The Birmingham age-herald., 1916-03-23
Issue Will Depend on Atti- tude of the American Government
TEXAS CROPS ARE
 SECOND IN UNION
Only Illinois Succeeds the Lone Star
 States in the Value of Crops and the Race Is Neck and Neck
nv HOLLAND


 | New York. March 22.-(SpeciaL)-In the statement which was made by J. F. Mor- gan & Co. that they, with other bank CTS have been in negotiation with the Canadian government with intent to make | it a loan of S75, ,OOO,000 at the rate of per cent. it was stated that, Subject to leg islative consent" a syndicate would be organized for the purpose of handling these securities issued by the Canadian government.
 | Attention was at once called to the words subject to Legislative consent. | The wonder was whether this meant government at Washington. Presumably, | it referred to the belief that should the government at Washington not approve of a loan made to belligerent nation then the negotiations would be ended. | A year and half ago. there would have been no doubt that the administra- ton at Washington would decline to give | it's moral support to a transaction of that kind The policy adopted at Washington with respect to loans to belligerent na- tions was the reverse of the policy which | all preceding administrations had recog- niZed as req sonable. President Roosevelt and his administration not only did not \ object to the loan by American bankers | to Japan when Russia and Japan were ! fighting, but gave tacit approval to these 1 negotiations
 l Within a year or so bankers have been persuaded that the government at Wash l ington has changed it's view with respect to financing of that kind. It is now in
 clined to recognize wholly honorable and fair loans to other nations and in thai recognition puts itself in line with the policy adopted by all nations that are 1 able to make loans. Therefore, the pre- sumption is that the syndicate will have | a free hand so far as legislatures are l concerned.
 | In banking circles, it Is commonly be- | lieved that this loan will be as quickly l and as readily accepted as was the case with the loan recently marketed by the state of New York. In the first place Canada's credit is very high, and in the second place our relations with Canada are of such magnitude that it is deemed | to be very important that we should as- sist the dominion at this time financially | in view of the fact that the London mar ! llet Is practically closed to it.
 1 Another feature of this contemplated 1 loan to which attention has been cale 1 is discovered in the evidence it furnishes 1 that Canada is displaying the same spirit 1 as the one which characteriZes Grea 1 Britain with respect to the war Int Dominion will go to the end of her re 1 sources, if that be necessary, but, as ir 1 the case with Great Britain, so in Can ada, the end of the resources will not be {! reached for long time In the financia district, reports have been received from l Canada which justify the belief that the l phenomenal wheat harvests which tho 1 farmers of the weat belts of Canada gar nered last year are unless weather con- 1 ditions prove to be very unfavora ble likely to be repeated this year. So fal weather conditions in Canada have beer l favorable.
 ! There are two phenomena associated | with the European war which are sure 1 to be regarded hereafter as traditional l One is the record made by the wheat far mers of the United States in 1915 and also | in 1914, and this great harvest was made at time when England and her allies were in need of wheat, and in such need l that high prices for it prevailed So also, the Canadian farmers harvested 2 phenomenal crop of wheat and that, too at time when Canada was sending many l thousand soldiers to the battleheds anG when the dominion itself and many of its municipalities were turning to the United 1 States in the hope that here would be | found a money market which London was unable to provide. They did find that money market here to the extent of $225,- 000,0O0
 THE STORY OF TEXAS
 1 Not the least interesting of the statistics which have been mobilized. so to speak ] by Richard H. Edmonds, editor of tho | Manufacturers Record of Baltimore which as whole show the money value l of the diversified farm products of the south in 1915. are the figures which tel of the money value of the harvests o1 l Texas.
 There is only one state in the unor
 which received larger amount of money | for it's crops than did Texas That state l is Illinois. But the two states ran almos neck and neck in this match. Illinois i crops were of the value of s40S. .000, ,000 I Texas crops of the value of $407, 900 000 | round numbers Illinois is a state whicf i has long prospered as crop raiser, ani 1 especially in it's harvests of corn. Bu I the prosperity of Texas in that respec | is of recent growth. Of course, the mag 1 nitude in area of Texas in part explains the magnitude of her harvests. But ther, | is good deal of land in Texas not ye under cultivation. Whereas in Illinois I substantially all of her arabic land i under cultivation. Soon Texas is sure t. be of first rank among the states as 1 crop raiser.
 MT. Edmonds estimates that the aggre gate amount of corn on all the farms il the country on March 1 was 1,13S, ,0O0, ,00 bushels, or little less than one-half 0 the aggregate crop of 1915 How great corn producer the south has become 1 made clear by the statement that 40 pc cent of the aggregate amount of corn i
 now on the farms of the states in tn