Pine Bluff daily graphic., 1915-03-12


 more for his crop this year than he forts of the bankers, by means Of the "Buy-a-Bale' movement, the cot ton loan fund, and the reserve ac'.
 MT. Rogers related the actions taken on many banking measures by the legislature which adjourned yes- terday, and took occasion to compli- ment the legislature, which, he sad, was no worse and some better than some other legislatures he has ssan. He stressed the point that the adsp- tion of the amendment to the state depository law will mean that the stats treasurer will now place in banks between $2,0G0,00O an5 $4,U3o,- 900 in tax collecting time each year, to remain in the banks until properly disbursed, instead of taking this money from the channels of trade and locking it up in the vaults in the treasurer's office.
 The Federal Resolve Act. William McChesney Martin, gover- nor of the federal reserve bank for the eighth district, situated at St Louis, made plain to the assembly the advantages to the bankers of close cooperation with the federal reserve bank.
 The greater part of MT. Martins talk was along lines intended to point out the manner in which the business of the reserve banks is handled, and how the member banks can best profit from the existence of the re- serve banks.
 Heretofore" he said, trade was conducted on a bond-secured basis but now, under the federal reserve act, it is conducted on a. commercial: loan basis.' s>
 In the past, he reminded his heac- CTS, bonds and stocks were the Sc curities needed for loans. Only abo4; 350,000 people of the population ol | 94,OO0,OO0 has an income sufficient V large to be taxed, hence he believed he Was safe in saying that under the old system, only 350,000 people ir this entire country were able to aid in financing the, country through Us lean periods, its times of business ! depression. Under the new system as inaugurated by the federal reserve act, the entire 94,000,000 people oi the country will aid in carrying the load, which makes it almost no load 1 MT. Martin enthusiastically de- scribed the financial system now ill existence as the most perfectly bal anced that has been obtained and as most elastic, the money market al- ways being exactly suited to the de- mands made upon it. By far the O rf t,J,. 1 nature interesting to the bankers who heard him, but little understo ,d except by a banker. He was asked a number of questions by members ct Group ', and answered each in de- tail. He urged all the bankers !; make suggestions and to write the reserve bank whenever they wanted advice, and stressed the point that through the redisoounting feature of the banks business, there is abso4uie opportunity at all times for each bank to liquidate all or virtually all it's live assets, thus transforming them into actual cash.
 Concentration Valuable.
 $. c. Alexander, president of the Merchants & Planters Bank. spoke briefly on "Cotton Concentration, i" pointing out that the practice of the railroads in concentrating cotton at some central point had resulted in almost untold good for Pine Bluff and otEer cities. In the distant past, he said, the planters shipped their cottor by boat to New Orleans or Memphis, each acting individually. But the coming of the railroads changed this, it built up many towns and cities which were made concen- tration points, and also helped settle up all the country.
 MT. Alexander incidentally m--- toned that the railroads are much maligned and badly persecuted, ana thats the people apparently have for gotten what the railroads have done in the past. to aid in the growth and prosperity of the country.
 He stressed the point that concen- tration is valuable quality, not only in the cotton business. but in bank ing or any other business He ad-