The Birmingham age-herald., 1914-04-24

oraefs To be given out by the Chinese government. There are some indications that our manufacturers will be able to market large amounts of commodities | In Russia, which are there to be util- lzed in manufacturing and in the en- | iarsement Of Russias agriculture. Ameri- can manufacturers have already obtained contracts involving a great amount of money for the construction of certain | public works in Chile.
 f Then, too, there is the maintenance of our export trade in commodities which are to be utilized in private industry ana Tn agriculture in other parts of the world. There are some reasons for sus- corporation was able to make a better showing recently than would otherwise have been possible. because it was able | to maintain the large export trade which that corporation has within a few years secured.
 It was recently publicly stated that the
 Hawaiian sugar planters furnished the
 Tehuantepec railroad with annual trans portation aggregating about 240O0o tons of sugar. Transportation by this short in Ierhatlonal route across the isthmus of | lehuantepec is presumably cheaper than l transportation by way of the Pacific rail- roads would be
 90 great consignment in a single year by single industry of a commodity TOT transportation was looked upon as one o1 the great features of the commer- Vial hIe or the present day. Yet it has been almost matched several times in sim sle transactions involving eXportations of Amerlcan merchandise. For instance, there was recently shipped to France a slngle order which was represented by commodity manufactured in great plant near the shores of Lake Erie The cost Tor hauling this commodity from Lake Erie to an ocean-going steamship IA. SlOOo The ocean freight rate upon this single commodity was 5000, and there was lev1ed duty upon it at the mort of France. where the steamship landed or | about sSooo. The apparatus weighed about ioo,ooo tons. Hawaiin planters ship in year some A0ooo tons of sugar to Amer ican refineries by way of the Tehuantepec railroad, and this is spoken of ae great thing. One American manufaetur- ing corporation has recently shipped to trance single apparatus weighing 16o- 900 tons. -'' Although 1t is year of a good deal or depression in manufacturing circles. nevertheless our manufacturers at least those who represent the greater eorpora- tions, seem able to maintain the prestiee "mch they began to gain three or four years ago in the foreign trade This is regarded as perhaps the most discour aging feature of the American business Siludtiou dl the present time.
 The Fall Exports
 The experts are beginning to sneak with some confidence of the haryests or the summer and fall. The outlook at ores eiit is hishiy encouraging. If there are no chinatlc disturbances and if the situa- tion In Mexico, whatever it may he in our harvest time, is not of a character to lead to serious interference with the bar- Vestng or the crops, it is thought thar the haryests of this year may be record making The present promise of the harVests does tend to encourage some what, business sentiment If the harvests ana political agitation were to be found Tn sympathy then it is not unlikely that real reaction, not a temporary one from, prevailing business depression in almost all Industries excepting those engaged in the manufacture of women's dress goods where no depression exists will be oh served.
 There is to be in the next four or ov. weeks certainly before the end of the hs cal year, a great deal of heavy financing. lhe prospects are fair that capital xill De 1ound, probably has already been round, whereby the obligations of the NeW Haven railroad company, which must be met next month will be taken care or. ihis will involve a large amount or financing, although it will be princi- pally based upon credit The new obliga- tions which capital will take will be utilized chiefly to pay the New Haven rail- road company's obligations which are due in May
 An Encouraging Symptom
 III the nnancial district the financing of the New Haven Railroad company so that It Will be able to meet its May obliga- tions, large as they are is seldom spol<en or as very encouraging symptom. If un- uoubtedly reflects the confidence which Howard Elliot, now cihef executive of the New Haven system. has constantly main- tanned in the inherent value of the New Haven property.
 Desperate as was the situation for ,ha New Haven railroad when, on September l. 19l3 MT Elliott became chief exeou- tiVe, ne never had any doubt about the great inherent value which turks in this property. He realized that to develop tnis value was perhaps one of the most uiiilcult or the undertakings by which almost moribund railroad companies have been quickened into healthful conditions one reason for the confidence of Mir El- lott aside from that which is due TO ms long experience as a railway execu- tive, Is the good temper which he ha s shown in his prolonged dealings with the department of justice at Washington In thls respect MT. Elliott and Theodore N Nall seem fully to reflect the opinion of leading business of the country These business men as a whole are anxious to fulfill all of the obligations of the law. MT. Elliott and Mr Vail have accepred without any resentment, without any dis play of bad temper, but in perfect sood faith, the counsels of the department of justice and have been and are now rear ranging their corporations affairs so that these corporations may stand )n a level with the law. Both Of these executives are determined TOW that they have met the recommen- uatlons of the department of justice to devote themselves to the development of the properties over which they stand in official authority. Eight months of the hrst year of MT. Elliott's association with the New Haven Railroad company have been almost exclusively occupied with his consultations with the department of justice. At last these effort sare sue cessfully ended. Now he can devote nilr- | self to the upbuilding of the property cx- actly as President Vail purposes doing with his corporation, and it is no doubt in considerable part for this reason tha the men of finance of New York and of Boston have agreed to cooperate with him so far as actual cooperation is nsc- essary. Many of our business men are persuaded that we have already seen the worst of the business depression, although no one seems to be able to forecast the outcome of the Mexican situation. It is remembered that not until Great Britain permanently financed the very large war debt entailed by the expenses of the war
 in South Africa did the financial condi-