Show WAGE RAISES CUT EARNINGS I INo No Other Clouds of Any An Importance Seen on onI I Business Horizon j 4 I IB B BY BYRON RO B CoP right 19 1923 1521 U XE NEW YORK June 23 3 The The se- se se securities markets of oC the th week aeck eek hA hate e ton been tn dominated almost entirely b the failure o of tao t tInge New York extensive e foreign con on Ass As Is s usual in such cases rumors rumor were acre ere baseless but they had hada hada h a disturbing effect upon prices The ThO dIfficulties which resulted In these failure hate havo no connection tion whatever with the genera gena en ra b ness nes situation Th The only seni- seni serl-cus serl ert- ert us cUS phase IhMe of or the matter ass as as still If I ts that businesS men tAking a their cue from the tho tock stock took market should become alarmed over the th tic domestic Industrial Indu outlook hn a hen there I Is no occasion for tor alarm That Is i not to S 8 siv that tie the tl future Is Ia clear 1 1 her here are II a ber of clouds on the horizon For there is the steady In- In tl in-tl ea e a c in to labor coat costs During the I So days das ending Jun June 14 there here steno a greatH amount of or stage waga ago In- In In Increases CrOsses creases cr ases than during any similar pre lous period according to the thO national Industrial Indu conference board Increases ere stere v cr reported for in tn occupations occupation Aver Averite e hourI earnings rose from Crom 51 2 cents to 52 8 S the hourly til up to IH 11 per percent percent cent ent abote aboe the July 1414 lesel 1 At the sime 8 time according to the Index numbers number Issued b tile the red red- red oral trILL Crai Reserve e board wholesale in the United States declined t to o 0 points during the th month or of orIa oMay Ia May O 0 ON Now 0 ot many luany of oC the se age In- In Increases increases In-I In creases may ha have hare e been ben well eU de- de deserted de It may bo ho that labor laborIs labor Is entitled to a larger larger share In the profits of or industry It must mut b be evi- evi evident evident evi evident dent ho however hoHr Hr that Increasing labor costs coOts and decreasing whole hole sale I prices j rlee cannot go hand and hand Ith increasing profits for forthe forthe the manufacturer Something may be expected of oC greater efficiency although It rs lb lath the general experience that higher ware wages do not make male higher et- et ef efficiency and something ma may be bo cx- cx ex expected of oC greater turnovers but butT butT-bere where bere the margin Is at all aU narrow the result of this thi Increasing labor Is bound to be b detrimental to the Interests of ot the th owners of the business and so eventually e to the market price of the RAIL BAIL This matter maUr of Increasing co Costs la bears especially heavily upon pon the The total pI payroll roll ot of the Ibe laI I the latest available returns is 17 9 per cent greater than a year ago It Is true that the railroads are doIng more business and that pres pres- present pres- pres present ent eat earnings are ter very gratifying but If It the agitation for tor lower rates rals should be successful the effect upon net Income would be very un- un un unfavorable favorable Ca It Is probably subconscious realization on of the these difficulties difficulties tie ties that keeps the price of o r securities so Iw I IFor w For the present however howe er the raIlroads have no legitimate complaint The week ending June 9 3 for tor the th second time tiro this year ear car loadings crossed th thO million ml mark They are the th heaviest In the th history of the roads for this season of oC the ear and only slightly below blow the record which was stas I made mad In la October 1520 There Ther will still U bl bit bita b ia a letup of a seasonal season casona character character ery ery ery soon now but new nw records are arc anticipated when the grain begins beins to mo mote e in the fall CaU WHEAT PRICES row LOW IX W Another difficulty which has d dwelt welt upon so often orton that to men men- mention mention tion It again 1 i la almost tiresome relates to the agricultural situation and particularly to the th low prIce pric which the th wheat grower receives for or his product It I is not only that the buying power ot of o the middle west farmer farmen Is s lowered but the danger 13 is that In the tho effort to find remedy he li will be b led economically cally cally astray The Tb defeat of the proposal to ask congress to fix tiE the th price of ot i wheat a a scheme schem which was waa warm warmly arm I ly IY debated In the National Wheat I conference at t Chicago this thi week Is gratifying but the th belief bellet that I the government can cas by some orn magic t aside aide ld the th law of supply and de- de demand de demand mand is IB I widespread and If act acted upon on would surely ly bring disaster h The subject Is attracting attracting- a greata great a i deal or of attention not alone from farmers u as a I Is evidenced by the 1 u given to the th proposal of Bernard 1 II H 1 Baruch for Cor the th forma forma- formation formation tion Ion by American Amerlean wheat growers ot of a a operative co selling MONET dOi EY RATES EASY There Is no Important hcan In inthe tb the strictly financial situation Money ioney remains The Federal Reserve system ratio is again higher In fact tact both for Cor the i lork ork ban bank and the th S as a whole It I Is above an all pre lOIl per per- leri perCentage per percentage i this calendar year I The treasury's statement on the I general stock lock of money In the coun coun- tn coun-tn t Li as of June 1 I showed the largest larget holdings of ot gold e ever eser er reported in II a monthly statement CommoditY prIces are fairly well stabilized stab for forthe forthe the moment Stocks of goods are moderate Large Industrial con cor pora cor are rich in cash nit rc- re There Is la no increase In demand for bank credit Production Production Production tion I is still WI high Th The latest returns ton for the auto auto- automobile automobile mobile Industry sho show at the peak Some sau seasonal nal recession I is isnow Inow now to be expected and nd here and there there ther have been reductions In price prices but the position of the I larger units In the Industry ll Is V I ry I 1 strong FOREIGN WE Turning to affairs abroad the delay In to a workable settle settle- settlement settlement ment between bet Prance Franc and OCr Ger Germany many on the tho reparations reparation problem I is becoming quite quit a strain upon the markets most closely closely- affected This to Is shown hown more mOrA in London than In ew Y York Irk although even en here bre the advance in Quotations for tor foreign bonds which was so o marked I a month or two ago seems ems to have come to a a l stop Iop The outstanding exception of course Is the new Austrian loan but even eten en in this case ee ca the premium I Is not so high as for forthe forth the first few days day after the th bonds ere acre floated 1 |