The semi-weekly messenger., 1907-11-22
IN FINE CONDITION
The South Is Solder Than
Ever
SAYS MR.. ]. ALLEN TAYLOR
Times Demand Putting Away Of
GroundIess Fears

All That is Needed is the Restoration
Of COntidcucc to Make the Situation
Normal Again-Crops of the COul-
try are the Best In Ycar5--TheO.
II. PPicc is No PhilanthrOpist and
Advice to South il simply Scheme
for His Own Protection.
A thoughtful and conservative analy
sis Of the existing financial situation
in the country at large has been made
by President J. Allen Taylor OF the
Wilmington chamber of commerce and
sent out over his signature to the sal
esnen in his employ. The paper SO
clearly expresses what many believe
to be the reasonable explanation un-
deriving the present conditions that
space is given for it's publication IN
full The communication is exceed
ingIy cheerful in its conclusions as to
the south and is filled with wise ad
vice looking to the restoration of con
fdence.
"The south is solder than ever"
says Mr. Taylor, the statement agree
ing with that made many times re-
Gently by leading business men, finan
ciers and merchants, in all sections Of
the south.
In his address Mr. Taylor says:
~'Misconception or improper under
STANDING OF the situation is the most
~, source OF hasty conclusions and
Aa..,a " The true conditions Of the
situa,-,l are not always on the sur
face, and it requires thoughtful con-
sideration of a subject to understand
the underlying causes, and just IN pro-
portion as these causes are rightly un-
derStOOd by the people at large will
the country prosper or Stagnate. Thir
ty days ago prosperity was the common
acceptatiOn of conditions, while today
confidence is wanting and apprehen-
sion prevalent. What has operated to
cause this change to come over the
"'Spirit Of our dream?" Attend.
''The crops Of the country, taken as
a whole, are the best in years. which
applies to every section of the land
Iii more or less degree The relative
shortage in the great grain crops is
fully compensated by higher prices,
and the situation is made sOunder by
the fact that the present shortage fol-
lows on ten years of great abundance,
SO that the actually available supply of
grain is scarcely below normal,
n, counting reserves of former years. In
the south truck, tobacco, cotton, naval
stores and all minor farm products
have brought and are bringing the
highest prices in years, and for the
Carolinas, in particular, yields are
abundant. For the current year es-
pecially southern products have COM
manded most remunerative prices,
and the south was economically soun-
der thirty days ago than ever before
at a greater ratio than the accummu-
Iation of capital, so that a natural re-
action in business was due from this
cause Stocks have been declining for
mort than six months, and the cOun-
Try has adapted itself to new levels
from time to time without a jar to
Tie financial fabric. Thus was contrac-
ton taking its normal course without
SsTfois Impairment of credit or loss in
Setuat t~Yalues, and the result would
have been a healthy readjustment on
, SQuR!dfr lines. Business is, done large
1y oa credit, and credit rests on con-
G6sRee ;Gthis being so, anything that
teA&Ea To shake confidence would be
RAtGkly reflected in serious contraction
MoGredits. which in turn would mean
Assa of new projects. cur
.1aidnlssnt of those already underway
and u general disposition to conserve
HeSoN9res byn forcing collections and
6miting distribution. All that was
8tsededs after natural. reaction, fOr the
1aasae OF prosperity. 20 gradually ad-
Nfnse was the continuation OF conf
&6ne& land it only required shock 20
Wonfdence to cause receeding wave to
roll Back with new impetus carrying
with it further contraction, loss IN
values and resultant stagnation.
:. ia NIlsI., York city furnished tie incl
Sent n{hat precipitated the panic
Whqsp, it was revealed to the public
that, sfinarpFcial IA buccaneers We're exploit
ing tAe resources of banks in floating
tEeir personal schemes confidence gave
way, and. the run On banks began.
The sHqblicvfeasoned nationally that if
the cid institutions of recognized stand
IRg couldebe exploited by such piracy.
it was unsafe to count any sfinancial
arstitution free from eucn influence;
and yet, investigations have disclosed
that the banks which were forced to |
close their doors are absolutely solv-
ent, and viii pay every ~deiiaf to de- |
nnsifrrseas Tins affeStinr The cn1fn dnacS 4