The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-12-01
Men And
Markets
D., ID ~ u

The war on waste has been offici-
ally declared by Secretary Hoover who
makes it the keynote of the annual re-
port covering the Department OF Com
iaerce. Among the wastes specifically
marked for Elimination we find: the
wastes fue to unemployment and bust
ness derressions: wastes from s!:ecu.a-
ton and over production in booms
wastes attributed to labor turnover and
labor conflicts; wastes due to .ntermit-
tant and seasonal production wastes
due to clogging of arteries of trace;
wastes caused by excessive varia ton in
products wastes in material; wastes
by fire; and wastes of human life. Ac-
cording the secretary, American stand
.rds of living can only be maintained
by improving methods and processes,
and by the elimination Of waste. He
fires the first gun by recommending a
reorga Dization of the department of COM
merce itself to the end that it may
function more smoothly and effectively
with less lost motion. The building in
dustry and the bituminous coal in
dustry also come in for treatment to
eliminate the losses due to seasonal
activity. Homes and heat would both
cost much less if these industries could
be organized to operate steadily the
year around.
Electrification of railroads may logic
ally be expected as a result of cheap
money and increased prosperity now
being enjoyed by our carriers. Many.
of the more congested eenters of the esat
would benefit by such equipment and it
will not be at all surprising to see
electrification between Philadelphia
and Washington, New York and Albany,
through suburban Boston and in and
around Chicago The electrical industry
will benefit Immediately from the sale
of equipment-the railroads should gain
in the long run by lower costs--and the
public, as is the case in any sound
business move, benefits by better
service.
Books were open and closed almost
simultaneously of the French loan last
Monday. The issue of 100000, 900 Of
fered at 81 to yield better than z per
cent was oversubscribed four times in
about as many minutes. The public was
ready to buy around $4G0,O00,0O
French bonds on these terms and trad
Doesn't look as though ready money for
investment was running short, and it
does lock as though we might EXPECT
several more European loans in the near
future.
John Hertz originator of the Yellow
cab and maker of fortunes for those
who backed him in the venture has
made remarkable statement. Some
months ago the securities of Mr..
Hortz's several interests were listed
on the stock exchange and dealt in
regularly. They have been subjected to
fevorlsh fluctati0n and have been pro-
mlnent in bull drives and bear raids. And
now. MIR. Hertz and his board of dir
ectors have cut dividends, to force the
stock onto an investment basis. The
present dividend will be paid from now
on according to President Hertz, no
matter what the company earns. He
hopes by this move to drive the specu-
lators, away from Yellow cab stocks.
Inc fluctuations of his companies Sc
curities, it seems, has upset Mr.. Hertz.
and has taken his time from the more
constructive phases of his business. Our
nat Is off to a man who realizes that
time spent constructively is invested
and that time spent comparatively is
lost, no matter what the immediate
dollar outcome.
Steel activity increased about 5 per
cent last week, the Pittsburg district
is now operating at 20 per cent while
the Chicago district is running from 20
to so per cent Of capacity. Railroad
l,lying continues to lead with structural
steel running close second. Slight
stiffening in prices seems to have stimu-
lated building activity and flood of
work is being pushed for immediate ac-
ton Prices are climbing and sales
fire good. Americas key industry is get
ting back onto its feet.
General business activity as measured
by the Federal Reserve board is show
ing satisfactory progress. Production is
increasing, October exceeding September
by 6 per cent. Output of iron, cotton
and wooden textiles, lumber and
coal was substantially larg
er. Factory employment increased 2
per cent i'll October and commodity
I rices are up. Building meantime is
running IA per cent ahead of year
ago in contrects awarded. These in
creases were all registered during Oct
ober before the results of the election
were known. The survey for November
should show an even more substantial
increase.
The Panama Canal showed a profit |
of $6,000,000 on its operation for the
year ending June 80. This net was
realized on total gross income of over
S37 900 900. A few more public services
like This one and the government would