The Birmingham age-herald., 1914-08-28
MERCHANTS GO WILD AT MENT|ONOFNAME 0F THE PRESIDENT
Col. T. o. Smith Tells of Conference in Washington With McAdOo and Bus
 mess Men
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| 'The man we have in the White House | is the grandest man that ever occupied | the Presidents chair" declared Col Tom | O. Smith last night at the Tutwiler hotel | in an address to the Alabama Merchants association. Tt had been intended to | place the regional banks in operation in started in October They would have i been started even earlier if some of the senators had not held up the con- firmation of his appointees to the fed eral reserve boardn
 Colonel Smiths mention of President Wilson, provoked the widest applause
 from the merchants Cries of You're
 right" He certainly is," greeted his
 remarks and the applause continued for three or four minutes. Colonel Smith
 has just returned from Washington where of the Treasury McAdoo for a confer ence with about 90 other business and
 professional men regarding the cotton sit
 uation in the south.
 The meeting at Washington was pre- sided over by Secretary McAdoo,'' said Colonel Smith, "and alongside of him sat the members of the federal reserve board. MT. McAdoo stated that the ob- ject of the meeting was to discuss means for relieving the condition which con fronts us and which is likely to depress
 to him there would be about 100000 bales left over from this years crop.
 Question of Warehouses
 He said there was still coming to the south $l60,0oo,00O under the Aldrich- -vree- land bill and he urged the bankers to take this money and help the farmers It was suggested that the cotton be placed in warehouses and the money be loaned on warehouse receipts The question of how to warehouse this cotton seemed to stick in the brains of most of those present. After much discussion on the subject a gentleman from Virginia sug- gested that he had report from an engineer who had gone into the situa- tion He said that from this report he was thoroughly confident that warehouses capable of caring for 400 bales of cotton could be constructed for about $100 or little more. It was also stated in that meeting that the insurance com
 panes would require a less rate of in- surance on such warehouse it being claimed that fire in them could be more earily put out because of the form of construction. Others said they would bond warehousemen who were superin- tending the construction of such build ings.
 MT. McAdoo then said the government would be willing to issue 75 per cent on the cotton stored in these warehouses;
 He did not say at what valuation this money would be loaned. Finally it was decided that the government could not place price on cotton. This was good,
 in my opinion, because if the government said that cotton was worth s45 bale, then the broker would have a trading point and he would do everything in his power to beat the farmer down to it. or below it.
 'l believe this country is going to spin more than 1.250,0O0 more bales of cotton than ever in it's history. nngland will spin even more than we will because she has her women and children to care for while her men are at the front. We will have Germany's South Amer ricau trade to look after as well as that of England.
 May Mean More Grain
 Il believe that we will be able to con- slme more cotton and that we will have on our hands much less than most people nave figured. If you can get your cotton in the warehouse and get the money on 1t for 90 days on note which can be extended for year if necessary, and tnereDy carry your cotton over until next year, there will be more grain produced Tn this country than ever before.
 'Breadstuffs this year vii, be high, but they will be even higher next year This war Is not going to be of only 90 days duration; it is good for at least IS months and there will be a great famine in Euro pean countries before it Is over We will
 have to save the situation over there with cur foodstuffs. The United States will prosper if foodstufs are raised and the
 cotton situation will be saved by the government
 Charles E. Rice, spoke on some Needed Changes in State Laws Mr. Rice is | one or the best informed men in the state on taxation laws, and ne represented some s1o business men n the recent sol vent credit taxation case, which law was upheld by the supreme court
 His talk was mainly along the line that
 the present laws taxing solvent credits $ were unwise and should be remedied. He also recommended that the constitution be revised in order that the legislat ture could remain in session icng enough to pass the needed laws.
 ->>~~~~~->~~~>-~~ tion of stockton will become country wide. Washington.-The United States oov ernment will make every effort to ra- open the way for importation of Ger. man dyes and chemicals, the lack of which threatens to throw million American textile workers out of the;r -obs Representative Metz of New yorl
 told Secretary Bryan today that with
 out these imported colors the eovern-
 nent would be unable to print its | stamps and currency.
 
 New York.-Four high speed motor-
 poats contested today over the s0-mile course on Manhasset bay for the na-
 tionai challenge trophy in the second cay Faces of the motorboat carnival. r. A. Prola's Muirmaid won, narrow " beating w. ]. Brainard's Little Gun fire New York.-John Armstrong Raw
 iinss. who fell under his horse in practice game of polo on the Meadow brooks ground Saturday, died from his injuries today in hospital at Min cola, L. I.
 New York.--Robert J. Collier, the publisher was resting comfortably at his home tonight after a day marked by periods of semi-consciousness. Washington.-Prices paid to pro ducers for meat animals from July 15 to August 15 advanced 3 per cent com nared with an average advance during the same period for four years of four fiffhs of one per cent.
 Utica. N. Y.-Frederick M. Davenport I-< k~~ e.