The Birmingham age-herald., 1924-11-28
MEN c. MARKETS
 .RY DE
BY P.F. B.

With the Thanksgiving season upon us it may be we'll to take account of stock businesswise even as the Pilgrim Fathers considered their graneries on the first Thanksgiving. It Is a time set aside for the consideration of our na- tional well being and the fundamental foundation upon which business now rests affords an abundance to be thank full for.
 New building, for instance, is the largest in amount since May and figures for October are 20 per cent higher than for September.
 Business failures in number show a small decrease from October. 1923, while the failure liabilities are 47 per cent lower than they were in October, 1923. Labor employment Is about the same as a month ago. This situation, however, Is improving for November. whole, for October, were the heaviest since December, 1919, and were 10 per cent greater than October a year ago; while bank clearings exclusive of New York increased 4 per cent over October, 1923.
 Exports of merchandise for October ' principally to heavy shipments of both cotton and wheat. The imports show an increase of 8 per cent compared with September. while the gold imports were nearly 20 million dollars, compared to gold exports of about four million dol larsx --
 Money rates have recently become little firmer, but there Is sufficient money for legitimate business expan- sion.
 Commodity prices are increasing slightly. Bradstreet's index for Novem- Der 1 being 2.7 per cent over October l of this year. Grain prices are largely responsible for this increase.
 Stock transactions have boomed. A steady climb has been maintained in both rails and industrials since August of this year. Bonds, too, have shared this rise, attaining the highest since Au- gust, 1922.
 The agricultural situation is strong, even though the corn crop is the poor est since 1913 and of inferior quality. Cotton shows increased yield but lower prices. The grains, however, have had both good yields and prices.
 Pig iron production for October gained 21 per cent over September and the trend of unified steel orders show a small steady increase.
 Car loadings have been showing new high levels. Even though there is a drop at present due to the seasonal trend, the figures are well above the 1923 figures. Railroad earnings, both gross and net, have shown an upward trend the past few months.
 Industrial dividend payments showed decline in the early part of this year but 1t now looks as though the corner had been turned and they have started on the upward trend.
 General confidence, as evidenced by the new financing of American corpo- rations has steadily increased, while the subscription to the French loan of $1OO,- 100000 In 45 minutes shows the confi- dence we now have in the European situation. The assurance of the con- servative management of European af- fairs, and the continuance of conserva- tive government in this country, makes foundation of confidence on which our business activities can safely ex- pand. In spite of this the new enter prises incorporated decreased from 7O1 in october, 1923, to 626 for this October
 A summary of these fundamental iority pointing to business improvement business conditions shows the great ma while but few are unfavorable. The ba- sis for our present prosperity is far more secure than just hope or optimism. The stage Is set for conservative busi- ness activity and expansion for some months to come.
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