The Birmingham age-herald., 1924-04-08


 well as they had hoped. House fur ,nshings, including floor coverings, have Isagged in price.
 lfhe declines, in commodity prices have outnumbered the advances more pro- nouncedly during the last three weeks than during any previous period in Elong time. l The first index compilations for March show drop of more than 2 per lcent, an unusual fluctuAtion and the lgenerai9price level is now at the lowest point since midsummer.
 Commercial failures have lately been nnpieasantly numerous. s@,s ! Employment has fallen off at quite R.: number of centers, a subject which may be further discussed in this column within the next few days
 The security markets have been re. Flecting these developments, the average quotations hareing touched new low ground for the year in the closing days pr March, this, too, notwithstanding
 suDerabundance of unusually cheap money both on call and on time.
 So! much for the. established facts. <
 What of the outlook? .zy&
 As I see it, the most influential news Pr all IS likely to come from Europe. ahether 1t will be cheerful or depress- ng can not be foretold with certainty, iowever, it IS permissible to hope that ne news will be distinctly encourasing.
 it should prove to be so, then | be-, feye the effect in this country as well: IS in other countries will De most de- rsiye, probably making a distinct turn hg point in our whole business trend. Next in order of importance, doubt Fss will be the course developments Pke at Washington. My guess is that fnsible tax legislation will be passed probably before the next. tax payment hte, June b. do not believe that the fate of the Pnus bill, in it's latest form, will cause S ny tremendous transformati0 in busi- H fss sentiment one way or the eAother. 2 On the other hand, while the oil ibbub is likely to die down, the indi- hti0ns are that other disturbing actiyi- { es will be eagerly prosecuted by the 2 Pponents of the present administra. lon with what temporary consequences In not be gauged. sIs The American people, however, are A mperamentally optimistic. They can lcome pessimistic, even violently pes fnistic. But they soon, get tired of tn pessimism and pessimists. Muck kers never remain popular for very Ing. N Ff#
 The chances are that long before No- lmber the mudslinging at Washington
 Il cease to win the plaudits of the blic, especially if the effect upon Iy envelopes and-dinner ,paiis should come at .all severe.
 Moreover, the tactics, pursued often we been disgusting to decentIg mind
 citizens.
 Of course stock market swings do t always correctly foretell business
 d financial developments. The very bent sharp recovery in stocks, in cot h. and in one or two other directions.
 s borne earmarks of covering by op- htors who had sold short. Yet-ft may kll be that the bullish exhibition has Id a broader base and that it reflects kreasing hopefulness in responsible
 cles over the prospects in Europe
 at home.
 There is at least this not unimpor- ht cancellations: Business. speaking E badly, is in clean, healthy state, ke from the inflationary tendencies I Iich were developing in the early
 nths of last year and which had not X little to do with the bringing on of
 relapse later in. the year. This
 r there is more warrant for improve