The Birmingham age-herald., 1915-12-07
HARDING ADVOCATES FURTHER REDUCTION
 OF COTTON ACREAGE
(Continued from Page one)

tors present. The organization was planned to work in conjunction with the bankers, endeavor to advance the ob- rect a publicity campaign in the in- terests of the south and her industries by outlining policies
 Among the speakers today were W. P. G. Harding of the federal reserve board; Joe Hirsch, chairman of the con- ference, and Ernest NJ. Loen, president of the board of commissioners of the port of New Orleans MT. Harding advocated reduction of cotton acreage in 1916; crop diversifcation, farm loans and agricul- tural credits, increased warehouse and transportation facilities. and continuation of the cooperation among farmers, bank CTS and merchants He also urged greater activity in developing the waterpower. mineral and other resources of the south.
 MT. Harding also spoke a word in favor of national preparedness" advising the southern people to carefully study this subject and see if there is not merit in the Presidents defense plans.
 The delegates tonight heard addresses by Frederic A. Delano, vice governor of the federal reserve board; Sol Wexler, a New Orleans banker, and Clarence Ous- ley of the Texas Agricultural and Me- chanical college.
 MT. Ousley, speaking of the bankers relation to the farmer, said the European war may prove a blessing in disguise, especially to the south. since it created problems in the south which brought out many profitable lessons to the people of this section in the solving. He praised the bankers work and advocated a con- tinuation of the methods adopted last t,, x.l, ,.t~o q the cotton crop
 DELANO SPEAKS
 The purposes announced by the bank ers' conference were highly commended by MT. Delano, in his brief address He spoke of the work of the federal reserve board and of its efforts to develop and improve the law, under which the re- serve banks operate. Mr. Delano also praised the work of W. P. G. Harding, southern member of the reserve board, in assisting in handling the cotton situa- ton from the financial standpoint.
 The financial phase of warehousing was discussed by MT. Wexler. who declared that a warehouse receipt properly se- cured on a saleable commodity is recog- nized as the highest class of negotiable paper, even higher class than paper se- cured by stocks and bonds This, he said, also has been recognized by the federal reserve board
 The speaker urged the bankers to work for the adoption generally in the south of uniform warehouse law which, he said. has been enacted in 90 states, in- cluding Texas and Oklahoma, which re- quires a sound. negotiable receipt.
 At the late afternoon session William Won Puhl of New Orleans discussed the physical characteristics of octton ware- houses. and Ernest M. Loeb delivered an address on the concentration, storage and distribution of cotton.
 Mr. Loeb said that since more than 90 per cent of all export cotton is destined to points necessitating ocean rranspor,a- tion it is the tendency of the times to con- centrate the commodity.
 Declaring that concentration required storage, MT. Loeb cited the state-owned warehouse in New Orleans as an ex- ample of the best warehousing methods.
 Past practices have involved duplica- ton of certain services in behalf of seller and buyer he said. "In the new state- owned warehouses here services will be rendered only once and the cost of ham, ding will be only about 10 cents per bale. Because the warehouse is fireproof the minimum rate of insuransce is ob- taned, which will mean a reduction of about 75. per cent. Certificates on cotton stored in fireproof state-owned ware- houses have wide negotiability and are unassailable security, enabling the plant CT, buyer or manufacturer to hold his cotton at the best strategic points for world marketing and to finance his requirements at the lowest market rates for money.