The Birmingham age-herald., 1915-02-28
EVENTS HAVE SHOWN COTTON IMPORTANT |AS BIG TRADE FACTOR
 W. P. C. HARDING
Former Birmingham Bank. CT Speaks Before Balti- more Chapter American
 Banking Institute
w. P. c. HARDING

Baltimore, February 21--tspecial) That
 the importance Of cotton as factor in local. national and international trade
 and finance has been thoroughly demon- strated in the past seven months wa
 stressed by W. P G. Harding. member or
 the federal reserve board. in speech l at the annual dinner of the Baltimore
 chapter American Institute of Banking.
 here tonight.
 The banquet was held at the Hotel Bel vedere.
 MT. Iiarding's address Is as follows: Events of the past seven months have demonstrated in a forcble way the in- portance Of cotton as a factor in local, national and international trade and fi- nance.
 The cotton belt of the United States extends across the continent from the l Imperial valley in California through parts of Arizona and New Mexico to Texas, Oklahoma, Arkansas. and thence 1 eastward through the gulf and south Atlantic states to the southern tier of counties in Virginia. About one-fifth of the entire population of the country is resident in the cotton belt, and is either directly engaged or closely concerned in the production and marketing of the crop. It may be interesting to consider TOT a moment some of the elements that en- t,r into the production of cotton from planting time until the staple is ready for conversion into finished product The preparation of the ground before plant irg stimulates raising of live stock, as the motive powef drawing the blow Is either horse, or mule, or an OK Flow points, trace chains apd cotton ties con- rect the farmer with the metal trades. WIzfI IA xx1x. I.x.. IL. wood, are contributed by branch of the lumber industry. Fertilizer generally I used throughout the belt east of Texas. I is the product of a highly specialized n anufacturing industry, which in as- ] senibling it's raw material, and in mar
 keting It's output employs thousands of | men and furnishes a vast amount of | tonnage for transportation lines. In most cases the food and clothing of the cot ton farmer and his family. from the l time his crop is planted until it is mar l ktted. is bought on credit, as we'll as the fertilizer with which he enriches the soil. Effect of the War
 1 The outbreak of the war in Europe cco urred just as the southern states were about to gather and market what has l rroved to be the largest cotton crop 1 eyer grown. Prices for several seasons Immediately preceding the last had been high, and had stimulated the production, l of cotton as shown both by ncreased acreage and larger lse Of fertilizer Tr- vestigations made last fall by chambers of commerce in several southern cities 1 indicated that the average of ell advances made against the growing crop in sev- ! eral of the states was between and l 9 cents per pound. about s42.50 per | hale. About 70 per cent of our cotton | crop is consumed in normal times by l the mills of the United States and Can ] ada. and the rena ming 50 per cent goes to foreign countries, principally to Great 1 Britain. Germany. France, Russia, Italy, l Japan. Austria Hungary Belgium and | spain. Cotton for domestic consumption | comes chiefly from the CaroIinas. Geor- | gia, Alabama and Mississippi. while the 1 cr,p grown west of the Mississippi river lis nearly all exported. Texas. with about 1 70 per cent of the total crop. exports about s6 per cent of her product.
 New Cotton Year
 | On the first of last September. when | the new cotton year began, 1t was evident | tlsat a crop of over 100000 bales was 1 about to come in sight, against which ] there were debts already incurred and l charges pending for picking and ballne of 1 y.obebly about 560,O00.O00. Just before | the outbreak of the war the market 1 rrice had been 12 cents per pound or $60 ] per bale. The closing of the exchanges. 1 the derangeinent of shipping facilities, | the panic which seized upon the com n.erciai world and the financial chaos fs.n~<s~m~N na. Dec rs~ss.A