The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1914-01-03
FIGURES ON FARM
PRODUCTS PROVE
AMAZING TO EUROPE
Enormous Resources Back
of Americas Expanding
Export Trade
FOREIGNERS HELP
TO FINANCE CROPS
They Are so Surprised at Magnitude
of Government Figures That They
Express Some Doubt in
Their Accuracy
BY HOLLAND

New York, January 2.-(Special.)-ln the
year 1912 one of the New York banking in
situations provided funds with which APP
proximately the etnire cotton crop of the
United States was financed and a great
deal of the other agricultural products,
meaning, of course, those including cot
ton, which were exported. This institu-
fion is not national bank. 1t operates
under state charter. Presumably 1t
will have a considerable share in the
purchase or discounting of bills of ex-
change drawn against exports of Amer
lean agricultural products in the year
1915 and also 1914.
Some of those who nave large dealings
with this institution cannot see how the
new banking and currency law can in any
great measure affect The business which
the Institution has so successfully car
ried on for some years. 1t is the Guar
artee Trust. and together with the Bank
ers' Trust it will undoubtedly furnish
the greater part of the facilities for
financing the movement of the crops o.
this year to the foreign markets. There
will be some curiosity felt respecting the
effect, direct or indirect, of the new ma
stitu.ions and private bankers whose
speciality is the purchase or discount of
foreign bills of exchange. VIII that bust
ness be concentrated hereafter in New
York?
Eye Opener to Foreigners
From Washington a day or two ago
there came an official statement setting
forth the estimate of the Secretary OF
Agriculture of the money value of farm
products harvested in the United States
in the year 1918. The figures are so large
that 1t is impossible for the mind fully
to grasp their meaning, excepting by
some kind of Illustration or comparison.
The estimate of the money value of this
crop is the stupendous figure of $9,75O, 0e0,-
90. If this money value could be con-
verified into active cash or it's equivalent
it would go far toward paying for the
entire railway systems of the United
States. What wealth The railroads have
been for nearly two genera tons busy in
accommodating the farmers of the United
States have almost earned by the indus
try of a single year.
The magnitude of the sum implies bank
ing and financial operations for the next
six months of equivalent magnitude
Sooner or later the 1913 farm products
of the United States viii be converted
into cash or equival ant representative
OF wealth and will add considerably to the
new ca pital whichzwill be available to the
people of the United States for invest
ment in all forms of business.
The Eyes of England and Germany
1t has been suggested that the depart
ment of agriculture had purposely issued
this bulletin as an answer to the alleged
secret attempt of England and of Ger
many to unite in vigilant action whereby
the approach and command by the United
States of foreign markets may be met
ard to some extent overcome.
II has been said in this city today that
there is no financial statesman either of
Great Britain of any of the manufac-
turing commercial nations of the con-
tinent of Europe who will not be pro-
foundly impressed by the figures
which came from the Secretary of
Agriculture in the closing hours of the
past year. If American farms can pro-
duce in a single year commodities sup
plying food, raiment and shelter which at
a reasonable estimate are of the money
value of only a little under 500 600 0OO
then business statesmen of Europe will
realize that behind the energy of American
merchants and of manufacturers who are
seeking to enter foreign markets is an
impulse which cannot be stayed and
cannot be matched, even in a small de-
gree by the farmers of Great Britain
France, Germany or any Of the European
nations. To create in a single year new
wealth yielded up by the soil and com
passed by industry and energy sgrre
eating $4,000, 100000 is to furnish an ire
sistible lever which those who are seeking
to enter foreign markets will find always
available.
Increase of Farm Wealth
How rapidly wealth which is repre-
scented by investment in farm pronertv
is growing may best be exemplified bv -e-
ferring to some remarks made only three
or fours years ago by Howard Elliot at a