The Birmingham age-herald., 1916-03-11


 company and certain public utilities While Mir Merritt was not in the city yesterday, and no statement could be secured from him, it is expected that he, too, will call upon MT. Carnley to submit proof of his charges or make a retraction. It will be recalled that MT. Carnley further charged against MT. Mer- ritt that he was controlled in the leg
 
 is possible that as much as 100000 bales had been used in this way during the year in the United States.
 Tt has been estimated unofficially that 2 000 900 bales were used in Europe last year in the manufacture of explosives, but am told that the census bureau has no figures which throw any light upon the consumption abroad of cotton for this purpose. It is evident that much of the cotton now being exported to- France is being used for explosives, as most of the cotton mills of France and all of those of Belgium are now within the German lines and are presumably not running for lack of cotton, although 1t is impossible to obtain definite inforn1a- ton on this point"
 "The ability and disposition of the
 banks of this country to take care of
  as well as to carry well secured loans for those who are not customers has never been greater than at present, said Mr. Harding. At the close of business on March the total of all paper under discount with federal reserve banks, in- cluding rediscounts for member banks, open market purchases of bankers ac- ceptances, trade acceptances and con- modity loans carried for member banks, was slightly over $51, ,00000O, against total deposits held by these institutions Of S454. .O00 600: while on January the amount of paper under discount was over S54, ,000 . O0O against deposits of $431, GOO. LOOKING AHEAD Some private letters that have re- ceived state that there were perhaps 1000 GOO bales of cotton held on March by southern farmers and local merchants. If all of this cotton, or any large part Of it should be thrown upon the market at once there would undoubtedly be a break in prices. But five months, or about 21 weeks, will elapse before any new cotton can come on the market With the demand for export and from Amer ican spinners which seems assured, there is no reason to doubt the ability Of the market to absorb much more than 10o,O0 bales per week.
 q refrain. however, as I have always done from giving advice in particular ca ses. 1 believe that the policy of gradual and orderly marketing Of the crop has been proved to be the correct one by the course of the market this season, and while there are no doubt many holders of cotton who will regret that they did not sell when prices were higher, it is no doubt true that the higher prices last fall were obtainable by reason of the fact that there was no unseemly rush of cotton to the market: and. without l regard to ownership, it is safe to as- sume that the cotton held back has con tributed it's part to the prices realized for cotton that has been sold. 1 wish that each individual farmer would re- member, when the time comes for him to determine how much of his land he will put in cotton this spring, that we are living in unusual times, and that it is impossible for any man or any group of men to forecast with certainty what the consumption of a staple like cotton will be.
 1T believe in the gradual and orderly
 marketing of crops. but I believe just as firmly in the diversification of crops. Farmers of the northwest who produce the bulk of the great food crops of this country, have learned that it is dan gerous to place reliance in one crop, even though it be. a food crop, and while | they cannot raise cotton, they diversity by planting different kinds of grain, and by producing more than one kind of l food.
 q wish to subscribe to the doctrine 1 that is being and has been for years so 1 effectively preached by one of the best ! known, and perhaps the most useful cit | izen of Alabama, Mrs. G. H. Mathis
 who has a message of cheer and hope wherever she goes and who inspires the dsspirited with new hopes and aspira- tions. She believes in diversified farm ing. She says that farming is a good business but she warns the farmer that the ground is sick of one crop. It is sick of cotton and by running the land down you are having to mortgage your 1 property to death, and are making the | crop self-consuming. Build it up. There are certain robber crops and certain builder crops that everyone ought to | know. The robber crops are cotton, corn 1 wheat and oats. The builder crops are l peas, beans. clovers and vetches, and ! you can build the land in winter when l it is not in use.
 MUST DIVERSITY N q am told that there are farmers in Alabama, and perhaps in all southern states. who have never grown a stalk oi corn. Let the farmers realize and I urge upon merchants and bankers the inn portance of persuading them, that an 1 increased acreage in cotton will be looked upon as an argument in favor of lower prices for the remainder of the crop
 now being held, although it is by no means certain that a large acreage would yield a larger crop than a smaller and better cultivated area.
 'I4et us suppose things turn out this year as some optimists predict. Suppose l peace should be restored and there springs up a greatly increased demand | for cotton. Under such conditions a large crop would of course sell for a | great deal of money, but with the ex- perenc of 1910 and 1911 before us, is | there any reason to doubt that a mod crate crop would sell for still more? Or I the other hand. suppose the war con. | tinues; suppose, unhappily this coun. 1 try should become involved, and remem. Der that in times of stress, when it comes l to a choice between something to eat and something to wear, food must be provided at any cost, while new clothes