The Birmingham age-herald., 1920-11-25
Wise Leaders Foresee Big
 Prosperity By Next Spring
Some Big Developments in South Which Give Trend and Furnish Reasons Why This Section Should Be in
 Accord With Thanksgiving Spirit
Ely HOLLAND

New York, November 24.-(Special)
 W. F. G. Harding. governor of the fed eral reserve banking system, is quoted as having recently said that we have been spared panic this fall chiefly be- cause our new banking system has made 1t possible to prevent panic. This statement does not differ from one commonly made by bankers who say that we owe it to the federal re- serve system that the country has been spared a season of panic But if there has been no actual panic, some are of the opinion that we have been passing through slowly moving and silent panic similar in some respects to the so-ealled rich mans panic of 1902. If that assertion be correct it can be fol- lowed by another, namely, that these conditions which did in our business and the securities market somewhat re- semble panic, have almost ended. For 1t IS possible to report that one of the gratifying conditions to be considered upon Thanksgiving Day is the gradual but certain establishment of new con- ditions whose fine fruit will be the re- turn in the spring of nation n-wide pros perity.
 There still remains, however, one ob- stinate condition which must be over- come. That is the reluctances of many of the retail dealers to recognize that the public will not buy as long as high prices prevail. Industrial leaders have without much complaint adopted the policy of deflation. The evidences are plentiful than liquidation in the securi- ties market is almost ended. But many retail dealers are slow to fall in line When they do buyers will come to them for the great public is not yet without money.
 There are, however, other evidences of gradual return to industrial pros perity. Some of these come\ from the |south. One of the largest lumber com panies in the United States whose of fices are in Louisiana. has decided to adopt a policy of reforestration and do this upon q large scale. In addition, the company will construct four new paper mill units and these rlans will entail an investment of new capital of not far from eight million dollars.
 So also at Savannah some s3,000.- 900 are about to be invested in constructing a coal handling plant the capacity of which will be at least 3,0oo,o00 tons a year. Savannah has been chosen because it is a convenient point for shipping coal from the south ern mines. The presumption is that much of this coal will go direct from Savannah to France.
 IT NEVER SLEEPS
 No matter what the depression may be, the Standard Oil company never permits it to interfere with its progress sive activities. For that reason it will have speedily at Baltimore one of it's largest refining plants, and, further more, expects to construct within 12 months an office building in Baltimore which will cost not less than $1.500, 000. Florida, which is rapidly becoming 9 state of many industries, aside from ita agricultural production, is speedily to demonstrate to the United States that sugar cane can be cultivated as well and as profitably upon the Florida pen insula as can be done sn Louisiana. Philadelphia capital is about to con- struct at Palatka sugar refinery which will cost nearly s1,50o,00o. Be- sides that, the company intends to put