The Birmingham age-herald., 1924-11-30
Business Trauels So Fast
 Financiers Aduise Caution
Speculative Spirit Begins To Infect Com
 mOdities
By JOHN T. FLYNN

 and inc speculative spirit spreading to commodities, many bankers are soundins notes of waruing-warnings assns. going too fast. Steady, sound, careIuiy piloted prosperity Is what the country needs, not feverish sprees or poom operations which leave only a neaaacne behind--the sort of heaoacne posiness got after the 1920 affair.
 How fast we have travelled in the last two months may be imagined rom tne spectacle of a high government oiIlclai actually warning the textile industry- the blackest spot in American business against imitation.
 From all this it will be plain that business Is really moving ahead. The immediate prospect Is Tor more anno eMp,OS ment, stronger buying power, advanc- ing prices and higher money rates.
 Railroads
 The increase in trade continues to ex- press itself in large traffic on the raii- roads. Car loadings continue 5o run over the million mark each week and, in contrast with the earlier part or the year, continue to exceed the record or last year, The movement is country wide. The increase over 1923 Is iound in every region save the northwest ana southwest.
 The reports of railroad earnings are coming in and show, for the most part, increased earnings over those or the same period last year. Gross income continues to fall below the figures Of last year, but the net return, wnicn, after all, is the important thing, IS greater.
 Judge Gary, our leading optimist, again breathes the spirit of better ousi- ness. Strangely enough in statement this week he said nothing save that business would be better. It has been plain for some time that this was true in iron and steel, and yet Judge Gary's statement Is seized upon in the stock market for an exciting few moments in steel shares. All of which shows upon what slender legs the stock market is often willing to run. As matter Of fact, the upturn in steel has been re- ported week after week in this depart ment as well as in numerous other reviews.
 Again the broadening in the demand for steel is obvious. The railroads are still the leaders in the market, but there has been an increase in the require ments of farm implement makers, tn- dicating that the farmer is coming to town with his profits. Steel construc- tion demand also shows an increase. The automobile companies are also a little more active in the market for steel Iron and steel composite prices have advanced this week, and further hardening of this market is looked for. On The Farms
 Weather conditions have continued to be favorable to farm operations save in the east and south, where there has been a little delay in seeding and blow ing because of the recently broken drought.
 The rice harvest is nearing its finish. Late potatoes are still being dug in some sections. The harvest for sweet potatoes is still under way, with yields not running so very high. Live stock is in generally good condition. Fruit crops have been nearly all gathered and are being marketed rapidly.
 Exports of wheat continue to be on a high level. Those of October exceed the shipments of any month since 1921. Calculations based upon preliminary re- turns give the exports from the prin- cipal ports during the month of Oc- tober at Al, ,S00,000 bushels, as compared with z? 662 900 bushels in September. The e: rts of flour during the month are estimated at the wheat equivalent of S,20O,O0O bushels, making the total exports. of wheat and wheat flour 50,- 000, ,000 bushels, as against 39,200,000 bushels Tor the month of September.
 The total exports of wheat, including flour since July 1, the beginning of the present crop year, up to the end of October, are calculated at 119,000,000 bushels, according to the preliminary figures so far available, or approxi- mately 44,000 ,000 bushels more than the exports of wheat and flour during the corresponding period of 1923, when the exports amounted to 73,9000O0 bushels. This was Al per cent of the total ex- ports for that year. In 1922, 115,000 bushels, or 52 per cent of the exportable hn months of the crop year. If the sea- sonal movement during the two preced- ing years is, any indication of what may be expected this year, the total, exports of wheat and flour during the present crop year are, likely to run well in ex- cess of 20O,0o0,00O bushels.
 Dry Goods
 While the week has been rather quiet, the dry goods markets have experienced a distinct toning up since the election There has been more retail buying and heavier wholesale operations. This week; however, has seen little slacken- ing.- This is because of the approach of the holidays. For, while the coming of Christmas speeds things up in the retail markets, 1t tends to slow down oper- ations among the wholesalers. For a while wholesalers thought there might be a real change in the spirit of buy ing-real change to the more generous forward buying policy. This only proves that it takes long time to convince are enduring. Forward buying on heavy scale is gone.s The wholesaler might as well understand that and quit fooling himself.
 Textiles Last week improvement in this indus try was reported. Now visitors to the New England fields returning to New York report that confidence has taken hold of the mills in that section in such way as to create a new danger. After all the depression of the summer and fall the sudden return to activity seems to have convinced these people that all their troubles are over and many are greedily planning to make up for lost time with heavy operating pro grams. Who would have supposed three months ago that any voice would be raised to warn against imitation in the textile trades today. Yet that is what leaders are doing. It Is a good omen that these industries are again working under increasing steam. But 1t is not good that they should be so blind to the lessons taught them at so costly a price.
 Building
 General surprise is expressed at the persisting increase in building. Oc- tober shows total of $276, ,526 ,381, as against $2S6 ,551 ,695 in September and $214 ,237 ,597 in October a year ago. There is here indicated a gain of IT per cent over September and of eight-tenths of l per cent over the month of October, 1923. The appended revised table of building expenditures by months covers the year 1923, during which construc- tion in the United States broke all earlier records.
 Failures
 Failures show slight increase to