The Birmingham age-herald., 1914-11-01
ECONOMY FEATURE
 OF AMERICAN LIFE
Revival May Be Nearer
 Even Than Anticipated
COTTON IS BETTER
First National Review Points Out Out That the Price Is Largely in the Hands of the
 Farmer Himself

The First National banks monthly review. prepared yesterday, is as fol- lows:
 November, 1914.
 "Conditions in this country, brought about by the European war, are stress Ing economy perhaps as it never has been emphasized before-economy in governmental expenditures. economy in tho conduct of business, and economy in individual living.
 The longer the war continues the more imperative the lesson will become, and 1t Is time we were beginning to learn it. AS nation and as individ- uals. we have been living too high and salutary check is needed. Economy, intelligently practiced. entails no real hardships. It is lopinE off unneoes- sary things those which have a ficti- tious value, which fill no normal need and substitute show for substance.
 'The unwillingness to economize is the root of a great deal of pessimistic thought and talk which we feel and hear. return to the first principles will bring a clearer view and a more cheerful spirit. The resources of this country, properly conserved, can with stand any strain which may be put upon them.
 'The marked improvement in exports to European countries is an encourag- ing feature. as it forecasts the turn vor. The prolongation of the war which seems to be certain, should in- crease and diversity the foreign de- mand for our products. It Is not i'm probable that a revival of industrial and commercial activities Is nearer than we have anticipated.
 Tn this connection 1t Is gratifyins to note that initial payments of sub scriptions to the gold pool formed for the faciiitation of foreign exchange are sufficient to make the pool a working factor.
 "The conference which Sir George Paish, personal representative of the British chancellor of the exchequer has been holding with the treasury de- partment, members of the federal re- serve board and leading bankers oi New York city, will, 1t Is believed, not only clarify the exchange situation, bu, also result beneficially for cotton. "The announcement that the federal reserve banks will be in operation Nov ember IS. is received with much satis- faction, as tho facilities offered by the organization will enable members oi 1t to take care of legitimate business oi every description; and, as Secretary MrA dz. trxA. 4w. l. IL s-I ment, the prompt opening of the federal reserve banks will be especially help full to the cotton situation. The modi- fication and indorsement by the re- serve board of the Wade plan for loan ing money on cotton makes it probable that the required amount will be sub scribed by the banks invited to do SO
 Exports of cotton, which have been restricted by the refusal of certain ma rine insurance companies to accept war risks on cotton cargoes, should show a considerable increase on the declara- ton by Sir Edward Grey, British for eign minister. that England will not class cotton as contraband of war, In brief, the cotton situation Is changin 2 for the better.
 Sales of cotton, though at reduced prices, are helping to ease conditions in the south. While it is true that cotton growers are sustaining a heavy loss on account of the shrinkage in the value of the crop, and individual cases of prfvation are unquestionably nu- merous and deserve sympathetic con sideration. it is unfair to southern farmers. as body, to intimate that they will be pauperized by one bad year. after successive years of good cotton crops at fair prices.
 Tt would seem that the price of cotton is largely in the hands of the farmer himself. and that he can con trol 1t by planting the greater portion of his land in corn. small grain and other food and forage crops. As soon as the reports of the federal depart ment of agriculture show that this has been done, there will be an advance in quotations.
 ''The meeting of the Southern Tex tile manufactures in this city on Nov ember 13 Is expected to develop some interesting facts connected with the status of the industry. So far an in- creased volume of business has not come into sight, but mill managers con tinue to be hopeful. The prospect of getting dyestuffs Is said to be brighter.
 There has us little or no change in industrial conditions in the Birming- ham district since our last letter. Op- erations are still on a reduced scale but continue to compare favorably with those in other industrial sections. At tention was focused on the district by the meeting of that distinguished body of experts. the American Iron aud Steel institute. in Birmingham the last week of October.
 we conclude, as we began. by urg- ing economy in the conduct of busi- ness and in individual living.
 THE FIRST NATIONAL BANK OF