The Birmingham age-herald., 1924-11-26
MEN G. MARKETS
 BY P.E.B.
BY PEE

Rail stock buying has led the post election market and has assumed pro- portions not seen since 190S-1909. A large part of this sudden popularity is due to the probability of mergers in the near future. A program of consoli- dation is logical at this time and may develop from either of two sources. The government has recommended the consolidation of our railroads as an economy measure and plans to force certain mergers. The railroads them selves also appreciate the advantages of fewer and larger systems. They are planning private consultations which are being submitted to the interstate commerce commission for approval. The investors. feeling that the rails are again on sound basis, are buying for permanent investment while the spec ulators are trying to guess which merg- CTS will be put through and what road program is fundamentally sound and will eventually go through, but the de- lay in it's completion will doubtless dis appoint those who are buying the stocks of weak roads in the hope of quick profits. Such private mergers as cor respond to the government program will doubtless receive federal sanction and may be put through in the near future Others which do not correspond to the national program will be delayed and It Is doubtful if any direct action by the government can be expected for year and half Mergers are the best long swing argument existing for the rails but they offer dubious foundation for the expectation of short swing profits.
 Latest cotton estimates by the gov ernment set this years crop at 12,- ,000 bales, or just 5000 bales short of 13,000000. On September 1 the best estimates set this years crop at slightly over 12000,000 bales. Looks as though an even million bales of cotton had been grown in just under six weeks.
 Car loadings, measure of business by volume, present a very interesting pie ture of business recovery. Activity for 1924 slumped below last year in the early spring and trailed until the second week in September. Since then the fig ures for car loading have been breaking records. Strictly speaking our present revival started the middle of Septem- Der.
 Economy farming and world court are the leading points expected in Presi- dent Coolidge's message to the Decem- Der session of congress.
 Shipping rates to Atlantic coast ports
  able basis. Arguments and data being presented to the shipping board at this time tend to indicate that present sched- ules give certain ports an unfair ad- vantage. This Is not only unfair to other cities, but 1t also encourages the shipment of goods by roundabout route in an attempt to gain by this difference. Equal rates would save lost motion, as practically all goods would then be shipped from the nearest port.
 Farm income by groups presents an interesting picture and an excellent ar gurment for diversification of crops. According to recent estimate the cash income of the wheat grower Is z6 per cent greater than last year. Cotton in come is expected to exceed 1925 by 1 per cent in spite of lower cotton prices. Larger yield and lower production costs will more than make up the loss on price per pound. The corn belt is 1 per cent better off than year ago, while the dairy sections show an equal gain. The range country is expected to dupli- cate 1923 income without loss or gain, while the tobacco belt will run 2 per cent under year ago. The west coast so far as agriculture is concerned fig ures 10 per cent under last year but general business recover should pro- QuC6 a CEOp Ol IOoAlotS IO AAoA V than overcome the handicap. Agricul- tural income for the country as a whole is expected to run per cent ahead of last year.
 Commodity prices rose ? per cent in October, according to an index of 4O4 commodities published by the bureau of labor statistics. This level, the high est since February, was reached on ad- vances in the prices of farm products and textiles.
 oil output is increasing again, accord ing to the latest report by the Ameri- can Petroleum institute daily prod uc- tion has increased $500 barrels day. Decreases of stocks on hand, however, are reported for October.
 Secretary Hoover's reported decision to remain in the cabinet is decidedly W " N \ N N V N I N Ill zzIll ll Illzl