The Birmingham age-herald., 1924-12-16

III SNT6GS3 Let us consider, H very prierly, whats what in regard to III perity.
 II fIrst-We have the greatest abundance or liquid capital and credit either this II country or any other country has pos- H sesseo. Business enterprises of all kinds H nave been able to fortify themselves
 with all needed capital on reasonable
 terms. Money rates continue unusually low and though there may be a flash III or firmness this month, easiness may H De looked for after New Year. III Second-The balance between agri- III cultural prices and industrial prices has II been restored. Since more than a third H or our population are identified with ag- H riculture the rise last week to new high II price levels by wheat, corn and oats is Il development of far-reaching impor-
 tance. Broadly speaking our agricul- Il turaI states are now in a position to share in the national prosperity confi- dently looked for next year. H Third-The purchasing power of the II wages being received by American t workers is practically the greatest they
 nave ever enJoyed-greater in fact, than Il during the heydey of the war boom when the cost of living scared reckless \ iy. Unemployment is well below nor H mai, and even in those industries where + short time has been most pronounced.
 including textiles, a distinct turn for
 the better has set in. Now that immi- N grafton is curtailed the position of IH American workers has become more H stable.
 Fourth-Transportat facilities are
 the most efficient the United States has II ever attained. The financial status of H most railroads is being built up to a II point not matched in two decades. Ex- Il penditures exceeding a billion dollars
 are budgeted for 1925 equipment and | improvements, a program which nat Il urally will have stimulating effect Il in many directions.
 Il Flrth-Utilfty companies, which have N become most important factor in the \ development of our modern civilization, N are recovering from the effects of their I wartime experiences and are facing N what should prove a new and better M era. Regulatory bodies, as a whole, are now exercising their functions fairly, realizing that prosperous utilities are necessary for the building up of pros porous communities. On Friday, Wall street and the utility people hailed with ' satisfaction the decision of the special
 master that the dollar gas law" in New York Is confiscatory. Capital ex- Y penditures on utilities properties in the \ year will be heavy, thus helping busi- ness and employment to a considerable extent.
 Sixth-The iron and steel industries { accepted as a usually dependable yard
 stick Is showing notable recovery for its summer dullness. Orders are being received in greatly increased volume
 and prices are moving towards more remunerative level. Other metals show remarkable strength. Copper is in Hvlier demand at better than IA cents a pound; zinc is at the highest price of the year; lead was again marked up last week.
 Seventh-Various other important in dustries are strengthening their posi-
 tions. Automobile manufacturers have cleaned house and are now preparing
 to expand operations next month. The demand for rubber has caused a sharp rise in price. Construction continues very active, with price advances in raw materials, including lumber. Eighth-For the twenty-second con- secutive week, Dun reports more ad- vances than declines in commodity prices Even so, nothing savoring of imitation has developed, the price trend having been affected most sharply by me phenomenal rise in agricultural products.
 Ninth-The gain of several billion
 dollars in the market value of American securities forms a not unimportant con-
 tr1Dut10n to the bringing Ou OI proS-
 perity. Fortunately, dealings in the stock market last week were two-sided.
 The tone atN the close, however, was much more reassuring to the optimists than to the pessimists.
 Tenth-Our foreign trade Is showing
 great vitality. And as our financial
 assistance to Europeans expands, the
 prospect is that our exports, especially
 of raw materials will become still
 heavier. Developments on the conti-
 nent of Europe are encouraging and the
 impressive rise in English sterling re-
 fleets confidence there.
 Eleventh-From the financial and
 business viewpoint, our own political
 outlook is satisfactory. This has more
 influence on operations of high finance
 than the man in the street probably
 realizes.
 Twelfth-Our saving banks deposits
 and our unprecedented sales of life in
 surance indicate that notwithstanding
 continuous complaints about the ex-
 travagance of the people larger num-
 Der of families than ever before are
 setting aside part of their earnings
 for their future financial protection.
 In face of the foregoing, Is not opti-
 mism warranted?