The Birmingham age-herald., 1915-01-25
APPROACHING POINT WHERE MORE WHEAT CANNOT BE SPARED Other Grain and Food Crops However Will Continue
 to Swell Totals BUSINESS GROWTH
 STEADY AND SURE Friends of Rockefeller and Carnegie Foundations Glad an Opportunity
 Being Offered for Thor
 ough Investigation
Nv HOLLAND


 New York January 24.-(Special.)-If the estimate of some of the experts are fairly accurate then there remain of our surplus wheat for export about 100000 bushels. We shall probably have exported aproxi- mately 3oo0Oo.000 bushels of wheat when the time comes for the announcement that we have no more wheat to spare. mere appears to be some apprehension that when our exports of wheat are ended we shall find a heavy falling off in the amount and the money value of our ex- pcrts So it is thought to be possible that sometime in the spring we shall discover that our excess of exports over imports is considerably reduced in comparison With the great excesses of December and Janu- ary Those who are best qualified to judge. however, do not share in this ap-' prehension They look for continued and enormous exports of corn oats and other grain, as we'll as considerable exports of hay. These are thought likely to make good the falling off of exports which will be occasioned by the exhaustion of our surplus wheat.
 In any event. exports of manufactured commodities are inevitably to increase. If the war be prolonged past midsummer of this year then there will be new sup ply of wheat harvested from the winter wheat sowing and if that harvest com pares favorably with the one of last sum- mer we shall have wheat in plenty to ex- port by early fall
 Enormous quantities of wheat which have been sold are now awaiting delivery ic tc o11ti V Of wheat now waiting shipment which is causing the shortage in ocean freighters It will be gradually moved. and all of it will get to it's foreign destination dur ing the winter months.
 The Effect Upon the Market
 Already there begins to be discerned the stimulating effect upon the securities market of these heavy exports. Since the New York Stock exchange was re- opened the transactions have been quiet, steady, not indicating any sudden boom. This has been regarded as a most desir- able condition From it will flow in fuences which will make it possible grad ually and safely to increase securities transactions.
 At last the market is moving slowly upward, and to move slowly is to move safely. Already there is observed a strong disposition to buy bonds. The excellent feature about this disposition is that it reflects the sentiment of investors. Bonds are not bought upon margin as stocks are, and dealings in them represent to a con- siderable extent the feeling of investors. Now there appears to be some desire to buy, a greater desire than that of the owners of bonds to sell. Therefore, the market quotations are increasing, and that is q healthy symptom. > It is beginning to be said that the securi- ties market shows tendency to discount business conditions. That is to say, the feeling in the market is one of encourage ment Therefore, transactions are in- cieasing we'll as prices. The move ment however, is not speculative one, but appears to be healthy. That prob ably is characteristic of business. It would not be regarded as satisfactory if there came of a sudden a great business boom. But if the growth of business is gradual, then the presumption would be strong that it is healthy. For that req son it is thought in the financial dis trict that the attitude of the Stock eX- change may properly be regarded as fore casting gradual but sure improvement in business. This improvement VIII be stin- ulated by it's own impulses till at last the expected stupendous revival of American industry and trade will be acknowledged.
 A Side Issue
 For prudential reasons the English gov ernment has decided as it has perfect au- thority to do, that the bankers of Great Britain and investors must not at this time and probably for good while, make any loans excepting to the English people or to English interests. It is confessed that this step is a war measure, and is essential on account of the extraordinary cost of the war.
 The action, however. injects a new fac