The Birmingham age-herald., 1924-12-11
Men And Markets.
By ?. F. B.

The farmers are just $500, ,000 ahead of last year, according to a re- port just made public by the department of agriculture. The figures, compiled by the late Henry c. Wallace, set this years farm income at $12,O00 100000 as compared with S11, 800. 100000 year ago and $9,550 000, ,000 for the previous year. The farmers purchasing power is esti- mated at Is per cent above the low of 1920 The half billion dollars of extra purchasing power not only helps the farmer who has been greatly handi- capped these last three years but 1t Is also especially important to general business. An extra dollar in the hands of the farmer may be said to represent original purchasing power. Starting from the land it works it's way through our entire business world. This half billion dollars in added purchasing pow CT not only brings the farmer back into the market but represents potential ten billions in total transactions.
 Automobile production for the first II months of 1924 totals, 3,360,570, according to the National Automobile Chamber of Commerce. The remarkable thing about this figure is that it comes within per cent of reaching the eleven month total for last year, which was by far the nlSneSt III history. lHls year AoA 'h stance, is running 42.S per cent ahead of 1922. Not only has this showing been made in a year of subnormal business but 1t has been made immediately fol- lowing last years tremendous output The answer to this increase in the sale of automobiles in opposition to the gen eral trend of business may be found in a comparison of the relative values or fered in this and other lines. Most l hnHr d Sbefore the war. While we are used to paying more we still have a half con scious feeling that the price is too high In motor cars, however, we find much l finer cars than ever being sold at prices relatively much lower than the same general grade of car could be bought for in "in the good old days.' OuI sense of the bargain won't let us pass them up. All this may hold the germ of an idea for other lines suffering from lack of business.
 | Steel has climbed one more rung III the ladder of improvement. Ingot anc rolling mills In the Youngstown distric report production at 90 per cent of ca pacity. Tube mills in the same locality are running at 93 per cent.
 Twelve million dollars in gold lief New York in single day last week fol | Europe. Five million in gold coin tt the Reischbank of Germany and seV en million dollar shipment to England made up the largest days shipment O. gold on record. The instance Is of par ticular interest as it may mark th' turning point in gold movements. Th' inflow of gold, which started in 191 and which continued steadily and II large volume, caused our bankers ant students of finance no little worry. A we came into possession Of a larger ant larger portion of the worlds gold ant the other countries had less and less o it the position of gold as the undispute' medium of exchange became threatened We have been embarrassed with larger supply of gold than we coul' keep busy and the rest of the worl- ha been cramped by lack of it. Now, witt large loans to Europe and the shipmen of such quantities of gold as seen las week, the trend has started in the othe direction and an improvement in worl trade may be expected as a result o better balance in the medium of ex change.
 | Commodity prices, according to Dun reached the highest point in four year with the 197, ,993 registered for the frs week of December. The increase owe the index of 193,734 for the previou week was due to increase in breadstuffl clothing and metals with minor change in other classifications.
 
 Railroads are still buying steadily SIP 2,OOO, ,O0O in order for equipment, place last week, brings the total purchases c equipment and supplies up to a gran total of $152 ,00O during the last thre months. One of the chief stimulators c industrial revival is apparently still O the job.
 Increased working hours as reporte by the industrial conference boar shows activity in July of this year a about 45.4 hours per week rapidly il