The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-03
THE .SOUTH'S BANKS
ARE IN GOOD SHAPE
60 ~. Note Of Confidence and.
+. rance Rather Notable at This
Time of Financial Stress.
GROWING RICHER EVERY YEAR.
Especial TO The rlmes-pispatch...

BALTIMORE, November 2.-Letters
from representative bankers f'of the
South, written within the past ten,
days and published in this weeks Issue
of the Manufacturers Record. sound q
strong note of confidence and reliance
rather notable ut this time Of stress
in the money centre of the country
and of consequent uneasfness In other
parts. Few of the letters undertake
to view the South as n whole, but.
dealing with neighborhood conditions
as related especially to the cotton crop.
they present an encouraging prospect
generally. From Atlanta comes the
statement that the money situation In
the South is favorable in comparison
with other sections, as Southern banks.
as q rule. have placed themselves in
good position to handle the cotton
CROP. and currency Isl not as scarce as
Is usual at this season. In Georgia the
manufacturers and merchants are
thriving. the textile industry is In good
condition as to future orders, and cot
ton is bringing remunerative price.
Banks at Wilmington. N. c., have
larger deposits than ever before, the
railroads are doing a large freight and
passenger business. and although In
one or two lines some decrease in the
volume of business is indicated, bust
ness Is still healthy. At other points,
thoughsmoney is scarce. Legitimate lines
of trade are being properly cared for,
and there Is a prospect OF good bust
ness for some months to come.ain spite
of a tendency to slow down. Over
trading and unwarranted expansion of
credit have not prevailed to the extent
as they have In the East, and while
persons engaged In outside speculative
operations have felt the tightness in
money, no one has suffered materially
for legitimate business needs. Banks
III Arkansas, where everything seems
to be prospecting, have, In view OF the
disturbed condition Of the money mar
ket, become inclined to scrutinlze Sc
curityavalues closely, to reduce the
lines Of credit and to advise their GUS
TONERS against undue extension Of ope-
lrations. u
South Richer Every Year.
AS to the ability of the South to
| finance the present cotton crop, there
Lis {, general concensus that more or
Hess money is needed from outside.
Tie South is growing richer every year.
Its farmers are building improved
warehouses and are marketing their
crop much more scientifically than they
ever did before. but While the neces-
| sitg for outside mid is becoming less
li1nperative, and will continue to lessen
lwith a few years more of good crops
ut the prices now prevailing, the South
lis hardly ready vet even to hold hack
a Very large part Of its cotton without
laid, from outside, AT present, if the
crop were placed on the market all at
Bfnce there would not be sufficient
/ available funds In tRe&whole country
to move 1t, and neither the banks OF
1.-THE South alone nor the ;bankstof the
/ East alone, are able to furnish the vast
money required TO move the
Icrop under existing conditions and the
good prices for it@this year call for {,
/ greater amount Of money than cvet
Ibefore, Conservative bankers are en-
Ecouraging the growers to dispose OF
1 THEN crop gradually until THEN debts
4 are paid, inasmuch as such8a Proce,
Edure helps the credit OF the farmel
land that OF The retail merchant, and
Easslsts the merchants and The banks IN
! putting accounts into shape for an feN-
/ tension OF credit the next season
i.Afteis obllgationss have heen Inundated
{ssst
CSnyI N In