The Birmingham age-herald., 1914-08-02
Enslen Says Depression Will be Temporary Because of Enormous Demands
 for Goods
OTHERS THINK IT
 HARD TO REALIZE
 WAR INEVITABLE
Jemison Says That America Will be Called Upon to Furnish the Major Portion of Worlds
 Supplies

Business men of Birmingham take a decidedly optimistic view in regard to the effect which a general European war will have on American industry
 The main point which is brought sout in various interviews obtained is the need for an American merchant marine, for which Oscar w. Underwood and other leaders, with only negligible sue cess have constantly exerted them- selves. Business men of Birmingham contend that if Americas merchant marine was equal to that of other coun- tries, trade with foreign nations, as a would receive remarkable stimula- tion
 The idea prevails that if Germany, England. France and Russia let slip the dogs of war" the struggle will be terrible but of brief endurance, that money for a while will become unusual ly tight" prices-especially the price of cotton-will undergo d slump. but that after period of three months. there will be such a demand for Ameri- can products, agricultural and manufac- tured, that this countrys ability to supply will be taxed to its limit.
 Eugene Enslen. president of the Jef- ferson County Savings bank, made the prediction that the pending struggle, if it materializes, will cause temper ary depression. He attached a signifi- cant emphasis to temporary" As d matter of fact, in consideration of the gravity of the situation, his view is decidedly optimistic. He said:
 "Of course, there will be depression This depression, however will be tenn porary. The war cannot last long. The reaction will be sufficient to give business greater stimulation than 1t has had In many years. There will be an unlimited market created for Amer ican products and the prices to be ob- tained will be of the most attractive and wealth producing variety"
 L. Sevier general agent of the South- ern Railway company and allied lines, requested that he be excused from mak- ing public statement He Is one of the citizens of Birmingham who would re- Joice in the present exigency were there available in ample merchant ma- rine. His perturbation Is based on his idea that American products cannot be sent to foreign territory because of q lack of a merchant marine. He ex- pressed fear lest foreign vessels loaded with American products will be cap tured by belligerent nations and as a result, put an end to American trade.
 Robert Jemfson, Jr., adheres firmly to belief that despite present indi- cations there will be no struggle be- tween nations so great and powerful as to be capable 'of destroying each other.
 'I, for some unexplained reason,n he said, do not believe that great na- tions of Europe will commit the terri ble blunder of going to war resorting i'm time of education. enlightenment and arbitration of internal differences, to the arbitrament of arms.
 '1f the worst comes, however, Ameri- ca, in the long run, will reap a benefit It necessarily will follow that that country which does not engage in the the. major part in the feeding and clothing of those countries which do the fighting.
 There may be depression in Amer lea should great war develop, but so firm are our securities and so stable, in financial sense. our government, that it cannot be severe. The war will not last long. for finances cannot per- init the perpetuity of such a momen
 
 our brief period of 'cramp will be re- lieved by an early resumption of ac- tivity. Then our agricultural and manu- factured products will demand a price which will be comforting. Our iron and steel producing companies will be called upon to repair damages to foreign na- vies. There is no cloud, in other words, which does not have silver lining"
 A. S. Preston of tEe Jasper Trust company, while visiting Birmingham yesterday, expressed fear that south .ern cotton would receive one of the heaviest blows to result from foreign war. He is hopeful that the govern ment will make provisions such as would be made were there a govern ment warehouse for the protection of farmers during the period of depres- sion.
 "On account of no merchant marine available, said Mir Preston, "our goods will be bottled up. This will close foreign markets-and foreign markets will suffer, as a result, more than we will. Price of cotton will be
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