The Birmingham age-herald., 1920-10-25

and some work with their heads are wise enough to make the latter alter native unnecessary by turning out more for the same pay, the situation will probably right itself for the pur- chasing power of the masses will be unimpaired and they will soon absorb the goods now offered at wholesale prices that are in many cases below cost.
 SHOULD WATCH ENGLAND
 These observations are not new in these articles, but they are reiterated to emphasize them at this moment to all who have the ear of wage earners, for if as in England the arrogance of labor should lead to a general paralysis of industry our predicament would in- deed be serious. The progress of events in Great Britain should therefore be watched with the greatest care. If the strike there should be successful and society is forced to yield to the dic- tation of highly organized minority, it is quite possible that the contagien- might spread to this country and give us winter>of grave discontent
 At the convention of the American Bankers Association, the greatest at tention and most constructive action was given to the maintenance of our export trade, a problem brought sharp ly into relief by the damaging curtail- ment of buying by Great Britain and other countries dependent upon her for their coal supply, by the consequent tumble of grain prices. by the weak ness of steamship freight rates, by the continued depreciation of Argentine exchange, which has caused her leading importers to combine to curtail their purchases,I and by further declines in silver and the consequent restriction on the purchasing power of the orient. Sterling is lower, it's expected recovery after the maturity of the Anglo-French loan being postponed by the strike. This is an imposing array of pessimis- tic facts, and it is true that the center of depression in New York has moved from the dry goods houses over which it so long hovered. to the exporters district further downtown.
 PLACING FOREIGN LOANS
 Therefore, the news from the bank ers' convention is of outstanding inn portance. The approval of a plan for a $100. 100000 organization to finance foreign trade and the decision of south ern ffnanciers to form SIP, 000,000 cor poration to aid in exporting cotton may eventually bring about considerable abatement of the destruction which has been threatening our trade since for eign exchange first started to decline. tOrelgn iodnS are DelnS Heboudleu with the same end in view with Cuba, Brazil and possibly other countries, and s25,00O, 900 of Danish 8 per cent bonds are being offered to American in vestors. M
 The important service which these loans perform is above question. Never theless 1t Is probable that the proposed Cuban loan will further ada to the ominous resentment of the farmers against those who control the credit supply and furnish predigested food for the agitators who can point to money going to all the world, but not enough to crop producers to fill their credit needs. It will be difficult to show them why the sugar market should be strengthened artificially and sUlief given to those who have over aooculated and made enormous profits by selling their product at a consider