The Birmingham age-herald., 1915-02-07
Cotton and Grain Move ments Chief Argument of
 Improved Conditions
MORGAN SAYS THEY
 ARE GETTING BETTER
Activity of German Submarines Caus- ing Apprehension But American Exports Sure to Con-
 tinue on Huge Scale
By HOLLAND

New York, February 6.-(Special. )--In the cotton exchange members have been pointing this week to the record breaking movement of cotton, and have used the incident to prove the soundness of their view that business is rapidly recovering In the. produce exchange members have been pointing to the extraordinary move ment of wheat and grain and to the certainty that this movement will be con- t:nued until the surplus is exhausted using the incident to establish the req condolences of their belief that business conditions cannot fail to improve.
 On the other hand, some apprehension Is felt lest the new aggressive move ment of the German undersea boats may greatly imperil our foreign commerce, since much the larger part of our ex- ports are carried in British ships. That apprehension was made visible by a somewhat cratic or unsteady market for foreign exchange. Another effect of this apprehension to which attention was called in the financial district is the probability, or at least possibility, that it may be followed by a considerable in- crease of the volume of American se- curities sold by English and European investors. These incidents picture forth the curious and, as some have said, para dcxical conditions which now character ize commerce, finance and the business situation From one point of view, the promise of great things Is exceedingly bright. From another point of view, here is little, if any promise of i'm provement Yet the great underlying cur rents seem to be steadily but surely nov ins in the direction of business expan- sion and upon healthy lines
 It was observed that in the testimony this week of J. F. Morgan before the federal commission on industrial rela- tions occurred a significant statement. MT. Morgan was asked what was his rest now alleged to prevail In reply, he said: What do you mean by unrest ? le you mean the present industrial con- dition, should say that the unrest will decrease as conditions get better, and they are getting better.''
 {n this laconic statement MT. Morgan sor the first time expressed for publica- ton an opinion which his friends say he has held for sometime. It is an opin- ion which he is understood to share with one at least of his New York partners, H. P. Davison. Yet on the other hand, the head of the Philadelphia Mor- gan house, E. T. Stotesbury, was willing to say for publication a day or two ago that conditions seem to him bad and that he could see no promise of imme- diate improvement.
 This apparent difference in view which distinguished men who should be compe- tent to judge and who are in close busi- ness association is one of the best il- lustrations of a somewhat chaotic state or mind which characterizes American business men.
 The Submarine Danger
 There seems to be no general belief that the German submarines can nflict such damage upon commerce bearers as will permanently prevent considerable part of our ocean commerce from being continued. Some of the officers of steam ships are reported to feel as Faragut is reported to have felt when he was warned that there were torpedoes in Mobile bay. One torpedo or mine did de- stroy one of his ships, but the rest of the fleet went on undismayed. Still if these submarines are in sufficient num- bers and are as skilfully navigated as are those which have destroyed vessels off the English coast there may arise a somewhat serious complication, serving to some extent to check our exports for time at least.
 By and by, when the war is ended and its history is written, one chapter is certain to be devoted to describing the