New-York tribune., 1918-05-05

a. least two market theories
,.,s been thoroughly exploded dur
- the present bond campaign--the
= :. that bull market is necessary
;nsure the success of govern
s.ct loan, and the other that a
s,.neial operation so vast as that
*. completed must necessarily
!. accompanied by a decline in
.eurity prices. AS a matter Of
net, the market has not been at
s.cted by the loan at all, except in
;. far as the diversion of attention
- .be task of placing the issue has
,.stricted activity. For weeks
.,.ders have paid little attention to
,rything but the West front, and,
.Aen they have moved at all, stocks
nave swayed with the swaying OF
4, battle line. The same thing is
ssely to be true for considerable
,ms Until the great German drive
i over and the Allies have definitely
...umed the offensive not much
,,t;yity can be expected. And even
ssu it is not probable that there will
h anything like a real bull market.
Il il true that many issues are SELL
no at prices obviously below in
t,insic values and that stocks are
nnbsbly more strongly held than
ever before, but the public is not
likely to take interest in the market
uutil the uncertainties attending the
shifting Of industry from peace to
vsr work are settled. Another thing
making for inactivity is that the
Federal Reserve Board frowns on
loans for non-essential purposes and
regards advances for purchasing or
Carrying stocks as in that class.
The shortage of labor becomes
more acute with the passing Of each
month, but it is nevertheless sig
aiieant that the production of
things required for war is tending
to increase. Steel output, for ex-
smple, is rapidly approaching the
capacity of the plants. l'he infer
ence is that labor is being shifted
from the non-essential to the essen
tal industries with greater speed
than had been generally supposed.
The latest employment statement of
the Federal Bureau of Labor Sta
tistics appears to confirm this sur
mise. Thus, while there was a de-
crease in the number of workers
on the paTolls of seven of the thir-
teen important industries from
which reports were received on the
last day Of February compared with
the corresponding day year be-
tore, there were substantial increases
u the number Of workers in several
ssentlal trades. The number of
non and steel workers employed was
greater by 21a per cent. 1t is in
nlestlng to note that the number
q employees in automobile plants
ID decreased almost 9 per cent
6en before the recent curtailment
aoutput was announced.
IN one state there will be no more
a'or disputes during the war, or,
amer, none that will interfere with
Mduction and distribution. Rep
asantatlves of union labor in Min
'esota have reached an agreement
wa employers that insures peace
W settlement Of all differences
n'lout the loss of a single days
NfS, and the Governor has ap-
rnled board to settle all contro-
Rsles submitted by either employ
Or employe. The agreement is
'Hh printing because it might well
sfse as a model for similar action
capital and labor throughout the
euntry. Its principal features fol-
hw:
mat employer and employe must
.ss0snise now and for the period of
~ war continuous, efficient produc-
A'n can alone equip and sustain;
WHY dispute, whatever it's motive,
sslea interrupts production furthers
~ ends and operates TO the ad-
"a1sse Of the public enemy.
'aat employees shall not ask for
.sssRnition of a union which had not
a recognized before the war.
employers, by q lockout or
-. ssnss means. shall not try to
~ w union which had been
"ssgaized before the war.
!. aas employers and employees agree
sV0o faith to maintain the exist
g status in every place of employ-
= oi . union. non-union or open
x. a. employers and employees agree
8. o'nerence with respect to wages
WITS OF labor shall be referred to
q. ssase Board of Arbitration for
na'eation under the provision of
%, Section 1921. of the laws