Show Economist E Says Problem Of Future Is Would Distribution Distribution Would Op Open n Immigration BABSON DABSON rAnK Mass Mat Aug 27 Roger Roeer W Dab Babion on today slAted t where the tho problem of tho ast decade decad has been olle on of production th problem of tho next decade will bo b of distribution distribution tion Ho thinks that prices must be lower In order to overcome sales alea resistance Ho feels our present Immigration In laws are one of tho factors Inc hold up prices today Say Sas he vs YS TION During the th Post pact 20 years cau e have made mad great In Jn lower lower- lower Ins the th cost of production but during the period we haye the cost of the tho which retails for forone torono one dollar costs cost only about 20 to make The rhe balance Of 6 the 80 cents Is d somewhat as Fifty Flety cents cent's ROCS for tor sell sell ng the article and 20 30 cents for profit One reason for this ex ex selling expense Is that our are ar saturated with arc aro already deep In debt sales is continually ally creater It Is hard to conceive tho man out ot work that his ultimate position be helped by having more people como Into lh country but butI butI I belle believe such Is tho case IMMIGRATION liD AND FARMER Tha Tho farmers are aro the tho po- po potential po potential buyers of o America Ve W H r In an Industrial ago and the tho predominance of the th ma- ma machino ma machine chino chine sometimes makes us torget the fundamental fact that the States Is still an Aural Lural country depending for tor its prosperity upon the crops than thao upon any other factor Too many of our laws arc enact enacted cd without due regard for this tact fact and nd the pres pres- present ent restricted Immigration law is ison Isone on of these hO As the next election will wUl snow the farmers of the United States and Canada are arc very ery sore at the altitude of ot their respective gO eov The rho price of their has declined while the of the labor taxes and ma- ma materials ma materials which they must buy has hascon gone up Farm laborers are aro get get- gettin line eel tin scarcer less efficient and more expensive every year These farmers feel that the tho Immigration and other laws are ar being In the Interest of ot the lh capi capitalist and union labor of the cast These farmers want more immigrants who will give them an honest days das work for a reasonable pa pay Allbough tho farmer was wron In his eco eco- economics eco economics In his desire to fix prices he Is not wrong In his request tor tora 8 tree free market tor labor The resent law Is very unjust to the farmers The uThe direct effect of the Immigration gration law upon farm arm labor hns more serious than Is gen gen- generally appreciated In the fiscal r lear ear 1926 only workers ere admit admit- admitted admitted ted to the tho States with tho previous year This represents a decrease of ot U pe cent cent In agricultural labor Im- Im Immigration migration for tor 1925 1 23 compared ared with 1924 That Is wh why farm labor t scarce and why It tt is increasinglY h year year-as year as well as lesi lesI effi- effi efficient effi efficient Efficiency In labor In- In InI in I when the supply of Jobs the number numbe- of men to them Farm labor Is no ex- ex exception ex exception lo to this fundamental rule Hence the effect through the farmer of restricted Immigration Is to curtail his purchasing power as well as to the cost of food products IJ AI Ain SALES T i The automobile Industry at first based Its production policy upon the tact that the th automo- automo automobile automo bile was a luxury and could command luxury prices That was very ery well In tho th early days of the Industry when the automobile was more or less the tha toy of either the enthusiast or tho th rich Today lower Ier prices have havo brought tle automobile Into the class ot o for tor the body ot ottlie American public The auto auto- automobile automobile mobile today Is as Important a of transportation as toads were to t tha he settlers ot our country Profits per car have halo dropped away but the volume of ot production haa lid the th net result may be ceen In the tb financial statement ot any of ot the th leading automobile con concerns cerns Again one on reason for tor the r nt development of our electric light and power companies Is the fact that the tho price of electricity to the consumer has hu been steadily low low- lowering trine low ering Undoubtedly this reduction 19 largely owing to the small part labor lays In the th production n of ot elec elec- electricity WAGE S II HIGH I 1 la labor am friendly to organized bor bot and I 1 appreciate as clearly learly as aDone that some som employers In the past have hav abused their power over overlabor overlabor labor have tried to ret get labor as they could coald without hone honest est consideration of what ws la- la labor's la labor's bors bor's what constituted n wage wa But today lab labAr r Is no position longer In the down trodden tion which may have hav one been the th case Wages Wc In the th United States both In terms of actual dollars and andIn In purchasing power are higher than they ever have been In the his history tory of ot tho the world In tact fact I be- be believe be lieve they are ar higher today fundaments I economic law war warrants rants And Anel one of the props which has kept labor at hel and thereby prices from com III don has hns been the th new 1 lion la law I enough therefore the labor unions object to the Immigration bars They tight fl such steps just as th y ii d to fl ht the Introduction of ot saving labor labor machinery nut But just as S labor In Its protest against la- la la bor savin bor-savin machinery just so willIt It eventually c b br defeated In Its ef pt efforts forts to 10 limit the labor supply ot thIs country by legislation VALUE OP OF IMMIGRANT There Thero Is another of ot Im- Im Immigration migration restriction which has not been sufficiently noticed by our students and experts In populo population tion and labor problems This Is tho economic value ot the as expressed sed In the ways Is build build- build Our population In our permanent structures and capital Investments Our bank deposits and lite Insurance funds are largely from tho th born theIr children Since Sine Ibis Is so Immigration re- re re restriction n such as we e are practicing tOday policy Is the most short sighted pol- pol pol icy Imaginable for tor the economic of ot the country over the thelong thelon long mine Wo are ar hutting off ott the flow of ot that 1 vitalIzed t I Ired ambitious vigorous blood which has been the making oC of the greatness of our nation While our Immigrant population I I lIs Is engaged In strengthening the sinews of the th nation nallon on the other side of the ledger It might be cited that It Is the th which Is toda today running Into debt The Instalment business In Its present excesses excesS s Is being belne patr tar far less lens b by the immIgrant and his children than by those thos of ot ue u who prid ourselves on our gener- gener of ot Americanism In tact ItIs what e evidence I can gather It Is the native stock which Is kee Ins Ing the acceptance and finance cor- cor cor corporations busy bulY discounting t pa- pa paper pa paper per for tor from automo automo- automobiles biles to can candy J from radios to jew jew- jewelry jew jewelry elry BUSINESS S OUTLOOK Meanwhile wo approach the tall months with general business prospects In a n fairly healthy condi- condi condi condition condition tion l I do not expect the last six months of the th year to equal the halt but no marked recessions should take tak The Babson- Babson chart Babson-chart chart today stands at 3 9 per cent normal Employment onel payroll trends have havo sagged ort and there should be an am ample pIe labor supply available In most Ines tor the balance of ot the The outlook for tor the next few tew weeks I tor a business s volume Index Car from p els thus rating indi-rating rating a J fairly high volume ot business activity I 1926 publishers FI- FI FInancial Fi Financial Bureau I |