The Birmingham age-herald., 1916-06-08
Rising Tide of Prosperity

Some presidential years nave been accompanied by actual business de- pression, and in the popular mind national campaign has usually stood for dull times; but there have been several notable exceptions.
 Tn 1912 there was such an excep- tion. Business had been long depressed but it showed marked signs of revival in the summer of that year after the presidential nominations had been made. Financial leaders had always tried to impress the public with the idea that the republican party was the business mans party, while dem ocratic victory frightened capital and put a quietus on commercial enter prise.
 With the republican party hope lessly split it was seen from the start in the 1912 campaign that the demo- crats would have walk-over, yet de- spite the outlook business conditions were not only sound but there was more business activity on the eve of the election than had been the case the year before. So much for 1912.
 Another presidential year has rolled around, and after the hardest of hard times, caused for the most part by the European war, this country IS en- loving an uncommonly large degree of prosperity, and democratic statesman ship has had no small credit for the recovery of business. The federal re- serve bank system, democratic meas ure, was hailed by the financial world as the best constructive legislation that any Congress had adopted in many year.
 The democratic administration proved in various ways that it was the friend of all business interests not in restraint of trade, and that it's pol icy was to help and not hinder "big business"
 An era of what was predicted would be unprecedented prosperity began to manifest itself last fall, and early in the new year business was at high tide. Holland" in his informative and optimistic letter of New York date line in yesterdays Age-Herald re- viewed briefly the business situation and the prosperity forecasts of a year ago and then said:
 Whether the expression, "the high tide of the country's prosperity has been reached is accurate is doubt full In fact, the report made by the federal reserve board leads those who have carefully studied it to believe that instead of the high tide having rec ched it's climax the rise is to be continued for another year at least.
 Furthermore, those who are com potent to judge are inclined to think that general prosperity unexampled in the history of the country will be maintained for some years after the close of the European war. One of the best features in this report according to opinion commonly held here, Is the reference to the promise of the harvests. The federal reserve board says that more favorable crop con- ditions are reported at the beginning of the summer than were the reports made earlier in the season.
 Unless there should be serious dam age to the crops before harvest time prosperity will continue in full swing throughout the year, and it will not be surprising to see it at flood tide just about the time President Wilson's re- election is we'll discounted in New York's financial district No, presi- dential campaigns do not always spell depression, and 1916 in particular will be remembered as solid boom year.
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