The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-13

any OF the Southern banks would. II they
could, advance funds TO cotton buyers 10
enable the latter 10 hold the staple for
advance in price. and the recent dis
turbances among Southern financial in
stitutions began 10 raise the question
how the cotton crop was to be moved at
all.
Inasmuch as It costs $3.50 per bale for
packing, ginning, pressing and baiing cot
ton, and about SJ0U0,000 for gathering
and preparing for shipment the crop OF
six million bales II becomes plain that
the phrase Advancing funds TO move
the cotton CROP has n real and living
meaning. a considerable proportion OF
the cotton crop Is raised by tenant plant
ers, and the owners OF land. as a rule.
ere expected TO make the necessary ad-
vanoes 20 the tenant 20 provide for pick
ing, ginning. pressing and baling cotton.
But with Southern banks using clearing
house certificates, and I'm many Instances
permitting depostors 10 withdraw only
trivial sums OF money daily, the problem
how 10 borrow $O.0000O0 or more TO move
the cotton crop has become serious ore.
II is with considerable pleasure. there
fore, that Bradstrcets learns that an
agreement was made yesterday by the
Secretary OF the Treasury, in view OF the
emergency referred 70. by which the
Government, on deposit OF currency with
the sub-Treasury az New York. will, on
being advised Of that fact. telegraph the
sub-Tteasury at New Orleans an order
To pay a like sum Of money I'm silver
dollars. This arrangement must go far
70 relieve the financial stringency at the
South with respect 20 the cotton crop.
MOBILE, ALA. August r. Relative TO
Eradstreets report II n probable crisis
in the cotton regions every leading banker
here has h0oted the idea. One said Brad.
streets was a httle previous and that
money 10 move the crop would not be
needed for three weeks. The banks are pre-
VaTiIg 20 handle the crop and VIII be in
a position 70 do when the tine arrives.
Arcther bank president said that so far
as the Mobile district IS concerned the
n cney will be forthcoming when the cot
ton is ready 10 move.
There has not been a day since De-
c. mixer" said he, that we could not
find $4,000 In currency 10 advance on cot
ton without giving the matter a second
thcught. There is an abundance Of money
IN Mobile, and IL will come out when the
cotton is ready to be brought to this
srlJot."
MENPHIS, TENN. August l2.-Brad-
streets report TO the effect that crisis
was imminent with regard 10 the cotton
crop was a great surprise 20 the bankers
and merchants Of this, the largest inland
cotton market i'm the world. Instead Of a
crisis, the solution OF the financial pro-
blem Is looked for confidently with the
advent Of the cotton season. The opinion
is unanimous that there will be ample
funds 10 move the crop with ease and
expedition. The situation is much I'm
proved I'm Memphis and a better feeling
.,-frf Il an, Guidance pf this II ln
stated that for the past two months New
York exchange was discounted az $50 on
the $1,000 by Chicago. which virtually
prohibited the sale OF Chicago product.
To-day New York exchange was taken
at par and many large sales were made
as a consequence.
MONTGOMERY. ALA. August IL
Rradstreers report that the Southern
banks and factors would not be 1ble
To handle the cotton crop this season
on account Of the scarcity OF money
created some comment I'm commercial
circles here Inte~t lows with bankers,
cotton factors. and cotton buyers of
Montgomery developed the unanimous
oplnion that the cotton Of the Mlntgom-
erv district would be handled here this
season without friction. just as It has
been done heretofore. No upelsiness ii
felt on this point by the cotton interests
OF this city.
CHARLESTON, s. C., August l2.-Care-
ful inquiry among bankers here elicits
assurances that they are not anticipa-
ting any crisis. and that Charleston
banks will be abundanty able 10 fur
nish the money which NAV be needed
20 move ALI cotton that can be shipped
10 this port.
MACON. GA. August 12-Macon bank
ers say that they do not anticipate any
difficulty about money FOR moving the
cotton crop. The crop will not be rushed
q market, and they think that the great
stringency will be over before cotton be-
,,fre fo rnOve heavily