The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-10-02
FARMERS HAVE LOTS OF MONEY.
south and West viii Not Call ON New
York Banks.
New York Evening Sun.

New York Evening Sun
For the first time i'm thirty-five years the
New York banks have not been called
for a large part of the money needed for
moving the crops. OF these sections. the
banks which supply the money Tor moving q;
the South have asked for practically no
financial aid from the banks of this city.
The cause Of this almost unprecedented
condition is found in the abundant crops
OF last year. The farmers have comfortable
reserves in the banks and the New York
concerns have been informed by their farm
er customers, not only In the West. but in
the South as we'll, that little or no money
will be needed from the financial institu-
tons of this city this year. That this was
were most abundant and profitable, was
known 10 those who have observed the sit
uation, but the South was not generally be-
lieved to be in such fortunate circum-
stances.
The heads of the big banking institutions
of this city which have furnished the most
of the money to these sections in years
past declared to-day that what was true
of the West was true OF the South as we'll.
They have been Informed by bankers in
Texas, Alabama, Georgia and other South
ern States that money enough for handling
the cotton crop was in TIE vaults of South
ern banks. This statement was fully borne
out by Joseph g.. Lockwood, the president
of the Lockwood National Bank. of San
Antonio, Tex, one or the largest banks IN
the Southwest, who said that his State was
never In L OhhiIO
Some weeks ago the banks OF Chicago sent
out a circular among the country banks OF
the West inquiring as TO the needs Of these
crop this fall. If the big banks of the
Windy City had expected to do a heavy
business lending money to the smaller In
ly disa amounted by the replies which came
back i'm response TO their circular.
The country banks informed their Chicago
and that they would have no need to resort
to the Chicago or New York money markets
this fall. These replies came from the States
of Iowa. Illinois. Wisconsin, Minnesota and
Kansas TO which States the circular was
sent. The responses stated that the coun-
try banks had large resources in the chi
TO some extent, but they needed to borrow
no money in New York,
This was not news TO the bankers OF New
over the country. have kept closely in
formed of the situation. Inquiry among
them to-day resulted In OF the
stated. they also declared that the South
was in the same boat with the West.
New York w Is ending nd ,ps scn,S ,b nc
year" said Vice President A b.. Hepburn,
of the Chase National Bank. to-day. "The
banks OF these seet1 'hsv d0 moi need th m;; Im9y
poses. The West did not borrow nearly 80
much from US as usual last year but this
year she is not asking Tor any. Last year ;
good crops gave them a surplus. and some
OF the Western cities actually have money
to lend in this market.
1.-The country Is fast getting rich, and II Is
prosperous not only in the East and West.
but in the South and Southwest. This Is not
merely an opinion, this Is a fact that Is
shown by the reports of business every day.
1t looks as though the rest OF the country
Ii able to get along without borrowing much
money from us. Until O very short time
crops had to come from the East. We could
lend any amount at s per cent. Now they