Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-08-05
SOUTH IN C0DD POSITION
If IT JUST ACTS WISELY
Conditions as to Cotton Crop Are
lmmeasurably Better Than
One Year Ago.
ONLY COOPERATION NEEDED
w. r. G. Harding Reviews Situation,
and Warns South to Do Nothing
That Might Embarrass Wilson in
His Foreign Policy.

tons that confront the South in
nandNnS the 1915 cotton crop and con-
d''ions n year ago are contras,ed in
an analysts by W. p. G. Harding, OF the
Federal Reserve Board in the current
issue &C the Federal Reserve Bulletin.
me position OF cotton to-day is much
stronger and financial and other con-
d'uons are much better than year
ago. in Mr.. Harding's opinion. and if
weaken their position by unwise ac-
ton" they have little TO fear. The
cotton tragedy Of 1914" saws Mr..
Harding, will be succeeded in 1918 by
nothing more serious than a drama
SOUTH Is WARNED NOT
TO EMBARRASS WILSON
Nj. Harding warns the South in it's
desire TO sec broad market estab-
i:Shed for cotton TO do nothing TO en-
harass President Wilson in his con-
duct OF international affairs
1T should he remembered" says Mr..
Harding, that the President owes a
higher duty TO the South. TO the whole
ccuntry and 10 mankind at this juno
cure than the establishment OF cotton
values. Serious complications between
this country and any great foreign
power certainly would not enhance
cotton values. The President may be
trusted to do his duty as he sees it,
regardless OF private appeals or public
olamor."
After comparing conditions affecting
the market this year and last, Mr.
Harding says:
Under the most adverse conditions
conceivable. with decentralization in
every money market. with high in
terest rates, with emergency currency
being issued daily in large volume
with enormous gold shipments abroad
with crippled shipping ia ABILITIES, with
out adequate insurance protection and
with ocean freights three to five times
normal We began in August 1914. to
market n crop of nearly 1900. 900 bales
of cotton. Financial institutions, al
ready hard pressed and fearing all
manner Of unforeseen contingencies
were unable and unwilling to make
advances on cotton. In addition 70
this. the Southern farmers. who have
crops. were faced with a deficiency
I in home-raised foodstuffs, and were, in
many cases. forced to sell cotton to
pay off pressing indebtedness and tc
| secure adequate food supplies.
Attention is called to the fact that
the high prices for cotton now pre-.
vailng in foreign countries--in Rus.
sin, about 30 cents n pound-will at
tract cotton to those countries in spite
of apparently insurmountable OBJ
stacies. just as high prices paid for
cotton abroad during the Civil War
made blockade running n steady bust
ness.
WILL DE NO TROUBLE
INSECURING FUNDS
There seems to be no question that
| ample funds can be obtained to finance
| In n normal way. much larger volume
of cotton than was taken care OF las,
year, and that even If Germany and
/, Austria Hungary should be forced tc
suspend cotton manufacturing entire
ly statistics show that the mills OF
| the United States. Great Britain. Spain
Russia, Italy, Japan, China and India
| have spindlcs sufficient to absorb every
| bale OF cotton that is likely to be cul-
| tivated.
| 1T should be noted that the reduc-
ton In American cotton acreage this
year amounts to more than 100000
acres, and that Egypt and India have
also made radical reductions In cotton