Oxford eagle., 1915-09-30


that the South cnt its fertilizer con
sumption this year from 4.4s1. 600
tons to 2.s3s.a00 tuns-aImost in half
and the effect Of this cut viii proc
ably make Itself most evident from
now on a. closer scrutiny Is given the
fruiting OF the crop.
The reader can easily see for him
self. therefore. that IL we have only
io.00a. 900 bale crop. the factories Of
the world would utterly drain the mar
Ret DRY. leaving IL subject to such
conditions as occurred a few years
ago wner spectators carried prices to
II and 20 cents a pound
And nov having pointed out that
tSeivecsut prices are Justified be-
cause the 1915 crop Is certainly s.o0o.-
900 and possibly s.gs0.0 .0e0 bales shorr
Of the worlds demands. meaning that
fastorfes aud munirion factories viii
consume all the present yield with
the greater part u not all the worlds
visible surplus, also wish to call az
tenttcn to the tact that
American Prosperity Jussines T~sIve
Cents
The American Bankers' association
has lust been meeting In Seattle.
wash. and what was the message
that the president Of this greatest or
sanizariou Of nnanciers brought the
country He predicted. says a press
Dispatch that an almost unheIiev-
able prosperity Is rushing on the m
ton" or 70 quote his exact words:
When bank reserves. which are greater
now than they have ever been IN the his-'
tory Of the country. are distributed the
nation viii sntoy almost unbelfevable
Prosperity Ths volume Of money on hand
Is 30 great that IL cannot and a natural
outlet The movement Of the TREMENDOUS
crops. with the attendant financial artiv-
ity. VIII sSin further Increase the bank ~
serves
And manufacturers are no less op-
timtstic than bankers The Factory
Magazine Of Chicago recently took n
poll Of 1e3 eastern and middle west
ern manufacturers as to tie prospects
for business In the fall Forty. or
y @-~--&%AL 04EAg4LN1 VI LuE EQLAA
number. declared conditions -excep-
rcnal-" y -fns." or above normal
50 good" Is fair and fairly good
only seven dull and poor" and only
one much below normal and very
poor
Another point not to be overlooked
is-
The Ness Federal Reserve Act Insurss
5e<ser Prices
President Hirsch Of the Texas
Bankers association told the big
Cotton States conference Of southern
bankers as Galveston Far the first
time In the history Of the South. gen
tlsmen- the southern bankers have the
financial ability to market gradually
this crop 1t would almost appear a.
II the federal reserve act had been
drafted for the benefit Of southern
producera- lust because the reserve
act does1't give the farmers an the
help they need-iust because IL
doesn't take the place. nor profess to
take the place. Of the much-needed
rural credits legislation-ls no reason
for denying or minimizing the great
advantages IL does cfer.
The federal reserve system does
enable the banks in the South where
money Is needed to draw upon the
great reserves In other sections for
making loans on the cotton crop. or
as Mr. W P. G. Harding Of the fed
erai reserve board officially SAYS.
Banks have now ample facilities which
they have newer before enjoyed for ressIs-
counting the notes taken axainst sucn
loans. and II Is for them more than for
any other agency. to deeeruine the policy
af the South IN regard to the marketing
Of the present cotton crup.
And President Woodrow Wilson In
n letter to Mr.. Harding wrirez- TT Ii
evident from what you tell ma. that
the country banks with whom thu
farmer and other producers directly
deal can get money at from four to
four and half per cent i. I think |
that we can confidently expect that
the banks in the cotton states and In /
the Agricultural regions generally VIII
content themselves with q rate not
more than one or two per cent above |
the rate which they themselves pay
II is up to the banks to iuxftfy thia (
faith expressed by the head OF thu
nation
And the crop can be varehouzed- |
Mr. Harding points out that even last |
fAII the South had facilities for sfor> /
ing T.517.i65 bales. and these facili- /
ties have been greatly Increased sincs /
then
Only By the most thoroughgoiug /
Of all forces can we save I
20 the South the frll quarter Of q BIZ /
lion dollars OF hard-earned wealth that /
viii otherwise 90 into the hands ok /
spectators and foreign tntsrestz
With $500. 900. 600 for her nav cot
ton crop. the South viii harely DAY 4
OUT With s75o.a0o.0ae the whole 80
ton viii have fubilant and ahcunding 4
Bankers. merchznfA and 1
al classes. therefore. should Join our