The Washington herald., 1914-09-05

the entire Caribbean region and in
! Central America, more than half OF the
imports normally come from the United
States, but the remainder-copsisting al.
q, most entirely Of manufactured goods and
hitherto coming from the European coun-
! tries now at war-will now have to be OBJ
tanned in this country as we'll
I'm South America, the United States
has hitherto ranked third, fourth or fifth
among the nations supplying manu-
| featured products to these exclusively
non-manufaCt curing markets. The oppor-
tunity to enterprising American manu-
| factWers TO secure a share of the hun
dTeds of millions in the South American
| import trade is one that must be seized
instantly or be forever lost. At present
merchants there are looking to this cOun-
I try to supply their needs. They must
get their goods from abroad. They can
Only get them here"
Warehouse Facilities.
Collapse of the export demand for cot
| ton has already had a marked effect In
! the development of warehousing facili-
! ties. Not only in the cotton growing
| section. but also outside commercial cen
tiers, have entered into the warehouslng
! movement to an exent never before at
tempted. The surety business, by which
validity to the warehouse certificates Is
| guaranteed, has also been stimulated TO
extend its efforts over the entire terri
! tory. These two developments on a scaIe
hitherto unknown are only part OF the
results Of the blocked export situation.
Voluntary associations throughout the
South, such as farmers unions and the
Southern Cotton Association have begun
organizing counties and districts to meet
this war crisis in cotton. The State pres
idents OF the cotton associations have
called meetings for September q, fol-
lowing the county meetings in each Of
the States on September 1s. after which
the central meeting will be held at New
Orleans on September g. Farmers insti-
tutes, bankers. merchants, jobbers, rail-
roads insurance companies, and all bust
ness interests involved in the welfare Of
cotton are urged to insure the protection
of cotton while in the hands Of the
producer.
The New Orleans meeting Of September
q announces its purpose to be that Of
agreeing upon a fixed minimum price
for this cotton crop. which has cost the
South about y cents a pound to grow"
The Southern Cotton Association which
met at New Orleans on August g, voted
down the bond plan. but on motion of
Commissioner Kone, of Texas. adopted
the resolution that cotton should be held
for 12ik cents.
1t was argued that fixing Of price
would hold up the crop and furnish a
guide for bankers and merchants. Sol
WeXler. president Of the Whitney Cen
trail Bank of New Orleans, advised
against fixing any price, expressing the
opinion that the selling price of goods,
which was now uncertain. should de-
termine largely the price of raw cotton.
Dun's Commercial DefauIts."
Commercial defaults during August, ac-
cording to statistics compiled by R. G.
Dun & Co., numbered LIZ, with nabili-
ties aggregating $43, 46S, 1l6, an increase
as compared with the totals of the same
month for several years back. In Au-
gust last year there were LIS failures
for so, s4s,9l6, in 1912 1,l02 for S16.153, I66,
in 1911 926 for 1864 and 9ls in 1910 for
S12 ~, 063. In number, however, there Is
some improvement as contrasted with the
preceding months this year, except as to
May and June, and while the amount in
volved is much in excess of any month
except June, when the Clafiin suspension
occurred, the returns are very much dis
torted by comparatively few defaults with
exceptionally large Indebtedness. These
large failures numbered 3 with liabilities
of So 10, 623, a total far In excess of any
previous August for many years De-
Quoting these the amount involved for
the month In the remaining 1,2l suspen-
sions was $1,a66, 49S. or an average for
each Of $e,159. While in both instances
this Is gain, when compared with the
corresponding month In earlier years, 1t
cannot be regarded as at all abnormal in
view OF the unsettled situation prevail |
ing as result of the outbreak Of hos |
tlities in Europe
The directors of the virginia-carOlina !