The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1904-09-10
MR. CANNON HOPEFUL.
soutn's Banks Able to Handle Any Pos
sibIe Cotton Crop.
From New ORLEANS Times. Demo.cra


From New Orleans Tiynes-D Democrat.
| With a twelve Millions bale cotton
| crop practically assured, the south is
naturally very deeply interested il the
successful solution of the several inn
portant problems the production of
such q huge and valuable crop pre-
sents and the effect it will have on the
material affairs of the south in gem
eral. Ten-eent cotton is also practi-
cally assured, and the movement of such
q crop will Immediately bring into re-
quirement a sum Of money exceeding
by many millions of dollars the re-
qnirements OF any previous year since
the growing of cotton has been a
southern industry. The bankers must
furnish this money, and it will run
we'll into hundreds of millions. Inter
viewed on this subject, President John
J. Cannon of the Hibernia Bank and
Trust Company Of New Orleans said:
The financial and Industrial pro-
gress of the south has been nothing.
short of mavelous during the last ten
years. and the entire business world
is talking about the city, and realizes
the extent of the city's progress far
better than the city does. We have
heard the story SO often and in so
many different ways, that we have
come to regard the good we have
gained in the abstract rather than in
the concrete. Ten years ago New Y ork
loaned US the money with which to
move our cotton crop, for we did not
have money enough to do it. That
was when the crops We're smaller and
the value per pound less. This season
the banks of the south are strong
enough and ready to move the biggest
cotton crop on record, and worth, pos
sibly, $500, 1000, 900 more ian any pre-
vious crop. This is but one concrete
evidence of what the south has accom-
plished. Ten years ago there were
1881 banks of all kinds in the cotton
growing states of the south. Today
there are 3044 banks of all kinds in
these states. The combined resources
Of these banks has increased several
fold.
With the southern banks moving
the cotton crop with their own re-
sources, the profit on these financial
transactions remains in the south and
does not go to the north, as was the
case under the old order of things.
Thus, profit and resource in the south
have become cumulative and are grow
ing every day. The mere asing bank
deposits prove this.
In thousand ways will the south
be benefited more than usual through
this seasons crop. A heavy crop
means heavy railroad traffic, increas-
ing railroad revenues, and sweeping
railroad improvements which give en-
p1oyment to armies of men and bust
ness to the iron and coal and timber
industries of the south.
A high-priced crop means general
prosperity, with its attend ant mere
travel, a boom in new in
dustries, better homes, better clothing,
better food, and better business in all
with increased bank de-
posts.
Thus, the south, for the first time
since the war, will enjoy the double
benefits of a record breaking cotton
crop and high-priced cotton at one
and the same time, and the result cam
not fail to be a mavelous stride toll
ward financial and industrial suprem-
aey. For several years the south has
steadily shown gains along these lines,
while other sections of the country I
have done well in avoiding recessions.
AND the resources of the south are iustB
beginning to be developed. Our pro-
gress has been remarkable, but the
next few years will witness an even !
more remarkable progress than has
the last few wears