sj 10S 0 106 3 104 35 10841 103 8 68 4; 68 3! 464 45 4 1084 108; 1084 101 103, 102 68 6 Its Convenient To collect the interest just clip the coupons in a Kimball & Richards 7 per cent First is.thcmost convenient way, You have Jio anxiety about the" safety investment. It is secured by property worth more than twice the amount of the Mortgage. of-yo- ur No bother about collections, taxes, insurance or any other detail. These matters are all handled through our office at no cost,to you. 44 Infer Rap Tr' ref Make your savings earn more B First Mortgagee offered from $300 up & 1 I t Phone Wasatch 686 fi6j 90 06 102 101 1 V 108 8 1074 81 108 108 107 4! H7 102 102 54 j 35 61 6 105 105 l 6 87 103 53 103 102 4 . By STUART P. WEST. 1922, by Salt Lake Tribune (Coprght, NEW YORK. July moat 8.-- The , X J 0 - ! 6ehieed between imports and txpoitft the stead inciease n lver home and the virtual disappearance of the unemployment probkm thc big thing tor French finances Is the question of Herman rerarations Germany's !Aquet for a moratorium whKh came right at the week-enbus to the climax brought the situation for the Been month plainly past now France enormous fate sn In deficit her extraordinary' budget, which Hi c German Indemnity ha been counted on to Fa push on and selxe thoHuhr might Tie the proper political pla, but t 'suid not oic the financial dilemma The Frumh government will have hi ought this cr sis Ii iuud have been upon the countr avoided had the French rM resentattvea at the Faria conference of bankers a month r go not held out again f aU tin rest an(i refused to niHav concesaiuna that would have emhle.i GerDianv to (ml ihe means to support an international s ' - Total Cash Resources 6,74,680.63 $17,857,90132 LIABILITIES Capital Stock . . . Surplus Fund . Undivided Profits r. Reserve for DepreciatioiTof Securities Reserve for Interest and Taxes Dividend Checks Outstanding . . . : loam Franc Declines. 9,547,464.32 27,000.00 900,717.84 307,824.96 163,795.04 - 186,421.52 -- n If cant oegUr-renge t.io- - fw-v- t in its bearing upon the world outlooV, wa the persistent decline to new low Iee!s in the value of the German mark and the equally persistent fall in French exchange. 'With all that mav be aaid for the improvement m France's e;0 nomlc position, the oppioximate balance imlir-trie- RESOURCES . Loans and Discounts Federal Reserve Eankv Stock Stocks and Securities ' McCornick Buildinj . . . Real Estate Furniture, -- Fixtures and Improvements v,...T U. S. Bonds, Certificates and . Notes 761,600-0$ Treasury 272,467.50 Railroad First Mortgage Bonds LadustriaJ Bonds 241,028.17 491,746.02 State, County and Municipal Bonds. Belgium, French, Netherlands and Chile Government Bonds 53,525.00 Cash on hand and due from Banks. . 4,904,313.94 Rig r . $ 650,000.00 250,000.00 208,401.80 28,197.58 72,883.54 30,075.67 . . . ,...$16,618,345.73 Deposits Mhat financial onm on througho'rt the world thinks about the Mtuwtion is ahown by the decline of the franc from above 9 cents to below 8 cents (luring the period since the disruption of the gath- $17,857,904.32 ering" at Paris Confronted bv the alternative of further expanding her already enormous national of enforcing the so- - ailed penalties with what she knows to be the vain hope of making Germany pay or of modifying her attitude so as to make possible a German loan. It is hard to believe that France would not chooae the latter course The threat of a German financial 1 to effect breakdown has had curiously upon the outside markets, with the exception of the French exchange . and French government securities, which fur some tme past have been inclined to 80g. - Sterling exchange has stood up remarkably well a Tact which fits in with the latest trade reports from Great Britain, indicating that the aettl ng of trouble With the stationary engineers, the decrease in and the sustained improvement in til foreign trade have produced a dededlv better feeling m English Walker Brothers Bankers dit, Oldest Intermountain Bank. 1 strike of The trade new of tl ff week has ben gcnoraPy fttvoable. la two quarters wheic response was most remnant to the general turn for the bcttci the copper market and the sugar industry prices have risen and stand now at the h Rest of the year The sugar companies, producers as well as refiners, are once more able to operate at a profit. The same t true of the copper producers and the smeltmg concerns The Meel trade ismore afflicted than anv of the ret bv thc uncertainties of the fuel supply. but even here there has been no curtailment. June wa the irgest month of the ear eo far in pig iron output w hi'di meant that it was the most active month In the steel trade general v. The speculate e cotton market overdid things In ta advance follow the government estimate of bales the first of June. St 11,000,000 it ia a fat of much impotence to the whole busTncf-situation. The cotton producers are getting higher prices even than dur.ng last Februarv a boom, when the full extent of last jeai s short- - crop became know.). 11 The stock market has borne o it the analvaia of its pos ton made a week and tw'o weeks ago, namelv. that the decine which occurred during the first half of June wmr the reaction of rtensjve during the Hiring: that thW w.ta thorough enough to accomplish its correct e purpose and that the market hd been restored to a sound h The or nw for a gh position number of rai road shares have been a . eatiafao-toracoxmiDaii.inie.ru y of tlwv logical KANSAS CITT PE0DUCE. Bu 8 KANSAS CITY. Mo. Julv reau of Mnrkufii -- attlu Rpcuipta, 80(1. For 25ftt50c higher, ftTrf xtpprft hthI fop beef afuurii. $10 00; alti tock hioatly 23o higher, bulk yearling heifera. $9 25. Ilugft - IbH'Uipta. 8X); fntrlv active to pack Htronr to 5e higher: bulk gucxl and choice pr; 180 to 2.( jKWind weight mixed loada, $10 6t 0110 70: no choice itghta offered; top, $10. 7ft, bulk of ftflbe. $10 40eno.7(k Tamb gen 81wep No receipt. For emllv Rl higher: pirt docV8I3 65, practical tnp. $13.60, ftheep, 50 lo 75c higher, lop ewes. 7 00 aM, AND EXCHANGE. MONET NEW thes-- . Sale and Purchaaoa and Prior dealing. NEW YORK PRODUCE. NEW YORK, July 8 eetpta, J6 84 Fggft. Wcgnlar; receipt. 17.583. . heeae, firm; receipt. 3723 Live poultry, quiet, price uochangM. Dreaed poultry, weak: weatern chicken. 284$40c. COPPER STEADY. regtunr. wliat I TS doing to Market Change Subject 08. late Jclr 8 Foreign ei'liange tr 5rat Rritaln. demand 4 444 cab'ea on Kixtr bill dar bank. 4 424. 44. France, demand 7 81. fthla 7 S1, Itlv. de 42 4 rnund rble Ridfrium, demand 7 48. cahle 7 48V ; (.ermanv, demand .18. )OKK, WE HAVE CLIENTS WHO WILL TRADE AS FOLLOWS eablea . 1 8 4 : Holland, demand 38 8 38 88. Norway, demand 16 55, ftwedeo, demand 25 80, I Denmark, demand 21.68: gwRaerland, demand, 10.10; Spain, demand 15 68 Oreece, demand 23 30, Poland. .02: demand. 207, Argentine, demand 85.87: Bra-xil- . demand 13 87. Montreal, Germany demand advanced to .1U. cable 104. In the cabea NEW YORK. Julv 8 The copper market ha been generally atendy during the paat week to with todm quowatlona ranrtff g from 13 Iron wa firm. 14r for elrctmlvtcMhi,etl. everyone is days who is watching the investment market. Every dollar lie ran save-goe- into s wcll-sceur- ' bonds. ed . . eculation 6 cu-- settlement of quesn rntp loadings eNtraordlnry 'fh coal shipments held whih. even down by the etrtke are well up m the and of the fahighest of recem year vorable showing in current earnings the-vag- tion, of the ... Pic gen Falls; English Sterling Stands Up Well; Business Good. Exchange Market on Sound Basis. . . And heres our proposition to you: Secure, now one of our G per-ce- nt Installment Purchase Certificates and pay in a little each month until it is matured.- . AVe will thei - issue vouioue of our ... Moat Power 6a A . i i National Tub 6 M Inc Bt X Y (Tent cel 7a . . , do deb 6 do con 4 NOT X V, C N Y Ed V X N St L Ueb ft ref cr 6 t 4n Norfolk ft IV con At.. Nor Pac pr lien 4a do gun 3a No Pac Alt No It 64 Northwest Bell T 7a Ore ft Cal lat 5 , . 0 8 L gtd 5 ctfa ... d ref 4a N 4a 0 W H t E Si Pic O Paekard Motor Car 8fti Pan Am P Traa Tet: Pena R R 64a i do gen 6a ..v ..... .... BARG W lit C4. , i . 8t L ft 8 F adj do Inc 6 do pr lien 4 A St L Boathweat let 4 8 A ft Ar Past 1st 4 Sea Air IJn coo 6a do adj 6a MORTGAGE lm Rra ref 4- ctfal Tel deb 6ft 100 do ref 6 lfMl .. Y West A bo Y riRST 4a1 .1 Per Marquette ref 51 Pitta C C ft Bt L 6 A Reading gee 4 . Sscusitieo (Do. 8 4 8 ft M S dh - 192T de deb 4a 19111 LllghVHer 6a L ft V ref 54 Market 8t Xiy con 6a Marlmd Oil 8 I Mich Pent drb 4a 6 . J MMrale Steel-c- v Minn A Bt L ref-- fta- ! bt P ft 8 8 M 6 Val Me K ft T new adjl 6a A do 1st 4a Mo At The Close of Business June 30, 1922 Copper Improves. f Oft Int Mer Mar Interl Paper ref f Bi Iona Cent ref 4i . . K C Ft s ft Men'4 K C Bow here 5 . . Kelly Spring Tire 8 T Lacks !eel ? JO.iO L French Walker Brothers Bankers Reparations. 11 Illinois Central 64 .1 do ref 4a . . Illinois Steel deb 44 Indiana Steel, ft .. .! Interboro-Me- of the railway shopmen. doomed from the first Is already on Its last legs. No progress has been made toward settling the eoa! strike, but the government has given assurance that before it comes toplain a shutdown of mills and f.irtories for want of eosl and before the pdbl c has to seriously face a inter xhottage, the government w intervene, if necessary take oxer tie operation of the mines. if worst Reiving on this being done, comes to worst neither the bus, ness eommunitv nor the stork market are allowing itself to become a armed at the deadlock between operators and mine workers. do 6 101 an 6 (Id Tntnc Hy Gt Nor 7a A B do 64 Bud A Man ref 5 A do adj tne fit NY.VHAH of the prinOur checks for the interest and cipal are mailed to you on the day these payments become due. rf Part The 8$. Bug Hud cr fa ...j 6a Fdiaon I nited R? Dr 44f Diamond Match 74ft Dn Pont de Nem 7V.a Dnqactce Light 6. . . Krie gen 4a ( do pr Uen 4 Ftftk Rubber 8a Fla E Coaat 44 Ff An Ind Dev 7 Ooodrear Tire 8s 1931 lfr So Amn ft Paper Circulation Rises to Critical Heights to Meet Strike Lasing Ground. leb 7a do Statement of Condition unem-plovire- Hi Pel South Main Street 101 118 100 . Ccbjn 54 101 5 19 . . ri0,-0- jT 1014 B 6a do 1 Market, r, unlit v of corI. mine posts (including wage scales! and car supply ere a II factors contr, bating to these difUnfortuferences in mine employment lesults better than nately. we tan gauge letermine csues; wc know the Industry to be wasteful but where are the leaks? The lack of efficiency and the losses due lo irregular operation a ry not universal, for many Individual mines work 305 days ,n the sear. Indeed in 1113 when the bituminous working davs or.ei min's averaged 232 n men in the Infourth of the dustry were employed in mines that worked 280 davs or more, amd nearly of them tn mines that worked 300 days or more. Our problem in industrial betterment, then, is simply to bring the average mine up to the best; to do that, unfavorable conditions must be replaced by favorable conditions. First among methods of mending the broken year is the practical .remedy of stabilizing the coal market. Many re Denominations d do Rio Gd do Bui To hasten this needed deflation, even Swlas fee .... though it be accomplished through the U K of(vnfed U B ft I a working of the law of supply and demand, 1922 there must be a better informed and .. . do Ma 1 more ,aroued public opinion. The people .... do 5j8 1917 need to rea'lze more thoioughlv that their V 8 of industrial life as we'l as their domestic V H of Mexico 6a . comfort depends upon coal. do 4a This business of mining and d strlbnt-in- g coal ranks with the public utilities, and public regn'stloii will surely come as The words of President need arises. Harding "Deliberate public opinion never fads, express a truth as applicable now as in the days of Lincoln. V henever public Interest Is aroused in the coal question the defensive note of the coal men is likely to be that appeal for "less government In business, an appeal with which .1 sympathize so far as governmental regulation might drag politics into business. The political confronts the coal danger that really business is that the leaders In the will too long be blind to the trend of the times. In till yeaP of the Independence of the United States of America, the 14fdh, the American peop e are not reactionary the oid ways of doing business are not to be the new wajs Our reverence for the priv lege and rights of private business is giving way to a new attitude' We are asking what is private business and what Is public business hi ft Keet 111 5 ... Forced to extremes hv private disregard bi (it Weftcrn 4a ..1 of public interest, this tendency In pop- CM 4 St P cr 4vvt . v. . . . do ref 44 ular thought may even become danger. ous and Secretary Hoovers recent Uhl RhUwsvs fts ! 4a . , C P R ft gen our to the operators that "if statement do ref 4 coal industry does not govern itself It Uhl ft W Ind 4a will surely be governed by the publle 0 P C ft Rt L gen 4.. was a warning of that danger. Copper 7a .... .So I suggest that If "lesa government Chile do 6a In business" Is desired, the best weans Colo ft fio ref 44... to that end Is more business In busi... Uoium O ness. Our beat mines are so planned and Con Coal 4of Md 5s . as to demonstrate Unn ; equipped'and operated how efficient coal mining can be, and Cnba ane Bug dub 8 Average Year Short. Invest in K i . 278-d- INVESTING . 5r e i st m , - Education Necessary. Such contracts could be made at lowest NEW TONS BONDS. contracts In prices, for with long-terFollowing ere totUv's NEW YORK, July 8 hand the mine operator could reduce his costa to a minimum.With such a steady higu, loir and chming prUet of bond on tt Nutt Xy k stock exchange, nnd the total salt market, full year operation and steady of ech bond employment would, become possible the fiulrs iu 10001. mine worker would earn a year wage, and the public would not pay fw Idleness. That reform, however, must begin at home, not at the distant mine the consumer must start It. With market demands more regular It will become even more obvious that the overdeveloped Industry must suffer deflation; fewer mines and fewer miners can and should furnish the needed coal. Mr. Peabody as a representative operator adof mits that the operating frOUEiOX oOWtRNMKNT. Bf ATS AND mines represent a burden on the industry, MUNICIPAL. and he suggests their elimination through t rails Searles, the editor of Argentine 7 bankruptcy, 4; lOOy, 1 81 1 ad84 81 the I'nited Mine Workers Journal, City of Bordet u I 6..j i 01 4-d 014 20 W of mits that 150. 0OO miners, like do Copenhagen 84 the mines, should be eliminated, and he do Larons tit . . . . ( 7S Wi W4i 82 ,82 6 do Marseille 824, suggests that they leave the mine for the do Rio de Jtotiro h( 0; 10041 1004 loo 4 farm. Mr Peabody estimate that the do Sto Paulo 8t 3, 1014, 1014.91014 idle days of our bituminous, mines involve ...j 2? 704 704 "704 do Tokio 6 an annual loss to the capital and labor 7i 110 , 100 no A Mun $ employed of not less than 1 400,000, non, Danish I Dorn of Ian ctHe and I suspect that most of this loss is 6 101 1004, lot paid by the consumer. 08 4 10, do 5 1031 .., 08; 0$( A longer working vear for a reduced Dutch E Ind Ca W 064 107 force is the only possible method of bringvsi 05 Wfc .... do 6a 1902 102 190 liftiVki 101 ing about the lower wage scale and the French Rep St too Stttj lH4i 100 do 7H larger annual earnings, both of which 774 774 are' generally needed It is largely by J&paiteae 4 .......I 12i0i 1077741 1004 1064 reason of the high unit rate of wagesthat Kingdom of Bulg'7 101 101 lot do 0 coal costs too much, and on broad, eco08 48 884 ... 984 6a do be Denmark well nomic grounds It may questioned U6 do Netherlands 004 054 6. 6ft151 1104 1104 whether the producer should be paid a 1104 8s do Norway wage out of all proportion with the wage 1024 8, 102 4, 102 do Sweden 0s . . of the consumer, fan a 85 a day work- Paris 78 784 78 It 6 704 man afford to buy coal mined by a $10 103 a! 102 41 102 1046. of Chit Hup a day mine worker? 21 1044 104 do Uruguay 8 .. . 104 108 2 100 1084 4 State of ijueeosland 7aj ar 9 n two-thirds forms ran begin at lyome, and my first practical 'suggestion for bettering conditions of employment at the cos! mine will be addressed to the coal consumer. A more regular market for the mine's outis the first essential, and hers la the put consumer' opportunity to cooperate. Tou and I need to buy coal at times when we need the coal least. delivery of coal, even to the small consumer, whose name la legion, will help materially to make the mine worker's June more like his November. Also, 'bach of us should buy of one dealer, not "shop for coal. If you or I speculate n in our purchases of coal, how can we deplore the speculative tendency of our coal dealer and the chain of business hazards thus Initiated? Is It not- plain, that the retail dealer who can depend on hla regular trade can himself be a Patter customer of the wholesaler or the sellthg agent bf . the mine? Tbo large consumer can do even more to smooth out the irregularities of conmine operation by making long-tercontracts, and protracts, even five-yeviding for delivery to suit the mine as well aa himself. 0, 1922. do ref 4a Sharon Steal Bp 8a A 4 13 ft 2 2i lft 56 6 10, IfH' 10 105 5ft i 0241 8o 62 107 101 i 55) ftC4! m i (UU J luft! 106) 104 104 55 Absolutely Guaranteed. ft24 88 4 62 I lftft 196 Whether your income 4 1004! im li 104! 2044' 1044 2ft K 01 21 M 82 014J fj to invest as you earn.. 92 8lK8t' 814 108 3 lil 4 108' I Stocks sold on margin, monthly arid buyer and seller sixty days. Can handle any stock in any market. If your stock is not quoted, write us for quotations. pay-ame- K 'Ask for free booklet. 8' W7M 1074i 107 8 101 4 j 10IU Wt4 1 large or small, here is the ehauce $3.10 a month ami up. is, C. S. GODDARD, ! 22S3-Z25- I 108 lotftleale a. of b Hide er ago. Si6V8 eompareF.-wit- $6,5bJ.0(K) were 0uu $10 7HMMt prclou " day. WHEAT, OATS AND RYE, MINNEAPOLIS xMlnn J.u, t Cah. Nh. 1 northern $1 32 $1 18 $1 35; geplember. Wetember, Corn Now S eRow, Oita No. 8 white, Bariev, 40 Q 58c ItTfrXo. FUX 2, No. 1, 6657 S2ttJ3r,X 767ftVi 2.634i2 6A aud July, 37.$1.17' v , ' Xx Guaranteed Securities Suite 206 Clift Building. Phonft Salt Lake City, Utah. . LOBBY ATLAS BLOCK 4 Phons Wasatch Salt Lak City, Utah. j WHt Co. r Cur FREE BOOKJ Od Wasatch 2833. r Satan okLu. ttiuntsi r AdOISCO. CAU HulUios, SAd Biuldins. CHICAOO. ILL slaatifls Aairnu U.at WASKINOlOil. Sl VtstwsnA BiUkUss. ASW kOJUfc Im |