The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-11-27
LOOKS BETTER TO BANKERS
JAMES q. CANNON REPORTS on
VIEW ORLEANS CONVENTION
Underlying Business Conditions sound
and Conservatives Beginning to AZ
sert Themselves In Politics 4 Rest
From Antitrust Agitation Desired.


Bankers Association. Last evening at
the Ifo.ol Manhattan Mr.. Cannon told
of some things he had learned at the
convention He believes that the business
of the country is in normal Condit ion
He told of the unanimitv Of the convention
IN indor-inG the Aldrich currency plan
spoke Of the earnings of railroads and
announced them 10 be good. and of the
sound condition Of the banks of the
country H. referred to the wealth of
the South and the interest with which the
Southern people viewed the opening of the
Panama Canal. which is set down for 1918.
Incidentally he spoke of the views enter
tained in different parts of the country
as to the sherman antitrust law. and he
had a word or two 10 say concerning politi-
cal agitation and the desire of the people
for rest and peace The recent elections
he thought. Indicated that the conserva-
tive people Of the country were asserting
Themselves
what" Mr. Cannon was first asked,
"are the exact business conditions in this
country as YOU learned them from your
conversations with the delegates to the
bankers convention al New Orleans
lIltlt were u wv tlPlfkd - llltltt rep
resenting all sections of the country,
replied Mr.. Cannon, and from conversa-
tions with a very large number of the
delegates found that the general under
lying business conditions of the country
were good. The volume Of business Of
course Is not as large as in boom times
but all the delegates thought that the
business Of the country was being done
very safely. In other words. they felt
that there was no speculation to speak Of
in any of the commodities of the country,
cotton. wheat or any Of the staple prod
uCts. and that the business is being done
on what you may call a good substantial
basis. Take cotton, for instance. Cotton
Is selling at about Q cents. We are
going TO have the largest cotton crop
that this country has ever produced
the best estimate which | could secure
from experts in the South was l5O0o.O 900
bales of cotton this year consequently
there is no speculation to amount to any
thing in this product. The low price of
cotton and the large crop of course have
made collections in some parts Of the
South little slow, but on the other hand
have enabled the New England and South
ern mills 60 open up and buy cotton to
manufacture goods in which they see
profit. There is a large amount of cotton
that has not yet come To the market. but
is being held by the planter You see 1t
piled up under the stoops Of the houses
and IN the sheds throughout the country
This shows that tn" farmer to-day is well
on and has got his money in the products
of the soil. Our general business is on
norma basis all the way through Let
me relterate that the underlying business
conditions are sound. No matter what
has happened within the last few years
10000 900 of people must eat and live and
work and their activities create an enor-
nous volume Of business
Mr. Cannon, do you think that bust
ness would be on more than normal
basis IL there was no apprehension over
tariff legislation at Washington"
We'll said Mr. Cannon refectvely. \
should say that business would be much
more active in certain lines, though not
in all lines There are many lines of busi-
ness that are not affected by the tariff.
believe, though. that in certain lines of
business there would he more activity
if there was no fear of tariff and politi-
cal agitation there would pe mose aCtiv-
ity in business and the volume would he
greater"
Did you notice any marked appre-
hension on the part of the bankers over
the prospect of tariff legislHtion;"
NO" answered Mr.. Cannon. Il did
not
How are the Western and Southern
banks fixed financially"
They are in splendid condition. was
the immediate reply. The Western and
Southern banks and in fact the whole
banking situation in the country, are in fine
shape. The South has paid of n very large
portion of its Indebtedness which il bor-
rows every year, and it may possibly
need To borrow little more to carry this
large cotton crop, hut our Who'll" banking
situation throughout the country is in
single weak spot anywhere "
What was the feeling over the Sher-
man antitrust law and the litigation
which has been pending III III" courts"
The feeling on the part of the dele
gates whom interviewed. said Mr.. Can
non. was one of desire for rest may
LAY that they felt that If We could have
a rest for a time from this agitation We
would certainly have more activity in
business. But the feeling in different
parts of the country Is divided on the
question of the antitrust law and the
litigation that has been going on under it
In som" sections there is opposition to
further agitation, while in other sections
there l. belief that the litigation has
done good
What are the facts concerning the
earnings Of the railroads of the United
states for the last year and prospec-
tiVelyH'
"Th" earnings of the railroads have
been affected 10y the business of the
country, and as the business Of the
country is now in what YOU may call
somewhat OF normal state the feeling
was that the railroads were having normal
earnings AT the present time. This con-
dltion seems 10 prevail throughout the
South We found that the movement of
freight and all classes of commodities
seemed TO be very active and the rail
roads seemed to be doing well. which is
borne out by the fact that very few unused
cars were reported from week to week.
That. | think, also refers to the entire
country"
How do the Southern bankers and the
Southern people feel over the prospective
opening Of the Panama Canal in l9l5;"
They are looking forward to it with
great deal of interest" was the reply
for they feel that il is going to be of
very great benefit TO the whole South.
The South is opening up tremendously in
all directions The South IL getting a
new class Of immigrants which IL going
there from the middle Western States
Indiana, Illinois, Iowa and Michigan.
The price of land in these latter States
has increased greatly. and these people