The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-07-11
MAKES CURRENCY PANIC
IN FUTURE IMPOSSIBLE
W, y. g. Harding of Federal Reserve
Board, Discusses Workings of
New system.
ESSENTIALLY COOPERATIVE
Ample Funds Provided To Care For
staple Commodities Between Pro-
duccr and ConstAner-Great Ac-
tivities in shipbuilding--South
Activity.

Activity.
An interesting discussion of the
workings of the Federal Reserve Sys-
TEN is made by w r. q. Harding
member of the board. in this week S
Issue of the Manufacturers Record.
The conclusions reached by Mr. Hard
ing are that through the operations
tof the new system currency panics
in the future seem TO be impossible:
that the stimulus TO expansion and
speculation which under old conai-
lions would have accompanied such
large excess reserves as those of tho
present has been largely eliminated
that the United States IL in a stronger
position than 1t was supposed ii would
be, and has greater financial power
than any other nation.
The Federal Reserve System" says
Mr. Harding, "is essentially a coop
erative one. The power of co-opera-
ton in achieving results was shown
very forcibly last fall. when several
intricate and apparently hopeless sit
luations were successfully worked ont
in n short time. Owing TO our insuG-
I flciency of ocean transportation and
to the restrictions imposed upon COM
mercc by the nations at war, some In
convenience may be experienced. per-
/ haps, In marketing our crops this fall,
but intelligent comprehension of the
/ problems involved and the strong po-
sition OF this country as the worlds
/ treasury and storehouse should make
! the solution paratively simple,
! Through the Federal Reserve system
land the banks OF the cuntry ample
| funds can be provided to take care of
fNIg fea1 diftA &c uxnaifIny pa " ~ q
| from producer to consumer, and, az
/ no complications seem likely to arise
| that have not already been antici-
pated. It appears that our people
should he able TO await with patience
and confidence the great forward
! movement which liz sure to come when
once is begun the world work of re-
construction and rehabilitation. which
must follow the re-esta blishment of
peace"
Shipbuilhing Activities.
| As appears through the news COL
lumns OF the Manufacture Record.
the conntry's great activities in ship
building are further demonstrated by
the fact that the marine department;
/ OF the Maryland steel Company g
working to- capacity on ship orders.
Iemploying 2400 men, and having re-
tries of the world including Russia
France, Spain and Germany. Nine
vessels are under contract, at an APP
lpropriate cost of $4,000, GOO and ten
fders are out on twenty or more addi-
tionai ships.
Numerous and varied mauufactur-
ing and other industrial enteror.see
were reported during the week, snc'ud-
/ ing the following important announces
ments:
/ Wheeling Steel AMI iron Co. Wheel
ling, w Va. voted IS, 600. 600 bonds for
! betterments. and will at once issue
| SO, 500. 900 of the amount In order to
begin the construction of additional
| facilities. mainly to improve its finish
! ing departments. -==-
Calhoun Timber Co. Jacksonville,
/ Fla, was Incorporated with $1,000
000 capital for the purpose of develop
ling timber land, manufacturing ium-
! ber etc, in Florida,
! Holland Manufacturing Co. Athens,
Ga, was organized with $4,000 capt.
tai to establish a hosiery knitting n i'll.
and will begin with twenty-five knit
ting machines, to be increased to 100
machines.
Other Southern Developments.
VIM. A. Lee. Brooklyn, n. v, de-
cided 10 establish press-cloth mill
at Augusta, Ca. and has ordered ma :
chinery for an annual capacity of 100.
600 pounds. The cloth produced is
for cottonseed crushers, linseed -oil
crushers and soap manufacturers.
Continental Piston Ring Co.. Mem
phis. Tenn, was incorporated with
$1,000 capital to manufacture piss
ton rings.
Odorless Paint Co. Wheeling. w.
Va, was Incorporated with 100000
ca pital to manufacture paint.
Kingsport Extract Corporation.
Kingsport, Tenn, decided upon plano
for investing $780, 600 to construct a
/ two-story 250x150 foot brick building
and install machinery for a daily ca
pacity Of 1870 barrels of chestnut wood
and oak bark extracts for tanning.
I West Virginia Window Glass Co.
Pennsboro. w. Va. was incorporated
with 100000 capital, and will man
ufacture window glass.
Clay County Graphite Co, Ashland,
Ala. organized with $4,000 capital TO
develop an S0acre graphite property,
and viii install cquipmert for an
initial daily output of 2 Ia tons of
graphite.
Mississippi Fiber Co, Meridian,
Miss. was Incorporated with $35, 000
capital TO manufacture fiber.
Perry County Block Coal Co, Lev
ington Ky, was Incorporated win
100000 capital to develop 1000 acres
of coal land. and plans daily capacity
OF 500 tons, to be increased to 1000
tons.
Coluina Campony. Chicago, ac-
quired 4S0 acres of land. containing
extensive deposits of coauina, or shell
rock, which will be utilized for var
ious purposes; will install plant for
mining. to crush the rock for ballast
and road work, and to mapufa :ture
fertilizer; later plans to build cement
plant of 900 barrels daily capacity.
Affair Crushed Stone and Gravel Co.
Affair. Texas, was Incorporated with
100000 capital, and will baiid an
Initial plant to cost $4,000
Gray Manufacturing Co, iastonia,
N c., will build an addition and In
stall 1000 spindies, with accompany
ing machinery.
Tennessee Biscuit Co, Nashville
Tenn. was Incorporated with $fC0, 900