The Birmingham age-herald., 1920-06-11
Daily Wall Street Gossip
BY HOLLAND.

laws are seriously defective, and in part
 explain the high cost of living. But if
 the new Congress should not meet until ! December. 1921, then it may be that as
 much as two years will have passed be- fore a scientific and adequate tax law can be enacted
 Questions of International trade, of the merchant marine and perhaps as impor- tant any, those whieh refer to the rela- tion of the farmers of the United States to production and general prosperity, must be considered by the next Con gress
 COLLEGE BOYS AS FARMERS The statement is made that if the wheat crop is harvested successfully that will be due to the employment of college stu dents. The harvest season for wheat IS coincident with the college vacation term. The wares will be sufficient to tempt the
 students and they will also have board and beds. so that it is likely that the deficiency of regular farm labor may in great measure be made good by the services of college students. There are many thousands of these who seek em- ployment in the summer. Almost all of them will be able in the harvest season to earn enough to pay their expenses for the greater part of the college year, which will begin soon after harvesting ends. CONVENTIONS AND BUSINESS Although. of course. the interest is very great in the proceedings in Chicago this week, and will be continued until the San Francisco convention of the democratic party is ended. nevertheless it seems not to have interfered with the gradual and orderly work of readjustment which is now in progress. The uncertainties which so many business men felt in the early spring, and until mid May are passing away There is no longer any danger of such interference with business due to the deflation which IS now in progress as would cause business crisis, or any thing approaching widespread bank ruptcy. All O the authorities agree that a money panic or famine is not conceiv- able. The credit facilities are improving and that will tend to put an end to busi- ness uncertainties.
 Therefore, the presidential campaign, which probably will not begin actively
 urtil early in September. is not likely I to greatly disturb business. We are go- l ing to have large gold imports, in all probability between July and October.
 This gold will be used, supplemented also l by funds by the sale of securities, for the | liquidation of the Anglo-French debt of i $500 GOO ,000, which must be paid in De- 1 tober
 | It is also observed that industrial con- diticns justify the belief that they are ! rapidly approaching stability. For in- stance, pig iron production gained 5000 tons a day in May over the April output l and the embarrassing and costly strike of the textile laborers, especially in New England, is terminated
 l Furthermore the investing public is
 clearly disposed to furnish capital asked for by industries and by the railroads,
 provided the rates and other terms are satisfactory. It is possible that the se-
 curities market will be somewhat influ- enced, or rather by the platform declara- tions made in Chicago and San Fran
 cisco. That market will wait for while, but not for. long. It is deemed likely I therefore that the presidential campaign,
 no matter how hot it may prove to be, l will not seriously affect business or dis
 turb the securities market.