The Birmingham age-herald., 1924-09-30
SIGNS OF TIMES POINT UPWARD,
 SAYS FORBES
Business Is Better Than Generally Supposed
 He Declares <
By B. C. FORBES

N
 Surely this is significant: Although out railroads are delivering the larg' est volume of merchandise in their his tory, stocks held by department storei are distinctly smaller than a year ago Business men would do well to asf themselves what this can mean.
 To my mind 1t means that business i, better than is generally supposed. an constantly meeting men who say ir effect: Things don't seem to be i'm proving very much, but we ourselves are doing wonderfully good bust ness"
 An important woolen goods man telll me that sales have exceeded all ex- pectations; and you have noticed the announcement of higher prices for cer. tain lines by the American Wooier company. A silk manufacturer as. sures me that there has been very de cided improvement in demand this month. Increase in cotton spinning in August" captions the latest monthly report by the census bureau.
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 Then read these statements from the federal reserve boards summary of con ditions based on statistics for August and September:
 Wholesale prices increased 10 per cent in August. Loans and investments by city banks continued to increase and on September 10 reached a record fig ure about $1 1000 900 900 above the level of three months earlier" Factory enn- pioyment increased slightly in August ''and average weekly earnings in creased. four per cent, owing to less part time employment"
 Building contracts awarded, con trary to the usual seasonal trend, were three per cent larger in August than in July" tt
 Crop conditions showed further i'm provement in August"
 Harvesting has proceeded rapidly this year."
 "Merchandise stocks of department stores at the end of August for the first time this year, were smaller than on the corresponding date of 1928"
 Those who are still clinging to a hand to mouth policy in placing orders would do well to ponder these facts The mercantile agencies report that ord ering Is being delayed pending the out come of the presidential election.
 What is liable to mapped should the result be satisfactory to the financial and business world? That is another question warranting careful considera- tion. #S 51
  look which should be weighed:
 It can be taken for granted that, if as planned, the strongest bankers in America offer the $100000,0OO German loan here, it will be promptly and fully subscribed for. What eject is this cal c,lated to have upon sentiment?
 Wheat, which Is again at practically the highest price of the year, Is being rushed to market in enormous volume AAlr Rar1 tage of the attractive prices offered fol other of their products. Money Is thus flowing into agricultural states at g rate not known since the war boom How Is this going to affect general business during coming months! :. Employment is increasing rather than decreasing, Secretary Mellon and otn' CT authorities announce WNn the eA' ception of one or two reductions py textile mills, wages continue practically at their peak, giving the wage earning class top-notch purchasing power. Since production in nearly every line has Deen kept down to the lowest feasible mini mum, what is likely to be the influence upon demand--ands upon prices Of ex- sanding employment at higher wages!
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 There have been unusually wide Fluctuations in the grain and cotton Dits. But the net result for the week was higher quotations for wheat ana very much higher quotations for cotton, the nations two principal leash cropsN
 On the stock exchange there were also sharp ups and downs in different stocks. But the average price of repre- tentative stocks showed a gain at the close of the week. Bonds likewise im- proved.
 Pegsimists seek to explain this away with a wave of the hand and the two words. "Cheap money" 4
 But there have been times when Wall street cited cheap money as reason for becoming bearish on securities on the theory that cheap money reflected slack business.
 Each must map out his own course for himself. The future can never pc counted upon cocksurely to unfold strictly according to even the most con Sident expectations. Yet this would seem to be a good time to take to heart inc profound truth, long ago pro claimed by the late J. P. Morgan, tnas 4he man who is a bear on the UnNeo States is sure to go broke.
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