| Show BRAKE PUT ON I FAST BUSINESS I Dangerous Tendencies I 1 Are Checked Wall St Believes I fl By Br STUART 1 P Spec AI q for The 8 I Copyright 19 1923 NEW I EW YORK April 28 The be- be bel be iv- iv markets hll l lor or of o the security week has Indorsement of 0 the view that dangerous tendencies there were In th the bu bust l nes ne's a month ago ve h vivi been checked In iii time Whether or oi not the check cheek will be Is h the question at Iu now and rind un uncertainty certainty as to the answer is the tin explanation undoubtedly for tho quieting down on the tl e stoc stock E- E cx less leas heal heal- change and the more or tating price mo ement The Tho chief difficulty has been tin over eagerness In certain lint lines to tc todo 0 dt do the biggest possible business I Particularly haai has this been true In inthe the be building trades and the reo re- suit was the forcing up tip of a es height and the thc to an E stelL aud creation of ot a demand for tor audI I materials entering Into eon eon- con other ether enterprises of such sueh urge urgen C as to threaten an abnormal ad vance anee ance In prices Juices E I SED ED EDIt It was as as a 11 distinct relief to learn from the mid midweek eek reviews re lews of ot the ie trade that building contracts I had fallen oft off a a third from the tho tl peak of oC March M This along with wi the fact that thit the more pressing me- me eqUIpment rel it have hll been met and that users of steel In other directions are welt WEll II supplied for tor tin three to sic s months is ahead thead has cased the situation s col con con- I The volume of consumption Is still enormous but it no longer In- In li as it did a a 0 month ago tl the therl le riak rl isk ot Of a runaway ay buying movi moe e ment tent It If things continue this v-a v way inflation need not bo ho seriously feared If howe however er men me and M ex cx- cx L b become come over enthusiastic 0 themselves regardless ot of wh what tEnd end I they hey have to pay for and labor abor then the tho outlook will be I cloudy once more mole EXCEEDS WAR OUTPUT The most remarkable phase phae ot of the he situation I is the relation ot of trade trad expansion and bink n b credits AI- AI A cording to the federal board production throughout the countr during March was eight eighter hIghest reached reache per er cent above the In ri the Inflation lear icar ear of 1820 1920 Yet Y of if latest combined stateMent the he the he 12 I regional b inkS showed ShoVed sho ed that it rediscounts rediscount were WHO only ISO aboe above abo e the tho low of ot January y and rid W were re oft off from roan the seasons season's high the 1 he resene rese e ratio for the tern em as a whole stands st at 77 I per percent cent ent which I is the high of ot the rear vear vea hue the ratio ot of to te tee e NeV i ark ork re- re resen sen serve se e ban bank I Is IB exactly nero ere it was wasa s a lear tar ear a ao o that Is SC 86 4 I per cent t ThIs his latter fact Is extremely Inter lutEr stin It shows how the th members 8 of f the tho New York cearl clearing g house hae Lae financed the tremEndous atra demands for credit 1 from torn the new securities curl liES liE'S issues and an anthe the he rise in stock exchange prices pric with ath Ith so 0 little recourse recours to the re- re discount privilege that New cw York YorkS Is S In iii financially the same position as 5 it was S as last ear at this time Railway tonnage continues to 1 o nu v O loreal and hen It comes to the crop movIng movIng moving I ing it is as virtually sure that the traffic statements are showing that th the gross profits from this lingo hugo freight ht mo movement ement are not be- be beh be being h ing Ipg g eaten up as they were vere the month before by unusual costs RAIL R STOCK G It is generally recognized that the ratio of ot net gross will ill be esen en I better in April and In Sn the to come Rails nails are arc indeed com I corn com comparatively neglected in the tn hether this should be bo so is one on ono of oC the most Interesting questions at atI atthe atthe althe the present time I Winy Miny in Wall strEEt will sty y th t It is because the day for tho the rails mails has hal not d that in due timo timothe the rowers poses that be he will take talE them Ins In hand band and mat at then the public so emphatic no now will ill rush in to toa t a- a 1 I nation some bu ur i he ne t er e p an I ll times e h heard la Is n not t 5 so to holders oC of the railroad shame It is that nt h look look- looking ing tog far ahead ahod that is to the Iho as- as as assembling ot of the new nen ne congress its strong railroad anti bloc bioc prefer to see fewer rail stocks and more of something else elso In their strong strongboxes strongboxes strongboxes boxes even at at the present time lime nolt I It is quite unpopular at the mo- mo moment mo moment ment to take a 0 stand tand against the immigration restriction law Thon ihen the chairman of ot the United States State bled corporation at the annual meeting uttered some he wa was roundly abused from many quarters quartet Politicians lans looking to 1924 do donot donot not care how much the labor short shortage I age forces LP tp age wages age and how much flinch the rise In wages ages forces up prices All this may be unpleasant conse- conse conse later on but hut so o long Of as these ar are delayed d another IS 18 months It Is la good politics to tal talk tallen en cn the side ot of upholding the pres- pres present present ent state of ot things One Ono I l gency however howe will be awaited wIth considerable Interest and th t I I is the effect or of o the general raising or 01 Industrial wages age upon the sup sup- supply sup supply ply of o farm tarm arm labor when hen it comes come to the han harvest haret et season When hen the th farmers have to corn com pete pete against manufacturers ho wh hap has just iut up am their payrolls 10 10 to to 15 per per cent ent One oe ne ventures r to say ay that much will be bo s ld about abuL the tho plight of ot the rural districts seeing their labor labor- l bor costs going up and tIe the of ot th the rise riso In agricultural tural tural price prices price In large largo ed an-ed The Th reACtion ot of the an fro from this thia section on tho the political mind will wilt be most interesting to observe |
