The Birmingham age-herald., 1924-10-07
BUSINESS GAIN | AFTER ELECTION
 SEEN BY FORBES
Principal Causes of Hesi- tancy to Be Removed
 In Thirty Days
By B. C. FORBES

Within a month the presidential cleo ton will be over and the much dis cussed German government loan will be out of the way.
 Meanwhile our farmers doubtless will E continue to sell large quantities of their products at most satisfactory prices. The wheat crop alone is now estimated at at Sd,ooo M 100000, the cotton crop at Sl.- i 900, 900 900 and the years total farm pro- duction at S17,00o, ,000,0 900. not far from twice the 1913 total. Cotton, it is true, is not, like the principal grains, selling at the highest prices in recent years, but quotations ranging from 25 to 26h cents per pound should not, to say the least, retard the south's broad forward movement.
 How are general business conditions likely to be next month in view Of the 4 foregoing?
 They should be better Why do we still hear more or less complaint about the volume of business being done? The right answer to this question might explain much. May it not be that the wrong comparisons are constantly being made? Are not too many business concerns measuring their z present volume of business, not with what they used to do in normal years. but with the wholly abnormal activity they experienced during the war in 4 flation? g They talk about running far below maximum capacity. But what Is the maximum capacity?" In most in- stances it is excess capacity called into being by the tremendous war boom.
 The United States is doing more bushes today than it ever did in any year not affected by warbred infla tion. Our railroad statistics alone would be sufficient to demonstrate this, for as- suredly the record-breaking volume of merchandise now being carried is not being piled up in warehouses for far distant use. Every one agrees that ordering is still being done only for inn mediate and nearby requirements. The number of workment enjoying employment at high wages is greater today than it ever was. with the pos sibIe exception of the peak of the war boom. And certain it is. that the pur- chasing power of America's total pay envelope is substantially greater today than 1t was during the war. Bank ciearings-that is, the figures showing the amount of business handled by our banks-also throw light on the magnitude of the business now being done throughout the country. Post office statistics, when they are published, will doubtless also empha- size that the nation is doing, not a light volume of business, but a very heavy volume of business.
 I am compiling figures for this col unn which will show that during the and railroad corporations have im- proved their dividend distributions to stockholders. Does that suggest dull, profitless times?
 A few other developments worth noting:
 September's eornn1erciai failures were the lightest of any month this year.
 The general prire level advanced about 1h per cent .ast month.
 The American Wooden cor 9any have snnounced additional price anees
 Leading automobile sua |acturerd arc enlarginy thejr woE "a forces
 Iron output is iDcre 4Sing
 Silver is ai the highest Irfee h sew eral years. |
 our largest mail order houses report an enormous gain in sales, the Septem- Der results being, indeed, quite spec tacular.
 The coal industry has undergone transformation from inactivity to ami nation.
 The railroads, notwithstanding very heavy purchases during the current year, are in the market for huge ad-I ditionali amounts of rolling stock, rails, etc.
 Hides and leather are doing better and wool continues in keen demand.
 The rubber industry has taken on new lease of life.
 The volume of newspaper and maga- zine advertising now appearing is un- usually large.
 The number of stockholders in large corporations is growing.
 Savings bank deposits have just reached a new maximum.
 Of course, there are retarding influ- ences,. and it is doubtless we'll that this is so.
 Overproduction of oil continues and refiners are now slashing prices, step which would probably have produced healthy results if it had been taken long ago.
 Cotton manufacturers are still work ing only part time. Stocks and bonds have shown that they can go down as well as up. Admittedly the showing made by La Toilette is causing concern in high financial circles. An "election scare" may arise some time this month.
 The principal causes of hesitancy, however, promise to be shortly re- moved. After that, what?