The Birmingham age-herald., 1915-07-14
Well Known Cotton Expert Heartily Indorses Kettig's
 Remarks in Age-Herald
BILL IS NOW BEFORE
 THE LEGISLATURE
Urges Enactment of Uniform Ware house Receipts Measure Which Will Enable Farmer to Negotiate
 Receipts Without Trouble

'The first thing for us to do to handle the cotton situation in Alabama" W. D. Nesbitt of the Warrant Warehouse com pany said yesterday, Ifs to get our ware house receipts in sreh i shape that they will be satisfactory to the outside money lending world.
 "I agree with w H. Kettig in prac- tically everything he said regarding the situation in this mornings AgeHerald and am particularly glad to see the dis cussion of the matter come up at this time. It will do inestimable good
 When we can see our dangers coming to think the thing over and prepare there is seldom little harmful result. But last August something broke loose on us which we had not sufficiently fore- seen and for which we were not pre- pared, and everybody knows the result Now, if we can see in advance what s going to happen this fall and then make preparations for it, why the chances are whole lot in our favor that it won't happen at all
 Bill Now Before Legislature
 "As I say. however I consider the most important thing for us in Alabama is the reform of the system of warehouse receipts and that is the object of bill now before the legislature and which it seems has every chance of becoming law within the next few days, known as the Uniform Warehouse Receipts Act It has been indorsed by the American Bank arS pa citation and the American ', reimbursement s association, and is now in operation in 2S states in the union. It simply provides means of standardizing the receipts is- sued by a cotton warehouse. and when that is done a big load will be lifted.
 With this law in operation. the com ing cotton crop virtually will finance itself, in my estimation. It will be no trouble then for a cotton grower to negotiate his warehouse receipts, for they will be as good as gold and any farmer will be able to realize cash on his crop at any time he desires under the fed eral reserve banking system.
 There is danger, however. in attempt ing to couple up with this bill other leg islation regarding warehouse business. and this should be avoided. Let the leg sature pass this act upon which it seems to be practically unanimously agreed and then afterwards pass any other acts 1t may see fit in respect to regulation of warehouses. But this law should be placed on the statute books soon as possible.
 Would Eliminate Danger
 Danger of labama farmers going into bankruptcy due to the cotton situation will practically be eliminated. in my es- timation, by this law. Heretofore the Ala bama farmers warehouse receipt often proved to be non-negotiable, but under the proposed law it will be easy for him to establish credit with it and credit is all he needs.
 "I agree with MT. Kettig that the fed eral government should take steps to make England abandon the embargo on cotton l believe that the government is doing much along this line already and if we agitate the matter down here so that it will take on greater importance as compared with other international ar fairs there should be good results.
 'As I said, the discussion of the mat ter I believe. will do good. I was espe- cially pleased to see a man of MT. ket- tigs position and authority come out now before the trouble actually is upon us and deliver that note of warning"