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The Monthly Business Review Covering business and industrial conditions in the Fourth Federal Reserve D istrict FEDERAL RESERVE BANK OF CLEVELAND D. C. Wills, Chairman of the Board (COMPILED OCTOBER 15, 1919) VOL. 1 CLEVELAN D, OHIO, NOVEMBER 1, 1919 No. 10 HE STEEL STRIKE is crumbling. It was doomed to failure before it was called, for, as we stated in last month’s Review, “any strike which does not have the moral support of the public is a losing proposition.” T Should the bituminous coal miners carry out their threat to strike on November 1, it is probable that they will meet with a much more immediate defeat than did the steel strikers. This defeat will come through the same cause— because of their radical demands, they will not have the moral support of the general public. It will be more immediate because a man who is suffering on account of the unreasonable demands of a small group of men will have little sympathy with the men who are the cause of his discomfort. The steel controversy has been of longer duration as it strikes more indirectly at the necessities of man. In none of the remarks regarding labor which have been made in previous Reviews have we aimed to become the critics of legitimate aims and demands of labor. W e are heartily in sympathy with them and sincerely hope that sane minds will be given the opportunity to predominate and overrule the extre mists. Even now we believe the pendulum is swinging to the position where labor, if wisely guided, can still demand and obtain the respect of public opinion. The withdrawal of the labor section from the Industrial Conference and the calling of the coal strike in the face of the President’s plea for conciliation is pregnant with complications which cannot well be predicted at the time this Review goes to press. A summary of practically all business in the District naturally reverts to the steel strike. While the strike conditions have interrupted, they have failed to check the progressive developments of the steel trade. Before the lines of industry dependent upon steel products begin to feel the curtailment of steel pro duction on account of the strike, it is thought that the steel companies will again be functioning at almost normal. In the strike centers, heavy borrowing and rediscounting has been necessary. The need of funds for crop moving purposes and the seasonable requirements of merchants and manufacturers have created a demand for credit which is stronger than it has been for many months. The public faith in our industrial future is evidenced by quotations on stocks being advanced, in many instances, to the highest prices ever reached. Manufacturing, generally, with the exception of steel in Cleveland and Youngstown, is operating at capacity. Lake shipping has been retarded on account of the labor situation, and the tonnage for September of this year is 816,531 tons short of that a year ago. Foreign trade is working a substantial gain in the District. Retail and wholesale dry goods mer chandising is running heavy. There is still much reckless buying of non-essentials. Goods of good quality are scarce and a crop shortage aggravates the cotton goods situation, which is almost certain to prevent any immediate reduction in prices. Regardless of continuing increases in building materials, construction operations show decided gains. The unusual weather this fall has resulted in one of the greatest agricultural yields in the District.
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