The Birmingham age-herald., 1908-08-09
From the Manufacturers Record.

From the Manufacturers Record.
 N RESIDENT THOMAS H. BOWLES N of the Baltimore Trust and Guar antee company, who was recently elected to be the head of that old-estab- lished and prominent institution, while in conversation with a representative of the Manufacturers Record, a day or two ago, expressed himself emphatically and confidently upon the south's commercial, financial and industrial progress and the splendid prospects for its future. Refer ring to the late panic throughout the country, he remarked that the south, ow- ing to it's magnificent agricultural strength, would be able to recover from the effects of the business disturbances more rapidly than the rest of the coun- try; that the cotton crop, based on the present condition IS given in the govern ment report, promises to be 1,500, 900 bales larger than last years crop, or total of 100000 bales, a yield which, considered in its entire possibilities. including seed and other by-products would return to the south in money about s1000, 100000 Moreover, the country generally wo1.f benefit because, as 60 per cent of the crop Is exported, great amount of Fresh foreign capital would be brought in, av- eragng of late years as high as $500,- OOO,OOO year from Europe for raw cotton alone.
 Continuing, MT. Bowles said referring to the financial position in the southern states:
 
 in gilt-edge securities and less in the speculative character of investments. The bling up in New York and other cen ters of vast sums of money is certain of one result, and that is to advance the price of all good securities, particularly bonds, and this result will come very soon. as the man with money will not let 1t remain idle very long when he has the opportunity to put it into well-secured bonds to net him from to per cent. With the ultra-conservative investor, who has not fully recovered from the financial shock through which he has passed, there is danger that he will not get his cour age back until the best bond securities have so far advanced in price as to mate rially reduce his returns on his invest ment.
 ''The question of inactivity in business generally should offer no Encouragement to investing in a gilt-edge bond; in fact, the opposite effect should prevail, as in activity in business always makes for the accumulation of cheap money and al- ways forces upward the prices of bonds of the better class. One need not be a prophet to be assured that security which can be bought today on or , per cent basis will in very short time be forced to or 4 per cent basis.
 Tt is gratifying to observe the sane and wholesome attitude of the south's substantial interests toward capital seek ing investment in this section As the best business centers of the southern states appreciate more and more the need of outside money to assist in devel- oping their resources, the advance of this spirit will make for decided increase In the volume of capital from other sections seeking investment in this great coun- >try.''
 Commenting further upon the resources of the south, President Bowles said:
 we must remember the wide develop ment of the lumber business here because of the magnificent timber tracts through out this part of the country. Not only have timber lands greatly advanced of late years, but agricultural lands as we'll Of course, the rise in value in iron, coal and a great variety of other mineral lands has been large, but such properties must continue to advance in the south