The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-15
GREAT ERA OF
PROSPERITY DUE
Or Belief of Keenest Observers
Has Failed
WALL STREET CONDITION
of Handling Cotton Bills of Ind
Ing Among the Big Bank
ing Interests
By PRESTON C. ADAMS

! New DIRK, August H.-(Special.)- IF we
are not In for an era of prosperity then
some of the keenest observers are mis-
taken and all signs will have failed
1t is true that there has been drop
of something like a billion and half in
stock values in Wall street from the high
point of the year. but this loss has been
of paper values and has affected only the
spectators and weak holders who have
been shaken out, dividends and interest
payments have been on unprecedented
scale, workmen are receiving higher
wages generally and the farmers con-
tinue to buy automobiles, despite the
Mortified protests of Wall street. which
verted to other channels
The last steel trust statement of earn
ings is a pretty good indication of bust
ness conditions, showing as they do a.
gratifying Increase in net earnings over
last year.
Then, two well known New York men
in close touch with large financial and
other businesses, who take an interest in
the affairs of the country, have each Just
returned from more or less extended
trip to the west. They are A. Barton
Hepburn, president of the Chase National
bank. and w. C. Brown, president of the
New York Central railroad lines. Mr.
Hepburn passed through Il states, but
did not go beyond the Mississippi. Mr.
Browns trip of 10 days took him into
the Dakotas and Nebraska. Both brought
back words of good cheer.
Mr. Hepburn says: I'm my recent trip
west I crossed II states, and although not
an expert, the crop conditions seem to me
to be very good indeed. The oats and
wheat was practically all harvested, some
in process q threshng and some being
stacked. but most of it still standing in
stocks in the fields. did not go west of
the Mississippi, but am inclined to think
that the crop damage, especially in the
northwest, has been largely overesti-
mated
"A committee of mllers just returned
to Minneapolis from tour of inspection
through the Minnesota and Dakotas, re-
port that the money value of the crops
of Minnesota. South Dakota and the
southern half of North Dakota will ex-
ceed ehat OF any previous crops. Condl-
lions IN ehe northern nan OF Nortn Da-
hota are SERIOUS ana tney estihate the
crop value as about one-third the average
The price Of fax is s265 and the flax crop
will go far towards making up the loss
upon wheat.
THAT the business of the country as
"ioie Is III soou coiiui'ioii ana Prohta-
oie IL eFioe"ceu pF 'he very large Voi"ine
Vi business, am Veiy optiifistic as 10
general business cohoitiohs.
MT Brown saio; u nave not only maze
as ciose personal observation ana lnvest7
sa.ioii as poss.oie, ou' nave employed re-
napie men Oh GOOD judgment 10 go
throusn Mlnneso.a ana the TWO Dakotas
ana Inosl Oh NeDrasha ana Kansas ana
report on cohoiuons. FROM the missouri
river through 10 ne" hork l nave maze
personal examination anu 'he country
iooheo me d saruei all Vi .ne way
ohe VI 'he oes. ciops u si'aii grain
as 10 'he quahty 'hat nave ever SEEN
and ABOUT normal as 10 the quantity mas
oeen harvested a,io Is eieher IN tne STACK
OF oelns ehrasheo on. oi the snoch' ana
the result OF every 'op Oh tnreshing tnat
saw eAoseueo 'ne eNpso'a'ion anu es'i-
mates mace before the harVest.
ihe corn from the western part or
seaooaro' Is at OF ABOVE the average at
THIS time OF year. In the extreme western
part OF NEBRASKA on the cage OF the
sage brush piains ana IN 'he western ana
southwestern par. OF Kansas tnere mas
peen some Damage from not weather and
lack OF moisture out TO tnls ume 30
not neneve tne carnage VIII amount 10
per cent OF the corn crop OF the coun-
try as a Whole.
| Minnesota VIII raise ABOUT 90 per cent
OF slnaii grain crop, ana oo per cent or
normal nay crop. Inc corn is exception
ally Roou' ana win seasonaoie RAIN from
TINS Tune until the nrst OF september VIII
make petter tnan a normal crop OF CORA
Ihose are pretty announcements. In
the same line Is a little story neard the
otner day
TWO or three western buyers who have
been operating IN the local market and
VINO wrote worrying letters nome, re-
celved THIS wire from their home house:
You IeiloWs cheer up and forget your
troubles Things might be a good deal
worse. we cleared western orders frst;
they run heavy to manufactured goods;
other ORDERS going thoough now. Some
concentrations being reinstated either In
whole or In part. Forget all worry on
way nome. Wen still have turkey for
Christmas.
A lively tug or war Is going on among
our banking people over cotton bills of
acceding othe demands OF foreign bank
trust companies and private institutions
declare that they Will deprive the national
banks of all business in cotton bills by
aCCedfnR to the demands Of fnrepiu ha uk-