The Birmingham age-herald., 1915-09-23
Beverly B. Harris Is Texas Man Called to Office In
 New York Bank
HAS MADE REPORT
 ON TRIP IN SOUTH
Finds This Entire Section In Much Better Condition Than It Has Been for Many
 Years
By HOLLAND

l
 From the southern states have come not
 only to New York, but to other large
 financial centers, a number of men who are esteemed worthy to rank with the
 ablest of American bankers.
 1 The south contributed to the federal re-
 serve board at Washington MT. Harding,
 a banker whose services upon that board
 are already spoken of as having been in-
 valuable. The south sent to New York | not long ago Beverly B. Harris, who 1 gained experience and influence while serving IS executive in one of the lead I ing banks of Houston, Tex. The man.
 agement of the National City bank had | opportunities to observe the skill and judgment of MT. Harris, and it persuaded | him to give up his association with the Houston bank and to come to New York to serve as vice president of the Nationa. City bank. The choice of MT. Harris for this important responsibility illustrates the great interest which this largest of American banks is taking in the amazing growth in industry, commerce and finance which has characterized the south for the past 15 years
 MT. Harris. as executive of a Houston bank, was brought closely in touch with the important railroad interests, 1e in all. which have established terminals in that city. He was one of those who en- eourased the community in its purpose to build true ship channel from the city of Houston to the Gulf of Mexico, where by Houston. 60 miles inland, has become real seaport. He was familiar with the development of agricultural industries especially in the southwest and there was in Texas perhaps no more exper. authority upon business opportunities and conditions in the south and particularly in the southwest than MT. Harris was. MT. Harris has taken the opportunity of the late summer vacation season to visit the south. He made this excursion with the same purpose which inspired William A. Simonson, also a vice presi- dent of the National City bank, to visit that part of the west which lies west of the Mississippi, north of the Missouri river. including Kansas City, and west of Minneapolis to the Missouri. So that it happened that these two vice presidents were taking observations of business and banking conditions as well as the outlook Tor the farmers substantially at the same time, one in the northern part of the country west of the Mississippi and the other in the south.
 In some respects. the reports which Mir Simonson and MT Harris made after their return to New York were similar. Mir, Harris learned that the banks of the south have money in plenty. Mir. Simon- | son was told that the banks of the north- west never had on deposit the amount of money they now carry and that most of it represent the deposits of farmers With respect to agriculture and business oppor- tunities and outlook, the reports are re- markedly similar
 Mr. Harris, in communication to the Manufacturers Record of Baltimore says that the most striking thing in the pres ent situation in the south is the aston ishing contrast it offers with the condi- ions which prevailed there 8 year ago. Now there is no money tension; then the tension was very great. Then interest rates were high, and 1t was very difficult to borrow money; now interest rates are low and money Is plentiful. MT Harris notes that the south received great as- l sistance year ago through the issue of I CIT ergcrcy currency in large amounts. l Now all this currency has been retired. A | year ago there was no market for com l mercial paper; now not enough of desir- able commercial paper is offered to meet | the banking demand for it. He further
 more reports that the entire credit and financial machinery in the south. as well as in other parts of the nation, have not l only recovered from the demoraized con- dition of year ago. but was never in
 such strong condition as at present. All these things Mir. Simonson observed in the
 northwest.
 Still Forging Ahead
 One of the remarkable features of Amer ican commercial. industrial and financial life since August last year, MT. Harris believes, is especially emphasized by con- ditions as they are now in the south. In
 his view 1t will be regarded as one of the great phenomena of the past year that notwithstanding curtailed credit and really hard times. the country went right
 ahead. especially the farmers, and pro- duced not only normal. but an excep-
 tionaJ harvest. at least of food products | He is inclined to think that this great harvest was secured because people had learned the lessons of thrift and economy 1 AS whole, they are not greatly in debt | Furthermore. what he observed in the south. and all that came within the view of MT. Simonson in the northwest. seen
 to furnish sueticient proof that there will be, through bountiful crops and the ready markets with good prices that will be ob- tained for them, great liquidation of debts and very large money surpluses in the agricultural sections of tho union. Mir Harris friends here were pleased with thu personal and informal reports which ht made to them upon bis return from the south. These reports he has ventured tt make public in his communication to th'
 Manufacturers Record. He is persuaded
 that the underlying conditions of business iare now on a much firmer footing thar they have been for many years. The uni
 versal depression and contraction of credi
 which were coincident with the outbreal
 of the war in Europe were. after all
 really healing measures. for they fur
 nished the necessary corrective for {
 situation which was becoming dangerous
 So far as the south itself Is concerned
 MT. Harris is now persuaded that thu
 greatest benefit will follow the adoption of improved agricultural methods, scien tiic farming. diversification and rota
 ton in crops, and better cooperation
 among all classes. That deversincation fl crops in the south has already accom- plished wonderful results ia proved by thu : fact that the total money value of thu
 grain crops this year In the soutl 1 amounted to a, ,33o. .000,000. and this Is al most y200, o,0o0 more than the none. value of the most valuable cotton crol ever harvested in the south.
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 HIS REST WAS BROKEN O. D. Wright. Rosemont, Neb., writes