Show SLOW DOWN iti Do IS HElD BENEFIT Calms Fears of Sharp Reaction In Building I and Industry BY STUART P WEST VEST Special Correspondent Standard Examiner Copyright 1923 1923 NEW rW YORK Mil May 1 The 12 12 The The last opinion at the dose close ot of this week till stIll till is tint thit the recent decline iu n stoc stock exchange prices has been much morp more an Internal readjust readjustment ment than an interpretation of con conditions outside Little of ot a really unfavorable character has hap hap- happened pend In the business ss orld dur duro during ing lug the last month and a half haIr On the thc contrary from the point of v taken by all experienced ob observers cn ers that the trade expansion o of oC the par ear I months of the year vear ear i jis IS pi ing in IC at a dangerous pace the pies cot ent slowdown doll down 11 Is la altogether a wol- wol com come Lt Much has been ben made In the tOek Market of the last few days about the holding up of oC big enterprises in thc he b building construction field fieldI ew ell 2 ew buildings have been en the most prolific source of or orders for or the teel companies and the steel ste-el shares have bave be hen been n pressed for sale on the contention that howe cr busy the mills ma may be bo now new orders are bound to fall off ore even more sharply than the they have a al already ready HELD ADVANTAGEOUSLY The other side of oC the picture Is th that t the postponement of ot bUilding projects Is a distinctly good thing this Is the Industry In whIch the competition for tor labor has hail hasL been carried to tho the greate t ex cx and in m the peril perU was greatest that mounting costs lead to mounting prices with withe c e violent reaction Had other oilier lines liDes of or business been like the building trade as It was as Blike 1 1 late as a fortnight 00 ago the post position tion Jon would have base resembled that of 19 O at the culmination of the great nar post tsar post ar Inflation If the deterring deferring of large construe lion tion undertakings has the effect of bringing back wages to a reason reasonable able level ll le el and discouraging exorbitant exorbitant tant demands for higher pay in oth oth- other other er directions It wUl will be a distinctly good thing for the general situation even If It it does temporarily affect ct the business of o the steel companies the producers of ot other bUilding material EXPANSION WARNING The feverish way the movement was going two months ago aroused widespread i which found Cound expressIOn in many warnings from high places as to what hap hap- happen happen pen If the country continued to ex- ex expand ex ax expand Its turn out of goods regard regardless regardless regardless less of the prices paid for labor and supplies This warning has been heeded Over eager roger bu Ing has ceased and prices have come comedown comedown comedown down before consumption was real real- really really ly Iy curtailed pr v Wall street strett speculators have tried to alarm the public Into think thinking ing that the reaction which has or or- or OP Is la the forerunner of a ranch much more important trade decline But Dut Butin ButIn in outside speculative o circles the judgment la Is precisely the reverse There It Is fell felt that In cutting culling down now the danger of another period of depression like that of three years ago has been averted DECLINE UNWARRANTED No doubt the decline on the stock exchange has baa meant that the speculative element clement took too en- en enthusiastic enthusiastic en enthusiastic a view of company earn earn- earnings earnings ings logs In tIm the market of or o February and early March and that the revision of estimates on this score has corn com compelled polled a corresponding alteration of tock exchange values But Dut no ex- ex tT which Wall Vall street com corn committed two and three months ago have havo warranted such a decline as has come since October At the low Jow prices reached dur durIng during durIng Ing the last Jast wee week the pendulum vas as swinging to the extreme In one I hadL-I direction quite as much as It had bad Q swung wung to the extreme In the other r i v i i 1 That at least Is the only Ion ion unless the expo of or big business bustness who have published their opinions are all rong One fact tact which has un question questionably ably told against the stock market p- p of the last six weeks as it had told against the bond market before Is the huge outpour of oC o new issues 1 ExistIng corporations and newly formed companies as well found In Inthe inthe Inthe the ext exuberant berant atmosphere prevail prevailIng prevailing prevailing Ing in the first quarter of the 3 ear thit they could do their money raisins through the sale of stock instead o of or through the more serIous e obligatIOn of mortgage bonds These new coming out one or more a day and folio followed Ned by bythe bythe bythe the rapid multiplication of oC new an and untried Issues on the stock tock ex- ex exchange ex exchange change list have hae ha ha e tended to create a supply greater than the demand i This is not a condition of course which will sill prevent the eventual Ia le- le assertion of true values But it can cantor I for Cor the time limo obscure the of values and make maKo the these e called so-called so technical conditions the influence that counts most FARMERS FARMERS FARMERS MAIN PROBLEM Cotton acreage has increased considerably over what hat it was a acar sear ear ago at this time The May Mas re- re report report re report port of or the government on 1 winter wheat what foreshadowed a crop some somewhat ehat hat above th the average Conse Conse- Consequently Consequently both the cotton trade an the grain trade have had to change their calculations regarding future supplies and this has told heavily on prices pricE along with curtal curtailed ed mill d mand In the case of ot cotton colton and smaller export demand in the case of wheat The chief problem for or the farmer however is still labor Jabor Many more workers will be needed In the har harvest harvest barvest vest fields from Crom thee middle of ct June until the middle of October Are Aro the the- farmers going to attempt to bid against employers in the building trades and steel Industry If Ie so 80 what will happen to their cost of production and II what hat bat will the have later hater on to say to tho people or of Washington and elsewhere who I think it is good politics to stand standby by the new Immigration f s as |