The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-09-23
SOUTH HAS PLENTY OF CASH.
HAS STOPPED IMPORTING LARGE
AMOUNTS TO MOVE CROPS.

5Iore Able Than Ever to Depend on
Its own ResOurces-Savannah
hanks Alone Can Put Out over n
million to Aid in Handling the
Cotton CrOp-COuntry HOney-COm-
ed with Banks and They All Have
the Cash-New YOrk's Disappear
ing Reserve Fund Going in Some
other Direction. ~
Some discussion has been started by re-
rent publications in one or two New York
papers as to why the reserve fund of the
hanks of the metropolis has fallen off
Among the reasons given by these papers
was the statement that a large amount of
money, larger than usual had been sent to
the South and West for the purpose of
handling the crops of those sections and
getting them to the markets.
According to statements made by bank
ers in this section that reason, so far as
the South is concerned, seems to be quite
an erroneous one. There was a time when
the express companies used to bring large
sums of money into the South for the pur-
pose of handling the cotton crop. These
EnlDIueuNS WGl6 llltiNiS cOOhN tilC ~hS5AAliAlil5
of every fall, and amounted of course to
some millions of dollars.
When this was done there was about one
bank in this part of the South where there
is ten now. The banks, too were all locat-
ed at certain ceuters, and the money in
such state as Georgia for instance was
congested perhaps at Atlanta, Macon, Au-
6tOI1,p,l,11c and Savannah
A prominent Savannah banker said yes
terday that in this and other sections of
the South that he is aware of these enor-
nous shipments of money for the purpose
of handling the cotton crop have pretty
nearly ceased.
To-day The South has plenty of money
of its own" he said, and much smaller
amount of outside help in handling the
cotton crop is needed. In the days when
those big shipments of money were made
from the North there were few banks, but
now the state, and other Southern states,
are honeycombed with them. You will
find bank in almost every small town,
and as a rule the bank has its capital its
deposits and its reserve. Thus il will be
seen that there is no longer a need for
going to New York for cash TO use in get
ting out the crops.
so far as Savannah is concerned,
speak from observation and experience.
We used to have large sums of money
sent here, and in turn il would be sent
out to the country towns and distributed
among the planters. Now that is not
necessary. l am satisfied Savannah is
able to-day to put out 81 900 and more
if necessary, for the purpose of handling
the cotton crop, without asking for l cent
from outside sources. Our bank alone
can put out 900 in cash, and there
are others that can put out large amounts
also. But the country banks do not need
the money they used to call for. Their
reserve funds and their deposits have
been gradually growing until many of
them are in elegant shape, and well able
to take' care of the section dependent
upon them"
Other Southern bankers have expressed
the same views, and given the same state
ments of fact 1t is an indication than
which no better could be secured or de-
sired, that the South is growing richer
and more prosperous. Its development is
becoming more rapid, and the account on
the cash book is becoming larger. 1t is
evident from this statement of facts, and
So far as this part of the South is con-
corned there is no doubt of the facts
that New Works disappearing reserve fund
must have gone in some other direction,
and for some other purpose.