The Carlisle independent., 1915-09-30

have added the further testimony that the South cut it's fertilizer con- sumption this year from 4,431, 900 tons to 2.636.000 tons--almost in half and the effect of this cut will prob ably make itself most evident from now on as closer scrutiny Is given the fruiting of the crop.
 The reader can easily see for him. self, therefore, that if we have only 10,000,00O bale crop, the factories of the world would utterly drain the mar ket dry, leaving it subject to such conditions as occurred a few years ago when spectators carried prices to 17 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,- 900 and possibly 5,000,000 bales short of the worlds demands, meaning that factories and munition factories will 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 Justfies Twelve
 Gents.
 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 financiers brought the country? He predicted, says a press dispatch, that 'an almost unbeliey- able prosperity is rushing on the na- tion," or to quote his exact words:
 When bank reserves which are greater now thA- 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 op- timistic than bankers. The Factory Magazine of Chicago recently took poll of 163 eastern and middle west ern manufacturers as to the prospects ANA cOoAhCo0 HI lhC lciAs AOlLst VI practically one-fourth of the total number, declared conditions "excep tional," 23 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"
 Another point not to be overlooked is
 The New Federal Reserve Act Insures
 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. tlemen, the southern bankers have the financial ability to market gradually this crop. It 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 help they need-just because it doesn't take the place, nor profess to take the place. of the much-needed rural credits legislation-is no reason for 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 great reserves in other sections for making loans on the cotton crop; or as MT. w P c. Harding of the fed eral reserve board officially says:
 Banks have now ample facilities which they have never before enjoyed for redis- counting the notes taken against such loans and 1t is for them more than for any other agency, to determine the policy of the South in regard to the marketing of the present cotton crop.
 And President Woodrow Wilson in a letter to Mir Harding writes: Tt is evident from what you tell me, that the country banks with whom the farmer and other producers directly deal can get money at from four to four and a half per cent. . think that we can confidently expect that lnt UduhS III lnO SOIlOl obdtCo dAid III the agricultural regions generally will content themselves with rate not more than one or two per cent above the rate which they themselves pay. It is up to the banks to justify this faith expressed by the head of the nation.
 And the crop can be warehoused. MT. Harding points out that even last fall the South had facilities for stor- ing 11,577 ,465 bales. and these facili- ties have been greatly increased since then.
 Only by the most thoroughgoing cooperation of all forces can we save to the South the full quarter of bill lion dollars of hard-earned wealth that will otherwise go into the hands of speculators and foreign interests.
 With $500 100000 for her new cot ton crop, the South will barely pay out" With s75O, O,00OOOO the whole sec tion will have jubilant and abounding prosperity. Bankers, merchants. and all classes, therefore, should join our forrnerS in tho 6pht for 10-pant nrices