The Montgomery advertiser., 1907-10-30
Large Exports of Cotton
 and Sugar.
THE SITUATION IS ENCOURAGING
Southern Banks Take United Action
 to Protect Depositors,
New Orleans and the South May Bs ef Great Benefit in Reiieving situation Throughout
 the Country.

New Orleans. Oct. 2e.--That the south Is financially safe and in position 10 benefit greatly the other portions of the United States. was the opinion ex- pressed today by New Orleans bankers and business men. The immense ex- ports of cotton and also sugar and rice are relied on shortly to bring in gold from abroad.
 An index of the south,s prosperity was the amount of shipping at this port today. There were fifty seagoin8 vessels in the harbor and in addition. scores of river craft piled nigh with sugar molasses. cotton and rice The harbor activity was all the more sig nfficant because it followed on the heels of a months strike of 10000 ievee men. Within the past twenty-four hours alone, twenty sea-going vessels have arrived.
 Partly as a guarantee for the un- hampered movement of the crop sta- pies, speculative activity involving any unnecessary risks in other lines Of business was today suspended in New Orleans, both local stock exchanges closing until Monday. Tho cotton ex- change continued open.
 Reports came In today from ruraI districts in Missfssippi, Alabama. Arr kansas and Tennessee that small banks have followed the lead of the citiea and have taken united action to pro- tect depositors from loss of money or confidence,
 Following conference of New or leans bankers. Charles Godchaux. Pres ident of the Whitney Central National Bank, today gave out the following:
 New, Orleans and the South can De of great benefit in relieving the aitua- ton throughout the country, # the East will assist by allowing some Of the currency deposited with. 1t by tho government to come this way in order tc move the cotton and sugar crops.
 The cotton movement is slow. oeg- ing to the inability of the banks hero to supply the necessary cash Tie banks are buying foreign exchange libs eralIy, getting New York exchange nj payment therefor. but they will soon De at a standstiil. as currency cannot pc brought down to supply their wants II some plan can be found 10 remedy this. conditions in New Orleans ana tho immediate neiMhboghnod will hn greatly improved. This wflI also place New York banks In possession of for- eign exchange with which to obtain
 The sugar crop, which pvomiaed fo be large, is not disappoIntfnent ana yield of sugar per ton of cnae is fully up to expectations.
 The decision of the clearing house here 10 Issue clearing house certificates to restrict the daily withdrawals of cash. and to enforce the sixfy<day rule for savings deposits. has met with unanimous approval of the community at large"
 Henry B. schreiber. President Of the New orleans Board of Trade, said.
 'Conditions throughout the South an reflected in the finance and commerca of New Orleans, are most encouraRina. The large movements of cotton through the ports of New Orleans Galveston. Savannah. Wilmington and Norfolk ana large sales of other commodities to for4 eign points buyers are exertinR a healthful influence and we are mosk sanguine as to the showing the South will make in the year 1s07."