The Birmingham age-herald., 1911-07-02

but it would merely be cumulative.
 "Yes. sir, believe business is going to be fine in the fall and the whole country will be prosperous.
 It is figured by government experts and bankers generally that the addition of the $50, GOO tissue of the Panama canal per cent 50-year bonds to the bonded indebtedness of the United States has sweled this indebtedness to $963, GOO, : GOO, of which $731, ,000,000 draws interest at ? per cent, S114,0o0000 at per- cent and SIS, 0OOO00 at 4 per cent. Most of theNSov- ernment bonds, with the exception of the latest issue, are held by the national banks, which are using them as the basis of note circulation. The banks cannot use the new Panama 3s for note circula- tion, but they may employ them as secu- rity for public deposits. The national banks which receive allotments of the new Panama 3s probably will substitute them for the bonds now underlying gov ernment deposits and will substitute the latter bonds for some of the issues now used as basis for note circulation. thereby releasing the bonds hitherto em- ployed for note circulation, which may be sold at material profit.
 It is understood that the next move in the governments .financiaI affairs will be the refunding of the Spanish war loan, of which S64,000000 is still outstanding. It is considered probable that this Spanish war loan will be refunded by another is sue of per cent bonds some time within the next two years.
 In discussing Canadian reciprocity it should not be forgotten that Americans haveeinvested not only some 100000 Amer ican citizens in Canada but more than S400,0o0,000 of American capital. Just how much faster the Americanizaton of Can- ada will proceed after reciprocity is a matter of pure speculation, but 1t Is very greatly accelerated, it will not be many years before the western part of the Dominion especially, will be largely Amer ican.
 Exports of wheat for the commercial year ended July l, 1911, are expected to reach a total of 66o, o,ooo,b00 bushels. allow ing 100000 bushels for the three weeks remaining This includes exports to all the leading countries to which last year 556, 0,000 bushels were sent, compared with 4S0, sos, 900 bushels in 190S-9 and 494 103,00o bushels in 1907-S. This year ex- ports are nearly 150,O00,0 900 bushels larger than the average for the preceding years, or an increase of g per cent.
 Summer has come in Wall street, stock exchange houses have sent out mo- tices that their branch offices at holiday resorts are now ready for business. The financial district is so deserted during the summer months that brokers do their best to follow customers. Go where he will the Wall street man finds himself within range of a ticker. Even the most exclusive resorts have their luxurious offices in hotels or in other business buildings. And, of course, it is useless nowadays to try and flee from the sound of the ticker by going to sea, for wireless has checkmated that move. Yet despite all the maneuvering of brokers, orders are and have been extremely scarce. Nor is it at ali certain that the newly opened branch offices will be overworked
 The cashier of leading national bank of the city, which has extensive connec- tions with institutions throughout the cotton belt, in referring to the manu- featuring outlook in the textile districts of the south, said: Even though the mills are running only D per cent of their capacity that is by no means bad bus mess. On the contrary, when you take into account the fact that only a few years ago mills now active were equal to the total then in existence there, you realize that cotton manufacturing is not in so languid a state as many would be- lieve."
 Nevertheless, the disposition of south ern mill men is to curtail still further. Some are halting between the plan of shutting down altogether and that of run ming on a four-day week schedule. Many Alabama mills are continuing on this plan. One result of doing so is to reduce their stocks of goods on hand so as to have practically clean warerooms whenever the trade improves enough to call for longer hours of operation.
 Reports from cotton growing districts indicate no scarcity of labor, especially under the policy of the mills to run only little more than half time.
 President Delano of the Wabash rail- road, says that crop reports received from every section of the country indi- cate that crop prospects were never bet ter. All the reports agreed that the crops are between two and three weeks ahead of the season, which, barring later unfavorable developments. insures it's harvesting before frost. Most of it has been cultivated three times.
 Winter wheat is being harvested in the earlier Territories, with good prospects for crop considerably better than last year. Prospects for spring wheat are in the balance. Everything now depends entirely on the weather conditions for the next three weeks. If the crops get oc- casional showers between now and July 10 they are expected to be all right.
 
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