Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-07
CEORG|ALEAD|NC
ENTIRE NATION
|NPR05PER|TY
Maddox Declares Cotton Crop
Movement Has Already Been
Practically Paid For.

King Cotton is sitting steady on
the throne, and the Empire State is
marching on to the top of the heap
King Cotton isn't doing it ALL either.
Robert F. Maddox, vice president of
the American National Bank, and one
of the most authoritative flnanciers of
the South, says that Georgia's pres
ent prosperity is in no sense a boom,
1t tops comparatively every other
State in the Union-and is only an
index of the good times. to come.
when 1 look over the banking and
financial situation in Georgia." said
Mr.. Maddox, Il nearly am tempted to
pinch myself to see if I'm dreaming.
1t looks too good to be true-only it's
true
Right now the bank deposits are
the highest in the history of the At
lanta Clearing House. That in itself
might or might not be an entirely
good indication A surer one is the
way in which the money borrowed by
the Atlanta banks to move the cotton
crop has been paid up. The slate
practically las been wiped clean
and a bumper crop has been on the
! move. One Atlanta bank paid back
| $750.000 in a lump last week.
Reserves are higher in the South.
notably in Atlanta and in Georgia,
| than at any time in years. The At
|. lanta Clearing House in one week
| showed total deposits increasing So
| 600, 600"
Crop Worth St75,Oco,0o
| But apart from the banking bust
Mesa certain pulse of the situa'
| tion-these other facts are now on pa
rade:
Georgias cotton crop is estimated
at 100000 bales, worth s175, 100000.
| The cotton seed from the crop
! should yield the farmers $20,000,000
more.
! The Georgia corn crop of 100000
! bushels is the record crop for the
! State.
| And both the cotton and the corn
crops have given fine evidence OF
J thoughtful intensive farming, on Il
! far higher plane than in any pre-
! Vious year
The growing wealth and prestige Of
| the South is set off sharply by the
| situation in New York and the East
| There money, instead of being plenti-
| full and easy, is ready to run at the
! drop of a hat, or at a whoop from
| the war DOGGY. The currency bill,
which the South regards with equa-
nimity, ii not with welcome. causes
a grlevous uncertainty i'll Wall street.
! and the Mexican situation cuts in
! heavily to add 10 the Eastern ner-
vousness.
All of which, Mr.. Maddox says, is
! because the prosperity basis in the
| East is not nearly so solid as in the
! Southland particularly in Georgia.
Iron and Steel Tumble.
In place of the tremendous pro-
! ductive power of a rich section Just
| finding itself, the East is struggling
| with mercurial and sensitive and lic-
| titious values in railroad properties
| and similar investments. The more
| solid productive features-iron and
| steel and the allied manufactured
| products-have tumbled sharply, and
| still are tumbling.
And as for the new. tariff" Mr.
/ Maddox said, down in Georgia we
don't mind it at all-relatively speak
ing. We have had so little protec-
ton i'm the past that the removal Of
part of the famous bulwark of infant
industries has scarcely touched US
And we have faith in the President
and in Congress to devise a currency
measure that will protect the whole
country from any more panics due
to the uncertain nature and supply
of our currency"
Great times ahead for Georgia!