The Birmingham age-herald., 1915-12-11
NEW YORK AND ELSEWHERE

This condition is not a purely local on, In fact, it is, relatively speaking, more conspicuous in other parts of the coun- try than in New York All parts of the and to be able to utilize some whenever opportunity offers for outside employ ment. Minneapolis, St. Paul and Kansas City have had ample funds to handle their crops, and this is almost without precedent
 Undoubtedly the impulses occasoned by the war have prevented new under takings large in character, and that has caused funds to accumulate. Although constructive undertakings upon a large scale are awaiting further developments and will. when they do come, emphasize the fact that high and permanent pros perity is at hand, nevertheless what might be called minor constructive work is well under way. Those who are eX- pert in reading between the lines think they detect in the City bank S circular an intimation that it is we'll for the country that just at present very large constructive undertakings are not under way. They will come later. The gov ernment at Washington must undertake very important constructive work upon large scale if it is to save the Panama canal The permanent protection of that waterway will entail not only the high est engineering skill, but the spending of a great deal of money. From enc point of view, it is the most important constructive work which this country has now in hand. Meanwhile, the commerce bearers whose owners were expecting to make use of the canal by navigating many steamships through it, especially to the west coast of South America and to the northwest coast of the United States have been compelled either to return to the passage by he way of the Strait of Magellan or to reship by rail across the continent. The largest mer- cantile house of the United States which carries on commerce with South America, that of William R. Grace x Co.,, was fortunate enough to have only two ves- sels held in embargo by reason of the Panama canal slide. One of these was in ballast and the freight which was upon the other was transhipped by rail- road But if the canal had not been closed by the slides six or seven vessels of this line would by this time have passed through, bearing commerce be- tween the west coast of South America and the United States
 When there is good understanding of the fact that the business stagnation which depressed the country for two or three years is disappearing. and that our domestic industries of all kinds, ex- cepting lumber and railway equipment which are beginning to improve-are now invigorated the reason will be clearly understood why the managers of the City bank feel that they may ven- ture to say that large new undertakings have not yet appeared, fortunately, be- cause they are not wanted at this time The reason they are not wanted is be-
 cause there is enough in sight for every
 body to do.'
 Constructive work along large lines is more likely to be earlier undertaken in the far west than in the east. There are some plans of magnitude involving reclamation and the wide distribution of electric energy through the conversion of water power for which approaches will be made to men of capital for large amounts of capital very soon. The int- nations are also strong that as soon as the railroads find themselves in posi- ton to undertake expansion they will expend money in large amounts for the improvement of terminal systems, this being an improvement which railway managers and notably, James J. Hill be- lieve is inevitable. must be made before prosperity is permanently assured