The Birmingham age-herald., 1914-07-04

the curious fact that several of the very great harvests of the United States were garnered in years when there was busl- ness depression or financial distress. In the latter part of President Cleveland second administration business stagnation still prevailed. although there had begun to be observed some improvement Rail road managers whose offices were in New York at that time were advised to take a tour of four five weeks, so that they might inspect the agricultural sections Of the west This counsel was given be- cause it semed to some who had visited these sections that the promise of great harvests, especially of corn. made it pru- dent for the railway managers to prepare for the transportation of the grain rom the fields to the market.
 These managers returned to New York to tell what seemed to be a marvellous story of the harvests which were speedily to be gathered. Preparations were at once made for hauling grain from the fields to the markets and were made not minute too soon. The effect of this great harvest upon business was soon made clear.
 Another Instance
 In the latter part of the presidential campaign of 1896 an astonishing situation was suddenly developed The harvests were found likely to be practically record breaking. The farmers who cultivated wheat did not allow the political and free silver agitation to distract their attention from the wheat field, so that it was sud- denly demonstrated that the United States was to have fine wheat harvest while the wheat fields of other lands were to yield crops very much below the aver age. Thereby a great demand for Amer lean wheat was made, which caused the price of wheat to increase until it aver aged $1 bushel. The year after the 1907 panic the harvests were of splendid quan- tity and quality. and the year after the depression of 1909 the cotton planters har- vested one of the greatest crops ever yield ed by southern soil.
 This year this somewhat curious phe- nomenon is to be repeated. For the statis- ties which will be reported by the Wash ington authorities for the fiscal year 1913 will demonstrate that on the whole busi- ness in the United States has been de- pressed. The best authorities say that it is absurd to pretend that business condi- tions have been all that could be desired within the past F months. In isolated in- stances business has been good. In some parts of the south it is reported to have been excellent, but bank clearings tell the story of a falling off in general busi- ness and the phenomenal plethora of money not only in New York city, but in other financial centers. Is of itself a cer- tain indication of business lethargy In addition to that it would be difficult to discover within the past 12 months any ventures of capital upon large scale for the development of new enterprises. AL most all the large financing that has been done within the past 12 months has been in the form of renewals of obligations the marketing of short-time notes or else the absorption by the public of state or mu- nicipal issue of bonds
 On the other hand. the farmers of the United States have never been more ac- lively engaged nor has the soil ever so bountifully responded to their efforts, as has been the case within the past F months, or. to make the record complete, in the months between July of last year and presumably October l of this calen- dar year.
 The Best Feature
 By far the most interesting feature of the wonderful reports which have been brought to this city or Sent here from the west and southwest is the story of the manner in which the farmers have re- sponded this year to the appeals and coun- sel which have been freely given by those