The Birmingham age-herald., 1914-10-21

employment.f-R. F. McDayid.
 
 Optimism was the Keynote of the general meeting of the real estate deal ers of Birmingham last night at the Tutwiler hotel to complete the organ ization of the Birmingham Real Estate exchange, which was inaugurats sd about two months ago. About 75 of the leading dealers In real estate were present, representing practically every real estate firm in the city. There were also present several prominent citizens ing J. H. Barr, W. D. Nesbitt and Otto Marx.
 Speakers Are Optimistic
 All the speakers were decidedly op- timistic in their remarks and spoke en- of the outlook for better times. Robert Jemison, Jr., in a char acteristic speech, roundly scored the pessimists in the real estate business. He drew a comparison between the that were overcome by the pioneers of Birmingham 30 years ago and the splendid opportunities that
 
 who will go after business. He de- clared that Birmingham was in better shape to overcome the present business depression than any other city in the Eouth as it is not entirely dependent either upon the cotton market or in dustrial conditions. "Stop talking war and talk business. for in every cloud there is silver lining, and in this con- nection I predict great market Tor our goods will soon be opened by req son of the war and we should now be- gin to make preparations for it."
 MT. Nesbitt made a very happy talk on the possibility of creating new mar kets by reason of the depression in the cotton market. He stated that the south must get away from the one crop idea and instead of sitting down and bewailing the present price of cot ton should go to work and plan for diversified crops. He declared that times like the present brought men to- gether to plan cooperation for their common good and that people should seize upon the possibilities of develop ment which he declared were greater In thls section than any part of the country.
 Barr Tells of Government Funds
 J. H. Barr, president of the First Ma N spoke on the money deposited by th4 government with the national banks He was given close attention and hi: rema rks were applauded MT. Barr said
 ''Ia view of the misapprehension ex- isting in the public mind with respec' to the amount of money deposited witt the national banks of Birmin gham by the government and the purpose of tht deposit, I have been asked to- appear before you this evening and make brief statement of the facts
 "In the early summer, crop statis ticians estimated that the growing cot ton crop would be 15,000.000 bales oi more, and that the resources of th' banks in the cotton belt would bs strained in financing the movement The Secretary of the Treasury an nounced that he would deposit dfrec with national banks located in south ern cities large amount or money ts assist in moving the crop. The amour allotted to Birmingham was $6O0,00o On account of the state of war exist ing in Europe the governments income derived from imports was reduced t such an extent that only portion O. the amount allotted has been depos ited. National banks receiving thi money tentatively agreed to use 1t Il assisting and facilitating the movemen of the cotton crop ana the Iunus re ceived by Birmingham banks from tni source have been used for this purpos only. The banks of this city have pcei liberal in making loans to mercnan, and manufacturers for their seasonabl requirements, but have not been api to finance new developments puildint proiects or speculative enterprises.
 .sIn May, 1908, Congress passed an ac known as the Aldrich-Vreeland bill, au thorizing national banks having an az rrate capital of $5OO00Oo or over, to forr currency associations, and providing 10 the issuing of additional circulation t members. secured by commercial pape municipal bonds state bonds, or othe securities acceptable to the Secretary o the Treasury This law was enacted an emergency measure to take care o any extraordinary situation that migh arise. and when the European war brok out there were $500. 100000 in notes read for issue, in accordance with the terms o the law.
 ''The National Currency association c Alabama was organized in 1911. and was working order at the outbreak or tn war. Nearly every national bank in tn state Is now member and the aggre gate amount of circulation issued | them is approximately $a,0oo,0oo. Member have been able to finance the demapd of their clients and the cotton move
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