The Birmingham age-herald., 1907-10-31
New Orleans Business Men
 Visit the Secretary
MONEY WAN NTEDTO MOVE CROP
Nothing Is Given Out as to the Result of the Conference, But MT. Wexler Says That Cooperation Will
 Help the Situation.

Washington October 30.-Secretary Cor kelyou today conferred with various rep nesentatives of the cotton, sugar grain, lumber and other large industries, with a view to facilitating movements that will effect a substantial casing of the general financial situation. and is much encour- eged by the results of his efforts.
 Secretary Cortelyou would not make any statement regarding the conference with the representatives. Among the lat ter were Vice President Sol Wexler of the Whitney Central National bank of New Orleans and representative of the State Bank of New Orleans and other institutions there.
 The New Orleans financiers who had 1he conference with Secretary Cortelyou were as reticent as the secretary him self as to the object. of their mission. Sol NNexler. when questioned tonight, would only say that the conference would be resumed tomorrow and that at It's con ulusion a statement as to the result would be given out.
 Discussing some phases of the mone- tary situation at New Orleans and Throughout the south, MT. Wexler said
 "There has been no evidence of any want of confidence in banks and finan- cial institutions anywhere in the south, but southern banks, owing to their in ability to obtain currency from New York, Chicago or St. Louis. the three re- serve cities have been compelled to re- strict payments of cash, and in order 10 facilitate their business they have followed the same course as the other large centers by issuing clearing house certificates. The chief difficulty at the present time Is in obtaining a sufficient amount of small bills and fractional cur rency to facilitate the rapid movement of the cotton and sugar crops, but With hearty cooperation among planters and interior banks the difficulty is being over- cosffe. .~arfd ensfs- conditions are antlcl- pated in the near future
 .tThe national. banks of New Orleans are increasing their circulation to the maximum amount that bonds are avail able for and will also forward large amounts of demand checks on European centers. created by reason of exports Of cotton products to New York against which gold can be imported.
 'fAt the moment this Is somewhat fe- stricted by New YorlS's inability to re- init currency but plans are being per- fected by which southern export points and New York will both be relieved, meeting each other half way, pending the arrival of gold imports.
 ''It is unfortunate that more elasticity to our financial system was not afforded at the last session of Congress. Had the asset currency bill, proposed by the Amer ican Bankers association, become a law at that time, about s225.Ooo00o of currency could now be issued, which would be ample to supply all the needs of the az ricultural and manufacturing interests. Having answered it's purpose the currency would be retired by the simple operation of trade and by labor spending it's money with the merchants. who in turn would deposit these notes in the banks as com- pleting the operation.