The Birmingham age-herald., 1914-07-25

ports which the figures for the recent fis- cal year show We did lose as compared with the next preceding fiscal year. Ii that prove to be the case. then 1t will not be possible to attack the tariff with the claim that it has caused a large fall ins off in our exports. That the tariff will make, and Is now making, consider
 able difference in the character of our
 manufacturing industries Is not to be questioned. But year at least, and pos sibly two years. may pass before it can be known authoritatively whether these changes are permanently harmful or not. The Crops and Business
 It has frequently happened since the | first prediction was made of stupen- dous wheat harvest this year that atten- tion has been called to a curious, almost paradoxical. situation.
 For while in all the agricultural sections in this country the promise of great har- vests has stimulated feeling of encour- agement, yet general business excepting in spots. does not seem at present 10 re- spond to this feeling. That condition is without precedent in this country. The promise of great harvests has in the past invariably stimulated business ac- tivity and the harvest itself has been dis counted by the stock exchange before it was garnered. Now the great specula- tive market is utterly irresponsive to the certainty of an enormous wheat crop and the strong probability of unmatched
 harvests of all kinds. Only one agricul- tlral product is regarded as a partial failure and that is the tobacco crop, al- though in some parts of the country to- bacco has done unusually we'll When the question is put to some of those who are of good authority in the financial dis hN fr hot &l.. ance of great crops the securities market is irresponsive and capital cannot be tempted to invest in new undertakings ?'' the answer invariably is that there pre- vails In the industrial sections of the United States, principally the middle states of New England, an almost abnor- nal lack of confidence. This is attrb- uted, in part, to political or legislative in- fluence
 A day or two ago the chamber of com merce of the United States. which is rap- idly gaining high authoritative charac- ter, called attention to the fact that notwithstanding the practical certainty of enormous harvests business conditions are far from satisfactory. The latest re- port of this national chamber indicates
 that the organization is somewhat pug
 zled by this almost paradoxical condition For the report says that it is remarkable that in most sections of the country, and
 especially in manufacturing sections.
 business conditions are at their worst.
 although a general feeling prevails that
 the crops may lead to great improvement
 in all business affairs.
 The reports of this national chamber
 are likely to be read with as much interest
 hereafter as are those which come from
 the government authorities For it is
 now known that this body seeks to be inl-
 partial and is diligently obtaining relia-
 Ia inf fa., ftnr .IJ t.,-
 country. Therefore fhen it reports that
 manufacturing is exceedingly quiet. that
 mining is at present suffering from q lack
 of demand, as are the lumber interests of
 the United States, the report is likely to
 be accepted as reasonab bly, accurate not
 influenced by political or speculative pur-
 poses. The government authorities do
 not make reports of manufacturing or
 business activities similar to those which
 the proper department at Washington
 makes upon crop conditions. The national
 chamber of commerce includes all kinds
 of activities, business, manufacturing and
 agricultural. Therefore it is able to report
 that there is good deal of apprehen-
 sion, something like despair, in some of the manufacturing communities. especiaI-
 ly in New England and the middle states.
 The national chamber thoroughly sup ports the statements made by the govern ment authorities respecting he promise of the crops-900 000.000 bushels of wheat or it may be little move, certainly a nor
 nal harvest of oats, barley harvest
 which will compare relatively with the wheat harvest, a very great yield of po- tatoes, and with good weather in July the promise of great harvest of corn can reasonably be made, in the opinion of the chamber.
 It seems to be common opinion in the financial as well as the business centers of this city that the gathering of un- precedented harvests Is likely favorably to affect our export trade and is certain. for time at least, considerably to stimu- late business and manufacturing activi- ties.