The Birmingham age-herald., 1914-10-19
Mass Meeting Held

Vernon. October 1S.-(Special. Several hundred farmers gathered at Vernon yes terday in mass meeting to discuss the advisability of asking the governor of Alabama to call the legislature together in special session to act on the plan proposed by Senator Bankhead to relieve the financial stringency. After much dis cussion both for and against a resolu- ton was adopted asking the governor to call the legislature together.
 also be continued heavy exports of food products. Foreign purchases now made or those which are yet to be made in the United States will unquestionably stimu- late many if not all departments of busi- ness. No one whose judgment is worth considering dares to make any predic- ton about the duration of this business activity. It may not last for many months. It may be continued until the armies of Europe have fought to a standstill or until peace Is established. But with the blockading of international finance and with tke necessity for highly artificial neans whereby the imperative obligations oe the United States can pe met there will remain situation which must be care fully considered before the governors of the frock exchange. who as a body will represent sound financial and business sentiment. will venture to open the doors so that transactions can be resumed upon the floor.
 Another feature of the situation is one
 respecting which Sir George Paish Is un- donbtedly we'll informed. The nations
 which are now at war, and one at least
 which is remaining neutral. Italy, are
 making purchases in the United States,
 the payments for which require large sums ot money. For it seems to be the
 rule now established that these pur- chases shall be paid for on delivery of the commodities at the seaports of the United States
 One example will be sufcicient to ilus- trate the problems which the payment for these exports has created Russia is buy ing enormously fin the United States. There are some industries which are now running night and day to their full ca- paeity so that they may meet their con- tracts with the representatives of Rus sia. The probabilities are that these com moditfss will be delivered at Seattle or San Francisco, there to be transported to eastern Russia, and thence by the Si- bcrian railroad to their destinations in Ruskia. Up to this time. Russia has been able to pay for the goods purchased, and already delivered. She has done that by means of credits established in this city But In the financial district for day or two comments have been heard of the perpiexity which Russia or her reprcsen- tatives here are meeting with in the at te1ipts to secure funds with which to pay Tor these goods. It seems to be imprac- ticahse for Russia to ship gold to the unlted States. Her representatives find that American bankers and, it Is learned. those in London as we'll are reluctant about accepting government obligations of Russia in the form of treasury bills as security for financing the payment for Russian purchases in the United States No doubt this problem will be. worked out satisfactorily. but at this time an em- arrassing situation is, temporarily at least, created by the inability of Russia to provide gold against which drafts may be drawn for the payment of her Amer i.an purchases.
 lr view of the enormity of the pur- chases Great Britain is now making in the United States 1t is not conceivable that payment for these commodities should not speedily influence the foreign exchange situation and to such an extent that 1t may not be necessary to send the full amount of gold, s100,0 600, to Canada or any considerable portion of that after the immediate obligations of the Unite0 States to Great Britain are met.