The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-09-12

The Business Situation
Henry Clews in his Saturday review
says in part:
"A somewhat better undertone appears
to be developing in the stock market, and
this in spite of important uncertainties.
Doubtless the benefit of the rest cure
/ is at last making itself felt After a
period of prolonged liquidation and in
activity confidence has had some chance
for recovery. Weak spots have been well
eliminated and wide observation proves
the situation to be much sounder than
at any time during the last eight months.
The most encouraging factor is continued
good crop weather. Corn, the pivotal
crop, has been making excellent progress,
and the outlook is now for a bumper
yield the only danger being that the sea-
son is fully two weeks or more late. Cot
ton also is doing better but likewise has
to contend against lateness OF the sea-
son. Indications continue to point to a
money value in crops about equal to that
of last year, or $3.50, 900. When it is
remembered that this sum isS greater
than the capital stock of all the steam
railroads in the United States combined
the tremendous importance of good crops
as an element In our material prosperity
can be readily appreciated,
1.-The general business situation is i'm
proving. Trade is quiet and being con-
Quoted on much more conservative lines
than a year ago--a policy which is likely
to prove helpful and result In a larger
and sounder activity later on. There is
still some timidty in business circles over
uncertainties which have already been
discounted in the stock market, but in
due season these drawbacks should grad
ually disappear. AS soon as liquidation
in commerce and industry has been as
thorough as in finance there would seem
to be little reason for delay in business
revival. The three great commercial ma
lions of the world-England, Germany
and France-are still enjoying high de-
gree of prosperity In all three coun-
tries. and especially England. both do
nestle and foreign trade continues upon
large scale without interruption. There
is no lasting reason why the United
States should be the only great country
where depression prevails; but such is the
fact. This country has been suffering
from past excuses. For eight months at
| least If not longer, we have been pay
| ing the penalty; yet as long as activity
continues abroad 1t is reasonable to hope
that we, too, should regain our share.
| Now that vacations are over the stock
market should resume more normal ac-
tivity. In the absence of fresh unfav-
orable developments the market would
| probably respond more readily to an
| upward movement than a downward.
Good investments are selling at very low
| prices, having discounted unfavorable
| factors; and there is no doubt an abund-
ance Of capital held awaiting investment
| when confidence begins to revive. There
has been a marked falling off in the
| supply of new securities, and this also
must have a favorable effect. Although
the outlook is not by any means entirely
clear, still there is tendency to turn
away from pessimistic leaders and follow
those of more hopeful temper"
Value 0f the Telegram
1.-The telegraph Is regaining it's lost
| ground over the telephone" said e. e.
Williams, formerly of Birmingham, but
now of Atlanta, and 1t is now almost as
much of necessity in its field as is the