Show Reaping Raping Harvest arvest of Strike by Advance In Price of Grain Railroads Cry r for Higher Rates Rales Liberty Bonds Offering Investments Government and ad Banks Ban Applying l Wringer Orient Cause of Lower Silver I f BY PERCY M. M CROPPER Herald Financial Editor Herd R D the harvest of the tares thres tar and ad thistles sown by the te switchmen's REAPING EIG strike strike business throughout the country reflected unfavorable na orble conditions condi condi- throughout the ck Although not all al of o it could be bo blamed blaed onto tut te its door Among the developments of the the strike much can c bo laid at nt i ong ia ste muc dollar wheat in St. St Louis and three week was w two dollar dolar corn cor in il Chicago dolar Luis Chicago ft n further increase in the tho wholesale price of oC 50 cents cent a barrel bare on Cco I flour Jou making 2 2 a barrel advance nd ac in a month a a severe drop in tho of silver mag the tho paying of 28 S cents a n pound for sugar sug the cry of tho tim railroads rail rail- ri-j ri of sc winch which is hampering business and tying a roads for more mor freight cars ca n nd up mad billion bion dollars dola in credit credit further increases increase increase in the bank bak discount rate in i 31 some of tho reserve e districts and a fe few other things Trade reports how show that th the slam slam- bang ans f ban buying report that has existed since tho thi armistice is casing up consider consider- tho able A backward spring sprinG has ha stopped sales Eale to a a great extent en t From om Chicago Chi Chi- cago cao com comes the report that a rc recent nt sale ule of yards ards of or bolt bolL silk sik goods was recently made mado at a reduction soo lion tion of or 50 cents to S 2 A a. yard showing showing show show- ing that In some commodities there Is bound to be bo a decline A A. decline in oton cottons cotton woolen and goods is pre pre- A glance at somo Bomo of the th prices of ot foodstuffs lends leads to various opinions P Potatoes aro per cent higher than last lt year year at this time time Meats cabbages Cb- Cb cab bages and cheese are aro about the only things that aro are lower than tan last lat year thing With farm fa labor Jabr only about 7 72 percent per percent percent cent of normal and a smaller area arca In wheat this norm year prices are expected to The government control of ot grain is also lifted the last lat of ot this I month gain and ad aso if it tho the market acts as a it I usually has ba when hen the government has ha relinquished control prices may be still higher sUl Unless something happens the fruit crop will wi probably be hurt to a n great extent b by tho high price of sugar The present high prices s of ot corn and wheat arc aro declared to bo be due to tho the Jack lack of ot transportation At tho the elevators ele elo- elo- elo at Kansas Kans City alone lone it I is de declared do- do dared cared that there are ar bush bush- els of ot wheat stored which with witti normal normal nor nor- mal mat transportation facilities would re require re- re Some Som quire quiro seventy days days das to move mO heavy export ort buln buying has also pushed the the- price up f Further declines are also reported In tho Liberty bond markot market The Te Vie Vie- Lory s aro are now yielding 6 per pcr cent cent try while the others are uc offering great at for investment in estment The Sn 26 6 In Liberty bon bonds s is declared to to have shrunk At that rate Utah's purchase of or in bonds shows f a depreciation of over o With bonds offering the opportunities opportunities op op- op- op that they do at present savings deposits In the banks ar arede der de- de creasing r The Te decline of or silver throughout the tho week eek has been the tho sources o t some omo uneasiness un un- easiness among mine opera opera- tors The he amonS banking interests of or London Lon Len Ln- Ln don evidently have hao again the opportunity opportunity op op- op- op of ot controlling the thc market With Wih India India forced torce onto a gold basis bais in February and both India idia and China having done the greatest part of their post war exportation business and now turned ture to the tho Importation side the de decline de- de dine cline of ot silver elver was wa probably the natural natural natural nat nat- ural consequence The exodus of or sil silver sl- sl sil- sil t. t ver cr from tm this th thA tm bill bridged t the tho I big big ii trade iap gap bat a allowed England to continue c he heavy Imports from China and India during the war Most os of or the authorities authorities I tl ties 8 beleve believe that tat surer silver sJ er will wi right It Itself itself isel it- it i- i self sel mad and ad become stronger shortly shorty This rem remains n to bo be seen I Suhle for tor Bank Dnn Cven Ive Een the bankers beleve believe belleve in making mak malt ing hay while the sun Bun shines and they arc doing It It Senator Capper forgot to mention menton the large profits of the Federal Reserve bank when he scored corporations for their lar large e earnings recently Even that institution has entered the profiteering class cla If a 10 per cent cent return on capital stock can be b judged Recently Governor Harding testified that the reserve banks earnings for fot- the fiscal tot year ca would bo be more moro than last lat year Even the Federal R Reserve bank of this district shows earnings of 12 2 since the tho banking bankin law went effect effect As alt all al earnings in cx- cx C- C Cess cesa ess of ota a certain amount are arc turned to U the it is I helping to pay th the in ad- ad bon tron to help that were found necessary n- n ary sary to give jobs to since th the armistice I waS ae signed Although banks are aro ae calling in loans I and nd giving careful attention to o all aU ac ac- ac ac counts in most cases throughOut through through- Out ut the country arc are going out at a higher rate rate Some Somo of ot the reserve bank issues are aro ar necessarily destroyed but It I Is tho the day when tho the banker is Ls getting etting his pt Dt much of ot an improvement may as long as a the government are putting ovary every Individual rough through the wringer ever the government To et pet get all an the loose change chanse that may So olet left after the banks get through out the tho inflated currency Is Issues ls- ls sues and ballooned credits ec Strange as a It i may Jay teem seen practically every evory country In the world Is la In the same position trying tring to apply the same remedy dy Starting with wih the tho shifting of ot l wold oLd brought about by tho the war it It has extended to great mountains of flat fiat flaty ey y and an extension of ot credit that 8 been tremendous In 1912 England had in ingold gold rold old and in 1918 it was 5 Prance Franco liance was next to the United States which held the highest reserve reser with In 1913 1918 it was wa lh In 1913 tho the United States had 1 and in 1918 As A at the gold reserves allow alow from 8 to 10 In In expansion of ot credit and can bo spread out out much farther than that It I allowed an an enormous amount of credit to be accumulated in this country coun coun- try Currency dOD Figures reCent recently issued show that the tho expansion of currency has been terrific Comparing th the figures on currency in 1313 1913 in various countries with wih September 1919 it shows hows an in increase In- In crease creaso of 01 17 per cent for tor the United d States which was tho the lowest Some of tho the others aro as follows Spain Japan 23 Switzerland 30 United Kingdom France Franco Italy Ialy 35 an and Germany All Al count count has been lout lost In Russia as the printing presses arc stil running A comparison of tho the volume of ot bank deposits prior to the war ar with what was wa shown at tho the end of ot 1919 19 In England Eng Eng- Ens- Ens land show showed c an nn Increase of ot percent per pcr cent cont In I the United States June 15 1919 showed an Increase of oL ot H 7 per cent over oyer Cyer June Junc 1913 As to futuro future developments business Interests are uncertain Tho The following are arc some Bomo of ot the tle opinions aden 1 Stone Co of Boston Bosto and New Now York make mako the following olo comments comments com corn ments meats The stock market Is in a critical po po There has hn been quite a little Improvement in tho the position of ot banks in castern eastern cities clUes not enough perhaps I Ito to permit perit the financing of ot any upward I largo large movement movement but enough so 60 that further urther pressure to force liquidation I In insecurities IB is hardly necessary A further furter decline therefore would bed bo be woul d H to dc seated deeper causes than s a temporary banking stringency I It t would have haVo to bo be ascribed to a a grow grow- i that a period of com com- deflation has been boen definitely entered on that with the price of sta sta- plo articles tending tending- tending downward th the profits of ot corporations can hardly b be expected to be bo maintained at anything c like recent levels Wo We have unfortunately become BO so lO used to these thes frightfully high prices that we e have hav l 1 to o forget or how abnormal l I t 1 S- S J I thc they are aro Abnormal however they certainly arc are and bear boar In mind that nothing that Is hi ff abnormal can cn bo be permanent per per- manent manent All Al are aro agreed at least lest theoretically theo theo- that tho the best method of oC re return ro- ro turn to a n normal noral healthy condition Isby is isby isby by gradual de deflation naton Stop Luxuries 1 Tho The American Exchange National bank of oC New Now York sa says s As matters stand nn and as long JonS as s we e A continuo continue to make mako concessions for Cor tho mere sake sako of at tho the comforts of or life those directly engaged in production will wil dominate tho the rest and work their will Wo have havo o ha the choice of ot continually continually contin contin- acceding to the deman demands s of th the tho ual minority or doln doing without tho the things th that t a largo large larlo part of the minority pro pro- duces Tho The working working class cass theory Is based on the assumption asumption that the tho converter converters converters con con- verter of raw rw materials and others other engaged in manual labor are producers pro pro- and upon the wholly false falo assumptiOn assumption as as- that most of them are en engaged engaged en- en in essential occupations Thero There was never a better time to demonstrate demonstrate demonstrate demon demon- strate tho of ot the tho fundamental doctrines of the proletariat than now Really Tealy essential Industries are in need of more workers than the they can n got get so so if it the great consuming class classes s of or ortho tho the countr country were to sUd suddenly en stop consuming consuming everything o but tho the bare ne necessItIes necessities ne- ne tho the Incidental displacement of labor would open many eyes to the fact that all al the tho parasites upon tho the bod body politic do not live lve on the tho main streets of the cities cites We Vet all al of us live 1 0 luxuriously compared to the tho to hare hard lives lived b by our forefathers and a little self denial sel would do us sA MI good A multitude of ot things s aro are done for us that we could do for Cor ourselves Think of ot the tho men for tor example employed d as bootblacks as a butlers doormen or engaged engaged en en- Jacce In tho less obviously ob parasitical occupations that cater to luxurious tastes all al those engaged in pandering to the tho purely decorative Dl aido ido o of oC life and those engaged In the production I and distribution of or absolute luxuries Even when the things s wo consume are arc more moro or le less s essential we arc are prone I to waste wate and consume more than we actual actually need If we wo got down to brass tacks and made up our minds to do 10 without everything e that tha is I not essential essential essen essen- tal a groat chan change o would come conic over oer the lace face ace of things and wo should bo be doing the lo people In Europe who lack the bare baro necessities of life a great reat service But most of ot all al we e would administer a salutary lesson In economics eco ceo co- co which would go far tar to crate erato erto the tho preconception noon UDon which I tho the preachers of ot have havo founded their doctrine Tho The most vociferous preachers of ot proletarian proletarian- Ism In Now York are aro employed in Industries in In- In industries which are largely parasitical In that the they flood food the tho markets with a wit volume of ot wholly unnecessary goods goods I Let Lt et these people realize just Jus just where they stand stand The method Is better than beter repression because It IB Is convincing convincing- it does not Involve ol In physical force nor oppression In any form only economic pressure presure the tho favorite weapon of ot tho the proletarian The Tho Te Interests of ot some will wi suffer perhaps permanently ns as a r re re- re stilt sult sui of ot the carrying Into effect of or a concerted plan to reduce consumption hut hut unless production Is la increased to tho the level Jevel of tho the d demand mand for fol goods the tho entire entro system will wi fall faU of oC its own It weight as weight constant constantly advancing ad prices threaten complete redistribution and disruption Tho The advantages of ot saving In tho the ordinary sense were never nevor greater than the they are nrc to today ay A dollar dol dot lar Jar saved out out of current Income will wil be worth twice as much following readjustment readjustment re re- re adjustment and tho the way to save a n dol dot lar Jar is to consume consumo a dollars dollar's worth less les goods olar's Hesitation Prevails The Tho National Bank of Commerce In New York says in its It monthly review of or the money market maket published in the May merce merco number Monthly of its is magazine Corn Com Cm- Cm Commercial activity has continued during tho month but a reeling feeling of hesitancy still sti prevails Although credit credit is Js still available only for essential es es- es lines tho the volume is 18 sufficient for legitimate business It Is I ques ques- however whether whether tho the limita tion ton of or credit has checked commercial speculation ns as effectively as it It has checked speculation In securities This Is due duo to tho the fa fact t that tho the purchasing power of the count country continues on so high a level that demand In many lines Is still in excess of ot sti supply Although Al Al- Al though the retail trade trado trao reported the tho heaviest Easter trade known increasing ing uncertainty Is felt as to advance business Imported goo goods s are aro appearing appear appear- In ing on the tho market marke In larger quantities ties but it It is Is' doubtful as to whether quant- quant 5 they thov thoY will wl be available In quantities sufficient quant teD to affect affect the market greath great great- ly h Uncertainty as ns to the price future is also shown by hesitation on the part of ot manufacturers In making fu- fu turn commitments for raw materials Although a gradual recession of ot prices would have a beneficial effect upon the man many Industries now retarded by hl high h V no costs no marked lowering of ot prices can cn be anticipated while preSent pres pros ent high production costs prevail Tho The Mechanics Metals National bank of or tho the city of ot Now New York says In Its Ma Mav Ma letter leter What is of or hat present concern is whether tho the labor shortage will diminish di dl- dl minish or become more acute A great deal rests rot upon the tide Ude of ot Immigration tion ton lu Iu the twelve months immedi immedi- atel preceding the tho war 1 Im Irn- Irn 10 I migrants arrived at ot our shores abores and tho arrivals in the |