Evening star., 1923-07-15
NATION |SST|RRED !
BY DOLLAR WHEAT
Baldwin Speech Another Biz
Development of Week in
Financial World.
WAGES AGAIN TO FRONT
Trade Balance Once More Favor
U. S.-Farmers Cry Aloud
for Needed Relief.
WAGES AGAIN TO FRONT
By GEORGE II. HUGHES.

Special Dispatch TO The Star.
NEW YORK, July 14-It has beer
| an important week Stanley Baldwin
premier of Great Britain, addressing
In form the British parliament and
in fact, France and Germany. has an
| nounced the British view of the rep
arations situation. He asserts thai
| this situation is worse than il wal
| when France first entered the Ruin
| and that Germany daily approache.
! nearer and nearer inevitable eco.
nomic collapse.
Eminent economists and statisti
clans. summoned by the Department
OF Agriculture, discover that Europe
! is less able to buy American agricul.
tural products than year ago. The,
| think 1t advisable that wheat acre.
| age be reduced. Meanwhile whra.
has fallen below 81 a bushel in Chi
! cago. Progress has been made by
| the joint conference of anthraci-,
miners and operators. but the former
nrmiy refuse pledge, to continue
| mining after September ] provided nc
| agreement is reached before tina
date. Both sides urge the consumers
| to buy their coal now
The railroad brotherhoods have i
! it be known that they propose to de-
! mand higher wages. me Auel.,.e
Federation of Labor thinks the time
| opportune to make another attemp
to unionize the steel industry.
| The United StaIc, ~ ,oratior
! reports a drop of $4,000 tons in tn.
amount of forward business carried y
! on its books as of June 30 Thi.
| makes total orders the smallest sine,
the close of August year ago.
| Railroad earnings continue salts.
factory. Car loadings for the weei
ending June 30 were the greatest in
railroad history. They even rxce.r
the previsus record week of October
| "a. lszo. with the fall grain movem.::',.
| Yet to come. significant feature o. (.
the car loadings for the week JUS .
| reported Is the increase in the Ira.;.
| ings of merchandise.
Trade balance Turns.
The United States trade balance ha:
again become Favorable" That i.
to say, exports are larger than i'm.
ports. The exact figures, which ar.
Tor the month of June. are s32SovO,.
900 in imports and 1929. 900. 900 in eN.
ports. There has been Il sharp fall
ing off in gold imports Here tht
figures are s19.433.553 in Jur4.. again>.
S46.l56,195 in May. Ii is hnportani
! To note chat the excess is still ON tn,
import side. Predictions of the be.
ginning of a gold export movement
have not been heard of late
For the most part. commodity price:
are lower than q week age. This e..
| noticeably so in foodstuffs. except a:
TO corn. Copper is little firmer
To all these developments. most -
! them of an unfavorablr nature. th. .
security markets have reacted only III
very small degree. For the mos
part they have been dull and un
changed. When the first reports
the British prime minister's spec,
reached Wall street yesterday tn
were quite different from what h
been expected SAC
Trading Almost at StandStili.
rf-t-
| language did not seem calculated 1
compose the difference between I'll.
British and the French view. NoI
was there anything i'll the spee.I
as far as Wall street could ascertai,
which would clear away the dark
clouds which hang over the who
continent of Europe. To that exten
it was disappointing. but prices a.
not weaken materially. Trading sim
ply stopped Bad news is not alway:
translated into lower prices, even il
speculative markets. For quotation:
to decline. somebody must he willing
to sell at lower Iigure.
As a matter of fact, Mr.. Baldwin
did not add to the worlds store c.
information during all his discussion
More important developments may b'
expected wi en- the British reply e
Germany is formally drawn up am
presented TO the allies for their in.
formation and comment 1t will prob.
ably be well 10 reserve judgment foI
the present.
wheat Growers Lot Hard.
OF more immediate Importance i:
tie domestic agricultural situation
Admittedly the wheat growers lot II
hard one. The present price is be.
low the cost OF production, and tbs
farmer cries aloud for relief-a CRY
to which the politicians profess 4
lend willing ear. Now it does nc
good to dwell continually upon ttis
truism that many, If not all, of the
proposals for a remedy would MAKE
matters worse. 1t is not particularly
price fixing is always a failure. II
does positive harm to charge that the
farmers are seeking class privileges
The point is that the grain grow
eTS have legitimate cause for COM
plaint, and unless banking and hnan
cial interests are welling TO lend
sympathetic ear they must eXpec
such spread of radical sentiment
throughout the midwest as will re.
act un1avorably upon the whole eco.
nomic structure.
| Most Encouraging Step.
The most encouraging step of tn;
week was that taken by the fedora.
reserve board I'm directing its agents
to advise wheat growers how to take
advantage of the facilities afforded
by tt e intermediate credit banks. just
established There is absolutely nc
farmer should not be allowed T.,
finance his surplus product than there
is to prohibit the specuiator from
/ doing the same thing.
| Copyright. 1921