The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1921-05-16
Hope and Confidence NozU
Displaces Talk of the Past
By All Branches of Business
Price Tells of His Lengthy Trip Texas and of What He
Learns From 1,5OO Bankers Recently Gathered at
San Antonio From All Sections

crop now being planted would be pro-
duced at a very low cost and that he
would be well content if he could get
II cents a pound for what he expected
to pick When I explained that he
could now assure himself of at least IS
cents a pound by selling January flu
lures in New York, he seemed sur
prised, and said that he would immedi-
ately arrange to sell at least half his
crop in this way.
Agricultural labor is more abundant
than it has been in years, and in not
few cases the negroes who went north
during the war are returning. In San
Antonio restaurant | was served by
colored man whom had come to know
some years ago a porter on the ex-
press train between Tuxedo and New
York. He said that although he could
make more money in the north, he had
returned south because living was
cheaper down here and he and his fam
lily were less Isolated and could get
more pleasure out of life. He added
that a great many of his friends were
following his example because 1t was
so difficult for the negroes to get de-
cent homes to live in and rational social
intercourse in the larger northern
cities.
Among the cattle and sheep men of
west Texas there is still great resent
ment, and some distress because of the
low prices at which steers, hides and
wool are selling. One large ranchman
insisted that it did not pay him to skin
the cattle that died upon his hands,
because their hides were almost worth
less. But my wife" he said, was
nevertheless compelled to pay $14.50 for
pair of shoes she bought only yester-,
day"
DISPARITY BETWEEN PRICES
s 1t is this disparity between the prices
that the producers receive and what
they have to pay at retail for the fabrl-
Gated articles that is responsible for
nearly all the discomfort that exists
When some way is found to remedy
condition which excites so much i'll
feeling the agricultural regions of the
country, I am convinced. will speedily,
get on an even keel again, for there is
nowhere, as far as I can discern, any
evidence of the bolshevism OF socialism
about which our amateur social philoso-
piers seem so much concerned. Every
one is naturally and properly trying to
get all that he can for himself and his
family, but the very closeness with
which expenditures are. no wwatchedS
and prices criticized is reassuring in
that it indicates a reawakening realiza-
ton of the old truth that ECONOMY Is
wealth."
| would suggest that those who doubt
this should leave their city homes for a
time and get in touch with that half OF
the American population who live in
places that have less than 1900 inhabi-
tants.
Ny own experience is that this is the
only way in which we can rectify the
mistaken conclusions that are some
times reached as we read letters and
dictate replies across glass topped
desks in high buildings and insulated
offices.
MY news gathering organization in
New York to which this Is telegraphed,
will supplement it by a brief summary
Of the weeks recorded Developments.
INDEMNITY TERMS
Germanys agreementsto the allied IN
demnity terms has oyershadowed an
other specific news OF the week, though
it has been without effect in our mar
kets because it was widely expected, as
indicated by the strength of the foreign
exchanges. and it's present Importance
was discounted. In the long run 1t VIII
prove the most constructive influence
for European recovery since the armis-
tice, but for the moment 1t is no more
than another signature on dotted line
and doubtless Great Britain and France,
in order to market at fair price the
bonds they will receive from Germany,
will have to guarantee them by weight
of arms Many of the bonds will find
their way eventually into the United
States in payment for our goods, and
the stimulation of our export trade Is
likely to be vigorous. Meanwhile 1t Is
encouraging to note that in April the
rest of the world more than paid its
way in trade with US. combined imports
of merchandise and gold exceeding ex-
norts nv nearly $5.000,000.
No signs of relaxation in the gold
flood have yet appeared. and Great
Britain is preparing shipments totaling
perhaps $50,000,000 in preparation for
the maturity on November | of the
$50, 600. 900 loan made her in 1915. The
effects OF the gold arrivals and the Inn
proved banking position indicated by
another rise in the federal reserve ra-