Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1908-07-31
THE SOUTH and FINANCE

President lnOllldS~I L.
the Baltimore Trust u Guarantee
Co who was recently elected to bt
the head of that old-established ane
nrominent institutionr while in con
versation with a representative Of
the Manufacturers Record day
or two ago expressed himself EN-
phatically and confidently upor
the South's commercial, financial
and industrial progress and the
splendid prospects for its future
Referring to the late panic through
out the country, he remarked thai
the South, owing to its magnificent
agricultural strength, would be able
to recover from the effects OF the
business disturbance more rapidly
than the rest of the country; that
the cotton crop, based on the pres
sentconditiop as given in the gov
eminent report, promises to be j.
500 900 bales larger than last years
crop, or a total of $l3, ,0OC
bales, a yield which, considered in
it's entire possibilities, including
seed and other by-products, would
return to the South in money about
81 600, OOO, 900. Moreover, the
country generally would benefit be-
cause, as 60 per cent. of s'the crop
is exported, great amount OF fresh
foreign capital would be brought in.
averaging of late years as high as
$500, 100000 a year from Europe
for raw cotton alone.
Continuing, Mr.. Bowies said, re-
ferreing to the financial position in
the Southern States:
"The South is investing more
and more in gilt-edge securities anc
less in the speculative character fe
investments. The piling up in New
York and other centers of vast
sums of idle money is certain o.
one result, and that is, to advance
the price of all good securities, par
ticularly bonds, and this result vii
come very soon, as the man witt
money will not let it remain idle
very long when he has the oppor
tunity to put it into well-securet
bonds to net him from a to 5 per
cent. With the ultra-conservativ'
investor, who has not fully recover
ed from the financial shock through
which he has passed, there is dang
err that he will not get his courag
back until the best bond securitie
have so far advanced in price as t
materially reduce his returns on hi
investment.
"The question of inactivity il
business generally should offer M
Encouragement to investing In
gilt-edge bond; in fact, the opposit
effect should prevail, az inaotlvlt
| in business always makes for tn
accumulation of cheap money an
always forces upward the price c
bonds of the better class. One nee
not be prophet to be assure
THAT a security which can be bough
today on 4 or 5 per cent bas1
will in very short time be force
4
to 3 or a per cent. basis.
ut is gratifying to observe tn
sane and wholesome attitude OF tn
South's substantial interests tOwar
capital seeking investment in tn
section. AS the best business cer
tiers of the Southern States appr'
ciate more and more the need
outside money to assist in develop
ing their resources, the advance
this spirit will make for decide
increase in the volume capt.;
from other sections seeking inyes
ment in this great country "
Commenting further Upon the IT
sources Of the South, Presider
Bowles said:
eve must remember the vic
development of the lumber bushes
: here because of the magnifcier
; timber tracts throughout this pa
of the country. Not only hay
timber lands greatly advanced
late years, but agriculture lands
we'll OF course, the rise in valu