The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-09
MR. EDMONDS TALKS
ON PROSPERITY ERA
Farm Values Gain IS Per Cent
in Six Years

Richard II. Edmonds of Baltimore edi-
tor of the Manufacturers Record, is stop
ping at the Hillman. He has long been a
recognized authority on the Industrial de-
velopment of the south, and within the
past few years has been quoted by the
New York papers oftener perhaps than
any other statistician.
Mr.. Edmonds said last night:
Probably the most important fact bear
ing on the development of trade and the
growth of wealth ever recorded In our
business history is the amazing advance
in the value of farm property in the
United States during the last six years. In
1900 the value of all farm property in the
whole country was $40, 400 100000 whereas
the total now is SIS. 600 ,oo0,0 0O, a gain Of
81, 600, 100000, or over IS per cent. while
during the same time the increase in ou1
population has been about II per cent
and the increase in farming population
somewhat less than that The magnitude
of this gain in the wealth of the farm
ers can best be comprehended by some
statistical comparisons
"The total investment I'm all the manu-
featuring interests of the United States
is about $1L0OO.0O00OO, hence in six years
the increase in the wealth of the farmers
Is equal to more than one-half of the
capital invested In our vast manufactur-
ing interests The aggregate deposits in
all the national, state private and saw
ings banks. and all the loan and trust
companies in the United States Is about
s12 900, 900, whereas in six years the farm
property of the country has gained $780,
100000 in value or over 60 per cent as
much as all these enormous bank de-
posits
Actual Advance.
I'm this connection it should be remem-
bered that this Is simply the actual adj
vance in the value of farm property and
does not take into account the large
profits made on their crops by the farm
ers during these six years. 1t is of
course, due mainly to the fact that farm
ing has been prosperous that this power
full gain in wealth has been made. Surely
the American farmer is coming into his
own and his wealth Is increasing as never
before dreamed of.
"Ten years ago low prices for farm
products caused a cry of poverty and
distress throughout the agricultural re-
gions; consumers were then getting the
benefit at the cost of starvation prices to
the farmers. Now the farmer is reaping
his harvest and the consumer, long
accustomed to low prices, is fighting the
advance. Conditions have so completely
changed that it will. in all probability
be a long time before the price of farm
products materially declines, ana so the
consuming world must adjust itself to
this situation. High prices of farm prod
ucts-cotton at Toe and lie a poundf, in
stead OF &c and &c, and other things In
proportion. may be hard on mahy con-
sumers with fixed salaries, or incomes,
but they are blessing to many more
than they injure.
The Railroads.
This universal agricultural prosperity.
Of which | believe we have seen only
the beginning, has brought into the in
dllstrial and railroad world factors of
tremendous Importance. 1t was not pos
ejble for any man to foresee the full ex-
tent of this wonderful advance. nor of
the development in manufactures which
has been on a scale of greater magnitude
than ever before Much of our railroad
congestion is due to the fact that human
foresight was not equal to forecasting
volume of business which has literally
swamped many of our railroads. and now
the railroads are suffering just as much as
the people.
THE railroads are so overcrowded that
they cannot do business to advantage A
smaller volume of traffic would today
yiAld many Of them a larger net profit