The Birmingham age-herald., 1924-12-10
Men And Markets
By ?. F.: B.
Two million-share days continue with

Two million-share days continue with amazing regularity in Wall street. The fifteenth since election saw trading of 2,5S5, ,oOO shares, which has only been ex- ceeded twice in the present market. Eighty stocks made new high prices Then the long expected reaction began to appear as evidenced by weakness in several issues. The market has fooled everybody and has risen steadily for a period beyond the hopes of the most bulish Reactions may be expected in any market and the question uppermost in the minds of investors has to do with the extent of the reaction that may be expected in this one. The fact that rediscounts have increased very little and that brokers loans are estimated as only 10 per cent above the beginning of the rise indicates the investment character of this tide of buying. If loans had been made in tremendous vol ume the probable development of the reaction would be much easier to esti- mate. The market has fooled everyone so far, will it also surprise us on the inevitable change in trend?
 German competition, especially in the dumping" of low cost goods is an empty threat according to the ministry of commerce. First, Germany, if loaded uOWu WILL Itpht opiS Sdtiohe' o>S ond interest charges are 10 to IF per cent as against to per cent here Third, social burdens are very heavy, old age pensions and disability relief constituting a real burden on industry. Fourth, taxation is high and Is levied against turnover and wealth regardless of profit. While world trade far 1923 was 80 per cent of pre-war level, Ger many's business was but 40 per cent of the old volume. With these cold facts before us the possibility of German dumping" does take on the hay out line of a remote development.
 The shoe industry is improving. Cur rent production is running wei ahead or last year.
 Railroad earnings for October were the highest in six years. The net oper- ating income of $127, ,105,00 reported for Class 1 roads shows gain of S23,329, 400 over the same month last year Per haps the present market Is a rail mar ket for a reason.
 Half our internal revenue is collected from four states, according to David Il. Blair, whose recent reports as comm1s- sioner of internal revenue, shows that New York, Pennsylvania, Illinois ana Michigan pay a total of S1,396, ,Ooo. Add Ohio, Massachusetts, California and New Jersey and we have eight states paying two billion dollars with all the rest of the country, including Alas ka, Hawaii District of Columbia and the Philippines, contributing less than | billion. Not so unfair as 1t looks, now ever, since taxes have way of graVl- tating to the ultimate consumer, no mat ter where they are levied. The rest of us who use the goods made in these l l,oI,, hnt prices we pay. And those of us who pay l local taxes help the investors Of these states to pay their taxes, because they | hold our bonds and the interest goes to them. There is nothing so futile as the attempt to levy taxes on certain classes and certain districts, it is much like trying to legislate water to run up hill You can pass the law, but you can't make it work
 The machinery industry expects vol ume of business during the next two months that will exceed anything since 1920, says the American Machinist. More machines mean more tools and more tools mean greater production ano eventually a real increase in our na tional wealth.
 Copper is convalescing. Decreased i'm ports are expected to cause a SnrlnkdR' of 15 900 tons in stocks on hand by th' end of January. Increased production here, meantime, should take care O. quickening domestic demand. Deliverie! in December should regain the levels o last January and the copper industry should go into the new year approach Ing a normal basis of production.
 Industry Is to be credited with 54.' per cent of the total business income oi the United States, according to sur
 vey by McGraw Hill company. Th' 125,OO0 concerns included in this clas
 sification employ 44.s per cent of oul
 workers and are expected to spend ovel thirty-fice billion dollars for goods ant
 services this coming year.
 Town building has again caught th' fancy of Henry Ford. Our greates individual manufacturer has turned hii
 attention to Glassmere, Pa, and a new
 Glassmere Is in the making. Presen
 buildings are to be razed, new street:
 laid out, and a mo1el town Is to be bull
 on the present site. The Glassmer'
 plate glass plant is one of the larges
 in the United States. Yes, it is owned
 by the Ford Glass Works company.
 METAL MARKET
 NEW YORK, Dec. Stopper, firm
 electrolytic, spot and futures, 14Ac. Til
 sv-0r