Show March t March Activities ties Probably Wiped Out f Commodity Decline Importation of Gold Will Allow Expansion of Credit Copper Situation Shows Improvement la May Have Overproduction of Lead Zinc Is Weak eak By Percy I. I Cropper T LOOG back hack over the events c of March there was sufficient reason for much wilder speculation than there was Considering events o an and if conditions had bad been better the they would have o augured well for a bull bul market maket of all nU kinds As it was the money mane market was in no condition to allow it for isn exchange was quito quite qute there was the heavy collections of the quarter to be taken care of the tho issuances of many reports of f companies that were expected petea to be in a n much better beter condition than tha the they were and the growing feeling of hesitancy that became more apparent as tho the month pr progressed With tho the ending endig of March there was ushered in the month of strikes and discontent April Aprilis is the spring house cleaning month in the tho 7 world worle and ad from the way in which it Juts has ba started it does docs doc not look hopeful A A. summary of or the events for tOI March Marci 1 how low that that although the th banks bank hat had hl 1 be ben cn pushing U up their Interest rates rate 5 3 on stocks to stop top R speculation there thereas was as no reduction in lii commercial loans On March M 1 tho railroads turned I back to their owners owner and in Sn o othe of ot r the car shortage that followed this has hM been pretty thoroughly alleviated As Asa s 3 a re figures will wi probably iho show that tho month montt during durin wa was a. a I. I gain oln of ot approximately 20 per cent in inthA inthe i I the thA amount of ot freight handled Fh The Te railroad decided not t to strike e. e but would give Jhc the tho railroad Wit bill bi a a. n tail fair trial trial On the tho same samo day da that tho roods road changed hands tho the court O of oC r rL the United States decided that tho the Steel L corporation was not a a trust within th the t meaning of ot tho the law On March 8 tho thc t tame ame tribunal held hell that the income tn tax ta on stock dividends wa was unconstitutional tonaI because tho the ld 11 dividend was not riot a i H. H it distribution of oC capital At the samo saro t tm time the court held tho the Interstate commerce cm- cm com merce norco JorG commission In valuing valuing railroads raIlroad I do so 80 1 by considering the condemnation con con- and dam cost st and not aol merely th the the- value aue of oC Jo a adjoining an land J 1 arg go equipment orders oner were placed h by railroads and the th untilled unfilled tonnage re report report re- re port on steel showed a n big Increase l that In spite of or hl high h money business continued good and commodity commod commod- It I ity prices refused to decline When hen tho ho month monthly 1 report is 18 completed will wi be bo showed that the tit decline In n commodities for Cor February was wiped L nut nut showing that the tho scarcity ani and demand de de- mand Jand for goods good was too great to over over- come The TlC report that gold was comIng coming com corn ing from Crom l England n luul and France Fance gave Jve a decided Increase In the the- value of oC the tile sterling t All Al told there ther were 0 I h ro l many thin things 1 that hat were unexpected that that tho the conditions changed rapidly throughout the month Gold The rho cutting off or of oC the exportation of or gold to a n considerable extent and the tho arrival of or gold old In this country has ha had a rather intoxicating effect in a n number of ot wn ways vay The arrival of ot 10 In gold goM this w ek ele has lIas caused I considerable speculation In ton as ns to 0 how thin It IL I can cn be spread for credit Itha It I ha has US boon been estimated that It I can be hA used to t do to worth of or work worle but butI It I will wl probably have tho the effect effect of ot up credit to tho the extent of ot to Thin In It Itself Itself It- It MI self has had hd the effect of ot continuing the tho orgy of ot spending and putting of off ott the Ite accounting for tho future fixture It I puts account tho the Inevitable da day off ot so much longer Among the tho events of or the tho p pt t week thc reports of ot further furher gold shipments ship ments monts to tho the United States the thc report I that during March rob rob- exports ably l larger lx er than ever and that labor unrest unreal t Is more moro than tha before Tho The settling settinG of oC the j by Increasing Jn Jag ing wages to tho extent of or during during- th the tho last of or tho tim week only loos- loos ho reins more moro for tho the profiteers no so tO coal hills bills will bo larger and tuH wi out of ot proportion to the th Increase In If Jf I tho the public should shoUd absorb all al tho ho rals raise It 1 would only mean 40 0 cents u a 1 ton but tho T retailer the tho Jobber the driver r anti and all al the others will 1 bo be out outto outto outto good to get theirs while the getting Is Of or chief interest to the wool this year yeal Is In the probability of or higher prices for both hoth wool and mutton muton on account of or tho the shortage that is le reported report report- ed od throughout the country countr The se severity se- se verity of ot tho the storms of or tho the past week lU a undoubtedly cut down town tho crop of or wheat and other products This with tho the smaller amount of acreage this year cr will wi continuo continue high prices pricer Although western copper men are not not so o quick to bel believe vt that tho the market market mar mar- ket ket is In good shape for fOI them there has been ben quite quie a a. n stir In the tIle enst during durin turIn tur- tur dur dur- In ing the week over tho the announcement of or an export a association for the tho sale Bale of or copper abroad As has been pointed out before It I will b be necessary for each concern or each ach group of or concerns to finance their own production abroad Many lany of oC the tho large copper companies have big reserves reMer which the they have c been heen holding back for or just juet such a n purpose It I Is declared that Ito tho copper copper cop cop- per abroad hn has been used t up that tho the domestic consumption has been taking care of or the present rate of or production and an any effort to finance copper abroad will wi mean an Immense copper Caliper market n with wih an nn Improvement ement In price which Is imperative o under present working conditions A A shortage of or hem heln w will 1 also keep production low Under normal conditions Belgium and Germany take about 49 per cent ant of oC the tho copper production of oC the tho world Th The United States l exports around 65 per cent of or It Ip production II In Zinc For or several weeks there has hal been some weakness shown In zinc although the tlc uses use of ot the metal are many times what tho they were wert a n few years a ago o. o Prior Priort t n f the 1 i wil- wil wilhe r f he h hp t P nf or Conner r WI from rein 1 1 5 3 I r 3 I. I I L r rL I tho the United States was 32 per er cent of or tho the production Apparently there ther Is Isa Isa a good supply of or metal on hand at present present Somo bomo of ot those who watch the lend lead market cosel closely fear car that there thoro might b bo be an a overproduction o unless there isan Is nn an 1 outlet presented before long to take takA tP Vp more of ot tho the lead that Is produced b by tho the United States States With normal conditions 3 32 per por tent lent ent of or tho the lead produced pro pro- I In the tho States IB Is exported Tho The hl high h price o of silver and lead lee has haa I unusual activity act of oC these mines in of or the hl high h worl working ing costs costs It I has been encouraging a larger output which may exceed the demand fn should the tho exportation of or metals metals met mH- als it would woul be slow t to begin with wih and there thero Is 11 not a as much competent competent competent compe compe- tent labor labor abroad a as expected Germany Ger Ocr man many and Franco ranco arc are paying more for tor I labor than ever eve before and ant meeting with an even evon lower deren degren of or efficiency effi effi- I clency than here Tho The wild wid times of or I the tho laboring class are Just as S rampant as In tho the United States Luxuries aro arc being purchased cd In preference to everything everything every every- thing els' els The Tho world over o er tho the middle class cass the tho clerks and salaried people who accumulate capital and save are aro the sufferers Relative to conditions Goodbody Co of or Now o York In their monthly letter letter let let- ettel et- et ter tel have ha e the following to s say For sin siX months the federal re reserve ero hoard board has lias haq been leen exerting all al of or Its power to reduce loans lons and commodity prices It t succeeded In reducing bankers bankers' bank bank- er ers era loans JOns to stock from rom about to less than l' l O. O This reduction however was I more titan than offset b by increases In com com- mercial loans loann ii 1 bt Down Honn Turn I Only Oh In tho the last t two o or three weeks ecks ravo la-e commercial loans been sufficiently 13 0 been I clent curbed to cause causo ovon on a sl slight ht turn down-turn in commodity prices Nor Noris is it certain or probable that the de decline do- do dine cline of or tenths throe tenths of or 1 per cent as ts shown b by on Oil March arch 1 will wl not bo be lost lost b by April Apri 1 I. Tho prices of or cotton coton corn and rye ryo 10 have been ad advancing advancing ad- ad ac- ac sharply since March 1 and are aro not likely to recede much this anc spring We Wo fully agree with Mr Hoover that peril perU lurks In the tho farm problem largely because of oC tho to great scarcity of oC farm labor Never before was wa the danger of ot a crop shortage as great reat as asIt asIt asIt It It it Is 11 this year earVe ear Wo Ve begin the tho year with tho the acreage acreage acre acre- age SC of or winter wheat 25 5 per cent below blow that that of oC last year car and with the tho condition condl- condl tion ton about tho worst over ever known Just how bad it is will vilI wil not bo known until oWr A April rl 8 S. tao or labor Is I greater eater than ever betor before tho acreage of ot spring spring- wheat corn and oats oat Is reasonably rea rca certain to be below the iho five five- year car average For tho the same ame re reason soc tho crops are arc Ikel likely to be batH badly Ule tilled Unless therefore tho sea season on Is un unusually un- un usually favorable we wo will vill look for short crops of nearly nit nil nl kinds Because lecause of or 40 cent cent 40 cotton It Is ex expected ex- ex that notwithstanding tho great scarcity of farm labor In tho south thero there will wil bo bJ an increase of oC S 'S per cent centor centor I I or 11 10 per I C. C cent In tho bl of oC cotton cotton cot cot- ton planted a as compared with ih t c year ear l Because causo of oC excessive rains and low temperatures there thero has been ben groat inJury injury in- in Jury JUT to tho the early planted plante cotton coton in I south Texas This adds ards to tho lea fea of or ofa ofa ora a poor cotton colon crop this year cr There aro are several le cral reasons reason's for tor the shortage of ot farm labor 1 1 Immigration raton has been stopped for Cor years now thoro are arc more emigrants than Immigrants 2 2 A largo proportion of ot the young men who left eft to become soldiers have bavo not returned to the tho farms 3 The Tho high prices paid b by automobile automo automo- bile bi und other manufacturers have drained d labor from our farms i Former Secretary Itne in his last report noted the tho drift of or population from the west vest west to tho cast east The governors governors governors gov gov- o of tho the western states pro ro tro said to bo be in fn genuine alarm over the tho movement move move- ment meat to tho the crowded cast cant cast The department of ot n agriculture has hns In Investigated conditions in New cw York state nd reports a decrease of or nearly 3 per lieI cent cont In iii farm arm residents and nearl of oC 17 per cent in the tho number of ot hired men mon menon menon monon 1 on tho the farms farm The he movement from the tho farms to the cities cites has apparently been moro more rapid during durins tho the past year ear than ever vor before and this In spite spie of oC I unusual opportunities for tor a agricultural ventures n Any farmers farmer's farmer bo boy or farm hand can canSO cango cango into tho Ford go SO factory In Detroit I and be begin ln work at 6 a day He lie can tb do lo about equally well wel In most niost other factories an and cities Once the Iho boys bOM from rom the farms have ha e lived In tho the cities and become accustomed tomed to to such conveniences con s as faucets bathtubs and tol toilets lH they a seldom re return return re- re turn to their rural homes home not one In twenty of or which has running water and not ono one In iii lC fifty of or which has bas a bathtub n Until our farm homes are arc mado made more mora convenient and attractive and until thero are arc better beter roads and ant moro more tole- tole and anil ane places of oC culture and amusement the outlook for l lower food oo prices Is not not bright bright Tho The farm tarm labor problem problem Id is 11 most serious It I probably proba I means high food tood prices for years to come como To make I matters maters worse at lea least t temporarily farm hands are aro organizing Into unions Stimulate Production Under these the conditions It Jl m may not I be wi so for our banks to all al 01 or of our stored foodstuffs foodstuff on tho the market I At nl low 10 prices The lower prices are this spring tho thio smaller will wm be bo the tho Continued on Patrol Paci |