The Sentinel=record., 1914-08-25
COTTON RECEIPTS
 A BANK CREDIT
CONF FERENCE AT WASHINGTON DECIDES TO ISSUE CUR
 RENCY AGAINST COTTON.
Properly Made Warehouse Receipts Will Be the Basis Of Bank Credit to Aid Growers.

Washington, Aug. 2l-Representa- tives of the various branches of the cotton inquiry in conference here to. day with the federal reserve board and other government officials, were assured by Secretary McAdoo that properly safeguarded warehouse re. ceipts for cotton will be made the basis for currency issued by the new federal reserve banks.
 The conference immediately took up the question of proper warehouse facilities and discussed details of financing the crop. Secretary Nc Adoo declared the disposition was to make not only cotton, but tobacco and all other staple products, prop erly secured" the basis of bank credit.
 The conference, which represented cotton growers, merchants, bankers and manufacturers from twenty-two states, after a morning session with Secretary McAdoo and the reserve board, called upon the president. He assured them of the full cooperation of the government in their effort 10 meet the situation confronting the h. dustry as q result of closing of Euro pean markets by war. The president urged that every interest do it's best to help itself.
 Tt am not willing to say" he said, that these conferences are intended to call upon the government to rescue men who know how to take care of themselves; but that they are called for the purpose of common counsel and for putting at the disposal of men who know how to take care of them selves every legitimate instrument talty of the government itself.
 The conferences that we have held in recent weeks have done a vast deal; first of all to clarify problems. and second, and perhaps more impor- tant, to show how by cooperation we can solve the problems. Not all of these problems are going to be en- tirely solved because the circum' stances are of such extraordinary diff ficulty, but that they will come very near to being solved, for one have no doubt, provided always we keep cool and think of these things in the same self-possessed temper we would exercise if conditions were not extra ordinary. We are not to be run away with by sudden excitement; we are not to be imposed upon by unusual conditions, and the minute we sit down together I am sure that we can work things out"
 The conference devoted consider able time to discussing warehouse Ca cilties. s. T. Morgan, Richmond, Va, representing the Virginia1Carolina Chemical Company, said that follow ing the secretarys announcement his company had made arrangements for for building cotton warehouses throughout the south from Norsn Carolina to Texas.
 Postmaster General Burleson urged the cotton representatives to disce- gard radical plans proposed for dea.- ing with the situation such as the valorization of cotton. Both the post master general and the secretary of the treasury warned against hysteria and panic.
 Discussion developed a sentiment favorable to the proposed purchase of ships by the government for the for elgn trade. It was said that with South American and Asiatic trade routes opened to the American ships. the American cotton manufacturers ooud extend their cloths to these markets and increase their consumI- ton of raw cotton by l.500,000 bales. The general opinion was that three million or four million bales of cotton would have to be carried over as a result of the closing of British, French and German mills.
 Ctton manufacturers promised to make every effort to increase their consumption and agreed not to force down prices for raw cotton. Bankers agreed to make every legitimate cf- fnrt and to aid in the financing of the crop. E'R
 The conference will meet again to- morrow.