The Birmingham age-herald., 1915-07-05

His report tells not only of satisfactory performance, but contains promise of speedy increase in the operations of that federal reserve bank and is in line with the statement made by Governor Strong
 in which he intimated that in other parts of the country than the east. gradually but surely the advantages and opportunities which the federal reserve system offers are being appreciated and utilized.
 The Minneapolis district is spoken of here as furnishing one of the best evil dences of business conditions in the far west and the northwest. The record made by the federal reserve bank at Mlnne- apolis is also spoken of as fully jusul ing the selection of Minneapolis as one of the F federal reserve cities.
 Incidentally it can be reported that no recent address has occasioned greater or more approving comment than the one which Governor Strong delivered at Sara toga last fall. It reveals a profound understanding of the principles upon which the federal reserve system is based and a clear understanding of what the system is to mean, especially when there comes the period of readjustment which must follow the close of the European war. Governor Strong yielded 8 salary as president of a trust institution much larger than the salary he receives as gov- ernor of the federal reserve bank in the
 NeW 1OTk ulStrlcl. BuI IT Q part or hlS remuneration Is to be reckoned in terms of achievement and in acknowledgement of the remarkable ability he has shown in directing the largest of the federal reserve banks, then he must be more than re- murerated for the pecuniary sacrifice which he made.
 MT. Harding's Address
 Sometime in the winter W. P. G. Hard- ing, member of the federal reserve board at Washington, spoke to a considerable company of business men of the south and confined his remarks chiefly to the cotton situation. What he then said, part of 1t in way of prophecy has been jus ta0o4 by the event. Frequently in the financial district the selection of MT. Harding as member of the federal re- serve board Is spoken of as one of the W1sest and most prominent appointments President Wilson has made. The relation of the cotton industry and our commerce in cotton to the prosperity of the United States is something of which no man has better understanding than MT. Harding. His point of view is not only that of a banker, many of whose custom CTS were associated with the cotton indus try. but also that of citizen of the south who thoroughly understands the cotton industry and all of its features For this reason the comments publicly made by MT. Harding few days ago are regarded as highly important, especially the state ment that the new cotton harvest can be financed this year without any of the diff faculties which the planters met a year ago by reason of the war in Europe. There is the problem, however, of the export of cotton to be worked out. It is prob- lem which MT. Harding confesses Is not to be solved at present, but he Is con- vinced that with adequate warehouse fa- cilities and the cordial support of the bankers of the south and the federal re- serve system the cotton harvest, whatever it may be, will be adequately cared for.