The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-11-05

Several North Carolina Bankers.
In an interesting. eleven column ar ]
ticle THE Manufacturers Record OF i
Baltimore of the 31st OF October, un- /
der the heading southern Banks and |
the Cotton Crops" give an |
and gratifying account OF conditions |
in this section Of the country based |
on letters from representative oank- |
er's of the south within the past ten !
DAYS. which the Record says sound
a strong note of confidence and reli- |
ance rather notable at this time of
stress in the money centre OF the
country and of consequent uneasiness
in other parts"
The article consists in large part OF
letters from prominent nker
there being SO Of these communlca-
tons, which were received from eV-
cry section Of the south. Few of the
letters attempted to view the south
as a whole, but dealing with condl
lions in their own sections as related
especially to the cotton crop, they
present an encouraging prospect gen
orally.
The Record continues:
From Atlanta comes the statement
that the money situation in the south
is favorable in comparison with other
sections, as southern banks, as a RUE
have placed themselves in good posi-
ton to ndl0Ic the COtloH CIOp civ
currency is not us scarce as IS uSual
al this season. In Georgia the man
ufacturers and merchants arc tftrlV-
ing. the textile industry is in good
condition as to future orders ana COT
ton is bringing q remuneratlVe price.
Banks at Wilmington, n. G, nave
larger deposits than ever before, the
railroads are doing d large freight
and passenger business, and although
in one or two lines some decrease IN
the volume of business is indicated,
business is still healthy.
to the ability of the south to
finance the present cotton crop, there
is a general consensus that more or
less money is needed from outside
The south is own 11cher every
year. its farmers are building i'm
proved and are marketing
their crop much more scientifically
tina they ever did before, but while
the necessity for outside aid is becom-
ing less imperative and Will continue
to lessen. with a fe> years more OF
good crops at the prices now peVall-
ing, the south is hardly ready yet
even to hold back a very large part
OF it's cotton without aid from out
side. At present, if the crop were
placed on the market all at once,
there would not be sufficient available
funds in the whole country to move
it, and neither the banks of the south
alone nor the banks Of the east alone
are able to furnish the vast
amount oc money required to move
the crop under existing conditions,
and the good prices for it this year
call for a greater amount Of money
than ever before. Conservative ban
ers are encouraging the growers to
dispose of their crop gradually until
their debts are paid. inasmuch as
Y1ch a procedure helps the credit of
m~ercfaEmer and that of the retail
and the bafn9Rdi assists the ac.nnnfs 1Hs
to shane FOR q - nutt4hs edit
the next season."
A strengthening influence IN
south IS that it is n } Il ,n~>iu1aclu'-
ing os well as rjoiurin sect':i u
situation, says the record. winch
bids to keep more mrhey IN clrcula-
ton in the south ari renders 1t less
liable than formeny to be seriously
affected by money fluctuations and to
suffer from a money stringency on
that ac"ount
Among the letters is one from
President II. c. Mcqueen of the
Murchison National Bank of this city
and his words are gratifying indeed
and can be accepted as a conservative
estimate of conditions in this imme-
diate sections. Mr.. Mcqueen says:
Il can speak only fop this section
of the south. There is no doubt of
LIZ Clp.Ilty VI tAl0 ISA olIu II
to finance the cotton crop without
aid from outside. In a large part of
this state and South Carolina the
farmers were able this season to pay
their debts from the tobacco and
fruit crops. We hear very little about
holding back cotton. 1t has brought
q good price, and is coming in freely.
The receipts at this port are $4,000
bales ahead Of last season. If it de-
clines below present prices there will
be considerable holding back. Bank
deposits are larger than ever before.
The railroads are better equipped,
and doing an freight and
passenger business. In one or two
lines there are indications of some
decrease in the volume of business
but these are healthy, and speaking
generally, we are prosperous"
VIM. A. Blair, vice president and
cashier Peoples National Bank, Win
ston-Salem, n. c.:
1.-The south is better able to finance
it's affairs this year than it has ever
been before. The farmers are holding
their cotton, and there has been con-
siderable agitation looking toward
something of that kind, but when the
price is good many of the holders
are likely to SELL"
Among other things Mr.. J.. G.
Brown, president of the Citizens Ma
tional Bank Of Raleigh,
THE banks of the south, in COM |
mon with those of other parts of the |
country, are stronger than ever be- |
fore. hut the wonderful industrial de- |
velopnnent has not only kept in ON |
slant use all the available funds Of |
the local banks, but these rave drawn |
largely on their credit with their |
northern correspondents and have |
borrowed funds with which to pro- |
vide for the demand of our growing |
industrial enterprises. The south /
is not able yet to stand alone
unless it moves more slowly 4
in the development of it's I'M
limited natural rosources. And a
look at the banks would reveal the
fact that large amounts Of northern
capital are employed in the south, to
the great advantage of both sections"