The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-05-21
Urges Formation of Cotton Ex-
ports Corporation By
Southern Men
PLANS IN READINESS
FOR ORGANIZATION
General Reduction Estimated
20 Per Cent, Cut in Fertilizer
80 10 so.

ASSsAAA@3 t
address late today by Governor w. p
G. Harding, Of the Federal Reserve
Board, in which he urged cotton in
terests in the Southern belt to get
together" and support the fornatlon
lof a $100, 900, 600 cotton exports cor
poration, delegates assembled mere to
consider plans for such an organlza-
ton, we're told that a proposed char
ter for the concern, would De SUP
nlitted to them at once.
The announcement came after
conference betweeen Mr.. Harding -and
the full committee empowered to
draft the charter.
AR. Harding declared in his ad-
dress that the cotton interests of the
South would. by establishing the ex-
ports corporation ''be doing not only
a great thing" for themselves but for
their country, which he said at this
time needs your support"
Pointing out that there is small
chance for further governmental aid,
afr. Harding said there is a splendid
chance for the South to progress on
its own initiative and ability. The
war finance corporation, he said
should prove Of assistance to the cot
ton corporation, provided the new
concern is soundly financed and ably
managed.
saThe war finance corporation" Mr
Harding declared "can loan funds
only on good security and it expects
to get back every dollar it pays out
..Reauests for assistance are Ger
tain to be, heavy from many and va,
ried interests, and the nature o:
things is bound to be a long waiting
list after the door is shut.
The speaker. read an interview
quoting Frank "A. Vandeclip, of the
National City Bank, New York, to the
effect that conditions in Europe are
badly unsettled and likely to continue
so for long time.
america continued Mr.. Harding
ssnust do the worlds financing unit
the word gets back on its feet Ws
have become the creditor nation 0;
the world and tie net credit to US is
approximately 500, 900, 900, 900 today
The volume Of domestic commerce
is bound to exceed foreign trade bu'
foreign trade is the best index to ou.
prosperity.
Gratifying as these figures may
q be from feeling Of national price
they confer solemn obligation upoT
US It is very necessary for US to con
tinue and expand our foreign trade.
Conditions in Europe are chaotic. We
also have the problem Of the returi,
ed soldier and the reopening Of
plants formerly engaged in war pur
poses
Mr.. Harding concluded by saying
that ordinarily the floating Of q
100000, 900 corporation. to be dnan-
eed in the South, would seem a gi-
gantic problem, but he averred it is
entirely practicable, if we get to-
gether among ourselves
The value Of export cotton, he said
ought to be $1,000, 100000 a year.
The general reduction, it was esti-
mated, would be about twenty per
cent. Use Of fertilizers, the reports
showed, are reduced from thirty to
dfty per cent in States where it is
used. The crop is estimated to be
between twenty and thirty days later.
The following figures were given
from official reports furnished the
committee by State commissioners OF
agriculture.
Texas. 90 per cent reduction;
Georgia, 20.5; North Carolina, 2o2
South Carolina, 2s.1; Tennessee, IS;
Mississippi, Is, and Louisa 2a,> i tc
20.
No Official reports We're received
from Arkansas and Oklahoma
Commissioner Frederick w Davis,
of Texas, nmenting on the agricul-
trral situation in his State, said acre.
age in wheat and oats there has in
creased "enorm ously;" that on land
where cotton formerly was grown
nothing now could be seen but fields
of grain Many fields. he declared.
are producing 100 bushels of oats TO
the acre.