The Huttig news., 1907-11-02
SOUTH IS SAFE
Cotton and Other Crops Insure Finan- ciaI Stability For the Greater
 Portion of the Country.

New Orleans, Oct-That the South is financially safe and in position to benefit greatly the other portions of the United States, was the opinion expressed today by New Orleans bankers and business men, The i'm mense exports of cotton. and also sugUr and rice, are relied on shortly to bring in gold from abroad An in- dex of the South's prosperity was the amount of shipping at this port recently. There were 50 sea-going vessels in the harbor, and, in addition, scores or river craft piled high with sugar, molasses, cotton and rice The harbor activity was all the more sig nificant, because it followed on the heels of months strike of 10000 levee men. Within the past A hours rived. Partly as a guarantee for the unhampered movement of the crop staples, speculative activity involving any unnecessary risks in other lines of business was suspended in New Orleans, both local stock exchanges closing until Monday. The cotton ex- change continued open Reports came in from rural districts in Mis- sissippi, Alabama and Tennessee that small banks have taken united action to protect depositors from loss of money or confidence. Comparative calm reigned among New York bankers this week. They all realized that the pressure for money was not over, but they felt generally that un- reasoning panic was at an end, and they would be able to meet all req sonable demands for currency These demands are coming in in consider able amount from the West and South in order to obtain money to move the crops, and it is feared that the sec tions where the movement is largest may be more or less hampered in their efforts to obtain funds. The general refusal to pay cash for hoard ing in the West and South, as well as in New York, it is believed, will pre- vent the undue absorption of currency and permit the employment of what is available in the most effective man. her. The large banks of this city are gaining deposits from the banks which have been under suspicion, and this tends in a measure to concen- trate money where it can be used most effectively; but, on the other hand, it creates debit balances at the clearing house against the banks which are losing deposits which are not always easy for them to meet without sharply eurtailing their loans, even with the assistance of clearing house certificates. Runs upon the banks are practically over. Persons who present large checks and ask for their payment ill currency are invited to consult bank officials. In cases where their need for currency is evi- dently legitimate, they usually receive it; in cases where it is sought for hoardins they are usually convinced that the money is better off in the bank, or that they should accept cer- tified checks for deposit elsewhere.
 Aside from the satisfactory local conditions, reports from all points show favorable tendency. In New England there was no sign of serious unrest, and the recent disturbance in Rhode Island is practically oyer No failure was reported at any point throughout the country. It should be borne in mind in this connection that there are over 12,500 banks in the United States and that the number of institutions recently failed is of insignificant proportions as compared with this total. It pointed out that the failure of a minor bank is imme- diately known from end to end of the country, whereas the public over- looks the fact that some 12,500 banks are open for business as susal and that not one of the really important banking institutions anywhere has shown the slightest sign of unsound-