The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-21
NEW YORK BANKS
ACCUMULATE Cash
With Which to Move Crops
This Fall
LARGE COAST SHIPPING
Brought East in Great Quantity.
Business Conditions in the
West Arc Excellent
BY PRESTON C. ADAMS

New York banks are still accommodating
money to meet the great demand which
is bound to begin next month when the
crops begin to move in earnest.
One bank alone has between $50, 900. 900
and s7o,oooooo in its vaults and all the big
banking institutions are more strongly
Iintrenched with cash than they have
been for a long time. As result of the
situation call money Is a drug on the
market.
Time loans, however, are not sought and
the rate is stiffly maintained.
In banking circles it is not believed
this fall.
From statistics issued by the Southern
Pacific it appears that shipments OF CAL
fornia products to the east between No
vember and August / reached total
of 2S,00o car loads, representing S700oooo
income to the shippers and 6l6ooo,0oo
pounds of freight for the road.
The shipments of green or deciduous
fruits amount to 400 cars, against 3400 In
the same period last season, shippers re-
|
the best green fruit season the growers
have had, and shipments for the year
are expected to amount to 1900 cars
with total value of s10.00o,O0o.
| From the Colorado desert country 1900
cars of cantaloupes have been sent out.
against 400 last year, bringing the grow
ers s., 100000.
/ Col;f Il fo1 h c1 mt a re-
constantly increasing. amounting SO far
this season to 1900 cars, and will soon give
the railroad 10000 cars annually.
Oranges now provide about $1,000 cars
of freight a year and lemons 5000 cars
more.
The crops on the coast this year have
been unusually large. and the consump-
ton eastward has been heavy.
The partial failure of the crops in the
middle west has created an extra demand
from that quarter.
California has had more competition
than ever this year from eastern peach
growers. as on account of the laying out
| of new orchards in Delaware and Mary
| land, the crops in these states have been
bigger and the quality of fruit has been
and is better than for number of years
past.
| Wall street DelleVeS IndI an arrange
nent has been made by Mr.. Erb of the
Chattanooga Southern and Northern Rail
road company of Rome providing for the
| construction of a connection between the
roads and giving the Chattanooga South
ern trackage to Rome, Ga. The Chatta-
nooga Southern is 70 build an extension
| from Rome to a connection with the Sea-
| board Air Line making a short and d.
rect line between Chattanooga and At
| lanta.
| Alfred C. Bauer, who has just returned
from four weeks trip in which he Wis
tied all of the principal distributing and
producing points In the west, says that
business conditions in that part of the
| country are excellent
There is an optimistic feeling in all de-
partments of the grocery trade which
finds expression in a steady buying move
ment in all staple lines.
| Crop conditions however. are not all
| that can be wished and according to Mr.
Dauer's observations, there Is bound to
be a shortage of supplies In a number of
| important canned goods staples.
| During my four weeks trip throughout
the middle west" he said II was much
interested to learn of the vast improve
ment in business and the jobbers in that
section did not know what the word
panic meant.
"I found on this recent trip that every
interior tobber had all the business he
could take care off,
| From statements made In Wall street
yesterday 1t appears that improvements
under way by the Union Pacific system
| in Oregon and In that section, and which
are expected to be completed this year,
involve total expenditure of about $780,
| 100000.
It is said that the largest expen-
| diture. amounting to $9,S30,000, is for
! the extension from Natron to klamath
| Falls. a distance of 191 miles.
This Is known as the Oregon East
| ern railroad. Next in Importance is
the construction of 1873 miles Of road
from the mouth of the Deschutes river
to Redmond, In Cook county. This will
represent an outlay of s5320,000.
Construction work and Improvements
by the Pacific Railroad land Navigation
company from Hillsboro to Tillamock
about 30 miles will call for $3,Soo,0o0,I
| while the erection of the steel bridgej
at Portland will cost $1,640,000.
The Beaverton -Wilsburg CUTOFF. IN
Guiding the construction of stee,
bridge over the Willamette river at
oswego. will call for s12oo,000. 9th
err projects are also under way.
An order for 5000 solicitors, the larg
est ever given, has been placed by the
Sante Fe.
The selector is a device for ring
Ink singly any one of the stations along
the line that is connected with the
office of the chief train dispatcher by
telephone.
The Sante Fe now claims to have the
largest mileage operated by telephone.
When construction now under way Is
finished 1000 miles of the company's
lines will be equipped.
John D. Ryan fulfilled expectations
by heralding his arrival from Europe
with an optimistic interview on copper.
Here are extracts:
II found that copper consumption In
Germany was going on at a tremendous
/ rate and on an ever increasing scale.
Consumption in France, Italy and Eng
land Is also showing a steady expan-
sion. While abroad I had conferences
with the largest producers and con-
sumers of copper in England Germany
and France and the general opinion
expressed at these meetings was that
production was in excess of consump-
ton, although consumption is now on
an unprecedented scale. Personally /
think an Improvement in the metal sit
uation will be shown from now on
The losses by fire in the United
States and Canada during the month
!. Of July aggregate the unusually large
900 900 more than was charAe against
the same month last year, WHEN the
record showed total of $15,830.900. A
very considerable portion of this in