The Birmingham age-herald., 1911-01-08
HIGH GLASS BONDS
 ARE IN DEMAND Is One of the Features of the
 New Year
THE RAILWAY SITUATION
There Seems to Be . Disposition on VT, Part of Roads to Get in t
 Market for 5L. Loans
By PRESTON 0. ADAMS

By PRESTON 0. ADAMS
 New York, January 7.-(special.)-on 2 of the features of the opening of the year 1911 Is a healthy increase in the de- rnand for high-class bonds. This seems lo be general and effects all classes of these securities. There is in financial cjrcles a general belief that this means q healthy normal business without the financing incident to boom timess Inves- tors apparently are shy of new ventures in the line of stock exploration. s9
 There seems to be a disposition on the part of railroads and other corporations to come into the market for loans for the legitimate extension of business when conditions arc favorable. This Is regard- ed as good sign for if they were not Conveniently convinced that the prospects < Tor business were good they would not be willing to add materially to this fixed ' charge.
 As result of the self examination of methods which have been brought about by great industries of the country, there l is tendency to improve methods so that E labor cost may be reduced. This has re- suited in a considerable reduction In the number of employees in some lines. And < ihis is likely to be permanent While 1t will M be hard on those directly affected in time there will be real adjustment to new { conditions and Permanent reduction in the cost of production. This Is particu- larly true with the steel and allied indus tries and with the railroads.
 J. R. Rowland who has been general manager of the Texas City Steamship conipany is now traffic manager of the 1 Atlanta, Birmingham, and Atlantic rail- way. MT. Rowland is a first-class traffic 7 man and the Atlanta, Birmingham and 9' Atlantic is to be congratulated in secur- ing him.
 The many New York friends of J. T. Hara1an are glad to know that he does not contemplate retirement from active participation in railroad management be- cause of his withdrawal from the Presi- T dency of the Illinois Central. MT. Hara- hans plans are yet uniformed. He will probably take long rest before he getsl back into harness. ..... .., ...s.....,
 The domestic consumption of copper in 3 1910 has been slightly larger than in 1909, but more than 25 per cent less than in
 
 electrical companies, wire drawers and brass founders. In 1906 the consumption was estimated at 6S5,0OO, 900 pounds.
 The consumption of copper has fallen E off very heavily in the last few months, z In this respect going hand in hand with the iron trade, and 1t Is evident that simf- lar remedial measures are necessary. e.. ' Stocks of unconsumed copper are ef greater today than a year ago, the out put is record-breaking and consumption Is less. The so-called visible supplies in Europe are largely farce.
 There has been so much discussion of the size of the India crop recently that { It may be e,Nected that the people who f like to dwell on these matters will next turn their attention to the size of the crop of China.
 China is one cotton producing country 4 of whose crop little is heard. China ! exports 200,000 bales a year to Japan and these exports are constantly increas- Ing. Most of the cotton raised in China, however, is manufactured at home by hand machines, and therefore Is very f difficult to estimate the size of the crop. Japan is very much interested in China S cotton crop, and the Japanese know better than anyone else how much cotton ~ China produces. Some day they may con- clude to tell the world, but 1t is doubtful. Some people have tried to figure out this crop by estimating the per capita re- quirements and deducting therefrom the importations of cotton cloth and yarn. In this way 1t has been estimated that \ China's crop is about 1,3000o0 bales of bO0 pounds. Of course, such an estimate Is not even approximately correct. Some people who have visited the Orient be- lieve that China produces over 100000 bales of cotton in an average year. Texas leads the cotton producing states with S.140O00 bales- of 500 pounds gross each. with avalue, at 14 ceQts a pound $229.S00,0O0 Florida produces the highest selling cotton in the country. It's yield of 5S,o00 bales is valued at 21 cents a pound. The lowest yield is the 120oO bales from California, although Virginia is not much ahead of her with 13.OO0 bales. The IA cotton producing states, in order of production in 1910, are Texas, Georgia, Alabama Mississippi, South Carolina, Arkansas, North Carolina, Tennessee, Louisanna, Florida, Missouri, Virginia , and California
 New capital issues consisting of bonds, short term notes and stocks, have been floated by railroad, traction. industrial, ; mining and other corporations in the United States to the grand total of N,610. ; 272.579 during the year 1910,<a decrease 272 579 during the year 1910, decrease of 163 ,101, as compared with 1909, when the aggregate was q, ,6S1, ,620, 6S0. There were notable decreases in the offerings e bonds and stocks and very large in- crease in the sales of notes by railroads. : The total amount Of new capital raised 2. by the railroad and traction companies during the year was $876, 5181, ,389, a decrease of $138, 625.891. while industrial and mis- cellaneous corporations isued $641, ,691, ,190 decrease of $24,722,NO.
 The Coal Trade Journal" in it's re- { view of the trade for the year 1910. says:
 with this week we close a year mark ed by the greatest tonnage production in Inc history of the American coal trade. It is truly remarkable that such a state- ment can be made in view of the uncer- tainties that have attended many lines Of business endeavor during the mast 12 months, and the fact that coal has achieved a record output, under all the circumstances, shows to how great an extent this fuel. enters into the affairs of iaily life and how indispensable 1t has become We are accustomed to irregu- larities in the production of anthracite: the record of the past shows many ups and downs. But once more 1t has been proven that 1t Is most extraordinary for more than two years in succession to show a decrease, and consequently 1910 sffsets the falling off of 1908 and 1909. with a tonnage we'll up towards the record figures of 1907