The Birmingham age-herald., 1921-09-04

| Definitely, the writer believes, the worst of the industrial crisis is be-
 hind us. Measured by the impassioa-
 ate figures of workers employed, a
 nationwide survey of industry as of 1 September first shows it. In the
 middle west, especially, and in Chi
 cago, the figures are heartening. The l great iron and steel centers show
 revival; coal, metal mining, lumber
 manufacturing, last to receive the
 Impetus of revival, is beginning slow i ly to show healthier tons.
 Pay Roll Increases Industries employing about a mill lion and half workers show an in- crease of more than 20,000 in their pay rolls over the number employed month ago. This increase is large l ly in the middle west In the east ern cities, generally there was no further increase in unemployment and measurable addition to the
 army of workers is expected this month. It begins to look as if the
 hope of business that fall would see
 revival is hope coming true, al- though the upward swing will be gradual and not spectacular. Slowly and healthily business is betting bet ter. Sometime within the next few days the government will announce the
 result of its survey of unemployment conditions as of August 31 That
 survey taken monthly since January, has been succession of 30day re-
 verses for the working ma:. and in- dustry generally. It covers 1,42S concerns engaged in IA major indus trio iS Ae of ba ma Ia, ,rI, | month and therefore affords an ac curate view of a cross-section of American business,
 Since January, the decrease in em- ployment has been Interrupted. For the last two months, in fact it has been accurated, particularly heavy decreases in employment being re- corded during June and July. 1t has been known however, that a sub sta ntial Increase will be revealed in the August showing; certainly it is , expected If so, it will mark the first upward turn since the beginning of the year.
 Begin New Survey Within the next few days, the la bor department will begin a new sur vey of employment which will be placed before President Harding for use at the forthcoming Hoover con ference on employment For the first time this year, there will be shown conditions in the building trades in addition to the other major indus tries already covered. There are no comparative figures by which to measure the significance of the build- ing trades survey. but it is believed that the summary will indicate fairly healthy tone in conditions there.
 The railroads have taken a fresh
 start. In June their net income was approximately fifty-one half-mil- ions, or at the rate of 3.1 per. cent on their investment. July figures are incomplete but already that
 mark-which was record for the year--has been passed Returns from 1S0 lines, operating about two hundred thousand miles or 80 per cent of the total, show income of s6a,Oo0.000 during July: If the re- maining lines simply held their own ncially--breaking even the roads will have earned at the rate of more than four per cent
 Should Show Dig Earnings They should show earnings of s90,- 000, ,090 for the month to be on 6 per cent basis.
 The farmer, according to dispatch es from the middle west, is going to make a little money this year, not l withstanding the sharpness of the IiQuidation in prices which has all but overwhelmed him. He has hopes for next year. His present shift to the right side of the ledger shows small balance and is reflected in the pickup in business in Chicago and other middle western cities.
 Iron and steel are revivinS. There are still big stocks on hand
 but consumption has outrun produc- tion for several months and the trend now is back to higher output with consequent additions to the working forces. Coal likewise is coming back to recognizable output figures.
 Over optimism is generally con demned by business men. They are looking for no boom, but for slow, steady improvement in all lines with gradual attainment, perhaps extend ing over months, of normal trade conditions.