The Birmingham age-herald., 1915-09-29
COTTON PRICES ARE ENCOURAGEMENT ID SOUTHERN TRADE Harding's Raleigh Speech Is Quoted on the Increasing
 Foreign Demand EXPERTS SEE AHEAD
 TO CLOSE OF WAR Necessity for Sustained Effort in Order to Hold and Increase
 Americas Foreign
By HOLLAND

New York September 2S.-tSpecial.) There were two incidents not directly as- socated with the foreign loan negotia- tions, yet having an indirect relation to results which will follow the placing oi the loan, which were coincident in point of time with the meetings of the negotia- 1ions last week. One was the statement made by W. P. G. Harding to southern business men whom he addressed at Ra- leigh, 8. C., that no longer was there any doubt about very large demand from foreign nations for American cotton.
 MT. Harding is persuaded that the cotton harvest will be approximately 100000 bales, and he felt justified in saying that the planters are likely to get 12 cents pound; in fact, that price seems less im- probable than 10 cents a pound did a month ago. Associated with the great foreign demand for cotton and with an excellent harvest and a fairly remunera- tive price is the fact that there is an abundance Of cheap money which Is avail able for southern bankers, so that It rests, Mir. Harding says, with the bank CTS of the south whether or not the planters shall receive good values for the cotton they harvest this season. It Is
 
 to England and France may be applied as payment for cotton. And evidently Mir Harding is convinced that the plan ters are not to experience the embar- rassments that they met with last year.
 Another incident associated with this great loan negotiation is also coincident in point of time with the progress of the ne gotiation and, furthermore, took place in the hotel where the Anglo-French com missioners are sojourning and have hnd many conferences since their arrival in New York Yet it was a wholly chance coincidence. On the eve of the meeting of the national foreign trade council, which was called by President James A. Farrell into session in this city, report was published. stating that one of those who bear close relation to the negotia- tions remarked that very likely the ex- port movement is now at it's climax. There seemed to be an intimation, also, that as soon as possible after the war is ended Great Britain and Germany will make earnest efforts oregain the foreign trade they lost when the European wah began.
 So also, there came the same day re- port from Chicago of statement made. as asserted, by Judge Gary, chairman of the United States Steel corporation. He was quoted as having said that he is per- suaded that the European war will end
 
 the ending of the war will be coincident with the spreading of great prosperity throughout the United States because we are the only country in position to sup ply the needs of the devastated and war starved countries of Europe.
 Judge Gary's Views
 The report of the brief chat with Judge Gary in Chicago was commonly ac- cepted in the financial district as aceu- rate, He has once or twice before ven- tured to say that in his view the war would be brought to a close much sooner than is generally supposed to be possible and that the end will come suddenly. Tn earlier statements made by Judge Gary, he was not quoted as having said that the close of the war will be followed by unexampled prosperity in the United States because Europe will be compelled for long time to seek this market for the commodities needed in repairing .he ravages of war.
 It was for the purpose of preparing to meet the competition which the United States must face after the war is closed that President Farrell summoned the national foreign trade council into ses- sion. Of course, in the discussions at the meeting of the council nothing was said excepting perhaps in an informal or1 neighborly way about the war. The entire discussion was centered upon the ways and means whereby American commerce and industry can be thoroughly prepared to meet the very great competition for world trade which will begin soon after the war is ended. Competition of this kind. it is inferred. was in the mind of the influential man who ventured to say that probably exports from the United States. at least to England. are now at their highest point, intmating also that European nations will soon as possible