The Birmingham age-herald., 1915-12-29
The Outlook for 1916 Is Far Brighter Than Ever Be- fore in the Nations His tory
UNDERWOOD SAYS FLUSH TIMES ARE
 ALMOST UPON US
Retail Trade During Past Month Has Been One of Striking Features of the Trade Situation
By HusH W. ROBERTS

By HUGH W. PROHIBITS
 Washington. December 2S.-tSpcciaI) Without specuIating on the effect su- the impending presidential campaign. eastern newspapers. Of all political faiths, publish general admission that 1915 has been banner year in trade, with glowing predictions or great pros perity in 1916.
 On account of the European war, American products have found ready market across the sea, and local con have been compelled to depend solely on the local market As a result, there is more gold in the United States than ever before in the history of the nation, and the indications are, accord ing to financial students, that by the of 1916 the trade balance in cess of $2,0Oo000,oo0.
 We will not have prosperity said
 Senator Underwood of Alabama today,
 we will have flush times. The coun-
 try will feel the effect of the exis-
 tence of an abundance of gold re-
 serve. Money will necessarily be of-
 fered at an extremely low interest
 rate"
 FRED LETTER YEAR"
 Under the caption, 1915 the Red Let ter Year in the Business History of tho United States" the Washington Post ed itoriaI says:
 The Christmas week closed with the largest distribution, the most extended distribution. of commodities to the re tail trade of any sess in our national his tory
 Tn aggregate volume and in aggregate value of the retail trade it has no equal in the past, and this immense trade has cleared the shelves of the merchants, emptied their storehouses and given them cash in hand to an extent that cannot fail to aid largely in their future busi- ness affairs.
 '"The great clearances of retail stocks that have been effected since December 1 mean that large orders will soon be given by the merchants for the spring and summer needs, and given with view to the fact that stocks on hand are at mini mum and that the current demand for goods is now running at the maximum, if be made with demands of prior seasons.
 HUGE RETAIL TRADE
 "The huge retail trade of the past 30 days is guaranty of heavy demands upon manufacturers, a guaranty of large purchases of materials for manufactur- ing uses, a guaranty of employment of large forces of operatives in the man. 1foc cfI1 aSt hligbmantS a of the development and extension of retail trade and the consequent employment of larger forces of clerks and sales persons.
 ''The striking features of the news re- ports of the last week were the noting here there and everywhre in our indus trial districts of pay rolls unparalleled in total amounts. of bonuses and gifts dis tributed by prosperous corporations and firms to their faithful employees. of in- creases in wages by public utility com panies and of extraordinarily heavy gains in earnings by the transportation lines east, west, north and south in the United States.
 If there are any pessimists left in the United States. even the most confirmed of these would have to accept such evi- dences as these as establishing the pres ence of great good times, but when to these are added goods for export in so great quantities that vessels cannot be found in sufficient numbers to carry the offered at the ports and that limit acceptances of freights by reason of scarcity of cars, lack of terminal facilities and insufficiency of sdetracks there is no place for doubt infirm.''
 BOOM IN BUILDING
 In brief review of business at the close of the year and a forecast for the future, the New York Times says:
 Tn all save retail lines, the holiday period at the end of the year is usually given over to inventories and the clean ing up of odds and ends. Just at pres ent while such matters are receiving their due share of attention, there is somewhat more activity because of the unusual conditions both at home and abroad. Among recent circumstances which are significant may be mentioned the greater demand for brick, cement, and other building materials accompa- nied by increases in the prices of these articles. The value of this fact lies in the indication thereby afforded of an awakening in building activity after about two and one-half years of dullness. i in retail business, the bulk of what has been done within the past fortnight comes under the dead of holiday trade. Itl nas been brisker and on broader lines than for half dozen years before The money taken in will be stimulus to 1uying in the primary and jobbing mar xets, as is already apparent. The growth n confidence, which was so severely I shaken in the early portion of the war. S perhaps the most hopeful sign because ! t leads to enterprise. Large figures of production consumption and ex- i port which continue to be shown are among the substantial bases for the feel | ing which exists. There is abundant -eason for the cheerfiilness which the hol- i day season has shown"
 THE WORLD EXPLAINS
 The New York World assigns reasons .o account for the unresponsive attitude ,f the stock market in the following com nent.
 wall street never approached the threshold of the New Year with greater confidence in the financial, industrial and commercial outlook. and tile failure of
 (Continued on page Two)