The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-11
STOCKS, BONDS, COTTON GRAIN
Not Greatly Excited or Appre.
Eensive as to the Result OF
the Paper Panic
HER INSTITUTIONS ARE SOLID
Conducted Upon Progressive, Yet
Sane and Sound Lines, and
Have Confidence Of People.

v E1oli rs N''Si ~
Sane and Sound Lines, and
Have Confidence of People.
NEW YORK, November 1o.-A spe,
| cial correspondent of, the New York
Evening Post, writing from Martin,
Tenn. says:
Coming in contact as I do. directly
and indirectly, with the representative
interests Of the Mississippi River
States. the Middle West, and the South
west, ] believe I voice the consensus o.
opinion of the average business man
and substantial thinking citizen OF this
section. when say that with our good
crops OF corn. wheat. oats. hay. cotton.
live stock, ETC., backed up by our solid
commercial and financial institutions.
conducted along progressive. yet sound
and sane lines. building UP and depend
ing more on our own great centres. we
are not greatly excited or apprehen-
sive about the New York crisis" the
paper panic
OF course, such commissions seriously
affect legitimate business in all parts
Of the country, but not SO much as
they once did.
They will affect 1t less and less as
IiHie SocS OH. Inc country Is SetliiS
used to them and preparing for them.
They are great object-lessons and edu-
Gators to the rest of the country, as
they teach us self-reliance and 4m-
press on us the necessity of carrying
our balances In centres where there is
less chance Of having them endangered
or tied up by such disturbances, where
speculative hysteria is not SO rampant,
and where funds are not withheld from
legitimate. constructive enterprises in
order to be utilized by the speculative
element at a higher rate. We regard
such depreciations as have occurred to
be healthy sign, an indication tina.
things are settling themselves down
again to about where they belong, and
not as forerunncr of prolonged de-
preston.
OF course. ii we all make up our
minds that we are going to have q
breakdown we can have it. We have
been on protracted industrial and
financial spree, drunk with prosperity.
and now we are in the morning after
stage. But after the headache is over
and we get Strengthened out once more
on sober and steady basis. we will
be far better off than to have con-
tinued the. spree. But in no part Of
the country is there any fundamental
reason for panic. Let US not supply
the mental reason.
There never was such an autumn as
this for the cotton planter throughout
this section. We continue TO have day
after day of perfect Indian summer
weather, with an occasional light
frost, just enough to kill off the vege-
tation and allow the sun 20 get right
at the cotton bolls and coax them out.
These are busy times here. and the
cotton planters are taking advantage
OF natures pleasant weather mood,
and bending every effort to get their
leading crop out of the fields and to
the market. The country is filled with
the hum of many gin, adding pleas
Ing practical tone to the more pictur-
esque chorus of darkies hummng some
old plantation song on their way home,
as the sun hangs bloodshot in the
west. through the dry autumn's dus.
and haze.
4 'sMoney Crop"
One can readily understand how a
large crop Of cotton is such an eX-
cellent distriblter of money and pro-
moter of prosperity in the South has
why big yield at lower price is
of more benefit to the country at large
than small crop at higher price.
Some claim that 1t Is better to have
1t yields the same money for less
work, but / hold this TO be defective
logic, as it is easy to see that for this
very reason, the large crop. requiring
more labor. puts the money into the
hands of those who freely distribute
it.
One thing very noticeable ever since
the cotton-buying season opened In
this section, has been the keen COM
petition between buyers. This has re-
suited In good prices, in many cases
considerably above the daily market
quotations. Very often the small In
land towns have paid the price ruling
| at navigable water, and for the rea-
son given above.
Another thing which has been equal
| ly as noticeable is the independent
position of the farmers who have cot
| ton to offer. It Is not uncommon to
see them drive back home with several
bales, In case they ere not offered
price that suits them. This has not
| been possible except I'm the last few
years, and during that time / have
I! In several letters to you. explained
why this was. To-day he is independ-
ent because he raises many other
things besides cotton, and they all
| bring good price, and he doesn't
nave 10 sell MS cotton as soon as II
Is baled. Up to few years ago he
| depended too much on cotton and toe
little on other things. It was almost
his sole crop, and he had to turn II
into money as soon as he could. al
any price he could get.
| -1----------
WHY WHEAT PRICES DECLINE.
Phases Of n Movement Apparently No,
/
| CHICAGO, November 10.-Whea'
| va Ines q II cents iI