The Prescott daily news., 1915-07-10
FEDERAL RESERVE SYSTEM

An interesting decision of the work ings of the Federal Reserve System is made by W. P. c. Harding, member of the Board, in this weeks issue of the Manufacturers Record. The con- clusions reached by MT. Harding are that through the operations of the new system currency panics in the future seems to be impossible; that the stim- ulus to expansion and speculation which under old conditions would have accompanied such large excess re- serves as those of the present has been largely eliminated; that the United States is in a stronger position than is was supposed it would be, and has greater financial power than any other nation. "The Federal Reserve Sys- tenn" says Mir. Harding, "is essential ly cooperative one. The power of cooperation in achieving results was shown very forcibly last fall, when several intricate and apparently hope less situations were successfully work ed out in short time. Owing to our insufiicency of ocean transportation and to the restrictions imposed upon commerce by the nations at war, some inconvenience may be experienced, per haps, in marketing our crops this fall b1t int at,an of hn problems involved and the strong po- sition of this country as the worlds treasury and storehouse should make the solution comparatively simple. Through the Federal Reserve System and the banks of the country ample funds can be provided to take care of staple commodities awaiting transfer from producer to consumer, and, as no complications seem likely to arise that have not already been anticipated, it appears that our people should b able to await with patience and confidence the great forward movement which is sure to come when once Is begun the world-work of reconstruction and re- mobilization which must follow the re- establishment of peace"
 As appears through the news col umns of the Manufacturers Record, the country's great activities in ship building are further demonstrated by the fact that the marine department of the Maryland Steel Co.,, is working to capacity on ship orders, employing 240O men, and having received inquir- les from various countries of the world, including Russia, England, Spam and even Germany. Nine yes sels are under contract, at an approxi- mate cost of S4,5O0,0O0 and tenders are out on 20 or more additional ships. Numerous and varied manufactur- Ing and other industrial enterprises Were reported during the week, in- cludlng the following important an nouncements:
 wheeling Steel & Iron Co.,, Wheel Ing, W. V., voted S5000,0O0 bonds for pettefments, and will at once issue @z'ooO,OOO of the amount in order to oegln the construction of additional ."cilltles, mainly to improve it's finish Ing departments.
 Calhoun Timber Co.,, Jacksonville, Ia.' was incorporated with $2,0OO,00O capital for the purpose of developing 'Hhoer land, manufacturing lumber, etc, in Florida.
 Holland Manufacturing Co.,, Athens "a' was organized with S10O00O capi- '"' to establish hosiery knitting mill and will begin with 25 knitting ma- o".nes to be increased to 100 machines.
 "m. A. Lee, Brooklyn, N. r., decd-
 eu to establish a press-cloth mill at
 augusta, Ga, and has ordered ma cnlhery for an annual capacity of 1OO,- UVo pounds. The cloth produced is
 'Or cottonseed crushers, linseed- oil 'r1shers and soap manufacturers.
 continental Piston Ring Co.,, Mem
 pnls' Tenn, was incorporated with