The Birmingham age-herald., 1921-08-12
PLENTY. OF MONEY FOR FARMERS AT LOW RATE, STATED
Governor .WeIIborn of Sixth Federal Reserve District
 Declares Depression
 Is DlsappearinuN
By II. ". sCHAErER

With the restoration of fair prices for agricultural products, which is gradually being effected, business will steadily resume, depression will disappear and commerce will again be on solid basis; according to M. B. Wellborn, governor of the Sixth federal reserve district, who spent yesterday in. Birmingham, visiting the federal reserve branch bank here.
 Stable condition are, expected by next. spring, with recovery coming slowly, MT. wellborn declared. The federal reserve system is very ia vorable toward the business inter ests of the county. Congress recent iy gave fncreaser powers to the war finance corporation.
 This action. insures ample credits r at low rates for the farmers of. tls country to harvest and move their crops, Mir. 'Wellborn said Farmers of the south need have no fear that plenty of money will not be avail able to help them thls fall.
 "Depression Is disappearins,.
 said MT. weIlborn yesterday aft
 ernoon tn his room nt the Tut
 wiIer. tive are emerging from . parafysis of hard times. "Agriculturar interests are re-
 ceiving special attention from
 the powers that be.s Farmers of . the sosth will be abic to.get all
 the funas necessary to- harvest :.
 and move their crops at mn ex-
 ceedingiy low rate of interest.
 Our cotton crop will not exceed %0O0'000 bales this year, l believe, owing to infestation of the boil weevil, reduction of acreage, curtail- mcnt of the use of fertilizer. The world. is awakening to this fact and the price, has already felt the inn pulse. aroused.
 '..: Ended by Spring
 "Business depression's effects will have. faded out by next spring and trade will be back on solid basis. The great. fall of prices dislocated business. Everybody tried to get out from Under at the same time and the crash came.
 Marked dmptovement will be shown next. year. Conditions are al-, ready betterinG-
 Another most favorable movement for the Birmingham district especial ly Is the administrators. hearty sup port and pushing of the proposition ,to have Congress pass a measure :iu- thorizing settlement with the rail roads. This Is a matter of a short time now.
 With several hundred million dol. lars coming into the treasuries of the roads Birmingham will get It's shore of money to be spent flor iron. steel and lumber to be used in re- building and maintaining railway systems.
 Ford Proposal
 ''Ford's. proposal to take over Muscle Shoals is the greatest thing that ever happened to-. benefit Ala bama and the farmers. of the entire south, The Ford offer is so good that no other concern or group has been able. to put up a better one. I am glad to see the press and civic or ganizations indorsing the Ford offer I hope to see it taken up by the gov- crnmeht."
 Mir. wellborn praised the work of Alex Walker, manager of the local branch of the federal reserve bank, and of the cashier. Mir. Sterrett. He said that tho federal reserve bank does not intend moving its head quarters in Birmingham for several years, as there is long lease on the present quarters. They are well sat ,isfied with these, he said. Sale of the Jefferson County Bank building will not affect this lease.
 .DirminKham Branch
 :The Birmingham branch of the rao ho rlr fo 1na nA success.". declared Governor Wcll-' born. "The member banks in the state and in Birmingham appreciate the bank, which is working. for the in- tcrests of all member. banks in Ala bama."
 : Oscar Newton, president of the Jackson State National bank, direc- tor of the federal reserve bank, was with MT. Wellborn yesterday. Decided Improvement in conditions has been shown in Mississippi in the last month, according to MT New ton. The cotton crop looks good. Acreage has been greatly reduced this season and prices are expected to reflect this condition.
 Accompanied by w. H. Kettig, Rir- mingham director of the. federal re- serve bank, Governor wellborn and MT. Newton left early this morning oyer the Seaboard for Atlanta; wherc the regular. monthly meeting of the board of directors of the federal re- serve bank will. be held today MT. :. Wellborn and'M Mir. Newton were horoi guests at dinner at Roebuck last evening".