The Birmingham age-herald., 1913-08-30
Crops Not Equal to Last
Year But Will be High
ly Satisfactory
PRESIDENTIAL YEAR
WAS PARADOXICAL
In Spite of Prospective Tariff and
Currency Changes Business Made
Wonderful Response to
Crop Production
By HOLLAND

New YORK, August 29.--( (spE1fal. IL he
statament has been so frequently made
that leading men of business, and espe-
oaily those who nave direction of large
financial business, were puzzled because
general business did not respond last
year to the influences created by the har-
vesting of the great crop tnat the state
nent is thought to ernbody view whioh
is accepted by avery one as correct.
Today it seerns ts be beyond question
that a portion of the harvests of this
year has saffered Serious impairment by
reason of harmful climatic conditions.
This view is qualified somewhat by the
certainty that tho new harvest of wheat
will be the second largest the farmers
Of the United States have ever sarnered.
1t Is observed that those in this city who
try to keep in touch with agricultural
conditions throughout the country are
still persuaded that the harvests as a
whole will be normal, that is to say, of
average amount and of fairly good quail
ity. But If 1t is true that business
throughout the United States did not re-
fleet the prosperity which should have
followed the harvesting of almost phe
nomenal crops last year is it to be as
sumed that business tlris year may not be
especially disturbed by, reason of the fact
that the harvests are to he no more than
normal?
Do Not Accept This Doctrine
There are some business men in this
city who do not aceepts as sound, doc
trine the opinion that business did not
properly respond TO the benefits which
were created by the abundant harvests
of last year Probably Frank A. Wander
lip president of the City bank, has rea-
son to know that business did respond to
these benign influences. For as soon as
it was established that the harvests were
to be bountiful there came a sudden de-
mand for business Accommodations de-
mand of kind of which President Van
dsrlip had instant experience. So also in
all probability President George M. Rey-
nolds of Chicago had gaod reason for
believing that business was responding to
the healthful Influences created by large
harvest. In fact, it was the sudden ap-
proach of business men to bankers from
whom they sought accommodations in the
mid autumn of last year which tended
TO increase very serious embarra ssments
which the American bankers then faced.
These were in part due to the dangerous
financial emergency created by the dis
1urbed condition in Europe and the enor-
nous and Inevitable cost of the Balkan
war.
A Paradoxical Year
The fiscal year which ended on June 30
at least to those who looked upon busi-
ness conditions superficially, seems TO be
a paradoxical year. The United States
had abundant harvests. Business began
renewed activity upon a large scale, COM
paratively, in the fall of last year, q
presidential election took place and the
party which was successful stood commit
ted by its platform to Il radical revision
of the tariff Three months of the latest
fiscal year were those of the first quarter
of the new administration Of President
Woodrow Wilson and a dfmocTatic Con-
gress.
In mid winter of 1918 it became gen.
orally known that Woodrow Wilson, after
he became President, would urge upon
Congress, in addition 10 revision of the
tariff upon radical downward scale,
that it also adopt legislation for the refor-
nation of our banking and currency sys-
ITEM. presidential election. the certain
ty of tariff and the probability of banking
and currency revision would, according to
ali precedents, have greatly depressed
commerce and trade. Business should
have marked time, IL precedents We're fol
lowed. devcting itself exclusively to meet
ing the daily needs Of nearly 10o,000.0ot
consumers in the United States. 1t is the
utter ignoring Of preccdents apparently
which justities many persons in speaking