The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1915-08-06
HARDING WARNS
SOUTH To HEED
THEPRES|DENT
SAYS PEOPLE MUST DO NOTHING
TO EMBARRASS HIM IN INTER.
NATIONAL AFFAIRS - COTTON
CROP BETTER.

tions year ago are contrasted in an
analysis by w. p. G. Ha.iing Of the
federal reserve board in the current
issue Of the Federal Reserve Bulletin.
The position of cotton today is
much stronger, financial and other
conditions are much better than a
year ago, in Mr.. Harding's opinion,
and if the people of the south will
not weaken their position by unwise
action they have little tu fear. The
cotton tragedy of 1914" says Mr..
Harding, will be succeeded in 1915
by nothing more serious than
drama"
Mr.. Harding warns the south III its
desire to see a broad market estab-
lished for cotton to do nothing to en-
barrass President Wilson in his con-
duct Of international affairs. 1T
should be remembered" says Mr..
Harding, that the president owes a
higher duty to the south, to the whole
country, and to mankind, at this juno
ture than the establishment of cotton
values. Serious complications be-
tween this country and any great
foreign power certainly would net en-
hance cotton values The president
may be trusted to do his duty as he
sees it, regardless of private appeals
or public clamor.
After comparing conditions affect.
ing the market this year and last,
Mr.. Harding says:
Reviews Situation of 1914.
Under the most adverse condi-
tions conceivable, with decentralization
in every money market, with high
interest rates, with emergency cur.
rency being issued daily in large vol
ume, with enormous gold shipments
abroad, with crippled shipping facili-
ties, without adequate insurance pro-
lection and with American freight
rates three TO five times normal, we
began in August, 1914, to market
crop Of nearly 100000 bales o. cot
ton. Financial institutions already
hard pressed and fearing all manner
of unforeseen contingencies, were un-
able and unwilling to make advance
on cotton. In addition to this the
southern farmers, who have this year
planted record-breaking food crops,
were faced with a deficiency in home
raised foodstuffs and were in many
cases forced to sell cotton to pay off
pressing Indebtedness and to secure
adequate food supplies.
Attention is called to the fact
that the high prices for cotton now
prevailing in Germany ard Russia,
about soc a pound, will attract cotton
to those countries in spite of appar-
emily insurmountable obstacles, Just
as high prices paid for cotton abroad
during the Civil war made blockade
running a steady business.
Ample Funds to Handle Crop.
There seems to be no question
that ample funds can be obtained to
finance in a normal way a much lar
ger volume of cotton than was taken
care of last year, and that even If
Germany and Austria-Hungary should
be forced to suspend cotton manu-
featuring entirely, statistics show that
the mills of the United states, Great
Britain, Spain, Russia, Italy, Japan,
China and India have spindles suf-
ficient to absorb every bale of cotton
that is likely to be cultivated.
1T should be noted that the reduc-
ton in cotton acreage this year
amounts to more than 100000 acres,
and that Egypt and India have also
made radical reductions in cotton
acreage. 1t is probable that the
worlds cotton crop, based on an aver
age yield an acre, will 5e about D.
100000 bales less than last year.
Cautions South to Keep Cool.
Cotton, unlike grain, is a commod-
ity the market value Of which de
preciates in time of wa, and the
south. as a producer o, that com.
modify. has suffered The actual
position of cotton however, is so
much stronger than was the case a
year ago. and financial and other con-
ditions are so very much more favor
able that there can be nc doubt that
If the south will keep cool and will
refrain from merely weakening its
own position by unwise action. the
present nervousness regarding the
market for the growing crop will soon
disappear.
Even in the face OF. all the ad-
verse conditions durinC the last
twelve months the average price OF
cotton has been about what might
have been expected for 4 17,OoO,OOo-
bale crop had there been 10 war, ana
there is every reason TO believe that
~ -..-,., yr3ra nf cotton during