Show SMALL CHANGE IF ANY LOOMS Street Feels PeeLs Coolidge Will Carry On Hard Hard- Harding ing Program i I IBy By STUART P EST SpecIal Oon for The StAndard Copyright 1923 NEW NEW YORK N K Y Aug 4 4 How ow the financial outlook will be affected b bv by the tho change ct of pre presidents presidents l- l dents s Is I the tho of ot the most Interest atthe at the close ot of the fhe week But out of ot Wall street while there is seme differ difference ence of or opinion the tho preponderant preponderant feeling feeling is that President Coo dS 1 do whatever er ho proposes to todo todo todo do namely follow out the Hardim program This being the case the tho uncertainties with which the busi busl ness community have base been con con- confronted confronted con confronted fronted all sU along alons are neither in- in increased created ll-created crea creased ed nor The other factors in the situa situa- situation situation tion remain about as they stood II a eek cek ago When hen tho the an governments go rejected the efforts of or Great Britain to 10 affect I e on German reparations they did nothing more titan than the markets of or the wo world ld hid h e expect expect- expected cd ed cd A break breal In the In-the tho entente i Is a must be consia ered EUROPE t At the moment the European Sit Sit- Situation sit situation does docs not seem quite as ns ser ser- serIOUS serous ser serious ious ous as 55 it appeared last week nt at this time Germany Is doing dorng bus bus- business business iness Incas as usual that Is e erY outside of the Ruhr Ne New low Jow rec- rec records rec records for tor French and Belgian e emphasize that the international aU U sym sym- sym pathy pathy or sympathy s out or of the question tion are on the side of oC England n land In 10 her present attitude altitude They belles belie a 0 that the French venture Coture In the tha Ruhr aA ia was a 0 mistake s-lrE s T n tT A PROBLEM mong mon the dom domestic problems the most formidable arc are still the tho unfavorable position of the tho wheAt farmer and the ely comparatively cost of or production in m industry ge- ge It Is certain that with Ith the of oC congress the pro pro- proposition proposition pro proposition position that the government u use e Its credit for taking up and storm storing plus wheat until the growers are able oble to secure better betler prices TV nl 11 be vigorously pushed Legislation along this line however howe ill III ads ad advis adI advised Ic- Ic Iced ed cd it ma raa appear from an economIc standpoint will be very vcr popular with the politician and as a 0 meASure or of political expediency Is quite liKe liKe- liKely ly ly Cy to go through But of or course this Is only put put- putting putting ting oft off dealing with the main malo dif dif- difficult dif difficult which is that Ulal wheat heat production production tion lion the world over oser has teen Leen run run- runDing run running fling Ding far tar ahead of or demand Toe hadi n crop rop is i the hO most notable I C Before BeCore the war it to 10 average something less tha than bushels In 1922 It rose to and and and- this bear ear promises to 10 be dose close loe to European I Is it producing much more than it did a a year ago and its needs are consequently much smaller The Che indian crop Is 1 too and it looks S Ls s if Il Russia after nine vears ears ab- ab absence absence ab absence sence is about to re-enter re tho the mar mu- markets markets as a competitor Under the e circumstances with th holding as pro pro- proposed proposed pro proposed posed bushels or of o Am- Am Am lean wheat heat from the market n is flot Dol gem going to afford any auy lasting remedy Eventually In order to compete successfully with Ith lowr cost Core foreign n wheat the American farmer will have liase to decide to olo desota anJI less Jess acreage to the v v sheat h heat t crop ando and I 10 o In more largely for lor other other crops In which there is less rivalry ani ania an a better opportunity for profit OTHER CROPS The v way ay Wall Street has baa been discussing the wheat bet situation and Its b bearing upon the future power of the agricultural sla Stases one might suppose that wheat was wS the he only crop to be considered As AsIt It A-It it is the wheat harvest represents Jess than 7 per cent of or the outlook ot or the farms arms The be ag agricultural tural department estimated a month ago ta taking king prices as they stood on July 1 that the tho total value of oC alt all the crop crops this year would ly Iy 1000 that of or 1922 ann ana b by 1000 that of 1921 ThIs after all is the main criterion Ion for the farmers capacity to bu w AGI AGE INCREASES CS There Is no question about wag wags s b J eing abnormally higher in I arIO Jines The main contention of tho those e who look took at th tho future J I is that labor costs cannot bp bi brought down without a perlo 1 or of depression If It the tho country has bas reached as Is reasonable to suppose the limit of wage wage Increases s the question then becomes whether manufacturers and merchants can maintain a 0 scao or of that will not toU buers u ers and yet lea leave lease e an profit margin This i is to bo Le tested In the woolen Industry where to snatch match last Jast springs spring's wage advance quotations on next neat springs spring's line of goods have bave been raised 11 per cen cent It t Is to be tested in the steel trade then hen changing over from the 12 to the hour 8 working day the will endeavor to p pass s the extra cost over to the consumers the outcome cannot be judged ahead or of o time RAILROAD OUTLOOK The railroads of course have bave a problem of or their own which dote dOlli dot not belong t to other enterprise They are not free to raise ralS the price oC cc transportation to meet increases In costs On the contrary It I altogether probable that the do- do domand de demand ma mand nd for tor a 0 reduction In ul agricultural tural freight rates will prove prose In Inthe Inthe Inthe the next congress too strong to re- re re resist slet Wall Wail street has evidently been looking ahead to this possibility In inita Its treatment of the stocks stock of ot roads even under present condi condi- conditIOns conditions conditions are either not co covering fixed charges or In cases where here divi- divi dividends divi dividends are ore being paid are not earn earn- earning ing tog but a slight margin lu in excess In these Instances any lowering or Of freight rates rides would spell receiver receiver- receivership receivership receivership ship for tor some and the passing of f dividends for others other unless tho the si sy-preme sy preme court stepped In and decided ed cd regardless of the tho pressure from the farmer element that raIlroads railroad must be allowed to charge chargo enough to bring them in a reasonable re- re return re return turn lurn on their thell investment It Is this which the railroad are rely rely- relying ing log upon to happen |