Review of the Month

THE great subject of interest in American affairs during February was the consideration of the proposed soldier bonus. This proposal was based upon the idea that, because most of the workers of the United States had enjoyed high wages during war, the soldiers were entitled to "adjusted compensa-tion" in order to equalize things. It overlooked the fact that the soldiers, themselves, had the opportunity to enjoy high wages in 1919 and 1920, when rates were highest. Apart from this, the whole project was founded on fallacies and involved what would be nothing less than economic crime. Although it looked as if the measure were destined to be railroaded through Congress, so great a storm of protest was pelted upon Congress that the present outlook is that the whole project will be abandoned. There was probably some increase in the physical volume of business during February. A rise in prices for agricultural products assisted the farmers mate-rially. These developments, however, are not to be construed as presaging any general upward movement. On the contrary, the current year is to be contem-plated as one of serious labor troubles, following inevit-able reductions of wages. These began in February in the form of an extensive strike in the cotton textile industry of New England, accompanied by some rioting in Rhode Island. The coal miners have had numerous conferences, without coming to any encouraging results, and the stage appears to be fully set for a general strike beginning Apr. 1. About the only question now is whether this will comprise both the bituminous and anthracite miners. If the latter refuse to go out, no serious shortage of coal is anticipated, the belief being that the existing stocks together with the output of the non-union mines will supply the demand, which is sub-normal even now. In the metal industries, lead and zinc were dull but stable. The weakening tendency in iron and steel that was manifest during January appeared to be checked, at least temporarily. Copper was charac-terized by a distinct weakness and a considerable decline in the market. This downward movement was inspired by the news during January that several of the important mining companies were taking steps to resume production. During February the demand for copper, both foreign and domestic, was poor.