The Birmingham age-herald., 1916-03-11
HARDING SOUNDS NOTEOF WARNING
 URGING FARMERS
 ID LIMIT ACREAGE Whether the European War Ends Soon or Late Farm ers' Best Interest Is in DiversificatiOn
GREETED BY FINE AUDIENCE FROM ALL PARTS OF THE STATE
Pays Fine Tribute to Work Being Done for Alabama Farmers by Mrs. G. H. Mathis

marketing of the cotton crop has been 1 proved to be the correct one by the course of the market this season, ac- cording to w. P G. Harding, member | of the federal reserve board, in his ad- dress at the Tutwiler last night, de- | livered under the auspices of the Cham l Der of Commerce.
 ] MT. Harding stated that while there were no doubt many holders of cotton
 who regret that they did not sell when prices were higher it is no doubt true I that the higher prices last fall were 1 obtainable by reason of the fact that | there was no unseemly rush of cotton i to the market
 1 Without regard to the ownership, said | MT. Harding, it is safe to assume that | the cotton held back has contributed l it's part to the prices realized for cot 1 ton that has been sold.
 1 MT Harding, who arrived yesterday afternoon from Washington to make the address here in response to an urgent | invitation from the Chamber of Con- merce and prominent business men, bankers, farmers and cotton men, was a several hundred citizens. including a large number of men from other parts of the state. His address while giving
 a message of hopefulness for the future, at the same time brought warning to the farmers lest they plant too large an acreage in cotton and again be con fronted with a situation which faced them in 1914.
 URGES AGAINST TEMPTATION MT. Harding urged the cotton growers of the south not to be tempted by the fact that they had received fair price
 for their cotton during the past season. and he warned against being led astray
 with the belief that the war would end during the summer and an abnormal de- ! mand for cotton be created. He pointed out that diversification was the only safes and conservative line of action for the farmers to pursue and showed that even if the war should end, fair crop of cotton with plenty Of foodstuffs would be best for the peo- ple of the south. MT. Harding paid a high tribute to the work now being done in the south and especially in Alabama by Mrs. G. H. Mathis, whom he char acterized as perhaps the most useful citizen of Alabama"
 MT. Harding recalled the decided slump in the price of cotton last July, the then prevailing opinion that the crop would reach 100000 bales and the alarm which spread over the business and com- mercial interests of the south. He showed how with little organization, but large ly through the force of public sentiment the people had united in the movement for the gradual marketing of the crop and stated that the price received, prac- tically 121h cents per pound, was large I ly due to this holding back on the part of the south. MT Harding quoted the Financial Chronicle to show that the export movement of cotton was approx mately 100000 bales behind last ear imately 100000 bales behind last year quoted a well known cotton authority giving the following estimate of the sup 1 1916, which is the close of the current cotton year:
 l Visible supply in United States
 July 31, 1915 ....................... l,3O0,VOO | Unmarketed on plantations, July
 1 Crop 1915-1916 Gncluding lnters) .12, 25O, 600 | Total supply this season. 1o, ,SoO, 900 | American consumption 100000
 Total exports .......... .6, 500 000-13, 300 00O Leaving on hand visible and
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