The Birmingham age-herald., 1914-11-27

general business does not show much sign of any improvement.
 These reports. however, are not incon- sistent. The great manufacturing plants are only beginning to turn out an enor- nous output representing orders rom across the sea. It takes little while for stimulus of that kind to reach from the manufacturers. to the retail merchants and the small manufacturers. Therefore, those in New England who speak of busi- ness conditions as still not very good are referring to present conditions al- though recently it has been observed that there is an undertone of hope in some of the statements received here from New England.
 From the Middle West
 Front the middle west have been re- ceived reports within a few days which suggest that people who dwell there should have felt sense of gratitude upon the Thanksgiving holiday. Many of the great manufacturers in the middle west main- tain headquarters or agencies in this city Some of these report that they are now straining every nerve in order to secure the facilities which they need if they are to meet the demands made upon them for their commodities. This Is understood to be especially true of Michigan. Some of the great manufacturing establishments In that state are increasing their plants and taking on skilled labor with the prom ise of steady time and good pay. In Wisconsin, there has been observed Q gratifying increase in manufacturing ac- tivity and the reports from one of the largest manufacturing establishments in that state indicate that it's managers be- lieve that the year 1915 will be identified as the year of recovery from business stagnation and the setting in of activity such as the country has never known.
 In and around Cincinnati, according to reports received in this city, there begins to bs observed large increase in manufac- turing operations. Some of these are nec- essary in order to facilitate the opera tion of some of the factories In New Eng land which are now occupied with earnest attempt to meet the heavy demands made upon them, principally by England, but to some extent by France.
 Another factor which causes men of business experience to feel in this Thanks giving season as they have not felt upon like occasions for several years Is the tendency which has been observed for such demand for American stocks as will be likely to cause the market quotations Of these stocks to increase as soon as there is any available means for making quotations.
 In financial circles there seems to be oOAlC aPpi ChcHSioH tudl III tdSt IHG war be prolonged there may inevitably be some repudiation of the national obligations of European nations Nobody, for instance, thinks that Great Britain will be com pelled to take action of that kind, and the danger that France may find it neces- sary to scale down her national debt is slight, but 1t will surprise no one here if Austria refinanced her national debt in such manner to amount to partial repudia- tion. No one doubts that Belgium, unless in the event of victory of the allies. she receives a sufficient indemnity from Ger many, will be compelled to say to those from whom she has borrowed, I've can not pay our debts'
 Fortunately only in an indirect way would this method of lfquidating na- tonal indebtedness affect the United States. We have not lent much money abroad, at least to states whose financial standing is in danger. But we shall prob- ably be called upon to aid in the recon struction financially of the nations that have suffered by war. From one view point that may be an advantage, but from another the disadvantages may be great. However, this Is but a conjecture me fact remains that unexpectedly at this Thanksgiving season the prospects are excellent for an early revival of American domestic business and for the restoration of dividends which for year or two have been passed by some of our large in