Show U u US INDUSTRY S I I IS CAUTIOUS Wages R Rise While Prices Fall Bonus Certain Certain tam tain Says Report n B H H nDE COLI I Standal I d Special Corl Cone Cone- Cone fI- fI Cop 1924 By The Tile Consolidated I dated Press Pres Association NEW YORK April 12 15 I beginning to set It is i's i s house hous In der against the uncertainties I an election eat cai in the Vo nind show how the to br be in the tl tI di direction of ot to falling 1110 II commodity prIces a Rome hat reduced of t act t h Ity a hand to mouth bu policy a for tor the he In security alus alu's and a greater of oC caution In lii planning tor for the future that hat hal congress nih will III do and how the elections will 1 nih ill go the tte fat ot of 1 and the unmeasured strength of the Iho called so-called In politics Germanys Germany's attitude to ard ton ard the thie Dane es proposals ard the th crop prOspects of ot our own o CarmEls pos pos- sible ngo nago wag cI demands and the Ity I Ity of the tho th consumer to absorb the huge production schedules for 1924 these 1824 these and other less related related related ed factors appeal to be under the as business linger lingers on the threshold of oC a minol post pot war warI I pet led Tt T V SOV QU L VIT Of 01 these thes factors tax reduction perhaps ranks tint tarsi borne bom of ot the greatest combinations of ot capital I capitalI ate alo Inclined to doubt today the tho thi IIII likelihood of ot all an n tax reduction this sear ear Thought has not eato to the point oC ing gis ing t of this doubt but the doubt Is thele Some Someo ot of the loudest call calt It a hunch Othes Othel and 01 0 01 look for a ta la tal reduction reduction reduction tion law quite of ot the comple complexion ion ot of the bill already passed by tile the house They belle e this law lIt nill willbe be Enacted in the hc contusion and hurry of the tho last few da dais s e ess adJourn adjourns They do not I te- te fard e e- e yard rard the house bill os as a containing the measure of oC leUe idiot for tor which they hoped They feel teel that such a Ian la lav v lie be U moro more mor like liko a handful ot of otel el numb than halt half alt a 8 s load hence arc are cautious Business Interests aliI all are a ready to concede passage g ot of the bonus bill hili The Th belief bellet belief i Is the bill will lit Ill sick ck There Thero I 1 Is a adl dl division Ion of ot opinion as to whether the tho 1 will lit nih eto the Iho measure In It Its present form Corm Even It If he eto it the tile impression I 1 pio all that congress this time nih will lIt piss p it our oer o hi his al I That And other t bills ls call call- ing Ing for tor do not tIt fit fitin In with a II tax ax reduction measure a 5 Ing many Now New York business Inter Inter- Interests interests ests ests view the tho th situation Some Somo Som of these these men tear fear that congress 1 nill I the tho intent of ot ta tal tai i by appropriating so many millions In addition to the ordinary bills as s to create a treas treas- treasury treasury treasury ury deficit Others Other bell belike e that the 1 treasury will nut have hare hav to resist ts fig fig- figures figures fig figures ures at the end of ot the eal and that the th Surplus will aill III be so much larger than the sum sum estimated as to take tako care of oC o these special appropriations and tax reduction reductions too I r LL On the e exchange chane security aluEs hae ha dropped on an average aver aver- I Iago ago age ten points from the high leHI lc elot ot of a 0 few tew months month back bach Stocks hate hal shrunk In iii m materIal value salue aluE not lessI less I than 5 3 1 within mOl e than a mon month th Wall Wail all Street Is ii In a 11 a bearish mood and further d- d doCI deci CI ease are expected I A remarkable situation which ha has not been s explained here lIe lies in the fact tat that while wages ages ages are arc holding or of o corn com com have hae dropped on the aver aver- average average ag age at an estimated ne ive per cent cont or ir Imore more since the middle f Industrial statisticians basing haing theIr ther figures on govel and pr ate claim an average l a nage was advance adanee during the past 12 amounting to about ten en per I f G W GU P n o oI I Seldom If It e tr has all all Street stroet seen falling Calling prices and rising stage ages at ai the same time The Tile dit divergent erg erg- cot ent cannot by any possibility continue long as economists here hersee see It Cither Ither wages ages must taP tal or PI Ices inc ease ind business Inter inter- Interests cst cats ests genel all arc are preparing for Ithel c i 1 here i is h a 0 ru e c that business out of oC billel experience has conIC come to tG ap ap- ap ap i pi at ot such Suh an outlook a as the pres prea- prea present I ent That iule ule to put it in tour four nords is keep heep sour our assets liquid lime l present reent depression In la Is h ascribed to the application of that rule As A stock stOll prices tall fall bank deposits here are are- ar mounting all all is us liquidatIng liquidating ing some of ot the tile assets a sels a as stow Isal aale a In time tune of oC readjustment and the movemEnt It Is believed is car car- car liing the whole list n do C BiniNG lo l 0 the liquid asset also alo IS the lh moderate dEcrease In business activity as measured for In Instance tance bv by the tha falling failing oft off In freight traffic rev Few huyers are stocking up on a falling market marlet and the he polIcY of oC cautious purchasing ing Is being felt Celt to some sonic extent In curtailment here and thel e In man man- manufacturing manufacturing and oth other r lines I Nobody hoe ho however eter eEr e expects a mAJol t Business generally s a expected to continue good although fUIth l shrinkage In its lis it volum Is I I looked forI for tor I 0 |