The Birmingham age-herald., 1914-08-30
FARMERS ARE CERTAIN TO RECEIVE JUST AID ON BUSINESS BASIS
Bank Officials Declare That August Was Good Month for Alabama's Agricultural and Manufac-
 tured Products

worked out on the theory that no sef- tlcment can be beneficial or lasting which seeks to evade obligatious Is. anofheTn healthy statement contained in the message which wns carefully pre- pared yesterday by Maj. E. NJ. Tutwiier. ,ichairman of the board, and J. H, Barr. president of the First National. The statement follows
 The individual citizen will be moro confident as to the future and will have safe guide for the conduct of his own affairs, when he grasps the fact that the financial and commercial prob lems national and international, thrust upon this country by the war, must be worked out-and are being worked out ->on the principle that no solution or settlement can be beneficial and last ing which evades obligations, and in which the rights of all concerned are not duly considered and protected. No Reason for Alarm This applies especially to the cot tor situation There is no occasion for alarm or impatience on the part of cot ton growers. They can rest assured What they will get all the aid and pro- lection needed, and that the methods will be based on sound business prac- tce. Any mperfectly adjusted plan. no matter how much in their favor ap- parently. could not be otherwise than preJudicial to their interests in its ulti mate effects.
 As a result of the conference held in Washington the last week of August. 1t was decided by the treasury depart ment to accept, at 75 per cent of face value, notes secured by warehouse re- ceipts security for additional cur rency applied for through the National Currency associations This will pro- vide sufficiency of money, distrib uted through banking channels, to en- able farmers to pay off crop obliga- tlons and maintain credit until market conditions become more clearly defined. It is essentially a relief measure, leay ing the price of cotton to be regulated by the only effectual law, that of SUD- ply and demand. Growers should eo ahead with picking and ginning. and thus qualify for the assistance to be extended to them.
 August Good Month
 August was good growing month Tor cotton, taking the belt as whole. hPshs in Texas were very beneficial and while the rainfall east of the Mis- slssippi in the early portion of the moIth was in excess of needs and would have proved hurtful if continued the weather in the past three weeks mas Increased the fruiting power of .he plant. Bolls have opened much ear Ter than usual, but the movement to sins is delayed, as farmers are not in enned to push picking. The crop in Alabama is in better condition than in most southern states, and yield up ward of 1,500,000 bales Is looked for provided there is no killing frost be- fore November. Rains of the month have increased the production of cor,, in this state beyond the estimate of August l., but the crop will not be as large as that of last year.
 SS Earnings of southern railroads du-- Hns Aus'ist compare favorably with these of the same month of 1913. ,no,- e"',hs that this section has not been seriously disturbed by the war.
 The industries of the Birmingham ois'rict are also maintaining their elninorium. There Is authority for the statement that the steel plant at Enss Icy. is expected to continue in oners. tfofsat an average rate. op'ia-
 The pig iron market Is firmer on larger sales and better prosnects stocks have not increased, but dimin- lshed to some extent. with production about the same as in July Some com pnnies are reported to have soId through the fourth quarter and others As selling into it.
 Coal Is Active
 Coal is rather more active, as re- tall dealers are stocking their yards and oil mills and cotton congresses are Tn the market with their fuel require Eients for the coming season. Inouirie. from South America are said to justify the expectation of new business from that quarter as soon as banking facili- ties can be provided and cargo room is available. Operators are looking to the future with tranqualfty, knowing that Ala-ama coal fields cannot fail to bene- {it from the increased demand for &nerican coal which will be occasioned 1y the war.
 The volume of cast iron pipe busf- ness Is up to expectations. while foun- Qry coke has improved within the past V oays. both in movement and in price,
 Retail merchants in this district re- port business moderate, but virtually as good as usual at this time of the Year.
 Bankers Are Lenient
 Locai banks are taking care of a l aree request from their customers for | reasonable accommodation.
 ''The formal opening of the Panama fanal to traffic on August 15 proved | lgain that the victories of peace are | ncre glorious than those of war. Trade Opportunities for the United States, in- luding the Birmingham district have been greatly enlarged by the war. and | will be facilitated by the canal. Thia | Held, however, cannot be taken over | .'mediately. but must be conquered by | cliberate processes. The first diff | r-ties to be overcome are imperfect Lait information and lack of banking
 sties
 tIne organization of the federal re- erve board marks a new date in his- ory. as the burden of strengthening nc weak parts in the international vetem of finance and commerce logi- fly falls upon tho United States. and
 yen of this work will como within eeeQe ef the board."' .a..s..4:: !.