The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-28
NEW YORK BANKS
READY FOR RUSH
That May Be Made on Them
by Crop Movement
COTTON MILL DIVIDENDS
Do Not Bear Out Claim That High
Price of Cotton Is Running Their
Business-Grower Studies APP
pie Market In East
By PRESTON G. ADAMS


New York, August 27.-(Specia1.)-
The New York banks are now ready for
whatever demands may be made on
them for moving the crops and that
they do not now anticipate any serious
money squeeze Is clearly indicated by
the fact that they are loosening up in
time loans.
There is no more timid man than
your New York flnancier. He will shy
at the slightest thing and at once be-
gin to hoard his dollars. The fact that
the automobi sales to the farmers had
gone to unusual proportions frightened
him to death and in five weeks the
bank surplus account jumped from So
100000 to s55Ooo,0oo.
A Jimmy was almost as effectual in
getting money from the banks as re-
quest for time loans on first class COL
lateral. The refusal to heed appeals
for accommodation, however, was be-
ginning to create fears throughout the
country that grave trouble was brew
ing, deduction not wholly unjustif-
able, inasmuch as business firms were
being charged almost panicky rates for
legitimate facilities. 1t has become vir-
tually impossible to negotiate CONNER
cial paper although the output was
kept down to minimum, the absorp-
tion was poor that supplies were &C
cumulating in inconvenient quantity,
while loans on high grade stock ex-
change collateral were not usually pro-
durable under per cent. All this has
been changed.
The effect of this vote face on the
part of the leading eastern bankers can
not fall to be widespread and to allay
the uneasiness that the extreme pre-
cautionary measures had aroused. Con-
idence Is now felt that our crops can
be marketed without unduly straining
our monetary resources. What has here
tofore been an inflow of currency from
the interior will naturally become an
outflow, yet the country banks have
been so pointedly and repeatedly told
that they must set their house In order
that their demands unlikely to be
abnormal. Then Europes resources are
still open to us. Already we have taken
some $1S,000,0O0 gold. Money is so plen-
tiful and cheap in Paris that influential
borrowers here have been obtaining
| credits there by means of issuing A.
nance bills. We will have to send more
| or less gold to Canada within the next
| month, but conditions there are such
| that the demands will probably fall be-
low the average. Altogether, therefore.
our monetary position has undergone
a gratifying change for the better.
In face of the walls from the New
England cotton mills that the high
prices of cotton are running them some
figures which have just been made pub
lie would seem to indicate that they are
not so badly Off after all.
For instance, cotton manufacturing
companies having their head officers in
New Bedford and capitalized in the ag-
gregate at s34.565, 100 have during the
first six months of 1910 paid out s1,496,-
100 in dividends, or nearly per cent a
year; for the first six months of 1909
the same companies disbursed S1,403, O47
in dividends. For the four years ended
June 80, 1910, the American Thread
company paid dividends aggregating
S6,576.167. For the first six months of
1910 group of IL New England compa-
nies paid dividends as follows:
Amoskeag Manufacturing Co.. .12
American Thread Co... .15
Pepperell Mills Co..
Massachusetts, Cotton Mills Co. $50.
Boston Duck Co.. 10
New England Cotton Yarn Co...
Wampanoag Mills. OBSERVATION-DISCLOSURES.
American Linen Co.. 8
Cords Mills. ......... 10
warwick Mills.
Marlboro Cotton Mills. ............ 6
Not one Of them less than per cent
and three of them more than double
that amount. What other American in
dustry can show like earnings?
This recalls the testimony of Henry
F. Lippitt, a Providence cotton manu-
70 cfurer. before the ways and means
committee. Mr.. Lippitt had been asked
II any large fortunes had been made
In cotton manufacturing.
THAT depends on what you call
large fortune" replied Mr.. Lippitt. II
do not think that many large fortunes
have been made in cotton manufactur-
ing"
What do you call large fortune?"
asked the committeeman.
well, should call three quarters of
a billion dollars a large fortune" was
the frank answer.
Probably most people will think the
Rhode Islander did not underestimate
In his definition.
E. H. Shepard, vice-president of the
Hood River Apple Growers association,
and one of the best posted auth critics
on apple conditions In the Pacific north
west. Is making his first visit east, pri-
marily with the view of studying con-
ditions in the several market centers
and particularly in New York. Mr.
Shepard Is a grower Of apples of many
years experience and believes that the
market Is susceptible of considerable
development.
In speaking of this trip, he said: 1.-THE
object of my visit in the east Is to see
what kind Of apples is most wanted
and among others to find what we, as
growers, should do to bring our fruit
into greater prominence, and more gen
cral consumption. l visited the Inter-
national Apple Shippers convention in
Niagara Falls, and at the solicitation of
Mr.. Wagner of Chicago. the associations
president. delivered an. address on grad
Ing and packing apples. After the con-