The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1915-11-27

that the South cut its fertilizer con
sumption this year from 4,43l.oo'
tons to 100000 tons-almost in hal
and the effect of this cut will prop
ably make itself most evident iron
now on as closer scrutiny is given the
fruiting Of the crop.
The reader can easily see for him
! self, there tore, that if we have only
10000, 600 bale crop. the factories Of
| the world would utterly drain the mar
ket dry. leaving it subject to such
conditions as occurred few years
ago when spectators carried prices to
/. and 20 cents a pound.
And now having pointed out that
tWelve-cent prices are justified be
cause the 1915 crop is certainly 3,0O0,
600 and possibly 100000 bales short
of the world's demands. meaning that
factories and munitiOn factories VIII
consume all the present yield with
the greater part if not all the world
visible surplus, also wish to call at
tention to the fact that
American Prosperity Justifies Twelve
Cents.
The American Bankers association
has just been meeting in Seattle,
Wash, and what was the message
that the president of this greatest or
ganiZation of fnanciers brought the
country? He predicted, says a press
dispatch, that AN almost unbellev'
able prosperity is rushing on the ma
tion,' or to 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 will enjoy almost unbelievable
prosperity. The volume of money on hand
is so great that it cannot find a natural
outlet. The movement of the tremendous
crops, with the attendant financial activ
ity, will still further increase the bank re
serves.
And manufacturers are no less OPP
tlmistic than bankers. The Factory
Magazine of Chicago recently took
poll OF 1G3 eastern and middle west
ern manufacturers as to the prospects
for business in the fall. Forty, or
practically one-fourth of the total
number, declared conditions "excep
tional," % fine" or above normal"
60 good" IS fair" and fairly good"
only seven dull and poor" and only
one much below normal and very
poor
int Ut To No Ar1o oly cd
is
The New Federal Reserve Act lnsures
Better Prices.
President Hirsch of the Texas
Bankers association told the big
Cotton States conference of southern
bankers at Galveston: For the first
time in the history of the South. gen.
tlemeE, the southern bankers have the
financial ability to market gradually
this crop. 1t would almost appear as
If the federal reserve act had been
drafted for the benefit of southern
producers" Just because the reserve
act doesn't give the farmers all the
lelp they need-just because 1t |
doesn't take the place, nor profess to
AXE the place, of the much-needed |
'ural credits legislation-is no reason
or denying or minimizing the great
advantages it does offer.
The federal reserve system does |
enable the banks in the South where
money is needed, to draw upon the
in, ~ fOr
making loans on the cotton crop; or
IS Mr. w. P. G. Harding of the fed
raj reserve board officially says:
Banks have now ample facilities which
hey have never before enjoyed-for reds.
bunting the notes taken against such
oans, and i is Tor them more than for
ny other agency, to determine the policy
f the South in regard to the marketing
I the present cotton crop.
And President Woodrow Wilson in
letter to Mr. Harding writes: 1T is
'vident from what you tell me, that
he country banks with whom the
armer ard other producers directly
leal can get money at from four to
our and half per cent. | think
hat we can confidently expect that
he banks in the cotton states and in
he agricultural regions generally will
ontent themselves with rate not
more than one or two per cent above
he rate which they themselves pay"
t is up to the hanks to justify this
aith expressed by the head Of the
ation.
And the crop can be warehoused.
ir. Harding points out that even last
all the South had facilities for stor-
ng 1871 65 bales, and these facili-
les have been greatly increased since
hen.
Only by the most thoroughgoing
Of all forces can we save
o tho South the full quarter Of bill
ion doIlara Of h d-parno5 wealth that |