The Birmingham age-herald., 1923-07-02
BUSINESS UNREST |S UNJUST|F|E ANALYSIS { \ | W {
Most Of Essentials Entering Into a Sound Situation
 Are Present
By WALTER B. BROWN
 Editor New York Commercial henSed Wire to The AKe-Herald.

Geased Wire to The Age-Hernld.)
 NEW YORK, July 1.-what are the actual facts in regard to business conditions?
 Is there any possible Justification for the unrest that has been 80 widely cultivated by whoever 1t is that Is directing the bear drive1
 There is some slackening of de- nand. but 1t Is only to the extent of dropping back from the abnormal to something approaching the normal. There have be increases in wages. These were bound to occur where there was a labor shortage. There has been some increase in the cost of living But 1t Is much less than might have been expected and not at all comparable to the imitation of the postwar period. There are strikes and rumors of strikes. Ac- tual cessation Of labor has occurred only in sporadic instances and strike threats are always with us.
 Building Is Defer9ed.
 Building programs have been de- ferred, representing hundreds of mil Hons of dollars. They might just as well be until some of the projects in hand are completed, for they would only increase the competition for labor and materials, of which the supply is limited. There Is the fear of attacks upon the railroads when Congress reassemoles. That is six months off and there is already a swing of public opinion in favor of allowing the roads to work out their own saIvst tion-
 There are shutdowns among the textile mills. That is not because of top-hsavy inventories but because wholesalers ars hesitating as to whether or not the consuming public will pay the higher prices made of raw materials. particularly oot- ton. and of labor. But retailers are not ovarsuppfied and there is ample buying power and BE soon as the public realizes that it must pay these higher prices or go without, 1t will pay them. All of these and many other items have been played up and given tremendous significance and yet when they are studied they are not so serious after all.
 Nations Savings Crow.
 On the ether hand, what are the reasons why all this should be dis regarded2 On July 1 the country's savings bank deposits amounted to S6.b4T,1S&,oOU, an Ol A tAlllC less than 1 per cent over the total on May 1, but of fully 10 per cent over June 1. 1922. Money rates re- main undisturbed with only the momentary variations due to the mobilization Of funds for particular needs. Cancellations in the mercan- tile trades are negligible. Business concerns are paying off their loans at the banks instead of demanding extensions. The crop outlook Is good, with the prospect of an in creased buying power on the part of the agricultural community. In fact, most of the essentials entering into & sound business situation are pres ent and there Is no reason to believe they win not remain.
 Ttere may or may not bs any oon- pection between the bucket shop failures and tho attack on the stock market, but the fact remains that the backing these fraudulent con cerns have Is greater than has gen. orally been realized It extends into the realm of corrupt politics and presents a condition that Is amazing in it's ramificanons and seriousness. Forces are at work to try and clean