The Birmingham age-herald., 1922-05-19

NAA~NAACNAo dAAb IOAiNiCS Dy WliiSA lHCI
 Although admitting that a wider knowledee of affairs in Europe eco. homie problems here, transportation production and agriculture are i'm pcrtant matters, MT. Wells urged that the practical requirements of th; profession be not neglected. He pointed out that AIabaam is to be congratulated upon the few bank failures the past year in comparison With the records made in neighborine states.
 With regard to the matter of aRri culture and cooperative marketing the president declared that the as. sociation had under it's observation the entire subject of -operativ ve marketing and had hoped to have a speaker on the question at the con vention. He added that 1t was tho belief of the association that it could not make a specific recommendation or give approval until 1t could be determined that some one of the plans in operation or in process oi being organized might be developed to the standpoint of a better under standing He deplored the fact that two associations, each bidding for support. should have sprung tip i'm Alabama, but stated that the associa- tion does approve the principles of cooperative marketing and is con vinced that such principles have been successfully applied in other places. He concluded this subject by stating that although the body had not reached point of indorsing any par tieular marketing association it ask cd its members to give the subject the consideration 1t deserves so that CO., operative marketing of commodities In the state, whether cotton. hay. fruit or nuts, may start on sound basis or else fail to receive their support.
 Harding Speaks
 Some of the high lights of the speech of Governor ". F. G. Harding of tho federal reserve board. made at the opening session, were tho fol- lowing:
 Interest rates have declined in all sections of the country. The four and one-half per cent Liberty bonds have advanced from an average price on April IS, 1921, of about SSS.4s to within fraction of par at the pres ent time.
 Twenty-Five representative railroad stocks advanced from an average of S51.70 on April 15. 1921, to s62.25 on April Is, 1922.
 Twenty-Five industrials from ss4.lo to s9519.
 Fifty railroad and industrial stock s from S67.a0 to s79.22, and 70 listed bonds advanced from an average of ses.Ss on April 15, 1921. to s79.97 on April 15, 1922.
 aft
 spects is exactly the reverse of that which existed at the end of the year 1919.
 Surplus goods of all kinds have gone into consumption and statements Of merchants throughout the country show marked reduction in The volume of goods on their shelves
 Revival In Agriculture
 The fact that revival ir agri : culture has come much sooner than had been expected by those who re- garded the low prices of last sum- mer as permanent has brought about new hope and courage to the agricultural districts and affords a basis for the belief that there will. in due time, be a distant business improvement in those districts While the situation abroad Is still complicated and will dobtless con- tinue So for many years. there are many indications of economic im- provement.
 The exchanges of some of the lead ing European countries have become far more stable during the past 12 months and the pound sterling in particular has made distinct ad- vance toward it's normal parity, the present quotation being about s4.45 as compared with $3.92 on April 5, 1921.
 The convention was half hour late in assembling for the session due to the Rotary lunch which delegates at tended and it was , o'clock when President Oscar Wells, of Birming ham brought the men Of finance to attention.
 The convention opened with an in vocation delivered by Rev. k. Excell Fry, pastor of the Central Presby- terian church.
 Taylor Speaks
 The address of welcome on the part of the city was delivered by City Commissioner R. V. Taylor in charge of the finances of the city. and the response by Charles E. Werner. president of the Merchants Bank and Trust company. of Tus- caloosa.
 The annual address of the presi-