The Birmingham age-herald., 1924-12-08
NATIONS INCOME FROM 1924 CROPS
 IS $l2,ND0,0OO,WOO
Half Billion Increase Over 1923 Is Shown By
 Report
(By Associated Press)

(By Associated Press)
 WASHINGTON. Dec. S.-American agriculture, on the whole, occupies the best position it has held since 1920, but much further recovery is required to bring 1t back to its pre-war condition, the agriculture department informed President Coolidge today in its annual report. The report was prepared by the late Henry C. Wallace and embodies his views, but was signed and presented by the present secretary, Howard M. Gore. who WAS assistant secretary under MT. Wallace.
 Prospects are that the gross income from agricultural production for the crop year 1924-25 may reach approxl- mately $12,OOO, 100000, compared with s11 .5OO, ,OOO, ,OOO in 1923-24 and $9,500.- COG, ,OOO in 1921-22," said the report "A favorable readjustment has taken place in price ratios between agrlcul- ture and industry. While the purchas- inc power of farm products is IS per cent below the pre-war level, 1t IS l6 per cent above the index for May, 1921, when the depression was in its worst period. This years harvest was the finest in five years. Though not the greatest in volume of products, it was the best balanced and represented the best income.
 Troubles Not Over
 'Yet it would be a mistake to con clude that the American farmer IS done with the troubles of the depression pc riod. If the readjustment is left tp blind economic forces it will be many years before that can be said. Although farm commodity price levels are headed toward better position, they have stlll a large gain to make before agricultural products will be on parity with other Iruducts. This means that agriculture 1 is still laboring under a heavy dlSad- 1 vantage
 Though the crop story of 1924 spells improvement to agriculture as Wnole. tbe improvement will not be shared by 1 all sections of the farm population, Il was pointed out. Grain producers may earn approximately $500, 0,0OOOOO more than last year, but of this the wheat growers stand to gain by far the greater share. Corn growers will have less to sell this year and as whole the corn belt must look for increased returns from higher hog prices. The large cot ton crop should enable the south to 1 hold its relatively satisfactory position Dairying continues to increase put heavier marketing may not result ln
 IS nn ,rosnect of increased income from cat tie and sheep production.
 Return Below Average
 "In the main it may be said that the wear will bring increased income to fbe surplus-producing regions, to the corn belt and possibly to the cotton i states" the report continued. The tobacco, fruit, vegetable and dairy pro ducing states probably will not contrib ute much to the estimates increase Ill the gross agriculture income or tne year The increase IS $5oO,OOO,oOo Ill income this year over last year. he- turns on the estimated present value ol farm capital from this income, Ii ope rating costs were not greater than those of the crop year of 1925, would amount tc 3.S per cent. This return is much below the average return to other cap itol. Income from agriculture has not in any year since the prlce decline ol 1920 sufficed to allow both conner cial return on capital and adequate rewards for the farmers labor, risks and management
 Wheat Crop Short
 The outstanding event In the agrl cultural history of 1924 has been tht wheat situation, the report said. Alp parent surpluses of bread grains have been much reduced, and the world crop promises to be between 0,OOO,OO' and 35O,OOO,0OO bushels below that o last year.
 The outlook for cotton is promising This years crop should contribute ap proximately S1 1,50O, ,000,0 900 to the pur chasing power of the cotton growers Cotton yields this year have, for tlm' at any rate, set at rest any fear Una l American cotton production will no again be able to meet the world de mand.
 The live stock industry is on firme1 foundation than at any time since th price collapse of 1910 and 1920, sait } the report, although 1924 was not { year of good profits for cattle and ho; producers
 ] Tax Revision Favored Speaking of the tax burden of tn } farmer, the report said too often tn l amount of the tax has little or no rela ' ton to the amount of the farmer l income.j Selling values of land whic serve ss basis for taxation do no l rest only on current earnings but als , on anticipation of future earnings. Thi , often means that taxes have to be pail