The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1915-08-27
NO MAXIMUM OR
MINIMUM INTEREST
RATE is SUGGESTED
Believe This to Be a Matter
for Patriotism and Bust
ness Judgment of Men of
Each Resolutions
Adopted at Galveston
Conference Endorsed

The committee of southern bankers
which met with W. p. G. Hardinr in
The directors room of the Chamber of
commerce continued its deliberations
IN the offices of the First National
bank Yesterday afternoon and rendered
report in which it is stated that the
committee believes 1t is right and prop
or for southern bankers to accord spe-
clal consideration to loans made to
farmers based on insured. warehoused
cotton and other staple products and
TO offer on such loans the lowest in
terest rates consistent with sound bust
ness policy
AT very informal discussion held
at the noon session. of the COMMITTEES
1t was the consensus of opinion that
IT would not be wise for any arbitrary
maximum or minimum interest rate to
be decided upon as conditions in diff
ferent communities vary. This detail.
the report says, will be left to the pa
triotism and sound business Judgment
of individual bankers throughout the
south, with due consideration for local
conditions.
Judge X. II. Reynolds. representing
the Alabama Cotton Growers associa
ton and the Tri-States Merchants as
ISOLATION, was in attendance at the
morning session. Mr.. Reynolds said that
the object of his organizations in au-
tnorizing him to be present at the
meeting was to secure, If possible the
adoption of plan whereby money
ton1d he
ers by the banks.
Mr., Harding Presides
During the course of the morning
meeting Mr.. Harding. who presided,
referred to the chaotic conditions of
last fall and winter saying that such
conditions would not exist this year
Last year the federal reserve system
vas not organized" said Mr. Harding.
I'VE did mot have any money to of
fer and all we could give bankers was
sympathy 1t is different this year We
have money, all we need, and you can
get it. There will never be a repeti-
ton of the conditions of last year"
The report of the delegation was not
completed until after o'clock yester-
day afternoon. The report of the Gall
WESTON conference was referred to and
the resolutions adopted at that meet
ing were unqualifiedly Endorsed by the
bankers yesterday.
The report of the committee in full
fellows
The delegation appointed at the re-
cent conference of cotton state bank
ers, held at Galveston, August IA, said
delegation being composed of repre- |
sentative from each of the Southern
state Bankers associations, and ap-
pointed for the purpose of comforting
with Hon. w. p. q. Harding of the
federal reserve board, made the fol-
lowing report:
THAT we have this, the 26th day of
August, 1915. held such a conference
with Mr.. Harding at Birmingham, and
after full consideration and discus
sion of the matter of cooperation be-
tween southern bankers and cotton
producers, the resolutions adopted at
the Galveston conference are heartily
ratified and approved.
1T is a matter OF much qualification
to the delegation to find THAT these
resolutions are not, only in accord with
the views of Mr.. Harding, member
OF the federal reserve board and a rec
ognized authority upon the production
end marketing of cotton, but that they
have met with such general approval
throughout the country. The federal re-
the management of the federal re-
serve banks are working in harmony
with the principles contained in the
plan for the gradual marketing of cot
ton and we earnestly bespeak therefor
their further cooperation and encour'
agernent
Special Consideration for Farmer
1T is the further sense of the dele
cation that it is right and proper for
southern bankers to accord special
consideration to loans made to far
mers based on insured, warehoused
cotton and other staple products, and
to offer on such loans the lowest in
terest rates consistent with sound bust
ness policy. 1t is not, however,
deemed wise or necessary for any ar
bitrary maximum interest rate to be
| named, it being the sense of this dele
cation that better results to all con-
cerned will be reached by entrusting
this detail to the patriotism and sound
business judgment of individual bank
ers throughout the south. local condi- 4,
lions being given due consideration.
IF. M. Law, chairman, Houston, Tex.
vice president First National bank.
"Moorehead Wright, secretary Little