Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1912-08-26
FACT AND GOSSIP
IN MONEY MARTS
Country's Crops Exceed This
Year Nine Billions and Pass
All Previous Records.
BY 8. c. FORBES.

NEW YORK. Aug. 26-Every hour
brings bumper crops nearer American
granares and should bring, a little later,
lower prices for the things needful for
the breakfast. dinner and supper table
That is the cheering news which can
be truthfully recorded this week
Financial and business America has in
hailed a fresh draught Of courage. With
out confidence petty obstacles become in
surmountable; with confidence barrier
after barrier can be scaled
There are sound reasons for the trans
formation in sentiment. They stand out
prominently on all sides.
First: Nature, after her won't has
dealt bOunteously with the United States
The farmers have seen themselves grow
richer and richer during recent weeks,
until today nothing but a miracle can
prevent the garnering of greater harvests
than the country has ever yet known.
The total value of our agricultural prod
ucts will not fail short of 50 900 900 600. 1t
may be found that Secretary of Agrcul-
ture Wilson'S next report will contain a
figure approaching $4,000, 600 900. Cotton,
heretofore a Iaggard, has fallen into line,
as the drop in quotation for the staple
Convincingly reflects,
Nine billion dollars of new wealth from
the soil is a solid foundation on which to
build genuine prosperity,
Politics No Longer 8ugaboo.
Second: Politics no longer frightens
frightens capital. Did the passage of the
wool and steel tariff measures by the
house of representatives over President
Taft's veto precipitate stampede in the
industries affected? Not for an instant
The market value of the steel trust s
shares greeted the news by advancing
to new high level for the current move
ment while the business world as
whole showed not one tremor
Each of the presidential candidates
realizes that the old destructive policies
have fallen from favor. and that the
people now demand sensible, constructive
legislation At the same time. remedies
for the corporate evils that still exist are
accepted by capitalists as not only in
evtable, but in the end desirable.
Rapid Trade Expansion.
Third: Trade IS expanding wonderfully.
Raw material is at a premium in the
steel industry. the railroads are already
carrying the heaviest volume of traffic
in their history, and are urging equip
ment manufacturers to expedite delivery
of new supplies, building is distinctly
active, tDllOu IIliS are leSlIlClbh OIllN
by scarcity of labor, foreign trade is of
record proportions, the July production of
refined copper reached a new maximum
for the country. the leather business is
booming, an abundant fruit crop is
swapping Gamers, and, as a corollary,
bank clearings are well ahead of any re-
cent year
Surely that is an inspiring catalogue!
Hiuher Money Certainty
OF course, money is necessary to han
die increased business as well as to
bring crops from the field to the market.
Consequently higher interest rates must
be expected. But American bankers are
taking the pTecautio,. # applying early
to London and Paris for accommoda-
tons This is done by selling loan bills
to these centers, these bills to be met
when they fall due by shipments of cot
ton grain and other commodities So
far money rates here have not become
unduly high-the real pinch has not come
vet, as the West has not begun to draw
heavily upon the East
Investors are not showing a keen ap-
petite. Offerings Of new bonds have been
kept down to a minimum, note issues are
light and few stock rotations have been
attempted There is likely to be keen
competition for new capital by and by,
with every indication that generous
terms will have TO be allowed.
Higher Bates Demanded
Efforts are being made in many sections
Of the country to obtain higher rates
on various classes Of traffic, and it is
possible the commission win now act
with greater consideration Choke the
railroads and the whole stream of com
merce will be damned. Happily the anti
railroad mania is passing
Indeed, the attitude OF the American
people toward business as a whole IS rap
idly becoming sane. The problems that
must stll be solved promise To- be han
died, not with prejudice and passion but
,,.Ltn n..L1- rlLDrl snnan z nd ~ ~ M u