The Birmingham age-herald., 1923-04-15
Immediate Increase In Spend ing Power To Aid Retail
 Trade

NEW YORK. April 14-Long ex- pected wage increases came thick and fast this week to the tune of an increase of more than a quarter of q billion dollars annually in the pay rolls of three of the country's big gest industries.
 In many quarters payroll increases are not welcomed because they mean a reduction in profits Those dealing in stocks and bonds want profits high so that the securities can be driven upward. But to the country in gen eral the increase In wages will mean more spending power and result in an immediate increase In retail trade, which has scarcely been keeping pace with the advance in Industry in many sections.
 The biggest wage increase was by |. $. Steel, followed by Independent steel companies. The wages of com mon labor were advanced II per cent, the first iucreas9 since the one of 20 per cent last September. This boost alone meant S100 000,o00 a year addi- tional wages to steel workers.
 Packers Give Increase.
 At tho end of the week the big packers made a similar advance. Fig ures on the exact amount this will increase payrells in that industry are not available. but 1t will mean at least half as much as the steel wage advance.
 The advances In the textDe indus tries which has now been completed totals about S75.000, 900 annually.
 Besides these raises. building trades work CTS in practically all large cit es have either been granted or are negotiating for increased wages with fai fyl1 If xvI Q ask, since the record construction program will caH for more men than are now available.
 Accompanying the wage increases were decreases in the price of two important commodities and an iH crease In one other, Crude oil de- clined in three separate producing sections and on the Pacific coast there was reduction in the price ot gasoline. If cuts in the refined prod uct are stayed off in other sections it will be only because the peak or consumption months for gasoline are at hand.
 Oil And Copper Lead.
 Copper producers are still asking 17A cents for the metal but this Is largely a nominal figure and 1t can be bought for IT cents and in some cases for l61s.
 oil and copper were two of the commodities which led the way ic recent price advances The other was sugar, which had continued upward. Many Cuban suger estates are now closing and all report an outturn we'll under the early estimate. As result raw Cuban sugar advanced 10 new high for the year above six cents and refiners' prices for refined suear are above nine cents
 The weekly trade reviews are only moderately optimistic about imme- dtate conditions and all remark about the way that the Unreasonable weath- CT has restrained buying. Brad streets says there is irreeularlty and points to tine building figures which surpass all records d. oue extreme aud to collections which are sagging as the other. buns says that dis tinct pause in new buyins has deHei- oped indicatiug that in many eases requirements haze been covered We'll into the future. As pointed out wage advances WILL do untcn to reme- dy this situation.
 According to Bradstreet's March building reached the record total ct S37211L555 iH l55 cities, q ea{n 9t 707 per cent over Fehruary
 Business fatiafes were higher thls week than last beiHe 39i against 3#59.