Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-05-16
ways OF. SOUTHERN FOLK;
GOOD TIMES AND THE BAD
Liberal Money Spcndcrs in Flush
Times-Economists When Days
OF TightneSs Come Along.
GOOD TIMES ARE JUST AHEAD
Richmond Bankers Who Contributed
to Symposium-North Carolina
Banker Sounds the True Doctrine.
Dark Clouds Getting Brighter.

The Southern people are liberal
spcnders Of money when times arc
good and when hard times come they
put on the brakes and take a fresh
hold and grin and bear il. Their re-
cunerative powers arc no less surpris
ing than their for,itudc." SO wrote
North Carolina banker 10 the Manu-
facturers' Record in his contribution
to a symposium on conditions in tho
South al the present In that sem
tence." SAYS the Record, lis cpitomized
the history OF the past nine months in
the South. /, describes the attitude. in
the fall OF the crca, body OF southern
ers, who, in common with the popula-
ton of other sections Of the country.
were a frs, materially affected by the
demora lization in business and indus
try consequent upon the intcnsifyinE
of inactiNites by the outbreak OF the
war i'm Europe. The sentence condcnscs
the evidence that the people arc giving
now Of their resilicncy. after taking
fresh hold. At the same time IT fore
casts the certain conduct OF the people
of the South upon the return OF pros
pcrty of which there ate already
many unmistakahlc Indications
Amonc other contributors to this
symposium was Oliver J. Sands. prcsi-
dent of the American National Bank. Of
Richmond. Mr.. Sands evidently wrote
before the good rains came. other
wise he would probably have been more
optimistic. Replying 10 questions
asked. Mr.. Sands wrote in a general
way. He said: Actual Improvement
throughout this territory has been very
slow. Our merchants and business
men are all considerah bly, extended
financially. and there can be no relief
until another crop is raised and sold
at fair prices. and until there is some
activity in general trading, especially
in the lines OF timber lands and manu-
featured lumber
Our customers report better collec-
lions in the last few weeks. and the
general relief in the money situation
has created better feeling The cs-
tahlis hment Of tho Federal Reserve
Bank has been an important factor.
The business of this section has had
very little of the stimulation Of war
orders. Several of our large manufac-
turing plants. however. are prepa ring
to start on business Of this character,
and this will materially assist local
retail trade
The weather has been very dry We
mad only one slight rain during the
month of April. IT is not too late, how
ever. for crops 10 he saved by good
with feelings OF hopcfulness and be-
lief that we are assured OF good bust
ness late in the year"
ANOTHER GOOD MAN
SEES MORE BRIGHT LIGHT
John NJ. Miller Jr, vice president OF
the First National. of Richmond writes
for the same symposium as follows:
1T seems to US that conditions
throughout the territory served By this
bank. principally Virginia. West Nir-
gin!a, North and South Carolina are
steadily improving. We understand
that the crops viii he made this year
a. minimum cost and that fair re-
turn for same this fall Will strengthen
the financial condition o: our territory
very considerably.
The resumption OF work Al the
American Locomotive Company. Rich
mond branch. a.u undoubtedly have
stimulating effect on the retail business
Of Richmond OG? iohhers a-e feeling
better. as ne Indications arc FOR better
purchasing power oy tho southern
merchants Uudouhredly the situation
looks brighter. but We are advising our
customers throughout the South to
move cautiously. believing that the
war viii necessitste -esdjustment Of
the worlds finances In tnc near future -
Allan Cucul!ar. cashler of the Lynch
burg National Bank reported cautious
~ as follows
a di~.Hc, improvement in actual
business if" noted WIKI our johbcrs and
manufacturers on top o1S his there
seems 20 lie = very hopct-k1l.look for
future business. Collections ar. r..crr-
ed 10 US as getting or more sa,!s.ac-
tory basis Every week orders seem
TO be coming IN N greater volume with
our Jonbers
Business around his par, o. viz.
GINA seems 70 have held rs own in a
satisfactory va throughout the past
winter. and in the cotton States, where
our tobbers and manufacturers do 4
large volume .. business they feel ,h,,
revival OF business along reasona,S.s
lines OF Improvement is coming y, at
this time, and altogether our peorl.
note that better conditions are pre-
vailinE.
AS NORFoLk SEES THINGS
ON THE SURFACE:
Caldwell Hardy president Of the Nor
folk National Bank, in reply TO the
Records Interrogation point declared
that he regards conditions in the whole
South as essentially sound Cont!n..
ing, MIR. Hardy says
The south was the only section o,
the country last year which raised a
bumper crop tcottonJ, which apparent.
ly, for 4 time q, least. II was enable
to market satisfactogi!y, bat me siilia-
ton differed essentially from :; crop
failure, it being case Of Indigestion
rather than OF starvation. Without un-
derestima'!nc the seriousness o. the
situation there was great deal OF un-
justihabl pessimist!c talk about the
situation in the SCUM, particularly In
Congress and among the politicians
which caused cOusidcrabl. domoraliya.
ton. While the conditions were strenu,
Gus for "a time. the situation was savcc
by the actual use % emergency circu.
lation, and was ilclped materially from
a sentimental standpoint by the pros
pective Inauguration OF the ncw Fed
eral bank system.
The Southern banks. with INC lii
eral assistance OF their Northern cor
respondents and the cooperation n
their customers, addressed thcmselve
earnestly TO the practical solution -
the difficulties before them. The cuan
tity OF the cotton crop ma rketcd an,
the prices at which this was done. nav,
been exceedingly gratifying. although
considerable portion OF the crop
still being carried and large voll,m