The Birmingham age-herald., 1923-03-03
PROOFS OF PROSPERITY


 The increasing prosperity of the country has for some time been marked in practically all lines of business, but the reports given out by various branches of the government covering recent activities reflect conditions even more gratifying than generally real ized. The department of commerce, the department of labor and the federal reserve board have completed their monthly sur veys of their special fields, and their repor,s agree in these particulars Swelling pro- duction of basic commodities, with demand ahead of supply; increasing employment of skilled and unskilled labor; expansion of enterprises, and almost approximately large commercial borrowings for th season of the year. Cotton goods, pig ir-n, steel structural material, locomotives, zinc, bitu- minous coal and forestry products are among the basic commodities whose pro- duction figures show the largest output since the boom period of 1920. New high records are being made in many of these lines and unified orders indicate anything but cessation in productivity. Not only is industrial employment on the increase, but the demand for farm labor, ordinarily slack at this time of the year, foreshadows shortage when farm operations get in full swing. But it is the phenomenal activity in building operations pretty much every where that is causing perhaps the greatest drain on labor supply.
 The federal reserve boards report for February, emphasizing the heavier bank lending, increasing operations, particularly in basic industries like steel and cotton weaving, and also the maximum handling of freight by the railroads alone would satisfy the most optimistic. When this is reinforced by the findings of the other government de- partments reporting independently the factors bearing upon our material pros perity, there can be not the smallest doubt but that our commercial affairs are in :. sound and highly satisfactory condition.
 The only developments which could oper- ate as a check upon the general upward trend, would, it appears, be over-production and such developments as might arise from beyond our shores. But these, if they still threaten, have either been discounted or they impotent in stemming the tide of our prosperity.
 In fact it would seem to the observer uninitiated in the deeper causes and currents of trade that even untoward signs nave turned out to be the most favorable factors in our markets. Certainly it would have re- quired rare foresight a few months ago to have looked with confidence to this rehabili- tation so soon after the crisis of re- adjustment following the great depression. The stress of three years has gona we are almost back to where we were in 1920. It would be interesting in this connection, by the way, to see how much credit will be given to the federal re- serve board for this almost miraculous up- turn in our affairs That would be interest ing because the board was so largely blamed for causing, by its deflation policy, the slump from which we have latey emerged. While the position of the country is too sound to be seriously shaken for any long period, it is only fair to say that this period of depression was greatly shortened by the boards policy and the remarkable recovery greatly aided by it. In any event, the tide of our prosperity is still strongly on the rise.  M EnIIC ATION CONEEpENCE