The Birmingham age-herald., 1914-08-02

confirming. if not increasing, the govern ments promise of a bumper crop of win ter wheat, and assuring us of an export surplus of wheat of at least 225 600 O0O bushels, after making liberal allowance for the rusting of spring wheat At this writing We can also expect, unless growth conditions are abnormally unfayorable hereafter, corn crop considerably in ex- cess Of last years, and a cotton crop Of average proportions, as a whole, and one of the largest ever grown in Ala bama.
 The western roads are moving the wheat crop with comparatively little complaint of car shrotage; and rail- roads generally are reported to be pre- pairing for the emergencies of crop movements by a, thorough overhauling Of old rolling stock. There is also said to be closer cooperation than ever between the roads and shippers in the handling of cars. Consequently, the danger of acute car shortage during the crop movement period> would seem to be remote.
 Whatever apprehension there may have been as to the lack of money with which to handle the crops has been removed by the declaration of the Sec retary of the Treasury that he will put out approximately $4O,000, GOO in the national banks to facilitate the move- ment of crops. and stands ready to in crease the amount to any extent nec- essary to meet the country's needs
 More Animation in Steel
 The effect of the crop outlook is. as yet, more evident in a better feeling than in actual increase of activities. Ii Is worthy of note, however, that the steel trade Is showing more animation. with some increase in the volume of business, and a tendency to the hard ening of prices. As steel is always the leader other industries, and business generally, will improve as the market Tor steel grows stronger.
 Southern merchants have had an ex- tended period of seasonable weather, and stocks are reported as quite low. For several years merchants in the south have been buying in smaller lots and making quicker turnovers,' and 1t Is probable they will continue this policy until there is a radical change in conditions. Collections are reported as good in some lines, but not up to the normal in others.
 i'There has been an active local de- mand for money in July, and it is ex- pected this will be sustained during the remainder of the year.
 "Other local conditions are summa- rized as follows: The rail mill at Ens- ley mas recently received a Sufficiency of orders to enable it to continue in operation. Pig iron is dull, with pro- duction at low point and no im- provement in prices. Stocks are still large. A frmer market Is anticipated for the last quarter when the freight reduction to points north and cast granted by the interstate commerce commission, becomes effective. Coal is dull, but with better prospects based on larger requirements of the railways for fuel in the immediate future. The lumber trade has improved, both in volume of sales and in prices. Inquiries for real estate are more numerous and definite, with some sales resulting.
 The decision of the supreme court of Alabama, announced July 25, that the state has right to collect an ad valorem tax on solvent credits is im- portant news. The court decides that the state can collect this tax on all solvent credits except those secured by recorded mortgages, deeds of trust and written constructs or conditional sales which have paid tax for their recording.
 'In brief. 1t may be said that~the situation. in its broader aspects, con tinues to be encouraging.
 FIRST NATIONAL BANK,
 Birmingham"