The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1926-04-01
1926 DECLINE
seen IN STOCK
I MARKET SLUMP
Unemployment and Big
Wage Cuts Due Soon
Especial to The Daily worker)


NEW YORK, March so.-The rsae-
tlonary opening Of the stock market
today gave no hope of recovery from
the terrific slump In all staple stocks
yesterday. Industrial leaders opened
fractlonaIy lower with one exception
this morning following the establish
ment Of new lows for 2s1 Issues at
yesterdays close.
Yesterdays session was marked by
hurried and panicky selling with no
thought Of value, the good stocks be-
ing unloaded on the selling counter
with the bad. 2,77S,OOO shares constl-
tuted yesterdays turnover the big
gest since the slump Of March 8.
Money Gets Scarce.
Withdrawal of out-of-town bank
funds continues. There are two sea-
sonal reasons for this: The country
banks are confronted with spring de-
mands in their own localities and
funds are needed to make good show
ings on the books for the annual
bank examinations. But the wish IL
father to the thought in overestimat-
ing these causes. Fear that the in
fated speculation Of last years mark
ct is responsible for the present re-
action is perhaps the chief reason.
The federal reserve withdrawals con-
tinue also.
AS each day of the market becomes
progressively worse more and more
truth is being attached to the belief
that business conditions are not by
any means approaching the rosy fore
casts made at the end of 1925.
| Slump Coming.
Signs multiply that a definite bust.
ness recession is certain to set in
and that the market is due for a bear
period Of long duration. The auto
mobile situation is critical. over
production for inventory in the auto
mobile industry on the basis Of last
years cheap money and a break
down in installment buying foresha-
dow paralysis in the motor market.
Steel production approaches a
sharp decline and commodity prices
have resumed a downward course.
CAL money has risen to 5h%.
The Workers Share.
1t is almost automatic that the con.
dition Of the market is Indicative of
what will happen to business sooner
or later. A distinct tightening is
seen already and it is by no means
improbable that, so far as the workers
are concerned, their share of the pre-
sent decline will be dealt out in in
creased unemployment and wage
cuts on a large scale before the year
is far gone.
Foreign Exchange.
Great Britain, pound sterling, de-
mand 4.S5B cable 4.S6A. France,
franc, demand 3.4315; cable 3.44. Bel
GUM, franc, demand S.7615; cable 3.77.
Switzerland, franc, demand 19.241b:
cable 1926. Italy. Ira, demand 4.O2;
cable 4.O2A. Sweden, krone, demand
$3.50; cable 1858. Norway, krone, de-
mand 21.21; cable 21.2S. Denmark,
krone, demand 26.16; cable 26.1s.
Greece, drachma, demand 1874: cable
1.S4. Spain, peseta, demand 14.O7H;
cable 14.O9. Holland, form, demand
1905; cable 40.OS. Austria, crown, do
mand .O014B; cable .OO141s. Poland,
zloty, demand 1880; cable 1880. Hun.
gany, crown, demand .OO14 1-16; cable
.OO14 1-16. Finland, mark, demand 2.52;
cable 2.52. Jugoslavia, dinar, demand
1.76; cable 1.76 Czecho-Slovakia,
crown, demand 2.95%; cable 2.96H.
Roumania, lei, demand AZ; cable AZ.
South America: Rio de Janeiro.
milries, demand 1422; cable 1927.
Buenos Aires, peso, demand 1887;
cable 1852. Uruguay, dollar, demand
1O1.1S; cable 1O2.OS. Peru, pound, de-
mand, S.S4; cable 1856. Chilli, cents
peso, demand 1910: cable 1915.