The Birmingham age-herald., 1914-08-11
ARRANGEMENTS ID FINANCE COTTON
 CROP WORKED OUT
New York Bankers Agree to Advance Four Hundred
 Million Dollars
HOLD FOR A RISE IS
 ADVICE TO FARMERS
Banks and Merchants Will Extend Accommodations, Say Those Who Know-Georgia Planter Tells
 of His Plans for Staple

of His Plans for Staple
 The complete financing of the cotton crop without any delay and in such methodical manner as to adequately pro- tect the farmers of the south has been pretty well worked out.
 In local financial circles there is not the slightest uneasiness over the situa- ton. In most cases advances have been made against the crop. which will be ex- tended, if the farmers prefer to keep their cotton until such time as the prices are better.
 The federal reserve board is now in working condition. It was matter of intense interest in local financial circles yesterday to read in the New York Sun of Saturday that w. P. G. Harding, of the regional board, had worked hard to get the eastern bankers to understand the im- portance of financing the southern crop. In statement printed in connection with the crop situation the Sun says that tentative arrangements have been made by New York bankers to finance $4O0,- 000000 worth of the crop.
 George Gordon Crawford, who returned yesterday from Atlantic City. was entire ly optimistic over the general situation. He pointed out informally that this coun- try was bound to prosper by reason of the war. He said that if the owners of cotton would hold the staple good price could be secured. He suggested that It would be regrettable if American bus- nd fai tn evidence the utmost faith in the general condition.
 Georgia Planters Plans
 In addition to this opinion of MT. Craw- ford his words were almost duplicated an hour later by a Georgia planter, Ike Me- Arver of Coosa, Ga. whose farms In that section and whose stores are widely known. He said that the way to handle this situation was to hold what the farm CTS had until others wanted it and then make them pay for the trouble. He said cotton cost almost 10 cents to produce. and that he was In the market for the staple at almost that figure. MT. Me Arver said the farmers were not worry ing
 We realize as never before that the regional reserve board representating the government of the United states is behind us," said MT. McArver. HOn this account I fail to see any reason why the farmers should worry. They can secure ample accommodations from the merchants and from their bankers, and they are in posi- ton to hold their staple until the chickens come home to roost l see absolutely no reason for us to worry. As for me, I am not worrying. The situation suits me and they can keep on fighting in Europe for all l care from a business viewpoint
 Tn connection with the crop movement it is announced that S600000 has been shipped to Birmingham from New Or leans for the cotton movements and is expected here today. Of that sum the First National will obtain $50o,000 and the Traders National $100000.
 In connection with the cotton situation the New York Sun referred to above had this to say Saturday:
 Tells of Harding's Efforts |.
 Bankers here yesterday tentatively agreed to lend $4o0ooo,oo0 to the grow CTS of cotton. this being at the rate of $40 a bale on 10000. GOO bales of the 1914 crop. It was carefully explained how ever, that all the charges now standing against the crop must be taken care of out of this total. Many of the southern banks are already pretty well tied up with cotton loans and these must be ex- tended
 w. P. G. Harding of the federal re- serve board was unremitting yesterday in his efforts to line up the New York banks to realization that the cotton situation must be immediately considered Mr. Harding was careful to emphasize that his work was entirely of a private nature in his capacity as former banker of Alabama in touch with the situation. ne steered clear of any comment on a valorization plan.
 "'There should be no hurry on the part of bankers to call cotton loans, he said.
 Advances have been made against the crop and these obligations have been go- ing on for several months. probably since planting time. Ordinarily these loans would be liquidated with the proceeds of the sale of the first cotton, but if this cotton Is sacrificed for the purposes of ready cash the injury to the cotton planters will fall also upon the country at large.
 ''The following comment on the cotton situated emanated yesterday from vice president of one of the big commercial banks, who has just returned from a trip through the cotton growing states:
 ' The first problem is to take care of about 30o000 bales of cotton up to Septem- Der 1. probably 5O0,000 bales during Sep tember and 100000 bales during October. The handling of another 1,750,000 making 100000 in all, by the end of November would go far toward preventing prices from slumping The holding of 100000 bales of cotton at $5o a bale would require 20,000,0OO capital. On this the owners or trustees could probably borrow $1S0 ,tvo.
 " A second suggestion is to develop the consuming capacity of domestic mills. which are now capable of takeng about G. 000.000 bales By the special promotion of foreign markets under the suspension of the European supply of cotton goods our mills might easily enlarge their cloth and yard production for Latin American as well as African and Asiatfc wares.
 The domestic market could otherwise develop a larger demand under ordinary conditions of business. There are no arge stocks of cotton goods in this country and the European war is likely to prevent im- ports. The whole demand for cotton tex tiles would then fall on the home mills.
 |" The war has intercepted jute imports the staple material on which southern mills have depended regularly for this class of manufacture. The large mills at cessity of having to manufacture cotton bagging out of cotton instead of jute for wrapping bales
 This banker added that in his experi- ence of 20 years of dealing with the financing of the cotton crop he had never known the southern banks to be in such good condition.
 " The great effect of the war fin Europe on the cotton trade. as I see 1t. he said. Ifs that New York will now become the cotton market of the world. Iiv- erpool has lost its premiership, never to be regained.'''
 
 Marriage Licenses
 The following marriage licenses were recorded in the office of the probate