The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1893-08-16
UNCLE SAM TO THE RESCE]E.
Money to Move the Cotton Crop Forth
coming.


coming.
NEW YORK, August 12.-Bradstreet
says to-day: Special kilograms to Brad
street and information received through
the trade and press within the LAST few
days have indicated the likelihood of a
crisis in the cotton region, owing to the
inability Of banking institu Ions there to
advance the funds necessary to move the
cotton crop with anything of tho usual
freedom. It had become plain that few,
if any, of the Southern banks would, il
they could, advance funds to the cotton
BUYERS to enable the latter to hold the
staple for an advance in price, and the
recent disturbances among Southern H.
nancial institutions began to raise the
question how, the cotton crop was to be
moved at all, inasmuch as it costs $3.50 a
bale for packing, ginning, pressing and
baling cotton-about $50, 900, 900 for gath
ing and preparing for shipment crop OF
6,000, 900 bales.
It becomes plain that the phrase sad
vancing funds to move the crop" has a
real and live meaning. A consic cerable
portion of the cotton crop is raised by ten
ant planters, and the owners of land, as a
rule, are expected to make the necessary
advances to tenants to provide fol- pick
ing, ginning, pressing and baling cotton.
But, with the Southern banks using the
clearing house certificates, and in many
instances permitting depositors to with
draw only trivial sums OF money daily,
the problem Of how to borrow $5O, ,OOO, 600
or more to move the cotton crop has be-
come serious one.
It is with considerable pleasure, there.
JoS Ion hot IVA
ments were made yesterday by the Secre-
tary of the Treasury, in view Of the emer-
gency referred to, by which the govern
ment, on deposit Of currency with the
subtreasury at New York, will, on being
advised Of that fact, telegraph the sub
treasury at New Orleans an order to pay
like sum of money in silver dollars.
The arrangement must go far to relieve
the financial stringency at the South with
respect to the cotton crop.
: AUGUSTA, GA, August 12.-Brad-
streets telegram about probable crisis in
cotton regions is laughed at here. Brok-
ers and cotton mBn say that the money
which is needed to start the crop will, be
secured with ease. Bankers are amused
at the idea, of not holding over enough
money to pay for picking in case the
farmers need It. One-quarter Of the fifty
millions needed is already in the hands OF
farmers, in the shape of bagging and ties.
It will not require even one-tWentleth OF
fifty millions OF dollars to start the crop,
which will command enough cash money
to complete harvesting, pay back advan-
ces and put the farmers in condition to
hold their cotton, for it is well-known
fact that the farmers are better able to
live at home this year and not spend
money for provisions than at any time
since the war.
MEMPHIS, TENN, August 12.-.Brad-
streets report to the effect that crisis Is
in regard to the cotton crop was
8 great surprise TO the merchants and
bankers of this, the largest inland cotton
market In the world. Instead OF q crisis,
the solution of the financial problem is
looked for confidently with the advent OF
the cotton season. The opinion Is unan-
imous that there will be ample funds to
move the crop with ease and expedition.
The situation is much improved in Mem
phis, and better feeling exists. AS an
evidence of this, it may be stated that for
the past two months New York exchange
was discounted at $50 on the $1,000 by
Chicago, (which virtually prohibited the
sale Of Chicago products. To day New
York exchange was taken at par, and
many large sales were made as ''onse-
quence.
MOBILE, Ala, August 12.-Relative to
Bradgtreet's report Of the probable crisis
in the cotton region, every leading banker
here has hooted at the idea. One said
Bradstreet was little previous, and that
money to move the crop would not be
needed for three weeks. The banks are
preparing to handle the crop, and will be
In q position to dc so when the time ar
rives. another bank president said thot,
so far as the Mobile district Is concerned,
the money will be forthcoming when the
cotton is ready to move. "There has not
been a day since December" said he,
"that we could not find SIS, 900 in curren-
CIV to advance on cotton without giving
the matter second thought. There is an
abundance of money in Mobile, and 1t
will come out when the cotton Is ready TO
be brought to this market"
& CHARLESTON, S. G., August 12.--Care-
full inquiry among bankers here elicit
assurances that they are not anticipating
any crisis, and that the Charleston banks
will be abundantiy able 70 furnish the
money which will be needed to move al
the cotton that can be shipped to this
port.
ATLANTA, GA, August 12.-There is
going to be no trouble in Atlanta this fall
about moving the cotton crop. The start
ling reports sent out by Bradstreet, to the
effect that there would likely be crisis
in cotton affairs at the South because OF
the inability or unwillingness Ct the
bankers to advance sufficient money to
move the crop, have no application to the
situation here. Whatever may be the ar
rangement from the government, Atlanta
and this region of the State need fear no.
thing. The cotton crop is going to be
moved.