The Wilmington morning star. [volume] (Wilmington, N.C.) 1909-1990, 1943-12-31

will be scarce because of feed
problems. Slaughter houses should
do a big volume. Cereal products
will do well. Canned goods will
feel effects of sharply higher costs
and lower output. Bituminous coal
depends upon labor union policy,
but expect output to be at least
10 per cent better in 1914 than
in 1913.
Air transport will gain in equip
ment and efficiency. Manpower is
far from solved. The trend of the
industry is up for both air pas
sengers and freight. Railroads will
continue to suffer from equipment
shortages. War peak of traffic is
passed. railroad needs are SO
acute that higher priorities for
equipment viii be forced. After
the war, railroads VIII have a ter.
rible slump. With much less tc
haul, they will face, as never be.
fore, competition from coastwise
shipping, river TRANSPORTATION, new
pipe lines, airplanes and trucks.
Eastern roads will slump as soor
as Germany collapses
Electronics and television should
boom. Heavy electrical equipment
orders may decline slightly in 1914
ilowatt output may be 10 per cent
better in 1914 than ir 1913. Lumber
volume will continue TO be reduced
Backlog Of machine tool orders is
declining sharply. Subcontract
may help Nonierrcus metals are
held down by acute manpower
shortage. Paper and pulp will be
affected byt he cut in newsprint.
Paperboard output in 1914 should
equal 1913. Refinery petroleum
output in 1914 will run 10 per cent
above 1913. Higher prices for cured
probable. All-tirne peaks in steel
output scheduled for 1914. Ship.
building may not h o w further
gains, but launchings will.
OUTLOOK FOR LABOR
Crux is whether sufficient skilled
and unskilled workers can be chan
neled into critical war industries.
1t is estimated that 100000 work
ers must be added to essential
plants in the next few months.
However, over 100000 men and
women reach age 10 every twelve
months. Therefore, the labor stu.
alton may begin to ease. There
will be many disputes but most
upsets will be of short duration
and small scope. Labor leaders
must threaten strikes for publicity
and to hold jobs. The cost-of-iving
situation will dictate the rise and
fall of strikes. If rolling b k
prices is successful, pressure for
higher wages will be considerably
reduced. After Germany cracks
there will be no scarcit of labor
Labor's honeymoon is approaching
its end. There will be no railroad
strike in 1914.
STOCK MARKET
The 1914 long-term trend of stock
prices is definitely upward. 4
growing hoard of money seeks in
vestment. Few new stocks are
available. Present holders are less
willing to let stocks 60, except a
higher prices. The rise from May
1912 to July, 1943, was a long, I'm
broken advance. A period of con
solidation, such as from July l.
to date, was in order. The mex
few months may still be marked
by irregularity. This should no
disturb real investors. Corporation:
are adjusted to wartime operations
Any material change in the wal
situation may create temporarily
upsetting uncertainties. On the bull
ish side the market strengthened
in the face of the largest Wal
Bond Drive in our history.
Most listed companies are strong
err than ever. Debts have beer
reduced, cash reserves increasd
Companies doing well in war work
may get new buildings and ma
chinery for song. War stocks
have gradually given ground ir
spite of record earnings anc
growth in net current assets. Many
peace stocks have forged ahead
in spite of declines in earnings
and lower dividend payments. Il
is possible the war babies may
become oversold and t h peace
stocks overbought, but the total
industrial averages will go higher