The Birmingham age-herald., 1924-12-31
Men And Markets 4 By P. r. B.
By P. r. B.

From every dollar the United States government collects only 22.52 cents go to administrative work. 37f6O cents go to the army, navy, pensionl and veter- ans; while 39.sS cents go to pay 1n- terest on debts and sinking fund. Past debts cause the biggest strain on our national dollar. The national govern ment, however, Is taking sensible course by budgeting its expenses ana refraining from additional borrowing. The situation will eventually improve. Our state and municipal governments, however, show little interest in the budgeting of expenses and are con tinuing their orgy of borrowing. What sort of legacy are we passing on to our children!
 The railroads rush to buy equipment before the year ends. Large orders for rails have been placed, one system alone having ordered 41,000 tons; while orders for 10000 to 12,000 cars are likely for this last week of 1924. Dur ing 1924 capital expenditures on rail roads have substantially increased, the amount authorized being more than S565 OOO, ,O0O as compared to $377 7,0OO 900 for 1923. Since 1917 the railroads have bought 500,O00 freight cars and 5000 of the most powerful locomotives or an approximate cost of $1,6OO,OOO,0OO. In 1924 more mileage has been under construction than at any time since the war. This expansion, together with the general favorable earnings, and the recent activity of rail securities would seem to crown 1924 as a railroad year. The steel industry looks bright for 1925. Production Is now on nigh plane and the mills are filled with or ders. The Iron Trade Review states: Some mills are obligated with 50 per a the new year is starting with an un. usually favorable combination Of fundamental factors" The Iron Age says of the situation: "The more con- fident leaders in the industry now speak with more assurance concerning the first six months of 1925. whereas recently their expressions were limited to the first quarter" The condition of the steel industry affords an indica- tion of the condition of general bust ness, and Is one more factor whlch seems to indicate increased prosperity in 1925.
 One million one hundred and ninety two thousand tons of sugar, both cane and beet, Is reported as the production in the United States this year. This cargo with 1,043,O00 tons produced in 1923, and 970, 900 in 1922. Cane sugar production has been steadily decreas- ing to the advantage of the beet grow CTS.
 An increase in the hours of work is the finding of the National Industrial conference board Fifty hours is the l nominal week for the first nine months of the year in the 23 basic industries se- lected. The wage earner, however was employed only 45.1Nhours in July and this increased to ASA hours in Septem- Der which shows 7.2 per cent lost time as compared to 3.4 per cent lost time in September 1923. We sometimes wonder if the discussion of the wage rate does not blind the question of steady em- ployment? We have known of cases where, through the willing reduction of the wage rate, concern has de creased the price of its product and thereby been able to increase produc- tion resulting in steady employment and a greater total wage received by the employee.
 Half a million farmers have been asked to report this month to the United States department of agricul' ture on the number of cows and heir' CTS kept for milk this year compared to last year; and the number of hens and bullets of laying age. The pur'
 pose of this Is to form a basis fol forecasting production and market sup
 plies and thus enable the farmer tC more nearly adjust production to tht demand. A similar survey was made two years ago in connection with hogs and because of it's success the plan fl extended to dairy cows and poultry It is constructive work in the right di
 rection.
 Cotton exports for the first clever months of 1924 were 5,718,998 bales com
 pared to 4,433, ASA bales for the cores
 bonding period of 1928; an increase oi l, ,2S5, ,564 bales over last year. Germany
 is responsible for a large part of thi!
 increase but other countries are alsC
 feeling the effects of world revival O.
 trade and thus buying more cotton
 Just how much of our cotton the worlt
 will consume is a guess at best, bu . it is not improbable that foreign con sumption will amount to at leas
 750O, 900 bales. Our own consumption should be around 6,0O0,000 to 6,500,00
 bales. This doesn't look like much O
 carry over into next season.
 Divided and interest payments dur ing December have amounted to ap , proximately $300, ,75O, ,000 compared witt
 $286, ,05O,000 in December, 1923. Divi
 dends announced by 2S5 corporation , total the sum of $70,750000 against $67,
 505,000 in December last year. It look as though Santa Claus had a goo , basis for his generosity this year.