The Birmingham age-herald., 1924-06-10

 in May surpassed those of any other month in the entire forty years of N. C. R. history"
 The stock market has not lost ground during the last week.
 Liberty bonds are selling at the high est prices ever touched
 The Federal Reserve board finds that business is taking on a healthier tone and 1t looks for improvement that will last.
 Hoover, Davis and Wallace optim- ists,'' readys a Washington headliner following a meeting of the cabinet at which these numbers submitted reports.
 The most influential copper authori- ties in America, John D. Ryan, has re- turned from Europe with an optimistic description of the outlook for exports of copper to the principal European countries. Quotations have already stiffened.
 Dividend increases continue greatly to outnumber dividend reductions.
 Congress has adjourned without passing any of the many drastic bills urged by radicals, a fact which has distinctly helped sentiment, particular ly in railroad and financial circles
 Sales by mail-order houses continue to expand.
 Improvement in European currencies has stimulated ordering of materials and comodities from this country.
 Although there have been drastic governmental changes in Europe, noth- ing has occurred calculated to endan- ger the adoption of the Dawes repara- tion plan. The Reichstag's endorse ment of it is reassuring.
 The drop in both call money and time rates at New York will encourage bankers to take part in the Notation of any properly-secured German or other foreign loans offered here.
 Cheap money will also tend to vtinu late enterprise at home.
 While the country has not received tax reform, it has received substantial tax reductions, the effect of which can not fail to be helpful.
 Before the end of this month both political conventions will be out of the way and the exceptation is. at least fN New York, that the campaign will not prove especially disturbing to busi- ness.
 The wide difference between prices of agricultural and manufactured prod ucts is diminishing.
 Although general price level con tinues to ease, the movement has been unusually orderly. The decline for the full month of May was only half of one per cent.
 Seeing that production has been cur tailed in the steel and certain other
 
 curtailment in actual consumption, the belief is that we may soon enter sell lers' rather than a buyers market The impression is spreading, in fact, that caution and pessimism have been overdone and that a turn toward great CT activity is not far off.
 America has less reason than any other country in the world for the pes simism at this moment. Unemploy ment is unusually light The great mass of wage-earners are well em- joyed by workers. The majority, though not all, of our agricultural population are decidedly better off than the farmers of any other country in the world. Our transportation systems are in the strongest position they have enjoyed in a dozen years. Except in certain agricultural spots, our bank ing institutions were never sounder. Utility companies are working them selves into a solid position and are steadily attracting more and more in- vestors from the ranks of their custo- mers.
 The building industry is still extra ordinarily active. Leading automobile authorities confidently declare that 1924 business promises to eclipse any thing ever known before 1923 and some predict that even the 1923 records will pc ulaICneQ. The OH industry certain ly is better off than 1t was some time ago. Paper production is increasing Allowing for the lower prices now ruling, retail trade as a whole has equalled that of a year ago, when cheerfulness and not pessimism was the rule. Mutual Savings bank de- posits have reached the record break ing total of $66Oo, ,0OO0 000, a half bill lion gain for the year. So has the volume of life insurance in force The same Is true of the resources of build ing and loan associations.
 One could go on and on enumerat- ing favorable, inspiring facts pertain ing to conditions in this country. The fashionable thing, however, for the moment is to harp upon the shades in the picture. But fashions usually run to extremes.
 Is it not time to look at the doughnut rather than the hole in the doughnut?