The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1915-08-26
lieve that they would look with eompla. !

! lieve that they would look with eompla-
cency upon the absolute control of the
| cotton market by the mills of England
and America, permitting them to secure
| their supplies of cotton at very low
| prices, and defer their own purchases
until after peace is made and take the
chances of securing then their own stocks
| at much higher prices? Is 1t not reason
able to believe that they will arrange to
buy cotton as the spinners of other ma
lions buy 1t and can they not easily make
| arrangements to have their purchases of
| cotton stored In this country for their ac-
count until they can transport 1t to their
own shores?
II have not viewed this cotton situation
In an optimistic light. have tried to keep
before me the cold hard facts, but the
more l study the subject and the more
information that l receive bearing upon
1t. the more l am convinced that the pres
ent situation, while calling for intelligent
leadership and close cooperation, is by
no means a desperate one. On the COLI
/ trary, the immediate future has many ele-
ments to inspire hope and confidence. The
making of market Is by no means one
sided proposition. The buyers of cotton
have a natural avantage In their greater
powers of analysis, In their concentrate ted
financial resources, In their ability to take
their own time, but now, as always, the
movements of southern producers are
closely watched and evidences of staying
power on their part are effective in mar
ket quotations.
Men of the south, your cotton crop "a
your greatest asset. The welfare of the
south depends upon this crop being mar
keted at fairly remunerative prices. The
prosperity or the reverse, of the south
ern farmer means strength or weakness
to the merchants and the bankers of the
south and vitality affects trade and indus
try throughout this entire country. 1t is
within your power, regardless OF any un-
toward conditions that may exist to pro-
tect your greatest asset. IL you will only
make intelligent and courageous use of
your opportunity. Let southern bankers
wherever possible make liberal conces-
sions In their usual rates on commodity
loans. High interest rates mean forced
sales Present conditions fully justify low
rates and southern bankers should be will
Ing to forego temporary profits for tae
sake of security and solidity in the future.
am sure that the federal reserve banks
may be depended upon under their power
of rediscount to cooperate to the fullest
extent with the banks in taking care OF
the cotton crop, and this assurance Is of
course not confined to cotton loans. but
extends to other staple commodities.
"As final worod, I wish to say that
the cotton season Is upon us. Already the
fields are white where the gulf breezss
blow and soon the uplands too will glisten
In the autumn sun. Let me impress upon
you that this is not a time for complaint
or denunciation. but 1t is time for wise
leadership, cool judgment. Arm resa,ve
and effective action.
Bankers. merchants and farmers of tho
south, stand together and act together
for your common good and for the good
of the country. Do not sit supinely on
the ginhouse floor to be smothered be-
meath a mass of cotton, but keep on top
the heap, and feed 1t out, at living prices
to the spindles and factories of waiting
world"