The Birmingham age-herald., 1924-12-24
Men And Markets
 By p. F. B.
By P. F. B.

Wages have doubled during tho last 10 years. survey just completed by the industrial conference board cover ing wages, hours and employment in the manufacturing industries of the United States shows that hourly earn ings have increased 100 per cent over the wage scales of 10 years ago. Pe- riods of want and periods of plenty have succeeded each other and wages have fluctuated according to condi- tions in industry, but the broad trend has been definitely upward. Many may feel that the cost of living has "dou- bled" during this same period so that this increase in dollar wages does not mean anything. The facts show, how ever, that living costs have increased 60 per cent during this same period so that the. real wages of the Ameri- can worker, his income translated into things 1t will buy. has actually in creased 20 per cent during the last 10 years.
 Two hundred and fifty thousand dollars is being returned to investors by the American post office authori- ties on the latest oil stock fraud. Al cording to report in the New York Times, one Harry H. Schwart, indicted by the government as promoter of the General Lee development swindle in 1923, has turned up in Mexico. Schwart, after appealing from his first trial, jumped his bail and crossed the Rio Grande. Here he began opera ] tons in Texas. The problem was a difficult one for the post office de- partment The Mexican government could do nothing because he was not sending mail to Mexican citizens and the United States post office could not go over into Mexico. Finally a plan was worked out by which he was al- lowed to mail all the material he wanted to, but all replies were held by the Mexican officials. Preparations are now under way for the return of what is estimated to be $250.0OO to sev- eral hundred American citizens who have not learned that you cannot get something for nothing.
 All commodities show a price rise of about 1a per cent during November, 1924 The bureau of labor statistics index covering 4O4 individual items shows an increase from 151.9 to 152.7. The largest gains were made in foods, metals, cloths and clothing. This grad ually rising price tendency not only re- fleets an increase in demand, but will act as stimulus to further buying When prices are going down delayed purchases enjoy a saving, but when the trend is upward 1t pays to antici- pate needs and buy ahead as far as Is convenient.
 Tax-exempt bonds continue to be is- sued by our state and local govern ments in alarming volume. Because of ! ht nf the larger tax payers during the last few years any sort of security bearing "tax-exempt" classification has found an active and ready market. As re- suit bonds have been issued for roads, municipal improvement, memorials and every sort of public improvement by localities that could i'll afford to shoul- | der the indebtedness. These issues for the first Il months of 1924 reached . total of $1, ,2s9, ,963,62S, the largest for similar period on record. Tax payers and school districts everywhere have been obligated not only to pay interest on this tremendous indebtedness but they are also obligated to pay back the principle when it falls due. recent estimate sets our total for such indebt- edness at ten and one-half billion dol lars as compared with four billion dol lars in 1912. A portion of this public I there Is little doubt that an overwhelm- ingly large portion of recent issuing has been born of the demand for this type of security rather than from any cry ing need for local improvements. The situation has gone so far in many To- calities that there Is doubt as to the ta> payers ability to meet accumulated pay ments as they fall due. Unless the thing Is checked soon an unsound con dition will develop in other quarters We are not so much worried about the well-to-do buyer of tax-exempt securi ties who may lose on some of the issue! he has bought so greedily, but we dc protest against loading up the current and succeeding generations with tre mendous tax burden for public i'm provements" doubtful value.
 The wheat crop of the world Is 11h per cent below last year, according tt the report of the department of agrt culture, which places the shortage a 44O, ,OOO 900 bushels. It is our good for tune that our own crop has been goot while the shortage has developed 1T other parts of the world.
 MT. Woods s2,ooO,oO seems to have evaporated. A year ago Wall stree was mystified by the report that Os borne Cutler Wood, operating from tht Philippine Islands, had made something over two million dollars in few week! by speculating in stocks on the New York exchange. Now, Mrs. Wood take: the stand to testify that if he did make all that money, which she seems tt doubt, he hasn't 1t now. It seems tt he impossible to take winnings out oi the market and keep them out. Come easy, go easy. and we might add