The Birmingham age-herald., 1924-02-15
BUSINESS GOOD,
 FORBES STATES
Reports Conditions Off Some what In Sections, But This
 Is Not The Rule
ax R. c. FoRlfs

IN THE SOUTH, Feb. 14-what Is the outlook Tor business7 How have things been going lately7 Have condi- tions and prospects been brightening or darkening? Is Europe any nearer stability, and what of the labor govern ment in Britain? s
 Tuesday, there was a gathering of $50 Texas bankers in Dallas, and I was introduced as "financial expert" who had been invited to make an address on the business outlook. began by tell ing them that the best definition of an "expert" was given me q few days ago by Mayor Wall of Tampa. An expert" said the mayor, 'is an or dinary fellow away from home"
 The enterprising Fort Worth Record thus summarized some of the points discussed:
 Labor is very well employed at the highest wage in terms of purchasing power. UnQuestionably labor's wage ultimately will come down; but this may, and doubtless will, come through a gradual process, coincident with other drops. Labor, therefore, is prosperous.
 Agriculture: Conditions in the north- west have been exaggerated. In re- cent tour of that section I was re- peatedly told that nearly all farmers who deserved to do so pulled through. Industrial and railway leaders agreed that many of those who failed were wheat farmers who were too lazy to plant vegetables. raise chickens, de- velop dairy products or in other ways provide their own table necessities.
 Outside the northwest, agricultural conditions are fair, though the cattle industry in this section has suffered. But we never find conditions ideal everywhere. Conditions are improving, and, outside the northwest, are gen. orally satisfactory.
 Railroads are in the best condition, to my mind. they have been in for 15 to 25 years. Throughout the south they are infinitely stronger than for nerly. The public has experienced a change of attitude toward the railroads, realizing that no people can travel faster than the country,s rails can carry them.
 Foreign trade totals are satisfactory. It Is not fair to compare them with wartime conditions. When we com pare the foreign trade figures of the last year with those of pre-war days, we find the comparison to be satisfac- tory.
 Industry: Bethlehem Steel reached it's low point last September, and there has been appreciable improvement in the steel industry since then. Steel is accepted as one of our business barome- ters.
 Building costs in this industry are too high. There is an inevitable reaction to boom conditions, and this will come in the building industry, though prob ably not this year.
 The oil industry has had it's share of depression, but lately 1t has experienced improvement. All authorities agree that by the middle of this year reserve stocks will have to be drawn upon; the industry has come out of the valley.
 We are not certain to get the tax relief that two months ago seemed cer- tain. recently talked with Secretary Mellon. He said he would not connive at a compromise on his tax bill by tagging on a sales tax to meet a sol diers' bonus. He indicated that Presi- dent Coolidge is with him. I asked him what Congress will do. He threw up his hands and said:
 "We never can tell what Congress will do now. If we should not get sub stantial tax reduction, 1t would be boomerang. If we do get 1t, which seems more likely, l think the, effect will be electrical"
 Money: Some people are scared at the danger of imitation. We have colossal amount of gold and literally billions of potential credits. The temp tation is ever with us to put idle money to work. But I have faith that our guardians of the nations pursestr1ngs will not whoop up wild imitation, which would bring on disaster. The prevalent idea that presidential elections always bring poor business is myth.
 The records show that in the past business has been good oftener than not in presidential-election years.
 Foreign affairs: No one can tell what will happen in Europe. but I think leading German capitalists, who are Germany's real power now, realize they can't get away with the maneuver- ing they have been carrying on since the treaty was signed. France, too. has become more practicable, especially since labor took over the. government of Britain. The outlook for some set clement is, therefore, brighter than ever before.
 Do not become alarmed over Ramsay MacDonald's government. It is not at all likely to run amuck.
 In a word, the general business out look has improved since the year opened.
 (Copyright, 1924, by B. c. Forbes)