The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1915-09-14

These two authorities base thelr
estimates chiefly on condition re-
ports from all over the South, but
might have added the further testi-
mony that the South cut it's ferti-
lizer consumption this year from
4,431,OOO tons to 2,636,OOO tons
almost in half-and the effect of
this cut will probably 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
a 100000 bale crop, the factories
of the world would utterly drain
the market dry, leaving 1t subject
to such conditions as occurred a few
years ago when spectators carried
prices to II and 20 cents pound.
And now having pointed out that
twelve-cent prices are justified be-
cause the 1915 crop is certainly
100000 and possibly 100000
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 worlds visible surplus. also
wish to call attention to the fact
that
ii.-Amcrican Prosperity Justifics
Twelve Cents.
Tho Anaripor
ton has just been meeting in Seat
tie. Washington, and what was the
message that the president of this
greatest organization of financiers
broight the country? He predicted,
says press dispatch. that "an al
most unbelievable prosperity is
rushing on the nation" or to quote
his exact words:
When the bank reserves, which
are greater now than they have ever
been in the history OF the nation Will
enjoy almost unbelievable prosperity.
The volume of money on hand is so
great that 1t cannot find a natural
outlet. The movement of the tre
mendous crops. with he attend.nt
activity, will still further
increase bank reserves"
And manufacturers are no less on
than bankers. The Factory
Magazine of Chicago recently took n
poll of 1853 Eastern and Middle
western manufacturers as to the
prospects for business in the fall.
Forty, or practically one-fourth of
me total number, declared condi-
tons exceptional" % fine" or
above normal" GO good" 1SI
'fair and fairly good" only seven
dull and poor" and only one
much below normal and very
poor"
Another point not to be overlooked
I\.-Thc New Federal Reserve Act
insurcs Better Prices.
president Iirsch of the Tevos
bahkers' Association told the big
ottoh States Conference of Soutb-
ern bankers in Galveston: "For tba
nrst time in the history of the South
gentlemen, the Southern bankers
nave the financial ability to market
gradually this crop. 1t would al
most appear as if the federal re-
serve act had been drafted for tho
beneht of Southern producers Just
because the reserve act doesn't give
the farmers all the help thew need
Just because it doesn't take tbe
place nor profess to take the n,ace
Oh the much-needed rural credits
no reason for denying
or minimizing the great advantapeo
it does offer
The federal reserve system dooa
enable the banks in the South where
money Is needed, to draw upon tho
great reserves in other sections for
loans on the cotton cron. or
as Mr.. w. p. G. Harding os tho ,ad
erai reserve board officially says:
Banks now have ample facilities
which they have never before eniov-
ed FOR rediscounting the notes taken
against such loans, and it is for them
more than for any other agency. n
determine tho noIiov of fhe sonth
'egard to the marketing Of tn
present cotton CROP"
And President woodrow wi,son
m letter to Mr.. Harding, writes
1T is EVIDENT from what Won ter
me- that the corntry banks With
whom the farmer and otbar mo