Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-08-10
(To Be Continued.)
HARDING ON COTTON
Wants Everybody to Cooperate fe
Benefit of Producer.

Il
Benefit Of Producer.
| Washington, Aug. 4.-Conditions that
confront the south in handling the
cotton crop Of 1915 and conditions q
year ago are contrasted in an analysis
by w. P. G. Harding Of the Federal
reserve board, in the current issue OF
the Federal reserve bulletin.
The condition Of cotton today Is
much stronger, financial and other con-
| ditions are much better than q year
ago, in Mr.. Harding's opinion, and II
the people of the south will not
weaken their position "by unwise ac-
| tion," they have little to fear. THE
cotton tragedy Of 1914" says Mr.. Hard
ing, will be succeeded in 1915 by moth.
ing more serious than drama"
Mr.. Harding warns the south, In
it's desire to see broad market es-
tablished for cotton, to do nothing to
embarrass President Wilson In his con-
should be remembered" says Mr..
Harding, that the president owes a
higher duty to the south, to the whole
country and to mankind at this juno
ture than the estimate Of cotton val
ues. The president may be trusted to
do his duty as he sees 1t, regardless OF
private appeals or public clamor."
After comparing conditions affect
ing the market this year and last, Mr..
Harding says:
Under the most adverse conditions
conceivable, with Generalization In
every money market, with high inter-
est rates, with emergency currency
being issued daily in large volume,
with enormous gold shipments abroad,
with crippled shipping facilities, with
out adequate insurance protection, and
with ocean freights three to five times
normal, we began in August, 1914, to
market a crop Of nearly 100000 bales
Of cotton. Financial institutions, al:
ready hard pressed and fearing all
were unable and unwilling to make
advances on cotton. In addition to
this, the southern farmers, who have
this year planted record-breaking
food crops, were faced with defici-
ency in home raised foodstuffs, and
were in many cases, forced to sell cot
ton to pay off pressing Indebtedness
and to secure adequate food supplies.
Attention Is called to the fact that
the high prices for cotton now pre-
vailing in Germany and Russia, about
30 cents q pound, will attract cotton
to those countries in spite Of appar-
emily insurmountable obstacles, just
as high prices paid for cotton abroad
during the Civil war made blockade
running steady business.
There seems to be no question
that ample funds can be obtained to
finance in a normal way much
larger volume Of cotton than was
taken care Of last year, and that even
IL Germany and Austria Hungary
II No fn
manufacturing entirely, statistics
show that the mills Of the United
States, Great Britain, Spain, Russia,
Italy, Japan, China and India have
spindles sufficient to absorb every
ball Of cotton that is likely to be
cultivated.
1T should be noticed that the .reduc-
ton in American cotton acreage this
year amounts to more than 100000
acres, and that Egypt and India have
also made radical reductions In cotton
acreage. 1t is probable that the
worlds cotton crop, based on an av'
erage yield an acre, will be about D.
900, 900 bales less than last year.
Cotton, unlike grain, Is com
modify the market value OF which de-
preciates in time Of war, and the
SOUTH as a producer Of that COM
mOOlty mas SuIIeTtu. Lie oStuoi ~
sition Of cotton, however. Is so much
stronger than was the case year ago
and financial and other conditions are
SO very much more favorable that
there can be no doubt that II the
south will keep cool and will refrain
from weakening it's own position by
unwise action, the present nervous
ness regarding the market for the
growing crop will soon disappear.
Even in the face Of all the adverse
| conditions during the last IL months
the average price Of cotton has beer
about what might have been expected
for a 1900, ,O00-bale crop, had there
been no war, and there Is every reason
to believe that the average price Of
cotton during the next IL months viii
be higher.
"The real question Is: Will south
ern merchants and southern bankers
and all others interested in southern
trade cooperate in securing for tht
cotton producers the benefit Of this
average price, and will the cotton pro
ducers themselves do their part? MY
knowledge Of southern character anc
Of southern business conditions justi'
fes confident belief that an affirma
tive answer will be given"