The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-13
BANK RS GENERALLY
ARE MOST OPTIMISTIC
See Substantial Progress When Coun.
try Adjusts Itself to War
Conditions.
MUST MEET COTTON PROBLEM
Texas Banker Suggests United Move
ment for Sharp Curtailment Of
Acreage for Next Years Cotton
Crop--What Bankers Say.

----
Financiers from every section of the
country. here attending tho fortieth
annual convention OF tho American
Bankers Association, were generally
optimistic last night in their discus
sions of trade conditions. There were
no denials that the bursting of the Eu-
ropean war cloud has materially az
part Of the entire nation. but many Of
the bankers were of the opinion that
the time Is at hand when the United
States Will reap substantial benefits as
n result of the struggle.
Prices OF live stock and grain have
already been boosted, while the situa-
ton In the cotton States Is not nearly
SO critical as was at first reported.
Some Of the bankers were OF the opin-
ion that the general business outlook
was never better, and that this country
x now facing an era OF unprecedente ed
prosperity. Movements inaugurated to
help the farmers I'm the cotton States
are generally succeeding, and 1t was
stated that In most sections of the grain
belt funds for the movement OF crops
arc ample.
COTTON MILLS RUNNING
TO FULL CAPACITY
Leake S. Covington. of Rockingham,
N. c., cashier of the Farmers Bank,
former president Of the North Caro-
lima Bankers Association, and State
vice -prcsidcnt OF the American Bank
crs Association, says that business is
good In the cotton belt Of the Old North
State.
Farmers in the cotton belt OF North
Carolina" said Mr.. Covington. ''are
holding their crops, and the banks are
having no trouble In financing them
through the period of Depression"
Colonel Robert j. Lowry. president OF
the Lowry National Bank. Of Atlanta,
Ga. and one OF the most widely known
fnancicrs In the South. is here for
tho convention. Colonel Lowry is one
was In Richmond fourteen years ago as
delegate when the bankers held their
annual gathering here. Colonel Lowry
liz one OF the promoters of the plan
outlined by Festus j. Wade. of St.
Louis, for the raising of n $4,000, 900
cote" ,an fund to provide the neces-
sars .redit to carry over the surplus
cotton crop. The clearing house asso-
Citations OF Georgia have been sum-
mcned to Atlanta for n conference Wed
nesday. October IA. to discuss specih-
cally Georgia's part OF the cotton loan
fund.
II am not prepared to discuss the sit
uation at length" said Colonel Lowry
last night, but the proposition seems
practical. and. believe, promises much
In the South" Colonel Lowry ex-
planned that the plan. In brief, promises
to raise fund OF s150.O00.000. approx
mately one-third of which is to be
subscribed in the South, and two
thirds on other sections OF the country,
n hn lno, nut 81
bale, upon 100000 bales of cotton for
period of one year, at Z per cent
interest. If the fund is prorated among
the cotton-p producing States approx
mately s30,00o.000 Will be loaned in
Georgia, OF which the Georgia clearing
matcly Sl0,00o.000.
Bankers from some OF the cotton
States are OF the opinion that a plan
for curtailing the cotton acreage next
year should be formulated. Joe Hirsch.
vice president of the Corpus Christi
National Bank, chairman OF the agri-
cultural committee. Texas Bankers AS
ISOLATION. and member of the Amer
lean Bankers Association Agricultural
Commission, believes that IT would be
a good plan for the Texas Bankers
Association, through its agricultural
committee, to get In touch with the
agricultural committees of the bankers
associations In other Southern States.
with view to formulating such n
plan.
SHOULD cURTAM PLANTING
FOR NEXT SEASON
IF this war lasts four to six months
and the European mills should then re-
sumo" says Mr.. Hirsch, from the best
sources OF information obtainable. 1t
would take n long time to catch up
with our present production. and In the
meantime next seasons crop would be
I helieyn the haOkarQ NJ ho
South can perform great service II, by
united effort, they can succeed In cur
failing the cotton acreage of the
South. one-third or one-fourth next
,ear This Is stupendous task, yet
[ believe 1t can be accomplished by a
united effort on the part of the bankers,
merchants and farmers, and I further
believe, that this can be done by our
method of county organization. 1 be-
fieYe we could, by united effort, get
a committee OF business men in every
county of every State in the South.
which could obtain a complete list of
all farmers In their counties. with the
amount planted this year to cotton. and
that by concentrated effort and with
the assistance OF the commercial organ
izations, we could bring such pressure
10 bear that we could get majority of
the farmers to agree-to absolutely
pledge themselves-to such reduction"
his crop. we are not doing him any
good" said Ralph Van Vechten. vice
president of the Continent and Com
mercial Bank, Of Chicago, ILL.,. in dis
cussing the cotton situation yesterday
I'm the present crisis ] do not believe
in the producer holding his goods" Mr.
Van Vetchen is of the opinion that If
the cotton crop was sold now on the
open market, instead Of being placed In
warehouses, it would soon become n
settled thing that the crop must be
taken care of. and the farmer could pay
his debts, even though he would lose
Il little, and the merchants could then
take care Of their obligations"
William l.. Buechle, vice president of
the Southwest National Bank of Com
merce. of Kansas City, Mo-, said last
night that business Is moving briskly
In the Middle West, and that the gen.
eral outlook Is bright. THE large crops
of grain which were harvested In the
Middle West this season, are being
moved without great trouble" said Mr..