| Show J Jr r 4 1924 OUTLOOK MORE STABLE Optimistic View Based On Condition Of Industry By Dr i STUART P WEST SI Special Correspondent of ot Tho C Copyright 1923 1922 1923 YORK Dec From 1 From the couro of ot the Sel security markets market this thie last cek v celt eel a ai eq well as from the th gen gen- general gen general eral run of ot testimony business bUsIne It I li ii fair air to y eay that confidence regarding the 1924 outlook h has Increased It Is not an 00 unqualified optimism opt Im- Im Iv e ism a notion nollon that sim big ble trade trader r- r oom lies 1103 ahead Ro her It 1 is iii a 0 celing that tho the Indus Indus- Indue- Indue Industries tries rles are going to keel what ha they cave cave had this ear ear eor and that In certain lines where here here conditions av been ben un there thre la le labe lebe b be Improvement WAGES SAGES GIS NO n HANDICAP ho he one curious feature Is 19 that that- that x reas reas BO IW many regarded nine th ago the rico In age a a I argument now the la Is to look upon this In Ina Ir Ire ro e a the opposite 1 way aY a Many art are Ing Iner that It l la le a good thing thing- to toe tc e e labor full fuU employed at high h U cantor for It means a large buy buy- power buy power Nobody hears nowa- nowa I about bout necessity of ot t J labor Rather the Ue hat with wages and employ nt employ employ- 0 nt t the tho thenay nay oy ay they are no now the theand theand th and for goods which make moko up merchandise trade ot of II gation atlon will be maintained Aphasia Iso aleo continues continue to belPon be the tho Increase In the farm farm- farm t t t power por po er aa as f five months ago Since then ome the tho rise lse In corn the tho great real In cotton and tho the improve improve- Improve t t In most livestock line lines Al All pt the wheat miser of ot the e have made more none Mone li fJ year ear than they have hove since the period which ed In the tho fall tall of ol HiD 1819 TO ROTATE CROPS CHOPS The northwestern wheat farmel have bave been that their trou- trou trouble troubie trou trouble ble bie lies Ilea In production over and In depending upon a single eingle crop It Itha has ha been suggested that they di diversify dl- dl versify their planting and that tho they cease looking for tor unnatural means mean of ot help such as l the taking over ot of by the government It IthRa Itha ha been pointed out by competent competent competent ent and unbiased Investigators that the they no longer ought to think about foreign markets where they are at atIt ata ata It a great disadvantage but that they should hould aim olm to produce for tor the tho American market markot alone Acreage planted to winter wheat In the middle west and tho the southwest southe t ha has been reduced 16 per cent It If the northwestern tate states where the seeding Is done In the fol- fol foll follow fol follow l low w this example the tho wheat farm farm- farm era Pre should be pretty well out of their difficulties by next nen autumn RISE ElSE IN LN L COTTON l Th Thit the great rise In cotton to the highest since the summer ummer of 1020 has been the absorbing mci- mci Inci Incident dent ot of the week Three and a half years ago the rise riso was 2 by the general Inflation and over ver p culat n time tow hw w there thero can be no doubt that 4 t reflects an actual shortage and at speculation has s played cry ery II a part rt In the tho rise to above aboe abo 0 37 S II a L round f over carry from the tho old n n crop was only i Dale Current estimates estimate place the tho th 1 new now that crop crop that I Is the crop of 1928 at 1924 at not more moro than 1 I This total of 12 has hasto hasto to be set against t a world consumption consumption tion which In La the tho cotton II jut just closed amounted to balc bales INCREASED It may be taken for tor granted that thai the ver price will result In Inam Iran 3 ant am Increased acreage even a as corn com compared com compared pared with the exceptional area last lut year But Dut relief through enlarged production can can- cannot cannot not come until the new cotton sea season son begin begins In August 1924 In the tha meantime the whole ahole hole question Is la a as asto aito to when cotton prices will have hav reached a level costly enough to buying of ot cotton goo goods good and so no reduce spinners require require- requirements requirements requirements ments So far nothing of ot this sort fort has ha i happened On the contrary both 10 l te jie export figures and the figures It f home consumption have Indi- Indi Indicated larger Irger takings laking than durIng the am same period a year sear ear ago This situation will have to change chano and an change before long Otherwise Oth l there would not be enough cotton to go around and none whatever to carr over Into the th th new now crop I ear Altogether the trade at the moment I Is faced with the w wOrst shortage In since co the civil War EGLI ENGLISH J ELECTIONS European matters matter ha have hae e attract ed d d little Interest despite the tho chang chang- chanting changing Ing of cabinets at Berlin and the chao In political conditions condition In Ocr Ocr- GermanY Germany manY man The feeling I Is that thet a 11 truce has hee England been patched up between Eng Eni- land and Franco France until after the English elections Upon tipon the these de de- de depend depend pond pend the tho continuance of the en en- en tente entente and the question of hether the allies will Bill act together or up- up sep In their policy toward Ocr Ocr- mary Th The exchanges exchange which have been gradually sagging urging most mot of the e week wuk have J plainly expressed un- un uneasiness easiness over oer 0 er the outcome Tn Tn DERS CAUTIOUS to in the stock market the price ha has been more The Tho advancing tendency hu has ha been b oi- oi oily 1 ly but It has hu been limited io O 0 Individual Issues I eues where there thre re re a strong trong Incentive In earnings y nd trade In a way securities ave avo been ben marking time awaiting he pr president a s message to learn net ut he will to s se say e subject of ot the e freight rate r- r re and amendment of th the act It Is la pretty ly agreed that even evon at the moderate pace Irr hr In which the crude ol 01 production ha has declined an tion between supply and demand deman 1 ili be reached In the course of othe the next two months and that either then or before belore An nn Upward revision of prices will occur It Is I al also alo o expected that In i the th Ite steel l trade b buying buying- for tor immediate needs need only will be the policy for forthe the rest rut of the year but that when the volume of o Incoming order orders will Increase the way woy It did a II year ago Th These opinions opinion he base hav been duly re- re reflected In the market for tor oil and steel tocks stocks A further answers to the conten tion that the tho depression In basl industries w was likely to spread was wa w l In the statement of the e Reserve Board Doard that there therean I r lerl i ian an Increase In production of r percent In lit the lines during tober lober for tor the tho first time In four |
