Show TRADE AWAITS BANK DECISION Reserve Board Confer Conference ence Holds Attention of Wall Street By imio SrI sn U n Special o pond C Correspondent r nt vt or The Tho Th Standard Examines J CopyrIght 1933 2933 NEW YORK TOnIC 91 To 81 11 31 To To the or of o every othet topic tho the financial community lur- lur ing In Inthe dur lurIn the week just past pa t has baa be bi oIn concentrated on the annual spring In Washington ot of the 3 23 federal reserve reno banks the f federal reser e board Every lvery scrap ot of Information e esery c ery report or ru- ru ru of or the th reverse has I upon by an eager cred credulous ulous audience Not content with the specula sl speculations ceula- ceula lions of ot the tho Washington toti terre corre correspondents se for nos 11 pd od Ld the th In asking bat bat bai action It If an any ny was wa to be b taken In to the tho discount rates It went to an nil extent that tho the boar board l Ota tn- n dily t tartly Inquired front rom sent Kent In telegrams the source of f their Information adding that when tho board hail had to 10 loi ii 5 duly ci Int bo ho mol made n le Now ow interest In the time policy pOlley of ot the reserve 8 stem tem Is lint Jut there here was wall wa nep nr n ep r er any nry I ison to believe that a 0 formal de Ie decision 1 lon ail ats to rediscount riles rats s woul I Ibe Ibe be gh glen sl cn 0 out froni rolli Wis bJ phen hn as a 0 liter in-liter of o fact an tin ippI cation allon In the tho change chance in no th I ide ale wc uld haic hae to originate orl mal Pith one cc r of the Iho federi r so rese-so rest 5 NO 0 hanks banks sud ond then hen be 1 passed cd u upon on by hy tO- tO th l lord II ir tiltS IffS SPI When hen the tho conference a I the financial taa J 1 las lust Just about js ola much Information ni 4 to the intentions intention of or tin tIts go i gost-i- nors e- e enors tiers nors ai ni It had when ben th lb confer confer- lc coco convened ened Iho only jesuIt tI of thi h conference was to halt peu i In both stocks and com mOl mOl-I tiles Itis I It I Is Interesting to how ind an Impress on 01 o wu vOs ID-de ID by the action of tho the banks in III In fact tact the effect upon the e t fraternity a oab as aso o 0 o t that hat It has como come to believe belle 1 at it so appears that any further id- id HInc id sance nc In the rediscount rates would I In lUcK Itself stop mop at once and complete completely te- te ly Iy any further use lisa SO in prices s or of ore otc e her securities or commodities And let et ct conditions arc are lohy to- to totally to totally tally ully different th so pr In the late lato fall faU of 1919 At time of o rese to lIe lIe- liabilities lia liabilities ere viero around 50 per pH cent ani nuts it Is h aroun around 75 per cent Th Tb Thie Ie lAtIon lion then waa as ma fOI b the of conserving conser the tho r MS-r 15 V f ms m's m There Is no ne- ne ne ci av-ci e ci sity now notwithstanding somi SI further iso In discounts ts 10 L l 1 It is also a n fair topic for or or di s rus-s S 15 on 00 as to exactly c what Is i the tho tunc- tunc Uen tien of or the tho resent resen bank bani nt In Inthe Inthe the matter of its r mis the Ihl rato be tl cd Iced at atI I that hat point will simply pro pro- pro protect ted banking resources 01 ot thaI thil It Ithe Si hl fl fixed cd Uh a ew to i checkl-i what appears appear to the banking u u lh 19 be ce excessive nul undue J lere ar nr ara a n ten te students heretical enough to assert thit I paternal over over the economic situation is out out- outride out outride ride tide the tho he province pro o ot of the federal I ic- ic ic e- e erve uve banks and anti the members ot of othe 1 the federal e board and un- un un fo fo 03 as it way b be poUt leal cOu will probably rIU I dice i once r to tuG Question A any rate either speculator or orIn In overlooks the pol 01 factor Bin make makO the mistake ml III I-CT I 0 o Ot The Interest for all 1111 In the tho or of o an early ad ance h lu iii e discount rates L LI IS ot or course the of d feet upon prices There Is how- how je eser e cr another factor to be taken consideration In addition to 1 f e price advance athance which is the oat nal ural I from the collapse or of ora ofa ofa a couple of ears ars ago aco and the tho In- In Ine editable ln-editable e of oC expand Ine In tog 1 lh there r Is 1 ilso tIso to bo be b reckoned sith Ith the effect of 01 the boI I enormous supply 1 of ot gold cold bl h has d within tho the United o States Slates In itself this hIs abnormal gold Bold I nets acts to lo ralso prices or at sast ast to k keep rp them from falling II e weekly ink bink kho sho vs It a total decree csc In gold or of 10 00 but e eton en so the total Is Isit sill 11 58 S abu o that hat it as asa easa I a i car car ago When any ny of or this cur Hur- sur surplus plu plus llUc will begin gin to flow bick to I Eu- Eu Europe ropo Iu-ropo u- u rope where it Is la so badly Is nov man s a guess Until that tImo comes lume thi this obstacle to a price ro- ro reaction re reaction action ought not to be bo o overlooked d t AGI OLG 11 LP The business situation rem as 03 It WItS Was about a n peek ek ago aco Per Per- P Perhaps r- r haps hans the most significant develop develop- developments developments ments merits Is la the ad advancing tendency Ir Ic wages production could be allY by any large Irge amount of bidding against each other b em- em employers em employers of ot labor The rhe most hope hope- till hope jul feature Is tho conser an and caution with which pr nil all merchants and manufacturers Ire earnings dur- dur durma dur ma Ini February nero ere not quito quite so o rn 1 IS those Of the tho month 1 However ever thil al ac due hugely to 10 unfavorable ott- ott op 1 e rating conditions It Is an error to look 1001 at this for tor the I of the speculator to tl ra Iron Iron-il a It Is more nuoro likely that the reason reon of or the long predict predIct- predicted ed sd d bull huh marl market t t In tho rails to materialize Is the tear fear of more Iov i Interference Only ibm thu eek el the commerce corn corn slon notified the railroads that the must report the amount by p net nel earnings exceed e six pel cut on valuation and that halt t amount must bo ho turned O oser Or r I mr JUl U O ov sruL-s sruL SID LS It Is hard bard to arouse enthusiasm In tho ot of ary tion the e cess e earnings carnine ol ot I I do not accrue to the tho stockholders stock stock- stockholders holders l lucre here l is Id no limit to prof prof- profIt prof- prof profit profit I it ot of o an automobile manuta manufacturer except that thaI Imposed by traUn trading I No one suggests ug ts that government order a reduction reductionS in 11 the tho price ot of v cars because auto auto- automobile I nt mobile companIes are ar making mal too much money mony But Cut It if the good 1 earnings there ther 13 an n Inn- Inn Im m medIate outcry for lower rates nod anol It if they show poor earnings s it I is ascribed to inefficient management management- Li-der Li the tho circumstance Is It sur- sur ur that no one wants to lo pec- pec III In railroad stocks 1 |