The Birmingham age-herald., 1915-04-12
TRADE BALANCE IS ANOTHER FACTOR IN
 URGING GOOD TIMES
Duration of War Does Not Excite Special Interest, AL though Persistent Ru- mors of Peace Are
 Still Being Heard

Washington, April 11.-(Special.) ) The prosperity movement has begun and the boom is on. For several weeks evidence of better times in all sections has been accommodating, and the unremitting efforts of those high in authority to restore confidence and to encourage a revival of business are being crowned with success.
 The enormous trade balances which are being piled up week by week in favor of this country (about $14o,ooo,- 900 per month since December D; the undoubted success of the new currency law and the strong position of the banks; the great crops of 1914; the ex- wheat crop; the greater purchasing power of the American people, resulting from their drastic economies for many months past; the better feeling toward corporate enterprises, including trans portation lines; the firmness of the cot ton market at it's highest level since the outbreak of the European war; the improved conditions in the iron and steel industries, and the persistent ru- mors of preliminary negotiations for peace; were all contributing factors to the remarkable boom on the New York stock exchange on Friday, April 3, when nearly 1,3oO.00O shares of stock changed hands.
 Marked Contrast to Year Ago
 The strong and buoyant market was in marked contrast to that of July 30. 1914. the day on which Russia sent it's ultimatum to Germany; on that occa- sion the volume of transactions was about the same, but the market was overwhelmed by the avalanche of sell ing orders and values crumbled like ore in crusher. On that day New York claimed the distinction of being the only great open market in the world. but when the exchange closed at the sound of the bell at 8 o'clock that aft ernoon it was destined not to reopen fer more than three months. When it did reopen in November last, concur rently with the announcement that the federal reserve banks were ready for business. transactions were restricted and minimum values were fixed for leading stocks, and transactions in these stocks were not permitted below the minimum quotations. The market was allowed to feel it's way along, and read justments of the minimum values were 1a Ii a VI ago, however, all restrictions were re- moved. and prices have been adjusting themselves naturally and without re- straint of any kind. 1t does not appear that Fridays boom was manipulated in any way, and if there Is anything in the doctrine that money talks, this upward movement in stocks may be re- garded as an indication of the confidence of the investing public in prevailing conditions. as we'll as an evidence of its belief in better times ahead.
 Wall Streets Power of Foresight
 The element popularly known as Wall street Is credited with the power of foresight. and it certainly does not hesi- : tate to discount the future. Old timers remember the events of 1899 and 1901, and even young business men recollect the boom of 1906, and the early months of 1907, which was accompanied by an active stock market and when prices were maintained at very high levels About the middle of March, 1907, liquidating movement set in and there was a tre- mendous slump in the market. While general trade conditions appeared to be satisfactory for some months there- after, slackening in new business be- came noticeable as the summer ad- vanced. the over-extended condition of those who had failed to liquidate be- came more and more apparent, and the
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