The Birmingham age-herald., 1910-12-05

in certain instances 1t Is believed there
 was something wrong with the enumer-
 ation, but It is safe to say that every
 southern city of importance has gained
 In population, even where the census
 figures do not indicate it.
 | Atlanta, Birmingham Merii'his, Nasn'
 vile and Richmond are now practicaiiy
 in the same class. but Judging from DIT
 mingham's phenomenal growth In the past 10 years and it's exceptional advan.- ages as the south's industrial center thl5
 citv will leave even Atlanta far behind | in 19?0.'
 | co,nmerc,,I and Financial Review | Henry clews in his Saturday review
 of Wall street and business generally
 says in part:
 | "Mr HilPs over-gloomy interview created a much stronger impression
 than it deserved, and certainly more
 than was intended. It contained prac-
 ticallv nothing new. nothing that was
 not known before to all intelligent oo-
 servers. The interview, however, served to concentrate attention and
 awaken a great many minimizing and lover-confident individuals to the real truth of the situation. Unwelcome as | the fact may be, 1t Is being recognized on all sides that the country Is In the midst of reactionary influences which nave been growing stronger and stronger throughout the year. These adyices have frequently pointed out that an era of readjustment had begun which must continue until stage of equilibrium has been reached upon which to base another substantial for ward movement. Values of every Kind, securities, commodities, land. labor, etc., were highly inflated Consumption had been checked because of exhausted buying power, and the country's saw ings much diminished. A halt, and at least temporary recession became necessary. This is the stage through which we are now passing. How long 1t will continue cannot at present be foreseen The indications are for a quiet period in business, and gen. eral easing up in industry. The effect of this will be to weaken prices of commodities, check enterprise and in crease the number of unemployed. This Is much to be deplored, and the remedy will be hastened by recognition of the inevitable rather than by opposition to it. The sooner concessions are made upon all sides the sooner will recovery be possible.
 "Lessened activity in business and speculation combined are producing a 4I1. +bA hntv low rates of interest that will prove
 an important resistance to the declin- ing tendency, and if sustained may prove the basis of the next recovery. Our leading bankers are sure to do tn cir best to keep both money and stock markets In as satisfactory con- dition as possible; the reason being that a good deal of important railroad financing will be attempted with the opening of the new year, and 1t is i'm portant that nothing should interfere with these operations. This new f. nancing will probably include some im- portant bond and short-term note is- sues.
 "The country can also congratulate itself upon profitable harvest.
 Though values are frequently lower
 than a year ago, still the aggregate yield will certainly equal, if not ex- ceed, last year. which amounted to
 sS,760 000,000. The corn crop alone this
 year should produce about S1,500. .0O0, 900 of new wealth, and the value of the cotton crop may easily exceed $500. .0O0,- 900. These are vital factors in our prosperity, and are sure to prove im- portant offsets to the depression which | certainly prevails in the east. The south Is benefiting largely by the high price of cotton and the west has been | saved from depression by record
 breaking corn crop. Stock market &C., tivity would undoubtedly be stimu-
 iated by gradual recession in values
 until level is reached which offers
 greater inducement to purchasers than
 has been recently offered Possibly the
 low rates for money will bring about
 recovery earlier than expected"