Show FARM INCOME MUCH LARGER Excepting Wheat Area Purchasing Power Shows Advances BT r STUART P ET tt 1 EST K T Special Corr nt C p to lo The StandArd Examiner 1923 1823 NEW Y YORK Oct The 6 6 The put past week hk has been a period of moderate ate ats Improvement ment In the financial and most of o the mar mar- markets markets I Stocks rebounded after last months month's selling movement which I Isnow no no conceded to have hae bOf been n over over- overdone don done There Thero has hu ben been be n a tt better hetter In Inquiry with a rising tendency for bonds bons Cash sh corn sold the dollar dolIar for the first time In e years following tho the most re-I re re upward up swing sing of ot the ag- ag ag season There has been a fair uco recovery try in wheat heat c cot cot- cotton cot cotton t- t ton despite ad adverse aderee erse del Ms hu held hold within two cents a pound of its highest Oie Oe e of o the principal points nude made by those thoe who ho tool took n a pessimistic Ie Iea three months ego ago 15 tho al- al alleged al alleged depression In the llie farming s section The contention was as aS I that hat tile the farmers were ere Cre going to make little litle or no money and that this ouId react upon the ind dem-ind for and bring brine about a de- de dine cling In other lines JInes I Even Ien en then I the the- for this opinion iere ere inadequate But such a as all they ere they hll have hae e now entirely disappeared RS R'S o F CONDITIO CONDITION she i lie he wheat heat farmers e armi-e of course must reconcile themselves es to the fact that the 1923 1922 crop c cannot be rn m at nt a profit All I efforts effort will Ill ill be bent toward Keeping beeping do down don n the planting for 1924 by devotIng part of ot the territory to OUter otner troys for th there re is a bettel beliN demand Hut But th un unsatisfactory wheat hlat con con- conditions con conditions al ate ie I more than uy the ance al In other farm products F Farm arm prices taken 11 as a nole are ell abo e abo e where they were er ere a sear ear ago agot At tt t the same time as 3 the fed fed- led led-eral erat reserve reser e board pointed out thele lit is no commensurate In retail prices that Is in the prices pres ot or what hat the farmer farmer has haa to bUi Hen Hence e the power er erIn In the agricultural states turns lurns out outto outto outto to DO oe gl 1 eater than It u nag os as ul at this In 1922 BOU HOU HOUIN i IN SOUTH How tills this has affected the general situation in a large section of ot the was set foith in 11 intha intha tha latest monthly bulletin of oC the Kansas haltsas City resen reserve e bank Refer Reter- Reter-I Reter Referring ring to 10 the rise In 10 farm prices the re lew said it had already me- me le I suIted in a substantial Increase In Inthe inthe inthe the volume of fall rail trade Later on onIt onit It It- of the enormous ot of t at nt this section calming for Dank operations on a a I y ouy large scale 1 hose are atlo lAin leims 3 set ot et it Is no not to be assumed that arc are an In exaggeration I 1 Ir 11 onlY omy goes goeR to show sho how bow ery much muth miacu th the present situation Is isas Isas as net een l aH of oC the country In sections which tal take I tho 1 cue from the corn r farmers md th the 11 livestock est ck there thera Is unusual activity and a measure or of I real pa In other sections I influenced more Inure particularly uy Dy the tho Status of ot the Vo wheat heat grower I 1 there thero is uncertainty and something of r t sIO HIO n It if one ona were to gauge the ih entire outlook bv bi b th tilo which continues eX- eX eXceptionally ex exceptionally large he be de- de de decidedly cI optimistic Ot oli OR COITO On the tho other hand anybody looking ahead from the standpoint of t the he cotton goods mill O onera nere be much depressed lh who hO have been skeptical or ore oreen ore en e een Cn f tlc because of o the high labor costs maintaining that these thue were nere ere eating up profit sat set a good deal or of o store sture b bj the anul nut nut- 10 loan n ot of the a largest cotton goods gods plant and the threatened curtailment at other mill mills I It Is noted ho hoe however e eer er that the in wages aes Is only one endi nd not the main cause cau e assigned for tor forthe forthe the clo cloSIng of the Amoskeag cotton rite Fht principal difficulty has been that mill owners with Ith ith re red re- re reduced re reduced d d supplies of ot their raw ma- ma materi ma material teri l have hava had to pay maximum Ices and now find 1 that they are to pass pUs the tile Increased costs on to the consumer I 1 lbs he cotton goods situation is not altogether unique It Is I not typical The Increases Increase In pay pay- pay roPe is a serious problem m in some lome lines it It IL is not so serious in others All depends upon the tho ability to tomake tomake tomake make up the increase higher prices without higher I prices resulting In diminished tie tie- 1 mands mands With the th steel and end coal the result is still In doubt In othel quarters notably the tho gen gen- general general gen general eral distributive 0 trade such prIce sd as has been due tue to high high- higher high higher er wages has not had an any Ill III er- er cf 1 ef effect feet I MORU JA IA FAVORABLE POI POINTS TS I To ro sum eum up there are mOl mole mome e points that are ara favorable in the business situation situation than points una unfavOrable Still th the tha l latter al tie e numerous en- en enough en enough ough to oe oa taken into serious ac- ac account account ac account count and to stand in the way ay of an eary revival on the stock Wall all street u a eg just justas justas as unreasonably pessimistic a month ago as it wu was wa in September and ac in November 1922 On I both thes these latter occasions this Pe unwarranted wa as shown to ho hoe have e been I Seeing Peeing the recovery of the last lut week week mid It was perceived that speculatIon for tor the decline had bad been overdone and that the market pushed down as low I as it Il was waa In th middle of Sf September was not nota nota a fair barometer of o the trade position position position tion |