The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1915-09-23
By Clarence Poe, Editor Progressive Farmer

iil'i. w co ''W sio IO,DOo,OOO OdlCS.
1t is entirely within the reach Of
present conditions that we shall see
123 cent cotton before the end Of the
season.
These two authorities base their
estimates chiefly on condition re-
ports fro all over the South, but
might have added the further testi-
mony that the South cuts its ferti-
llzer consumption this year from
4,43l 900 tons to 2,636. 900 tons
almost in half-and the effect of
this cut will probably make itself
/ most evident from now on as closer
scrutiny is given the frulting Of the
crop.
The reader can easily see for him
self therefore, that if we have only
a 10, 900, 900 bale crop, the factories
of the world would utterly drain
the market dry, leaving it subject
to such conditions as occurred a few
years ago when spectators carried
prices to II and 20 cents pound.
/ And now having pointed out that
twelve-cent prices are justified be-
cause the 1915 crop is certainly
100000 and possibly 100000
bales short of the worlds demands,
meaning that factories and muntion
/ factories will consume all the present
yield with the greater part if not
all the worlds visible surplus, | also
wish to call attention to the fact
that
H.-AMERICAN PROSPERITY JUSTI-
FIES TWELVE CENTS.
The American Bankers Associa-
ton has just been meeting in Seat
tie, Washington, and what was the
message that the President of this
greatest organization of fnancers
brought the country? Hepredicted
says a press dispatch, that an al
most unbelievable prosperity is
rushing on the nation, or to quote
his exact words:
when bank reserves. which are
greater now than they have evel
been In the history of the country
are distributed, the. nation viii
enjoy almost unbelievable prosper
ity. The volume of money on hanC
is SO great that it cannot find ;
natural outlet. The movement O1
: the tremendous crops, with the at
tendant financial activity. will still
: further increase the bank reserves.
And manufacturers are no less op
timistic than bankers. The Factor,
Magazine Of Chicago recently took ;
poll OF 163 Eastern and Middl
Western manufacturers as to tn
prospects for business in the fall
Forty, or practically one-fourth O.
the total number, declared condi
: tions Exceptional" % fine, o
! "above normal, 60 good l
> fair" and fairly good only seve
dull and poor, and only on
! much below normal and yer
poor
Another point not to be overlook
ed is
> IV.-THE NEW FEDERAL RESERV
ACT INSURES BETTER PRICES.
l. President Hirsch Of the Texs
J. Bankers Association told the bi
r Cotton States Conference Of South
2 ern bankers in Galveston: For .th
n first time in th- history Of the South
5, gentlemen, the Southern banker
al have the financial ability to markt
ats gradually this crop. It would a
e most appear as If the Federal r
serve Act had been drafted for tt
" benefit of Southern producers. Ju
at because the reserve ACT dosen glN
20 the farmers all h., help they nee
At .-iust because i. doesn't take Il
20 place, nor profess 10 take the plac
III of the much-neeb-d rural credi
to legislation--is no rea~un for denyir
or minimizing the ,e,eat advantag
IN it does offer.
ne The Federal reserve system do
is enable the banks in tb.- South Whe
w money is needed, tn drtw upon t
n great reserves in otter sections f
ty making loans on the cotton crop;
M as Mr.. W. P. C. Harding Of the Fe
,at eral Reserve Board officially says:
hei "Banks have now agnpl- facillt
o. which they have ,.s.>rr befo
nd enjoyed for redisconu' is.a, he moi
aal taken against such i, ',@. and it
1r- for them more than f.: any otf
ay- agency to determine l,,e policy
'opl the South in regard to the mark