The Birmingham age-herald., 1924-05-24

Bonus legislation
 is the latest illustra
 tion. Some of the 5E='sETz E=s..= very highest au thorfties lave all along proclaimed most solemnly that the passage of any bonus bill would mean the death knell of finance and industry and employ ment in this country.
 Well, Congress, wisely or unwisely, went ahead and overrode the Presi- dents veto of the bonus bill.
 And what has happened?
 The stock market had brief spasm of weakness following the announce ment. But 1t promptly regained stead mess and even advanced the second day.
 Of course. this doesn't necessarily mean that the finding of the many mill lions which will be needed to meet the bonus bill will not have a depressing influence upon business by and by. In my humble opinion, 1t will have this tendency.
 But 1t will take more than any one piece of legislation to send this won derful country to the bow VOWS.
 In certain fundamental directions, the United States is steadily gaining strength.
 The whole world admits that the Unit ed States has won leadership in the field of invention, particularly in the invention of labor saving machinery and new industrial processes.
 Also the whole world knows that up- to-date machinery is more universally and more promptly adopted in the Unit ed States than in any other country. What does this mean?
 It means distinct fortifying of Amer ica's ability to earn prosperity, Amer eica's ability to hold it's own in compe- tition with other industrial nations for world markets.
 It seems that there are made avail able for larger and ever larger num- bers of our people a larger and ever . larger share of the necessaries,, the comforts and the luxuries of life. It means that America can afford better than any other nation to short en hours of labor without seriously re- ducing production or lowering wages. Yes, we are and will continue to be a nation hard to ruin" We have learned the knack of adapting our selves and our activities to changed circumstances. We demonstrated that during the World war. ,,'e have dem onstrated it in almost every one of the worlds newer industries.
 Haven't we taken and maintained the lead in telephony?
 Haven't we taken and maintained the lead in radio?
 Haven't we taken and maintained the lead in the motion picture industry? Didn't we take the lead in aircraft and aren't we, after a lot of bungling, doing things not eclipsed or even matched by other nations? 's$
 Haven't we taken and maintained the { lead in sbGR AQustfiesC as sewing ma chimes, cash registers, typewriters, add ing machines, mechanical toys, shoe making machinery, packing house equipment, printing presses, mad host of other industries which come promi- nently to the front within recent times? ,sktf this, however should not be in- taEpeted by those who govern us as justification Tor indulging in passing all kinds of Legislation calculated to re- strict business and curtail employment. l have lately attended a number of large gatherings and no speech-makers have aroused half so much applause as those who denounced Congress and declared that America apparently has run out of statesmen and has today nothing but politicians at Washington. This is significant, is 1t not? It is earnestly to be hoped that our law makers will cease their jockeytng and gerrymandering and that they will give at least some thought to what is good business for the workers, and not think only of what is designated to catch votes, no matter how grievous burden Is thus placed on taxpayers and therefore upon prosperity.
 America can stand a lot. But there is no reason why our politicians should strain Americas powers of resistance to the limit.
 SUGAR MARKET
 NEW YORK. May 23.-Renewed weak ness and further decline of se to the basis of 5.2Sc for Cuban duty paid, new low record for the year, featured the raw sugar market today. Offerings were : larger with. sales reported of 1000 bags Porto Rican June shipment to a local refiner and 2l,00O bags Cuban to an out port refiner, prompt at 5,2Sc.
 Another increase in the Cuban crop estimate to 4,075,OO0 tons, representing a record production with the decline in spots, lud to renewed general selling in raw sugar futures, Stop loss orders were uncovered on the break, which carried prices IS to 31 points below yesterdays finals, but there partial rally on covering. leaving final prices to 20 points net lower Trading was of large volume. July closed 3.61c; September 8. Tic; December, 3.41c;. March, 3.20c.
 Refined sugar followed the course of - prices and was unchanged to 50 points lower, the list ranging from TOO to 7.50c. for fine granulated.
 .. Refined futures were nominal.
 WEEKLY LIVERPOOL LIVERPOOL, May 2B.-Weekly cotton statistics: Total forwarded to mills 54,- 900 bales. American, 30,000. Stock, 532,- 900; American 2SO 900. Imports. 46,00O; American, 2S,0Oo. Exports, 1000; Ameri- can, 5000
 FLAX MARKET :. DULUTH, Minn,, May 23.-Close flax; May. $2.44; July, $2.5Si2; September ' $2.l36; october, s2.ll]@.
 E ,.. WOOL MARKET
 E3OGTnN May 23.-The Commercial Bull letin will publish the following wool quo tations tomorrow
 Domestic: Missouri and average New England: Half blood; 46@47c; three 43@45c Secured basis Texas: Fine 12 - months $1.27Q1.SO; fine S-months, SLIP t4S ,1s5Siss F@ea Dsiaas saps4s. iSS lsSlis ii5 - Mohair. best combing, 75qS SOcj best card ing. 65Q7oc.
 FOREIGN EXCHANGES
 NEW YORK, May 23.-Foreign ex- changes steady. Quotations in cents; Greet Britain demand Sti54 M S,IS cables cables $4.Si 15-i6 France, demand, 537la cables, 5,3SL Italy. 4,41A: Belgian sSh: s;Sa aI Holland. 575a; ' Norway S 1880; Sweden, 2651; Denmark. 16.S4; Switzer- land. I7.GS5; Spain, 1$73i Greece lS9 Jugoslavia, l.23la; Austria, .0o14%; Ru- mania, ,47h; Argentina, 32.s7; Brazil, 1O.7O; Tokio, 4O9s Montreal, 9S 7-16. BYRON DOZIER, M. D.
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