The Birmingham age-herald., 1922-01-06
TRADE FACTORS IS
 BANKERS SUBJECT
When Exchange and Freight Rates Stabilize, Then BuSi-
 ness Will Improve

Stabilization of foreign exchange and reduction in freight rates in the United States are the two most vital factors necessary to bring return to normality, according to John H. Frye, president of the Traders Ma tional bank who spoke to the Bir- mingham Real Estate board at their weekly meeting at the Tutwiler yes terday noon.
 country may look for quick and substantial return to former condi- tions in three months time. he said.
 Maintenance of the gold reserve improved conditions in cotton and woolen textile industries and stimu- lation of the building inudstry were cited as the. most promising of pres ent conditions by the speaker.
 Tucker as 1922 President
 Nominations which practically as- sure election at next Thursdays meeting were made and the custom of electing new president each year will be changed. President Jerome Tucker, Of the board, is slated for 1922 president.
 The following nominations were made: President. Jerome Tucker; first vice president, Frank B. Clark; second vice president, Harold NJ. Hem derson secretary, Ed s. Allen; treas urer A B. Tanner; appraisal commit tee, H. A. Moseley, J. Winston Hale and Fuller L. Kendrick to succeed g. E. Garret, A A Gambill and $. Bethea, whose terms have expired; ; board of directors, Robert Jemison, Jr., Courtenay S. Henley and H. S.. Meade (Ensley board) to succeed T. H. Motion, H. A. Moseley and A. C.. Montgomery, whose terms have ex pired.
 High Freight Rates
 An authentic statement has been made to the effect that the difference between the present price of iron and steel and the pre-war price is due to the increase in freight rates,' said MT. Frye in his speech.
 Tt Is generally conceded that there must be a reduction in these rates before there can be an adequate re- vival in business.
 For the first time in American history we have 8 larger population in town and cities than in the rural districts. This condition has been en- hanced by the past 10 years of kros- porous times, but in the last l2 months there has been a strong ten dency to remedy 1t. A large and con- tented rural population means a greater production of the necessities of life and consequently lower cost for them. Another favorable devel- opment of the past year has been a better understanding between capital and labor.
 Expect Economic Conference
 European dispatches indicate that following a successful conclusion of the disarmament conference, an eco homie conference of the nations will be called, which would seek an ad- justment, If not a cancellation, of in- ternational indebtedness growing out of the war, and stabilization of the foreign exchanges. Such consum- nation would so long way toward insuring free movement of com mooities between countries. and no nation would be more benefitted by this than the United States.
 Wars arouse the heroic instincts of a people. Tn the first Is years which followed 1885 the volume of business In America increased more than 200 per cent.
 The stimulus which the Napoleonic wars gave to the English people, aided by the development of steam power, gave a marvellous impetus to the British empire. In this genera ton we are developing electricity, as well as steam power, wireless teleg- raphy and aircraft; and there is ground for the belief that the world would do vastly more with these than it did with steam.
 When the possibilities along these lines are considered, is 1t not reason able to hope that we are not far from the beginning of the greatest era of real advancement and prosperity that this country, particularly, and the world at large has ever known?"