The Birmingham age-herald., 1912-03-28
RAILROADS AND BANKERS PLEASED Real Business of Country Is
 In Good Shape STEEL MILLS BUSY England Trying To Develop Own Cot ton Industry-Wall Street Has Fear of Law-Speculation Is Caus-
 ing Trouble
STEEL MILLS BUSY

There are no two classes In the com munity who are better qualified to speak with authority on business conditions than the bankers and the railroad men. When both of these important ele- ments in the business world agree that the real business of the country Is In good shape and that the outlook is most encoura ging 1t may be accepted that this comes pretty near the facts in the case.
 have given the ideas of some of the leading active railroad officials on the situation. Here are a couple of express sions from bankers.
 An oicer of one of the best known banks in the southwest writes as fol- lows: 0
 Underlying conditions were never better than they are today In my judg- ment, if it was not Tor politics. the volume of business would be far in ex- cess of what it is. Leaving politics out of the consideration, there is reason to hope for revival in all lines of indus try But if the federal authorities should continue to attack the vast cor porate interests in the way that they have been doing for the past year or
 
 continue to check business enterprise. Such unsettlement-a as das resulted from | this cause Is specially irritating at l time when tariff readiustment is not far off Banks in our section are in frst rate condition. Their assetc are un- usually liquid for this season of the year. For months past they have been doing business upon a most conserva- tive basis, being careful to avoid mak ing schemes All this Is in sharp con trast with what existed two or three years ago, and in the judgment of bankers in active business here suggests a remarkably strong position From a St. Louis bank came this terse comment:
 Ut Is too early for the retail mer chant 10 become really alarmed about what Is going to happen next Novem- Der. and the fact that retail trade in many sections is very good for this | season of the year makes him indiffer- ent to the agitation which Is engaging attention and means larger centers of trade. This attitude Is not unusual. and means only that so long as the small merchant is reasonably prosper ous he Is not disposed to worry about the outcome of a contest that Is still eight months away. More than this, most of them know by experience that change of national administrations
 
 ally. and. except in exceptional in- stances. therefore, it only rarely hap pens that the small merchant of the in | terior becomes really excited at this stage of a presidential year" | For the past 10 years England has heen earnestly trying to develop a cot ton growing industry in her African possessions and Is making progress In l 1911 there were produced in British l Africa. outside of Egypt, of course. S. . | 100 bales of 800 pounds each. This is | not very much cotton, it Is true, but when it is considered that in 1903 the product was only 1s0u bales and that | the crop nearly doubled in 1911 over l 1910 il is worth the consideration of the American cotton growers. It will not take many years of doubling the crop to make British Africa a serious competitor in the matter of cotton pro- duction.
 | Steel corporation mills are very busy and are operating about 90 per cent of capacity. The Chicago district is now almost as busy as Pittsburg and an enormous tonnage Is being produced at all points.
 The forced restriction in the output | of cotton goods for the past two or l three years IS beginning to he felt. and
  vsncing prices.
 In the west the almost ideal soil con- dtions arc furnishing expectations of enormous crops, and this Is finding its reflection in general business. Senti- ment is decidedly mor- cheerful than any time since fall, ". en the holiday trade furnished stimulus. Reserves of old wheat in farmers hands on March 1. as reported by the department of agriculture yesterday. laggregated 122,O25, ,000 bushels, or 19 s :. ar cent of the 1911 crop Adding the visipl. .,dpply of Wheat at the Ameri- can grain centeA, namely. 57.0s0. 900 bushels. the total supply of wheat avail able for export and consumption before next harvest is showing to be 179, 9,100,- 900 bushels, which is the smallest amount for many years. Last year tho total supply at this date was 2ls5 900 bushels. An even greater discrep- ancy Is shown by the farm reserves of corn. the total of which was $50. .069,- 900 bushels on March I. or 34. g per cent of the 1911 crop. On the corresponding date a year ago the reserves were 1,l65,- 31S 900 bushels, or 10 3 per cent of the 1909 crop, Adding the visible supply figures. the total stocks available for home consumption and exports before the next crop Is available Is only s9I.- 325000 bushels. which compares with L. PIT, 43s. 900 bushels one gear ago and L. 065. 222, 900 bushels two years ago. It is well known what a simple task | it is to gather a crowc m Wall street. ' but few realize that the prosecution of the trusts has instilled a fear of the law in all forms in the minds of many of