The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-07-30
THE OUTLOOK
IN THE SOUTH
President of Baltimore Bank
ing Institution Expresses
Himself Enphatically.

President Thomas H BowIes, o.
| the Baltimore Trust & Guarantee Co,
while in conversation with repre-
sentative of the Manufacturers Rec
ord a day or two ago expressed him
self emphatically and confidently
upon the south's commercial, financial
and industrial progress and the splen-
| did prospects for its future, says that
paper. Referring to the late panic
| throughout the country, he remarked
that the south, owing to its magnitl-
cent agricultural strength, would be
able to recover from the effects OF
the business disturbances more rapid
" than the rest of the country; that
the cotton crop, based on the present
condition as given in the government
report, promises to be : SOC, ee0 bales
larger than last years crop, or a to-
tai OF 1900, 900 bales, yield which,
considered in its entire possibilities,
including seed and other bi-pr6ductS,
would return to the south in money
about $1,000, 100000. Moreover, the
country generally would benefit be-
cause, as so per cent. of the crop is
exported, a great amount of fresh for
eign capital would be brought in,
averaging of late years as high as
raw cotton alone.
Continuing, Mr.. BowIes said, refer
ring to the financial position in the
southern states:
More Money Invested.
THE south is investing more and
more in gfIt7edge securities and less
in the speculative character of invest
ments- The piling up in New York
and other centres OF vast sums OF
idle 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
il remain idle very long when he has
the opportunity to put it into well-se
cured bonds to net him from 4 to D
per cent. With the uitra-cOnservative
investor, who has not fully recovered
from the FINANCIAL shock through
which he aaS passed, there is danger
that he will not get his courage back
until the best bond securities have so
far advanced in price as to materially
reduce his returns on his investment
The question of inactivity in bust
ness generally should offer no discour-
agement to- investing in a giIt-edge
bond; in fact, the opposite effect
should prevail. as inactivity in busI-
ness always makes for the accumula-
ton oS cheap money and always
forces upward the price of bonds or
the better class. One need no
prophet to be assured that a security
which can be bought today on a Or
5 per cent. basis viii In a very short
time be forced to 3 or per cent.
basis.
at is gratifying to observe the
sane and wholesome attitude of the
SOufh'S SubSfaTfffa1
capital seeking investment in this rec
ton. As the best business centerS or
the southern states appreciate more
and more the need of outside money
TO assist in developing their resour-
ces, the. advance of this spirit will
make Sor a decided increase in the
volume OF capital from other sections
seeking investment in this great
country"
Commenting further upon the re-
sources of the South, President
BowleS said.
The Lumber Business.
I'VE must remember the wide de-
velOpment Of the lumber business here
because of the magnificent limb
tracts throughout this part of the
country. Not only have timber lands
greatly advanced of late years. but
agricultural lands as well. OF course.
the rise in value in iron, coal and
a great variety o. other mineral lands
has been large, but such properties
must continue 10 advance in the south
until they are on a parity with SINH
lar properties in the north and west,
and this means an enormous increase
in the south's wealth We can be as
Sured that when business is again in
full swing the southern states with
their great and varied resources, so
many of which have yet been but
little exploited, will obtain a far more
prominent position than they have
reached IN the past. Investors have
their attention directed toward the
south as never before, and IL would
be difficult task TO even approximate
what would be the results of their re
newed and greater interest in the fu-
ture of this section. We may be as
sured that the development to come
IN the region SoRth OF Mason and
DixoR's line aud the Ohio river Will
be tremendous. and those who are
prepared TO take advantage OF the
opportunities before them will reap
great rewards