The Birmingham age-herald., 1923-09-17
LOST CONF |DEN ENCE
 MAY BRING ABOUT BUSINESS DECLINE
Talking About Depression Is Sure To Cause One, Ar
 gueS Brown
By WALTER E. BROWN Editor New York Commercial Ueased Wire to Age-Hera1d)

NEW YORK, Sept. 16.-The best way to bring about business de- pression is to talk about 1t and argue that it is bound to come. There are some among us apparently who will not be satisfied until we do have an other period of depression. They are doing their best to undermine confi- dence which is the first step in that direction. If on the other hand we look the facts squarely in the face we cannot find legitimate reason for any such slowing down In industrial activity, as must be the forerunner of such depression.
 Labor is fully employed at high wages and there exists buying pow CT which shows no reason for dimin- ishing. Furthermore, if there is to be a setback in industry, as has been pre- dicted ever since last March. the rail- roads have a curious way of reflect ing it. Their carloadings should by this time be showing a substantial falling off, except, of course, with reference to the crops. the movemnt of which Is now under way. Instead, merchandise and miscellaneous freight has increased until they are the highest ever known, and plus the crop movement make the total move ment of freight the greatest in his tory of American railroads For 12 weeks this year the railroads have moved more than a million cars in each week. and seven of these weeks have been record breaking. These developments certainly do not bear out the prediction of the pessimists. Agricultural Problems.
 Agricultural problems continue in the foreground. Some folks are en- deavoring to have a special session of Congress called to revive the war 4I.- cs4 of the wheat farmers. Such action would be futile so far as raising prices is concerned. Other countries besides the United States have raised large wheat crops, and it is difficult to see how any action taken by our government could induce importing companies to buy more wheat than their home conditions justify. Fur thermore, 1t is not a matter of credit to an extent that could be remedied by government financing. Countries that want to buy wheat from us can arrange credits through private sources if they are entitled to credit, and If they are not then 1t means that this country would be lending them the money to buy our wheat, with a doubtful chance or getting it back. This would involve an increase In taxation which would get back to the farmer and leave him just about where he was before, if not little worse off.
 So far as the cotton farmer is con- cerned, conditions are somewhat diff ferent. There has been a serious de- terioratlon in the growing cotton crop as a result of the ravages of the boil weevil, and cotton is now at its highest point since the sudden deflation of 1920 the forward de- liveries representing the new crop months having passed 27 cents a pound. So far as the southern farmer is concerned this Is a blessing in disguise, for 1t Is pulling him out of the financial difficulties into which he was plunged by the sudden deflation.
 Menace To Cotton Crop.
 From another stanupolnt, it Is a serious menace for the ruination of the cotton crop, which win eventual ly ensue if the weevil ravages are unchecked will leave the southern farmer without source of revenue. Tn other words, there is a line of demarcation between benefits and in jurles in the present situation which is not clearly defined. Both wheat and cotton farmers should be encour- aged to diversity their crops, 75 the alter may be forced into it through