Oxford eagle., 1915-09-30


Financial Conditions ard o.
rcrtunisies Afforded by Fed
sr.f Rsasrvs System.
CLARENCE POE Editor Tho
Progressive Farmer
here Is no doubt In most thought
minds but that the South's cotton
: Is going to be worth s750. 600. .9ea
he men who own II next spring.
il is worth only $500. .oeo. 900 to
producers at present pricez-.n6
J to save 70 southern grswers and
bur southern country this extra
tier Of a billion doIlars that the
I'd energies Of press and people
bid nov be directed The funda-
kfaI facts seem to me to be clear:
cstt1n. ever sheaoh the new
Of 1915 has started coming On
rnzrset. 10 stiii sailing on the basis
rices fixed by lss< yesr's f7.oco.r
bale crop.
These prscss must soon be sd-
10. 1o~eser. 10 fst the conditions
f2-occ. .occ-haIe crop (sr probably
fc.oco.ooo ar ff.ccc. .oco-azie
b. ard tnis adjusted pries ought
De very least 70 reach ~ esnts =
q far rzIddIins-
briefly now. zs clear argument
permit. I wish 70 point out and
lasize the truth Of these state
b.
worie's Demands Jussify Twelve
cenesL
suming even a 1900. .8oo-hale
Of southern cotton this year
Il viii probably be Ieszl. this
world production viii be T.
o hales short OF thu worlds con
rivsly estimated consumption
)g the coming twelve months.
IS 70 say. the world will con
every pound Of this years crop
s.a00. .Go8 bales Of the present
Is.
retzrT Hester Of the New Or
Cotton exchanges estimates last
southern production fnct the
ervial eropJ n 17.eos.o0a bales
United States zuvernmsnt esti-
tIsI34-s50 plus 7sl.4S4 Hntsrsl
6.s26.549-pracricaIly rT.gg0.000
This wzs over ..0so. eco bales In
Of the 1919 crop
what happened with this
y 1I,0e0. .10e-baIe crop In spite
the demorzlized conditions Of
aat 1nance-the crop of which
said last fall We should not ex-
.aoo. 900 bales. The facts are
be world used 20 much Of IL that
Ia worlds visible supply Of al
n midsummer this year was
b.435.16S bales against 3.523 376
a year before In other words.
IT.0oo. .9o0-hale southern crop
nd-e. the worlds visible supply
Eed only 1000. 900 halea What
hg to happen this year them
ne South Offering 5.ga6. 900 or
nee bales lesz-and the produc-
other countries also decreaseds
rs query brings me to another
Fcrid's croD Fruspsrts Justffy
Twelve cents-
W P. G. Harding Of the fed
eserve board early In the SUM-
ecnred reports from consular
al over the world Indicating
cut in the worlds cotton crop
~ CT 5.1aa. zoe bales. Egypt and
rorrtns RADICAL reductions In
Since that time the pros
have further declined
even II We accept this early
inzre az the crop We see that
yea-s erup. being 5.aa0. .0o8
bigger than this years yet In
TIE surplus only 3.9a0. 900
t1en this years crop viii
s.aod-900 hAle defcir-to be
from the surplus.
larrs are. however. that even
he-soe bale estimate for the
no~ seems too high This Is
DIT NY view. but the view Of |
kxTerrz- Including 50 cnnserva-
q competent an authority as /
York Journal Of Commerce.
pas Just declared that. In view
sent conditions. the yield
hkeiy to be nearer 10000. .0g0 |
-'as'e.9oo halss-- And nov |
ne Wall Street Journal itself.
William 8. Halliburton OF 1
ofDelI 4 Co a. saying The |
seasons crop may be as low
o"'sou haiez II - entirely |
NE reach ct present cundt- |
AZ We shall see 111z-cent cot
pre- the end Of the season
two authorities base their
= saieny on condition reports |
--->---->---~-~--~-~-~---
Hers Rsport conditiena +
nited States Lsgs fhause serv-
recently devtse< q form OF
postcard for the use OF mar