The Birmingham age-herald., 1920-09-13

were many empty berths, and I in railway fares and Pullman r at home.
 A witty writer for one of the south ern papers says that when he learned ! what it would cost him to visit his . sweetheart at distant city. he deter ! mined to "pay it with stationery and 1 it is not unlikely that his example will i be generally followed, for there is much . ger rates now that they are actually in | force.
 Here as elsewhere the advance in freight rates is talked of as likely to [ work the decentralization of industry, ! and the newspapers are demanding that 1 textile mills shall be stablished to spin | 1 the Texas cotton where this grows and 1 ] so save the double freight now paid | on the cotton goods consumed in this ,territory, Of course, it will be long time before defin;.sr action along this l line will be takenSrout that the public mind has been awakened to the cost of transportation and that means to avoid { ita Wastage will hereafter be sought is Ia Act that should not be ignored.
 DECEIVE IN COTTON
 Business throughout the southwest Is | generally good but the shortage of credit in combination with the recent decline in the cotton market and the 1 lateness of the crop are making both l sellers and buyers cautious. The fed 1 eral reserve bank of Dallas Is borroW- ing heavily from the other federal re- serve banks in an effort to meet the demand for rediscounts. but it seems unlikely that the southern banks will be able to finance the holding move 1 ment that is threatened if the price or cotton declines further. Many farmers are, however, entirely out of debt. Ihey ! will be able to hold their cotton without borrowing, and they will be slow to sell at below 25 cents a pound for middling cotton, which is alleged to be less than l the present cost of production.
 | If an outlet could be found for the large quantity of low grade cotton left over from last season the situation would be much relieved and the lear that the quality of the present crop may also be reduced by the rams now falling and an early frost IS slVlns lthoughtful men more concern than the oenAral course of the cotton market. Tn all the cities of the southwest, as lin the north, the housing shortage IS Iacute. Texas has 2,155 miles or new highways under construction. Tn the seven months ending July 30 contracts for e40 miles of road, involving an ex- lpenditure of $11. 100000, were awaroeo. The money is obtained through the sale l of tax-exempt county ponds III the canital that might be used in ouilo- iine houses is absorbed. The income lsuper- taxes are directly responsible Tor tbis diversion of capital from pr1vate | to public improvements, ana uhieos thav are reduced it may become neces- sarv for the cities themselves to builo the houses required, for the peopie continue to leave the country ana seF- eral counties in Texas report an ac- t,,a1 dacrease in population during the last decade.
 OIL SPECULATION
 The speculation in oil stocks tha. 1. was epidemic throughout the southwest a year ago has been severely scotcheu' and financial conditions are sounuer for the liouidation, although many men and women are poorer II not WiseI "' a result. The Texas Chamber ol Soni fierce estimates that the oil product}on of +ha state for the year ending June 30 last was worth $1o5,o0o,ooo, wnicn sone assert is less than the sum lost Tn oil stocks in the same period.
 I R,,t be this as it may, the de1iation ;n avarv direction has been thorough and business now rests upon sup stantial basis that will serve as the foundation of sound prosperity as soon as the crops are moved ana the money that they will yield is in circulation.
 Tba government crop report issued hast week indicated new hlgh rec ord yield of corn and an oat crop when has haap exceeded only three times Tn
 our history, The indicted yield or snr;re wheat showed decline from
 August of 25,000,o00 bushels orAto put
 it another way, to $6o'ooo'ooo, a ou.
 against this are gains of 12S,ooO,ooo
 s.sha1s or s20o. 900 900, in corn. and
 os 4o 900 900 bushels. or $2S0oo,0Oo, In oa+s while the crops combined promise
 to exceed last vars total by 236,ooo'-
 00o bushels. Furthermore, the pre- cipitate decline in grain prices WHICH
 was threatening some time ago seems l. to have been checked by export de-
 mand and by greater ability arhi ,
 CTS to hold their sproduct TOT gooo
 markets than was generally looKeo
 for. lie bringing many buyers back into tha wholesale markets which they de- serted a few weeks ago after curtali- ling their buying under the influence or
 the pessimistic warnings then oeins
 circulated. They report that the
 course of business has failed 10 Justiiy iSnch tactics, TOT tnOu5h eA'SNN ~
 such rush for high priced goods. the
 total turnover gives every promise of
 continuing high. Bank clearings tnis
 week reported by BEadstreets are Tor
 ,nlv five days and comparison with
 last year consequently does not give
 an accurate indication of the volume ol
 trade. If we add another average day
 to the total it shows an increase or
 ner cent over last year. Money in cir
 culation September i totalled $57.SS per
 oanit, compared with $54.03 year
 ago. Liberty Bonds have virtually
 ceased to appear in stores for cashing'
 good sign that the unhealthy fever
 tshness is disappearing from our spend- ling. Speculative buying is notably de- creased. sacings are increasing,
 WOOLEN MARKET ACTIVE
 ! The woolen market has become more
 active with the delayed showing Of
 spring fabrics which the American Woolen Company made last Thursday.
 Reductions from prices of this falls ROPES