The Washington herald., 1918-08-01
COTTON LARGE
REVENUE GIVER
$655, 900, 900 Is Derived,
Prices Being Very High,
! Says Holland.

NoAlOn. a QAllOnWlQc ulONCIlCuN Dc-
gan. typifed by the expression: Buy
bale OF cotton" Some Of the plant
ers were fearful lest ruin overtake
them. Proposals were made that the
government should come to their aid
and some OF the bankers advocated
the raising of a large sum Of money
for the purpose OF buying or pro-
tecting this cotton.
This was not quite four years ago.
How great the change in the cotton
situation has been is shown by the
official report Just issued by the au-
thority OF Mr.. Redfeld, Secretary
OF Commerce. which sets forth the
relation of the cotton planters OF
the South to the world markets in
the twelve months which ended on
June %.
In that time I50OOoO bales Of cotton
were exported. This was about 1000.
600 bales less than were exported
In the previous year. but the falling
on has been more than made up by
the high prices obtained for cotton.
The total was ss55, ,oo0oO0 This, ex-
elusive Of the by-products of cotton.
is one OF the Iargest-If not. the larg-
est-sums Of money ever received for
cotton harvest.
OIL By-Produets.
One Of the by-products Of cotton
oil-provided almost a hundred mil
lion pounds for export and this was
about sixty million pounds less than
was exported the previous year.
These exports OF cotton and its by
products and the domestic market for
cotton and its by-products must in
the aggregate represent not far from
a billion dollars as a money return for
the cotton harvest Of last year.
This figure is only an estimate and
we will not be able to learn for some
time precisely what the money return
for the cotton harvest. including by
products in the past fiscal year. was,
1t is a curious fact that our exports
Of cotton in the past fiscal year were
Of a money value OF thirty-two mil
lion dollars in excess of the money
value of our exports OF breadstuffs.
Cotton and breadstuffs together
which were exported in the past fiscal
year yielded approximately N.S5o,eOo,-
600.
Mr. HOoyer's View.
Apparently Mr.. Hoover is OF the
opinion that the United States in the
present fiscal year will be able to send
to our allies in Europe and to other
nations an even greater amount of
fOodstufs than was sent to them in
the year which ended on June % last.
The latest estimate Of a portion of
our grain harvest fixes the amount
nf wheat in bushels for this year at n
little under 9Oo, ,000.0O0 bushels. 1t
seems to be certain that we are not
to secure a harvest Of a billion bush
els, but those who are well Informed
are of the opinion that the wheat
harvest this year win be one Of the
largest ever garnered,, So also will
be -the harvest of oats. The latest
reports from the corn belts tend to
Justify the hope that by reason of re-
cent rains the corn harvest will be
very large, probably in excess of s.
~. o.OOO.oO0 bushels Much of the corn
will be converted into meat products,
such as hogs and beef.
There seems to have been a time
some months ago when Mr.. Hoover
and others. who were well informed.
were apprehensive of a serious scar
city of food needed for our soldiers
and our allies But now Mr.. Hoover
has deemed it worth while to make
the announcement. cautious "a he is,
that the danger of food scarcity has
passed.
1t must be that he relies. first. uron
abundant harvests In the United
States, and. second. upon the partial
IL not complete elimination OF the
danger Of the submarine.
Great Exports VIII Continue.
Some of those who have given
much thought to the subject are
Of the opinion that even after the
war is ended and the demand of
our allies for munitions OF war and
for food is greatly curtailed. never
theless there is to be maintained a
very large export trade.
1t will be made up chiefly ot those
commodities which are needed in re-
constructing railroads, devasted viii
lagos and towns. 1t will probably
require at least ten years after
the war is ended for Europe and
Great Britain to be fairly well re-
stored to conditions which would
have; reflected normal times before
the war.
Much OF the material needed for
this work will be secured in the
United States. Some of the lead
ing bankers sny that the government
itself will be able to facilitate tho
granting of necessary credit to
those nations which will enter our
markets for commodities needed for
peaceful pursuits.
The war has taught our people,
so II Is said. that we are to be a
great lender Of money to foreign ma
tions. Before the war a few COM
paratfvely small investments in for
eicn obligations were made in the
United States. Now the obligations
OF other nations to US amount to
several billions.
Sometimes apprehension has been
expressed lest the soldiers who re-
turn after the war may not easily
adjust themselves to peaceful condi-
tions. But the best opinion seems
to be that the soldiers will find abun-
dant opportunity for employment.
There will be great deal of work
entailed by railroad expansion and
construction.
There will be Industrial work in
plenty.
Moreover. the veterans of this day
recall how. a. though almost by
magic. the 100000 soldiers of the
I-nion army at the close of the civil
war in 1855 at once became private
citizens. resuming their places in in
dustries and other employments, so
that the Union army vanished as IL
were almost in a moment
Precisely this readjustment to peace
conditions will characterize the re-
turn of the 100000 or 100000 SOL
diers in France after the war is
ended.
All Of the leading fnanciers speak
in terms OF announcement and Of
qualification. not only of, present
financial conditions. but OF the out
look for the financial situation which
will arise after the war is ended.