The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-08
OUTLOOK ON WALL
Street IMPROVED
Decided Better Crop Condi-
tions Are Noted
ACTIVITY rs RESUMED
and Continued Inflow of Currency =
From Interior Add to the Re-
sources of Banks
by RALPH EMERSON

New York, August 7--tspeciaL)-Th
outlook in Wall street is distinctly more
| favorable. There were some important
developments during the week, includ-
ing further strengthening of the con-
dtion of the clearing house banks, a
decidedly better outlook for crops, and
perceptible Improvement In the dry goods
trade These formed an important offset
to the influence of the disturbed polit-
cal condition in the western states and
constituted an excellent foundation for
the restoration of confidence as to the
future of the country, and especially as
regards the autumn business. The de-
velopments noted have already taken
deep hold on the public mind and bust
ness men are now showing more disposi-
ton to resume old time activities,
movement that is highly essential in re-
storing trade conditions to normal basis
and to the high plane that prevailed at
the close of 1909.
| The liberal arrivals of gold from Eu-
rope and the continued inflow of cur
rency from the interior on an enormous
scale have added greatly to the cash
resources of the banks at the very sea-
| son of the year when 1t is essential that
| they should be in strong position to
meet demands that are close at hand.
| Not before in many years has there
been such a speculative liquidation as
| In the local market for weeks apart. IF
the same liquidation had occurred in cot
ton, grain and in farm mortgages the
banking position of the whole country
would be stronger than ever before.
However, interior banks have realized
balances In the central reserve cities, and
to this is due in large degree the UNI
usual influx that has taken place from
the interior
Rains and cooler weather over a wide
AGRA of the corn and cotton belts have
done an immense amount of good to the
crops generally and have led UP to
the very optimistic sentiment now pre-
vailing in regard to the forthcoming
statement of the government as to the
corn crop The beneficial results known
to have accrued from these rains have
caused general revision of crop esti-
mates that prevailed before the rains.
Some of the estimates place the final
harvest of spring and winter wheat about
6o0. 600 bushels and that of corn above
8, 600, 100000 bushels. Estimates on cotton
now range up to 100000 bales where
as a short time ago the outturn was
placed at 100000 to II 100000 bales. 1t
is possible the Views of the final yield
of grains and cotton may be too san
-.
improvement has been wrought In crop
conditions and this. at the moment. is
the underlying basis for the improved
feeling among merchants and manufac-
| turers, both here and at the west
The improvement in the dry goods
trade is the brightest feature in mercan-
tile circles. Heretofore, business has
moved by fits and starts, but this week
1t has shown steady and sustained
increase in shipments of merchandise to
the west and south, fact that can be
readily verified by the increase in freight
offerings to the railroads and the coast
wise steamship lines. With this i'm
proved demand for extie fabrics, and
especially for cotton goods there has
been hardening in values due not alone
to the current prices for cotton but to
the fact that notices of further decided
| curtailment have been given by some of
the prominent New England mills. This
curtailment bids fair to work out its
own cure.
| Everything in the way of surplus
stocks will probably enter into con-
sumption and then mills will be forced
to resume in order to meet the demand
| for goods. 1t looks now very much as
| II the dry goods trade would pave the
way for general improvement in bust
ness and the iron and steel industry con-
traction In the output of pig iron al
| though the demand for finished steel
products has not fallen off in the same
proportion as that for pig iron. After
allowing for drawbacks here and there
| 1t can be said that the situation as a
whole contains much that calls for en-
couragement as to the future.