The Birmingham age-herald., 1915-03-11
which Mr. Harding and members of the


 which MT. Harding and members of the federal reserve board would be able to give. Of course this assistance was moral. since the federal reserve system was not then in operation But counse! was given by Mir. Harding and his per- sonal influence was so we'll exerted that at last the cotton industry began to re- cover from this heavy blow How well 1t recovered without any other assist ance than that given by banks has been within day or two demonstrated by the announcement that the cotton pool fund of $135, ,0000, 900 was not used. since in the restoration of the cotton export trade only $2s.000 of that fund was called for Bankers know how much of this remedial service furnished for the most part by the banks of the south, was facilitated by the counsel and infuencet of Mir Harding.
 Recently MT. Harding has spoken be- fore the Baltimore chapter of the Amer lcan Institute of Banking in such manner as to reveal the reasons why he was so inhuential in removing the obstacles to normal promise in cotton. His address. Grief as 1t was, was packed with infor- nation covering all features of the cotton industry.
 Although the cotton pool fund of sls5. Oo0,oeO was not called upon for more than S2s,oO0, yet Mr. Harding intimates in his address that the moral effect of this great subscription was of the highest benefit St Louis which Mr. Harding calls the commercial gateway to the southwest and chsracterizes as d great distributing cen ter Tor the entire south was more directly and immediately affected by the sudden paralysis of the cotton industry of the south just after the war began than was any other financial center. But in tha. nir in alI fba R.,,. af<I United States in those days of dangerous emergency, there appeared men of intel lectual power and of business states EianShip, men who were typified by Fes- tus F. Wade of St. Louis to whom Mr Harding pays tribute for creating a rem eoia1 measure in the form of great cot ton loan fund. This constructive work With which MT. Wade is now so thor cughly identified, was in Mir Harding opinion, instrumental in ending the cot. ton panic It was instrumental in this way namely. that although only $2S,00O of the totel was utilized, nevertheless the plan created mental condition which was ab- solrtely necessary as foundation for the restoration of orderly methods and nor mai conditions
 In addition to this highly stimulating moral influence, there was the co-opera- ton between the banks in the south. MT, Harding does not say that this co-opera- tion reflected his own counsel and inf1u- ence. But this is a fact, and his own posi- tion was cordially supported by the fed eral reserve board. How effective this cooperation was is made by Mir. Hard ing's statement that at the time the CO., operation began the banks of the south had already hrge equity in the cotton crop on account of advances made to the plaEters while the cotton was growing The banks in the cotton belt found cor dial cooperation on the part of banks in other sections. MT. Harding speaks of this cooperation with pride. saying that al- though the interest of these banks in the cotton situation was remote. Nevertheless they participated in the efforts to relieve the situation, and this action was inspired wholly by patriotic public spirit.