Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-16
Financial Condition Of State Is
Better Now Than in Years, Says
Sumter County Representative
After Two Weeks Spent in East.
Banks Are CIamoring for State
Bonds Since Home Institutions
Gave Help at Low Rate of Inter
est When 1t Was Most Needed.

Representative Crawford Wheatley,
of Sumter County, chairman of the
House Committee on Appropriations,
says Georgia is in better shape finan-
cially to-day than it has been for
years. He stopped over in Atlanta
Saturday on his way home from a
| two weeks business trip to New
York.
Mr.. Wheatley is one Of the best
known and most successful bankers
East was made entirely in connection
with his extensive financial interests.
While in New York ne made diligent
| inquiry as to Georgia's standing and
credit among the big financiers of
the country, and particularly with re-
spect to it's forthcoming refunding
bond issue, and found both to be all
right in every respect.
Discussing this matter Mr.. Wheat
| ley said:
"a number of New York bankers
| told me that Georgia's credit is in
many ways better than that OF any
Southern State and certainly as good
as the best in the nation.
81 was informed, as matter indi-
| eating the real status of things in
Georgia, that the banks Of the South
have reported to the banks of the
East the most active anticipation Of
fall obligations this year ever known
in the history of the South.
Pay in Advance.
Literally, thousands of farmers
have paid their obligations at the
| banks well in advance of maturity,
and many banks of the South have
anticipated their obligations to the big
banks of the East.
This condition prevails more de-
cidedly in Georgia than anywhere, and
| is in marked contrast to the status
of things in the Middle West.
Another thing 1 heard remarked In
! the East, not once, but dozens of
times, was the splendid manner in
J which the banks of Georgia came to
| the relief of the State not long ago,
when it became necessary for Georgia
| to borrow nearly half a million dol
lars. That money was supplied, 1t
| will be recalled, by certain Georgia
| banks at a ridiculously low rate of
interest-at least half what the State
would have had to pay in the East.
From the bankers standpoint
purely, the Georgia banks doing this
thing lost money directly; but 1t is
agreed that it was a fine thing to do,
nevertheless, as showing the genuine
patriotism Of the Georgia banks and
| their real love of Georgia
Talk about refunding your bonds,
| said one big Eastern banker to me.
| Any State that is taken care of so
splendidly in its hour Of temporary
need by its own home banks can get
ANYTHING we have to offer in the East.
and at as low rate of interest as our
| directors will stand for anywhere"
Demand for Georgia Bonds.
| In tine matter Oh IeluHuIHS your
bonds, why, the banks of the East are
clamoring for Georgia business! We
shall market our bonds at hand
some figure abroad-that is, unless we
decide to finance them right here at
home, which is not impossible.
| There is more money in Georgia
| to-day than there has been in years,
and the big bankers of the East know
| it. They know, moreover, that the
South has embarked on an era OF
prosperity that will not end soon,
| There Is no field so inviting to out
siders to-day as the field Dixie pre-
| sents. And OF all spots in Dixie,
I Georgia is agreed to be the most
| promising!
! Remember, my trip East was one
| purely of a business nature. / was in
| New York to find out about business
conditions generally-right in line
| with my every day work. / can say,
and do say, honestly, that ! came
home better satisfied with Georgia
than / ever have been before in my
| life. / know Georgia is looked upon
in the East as solid and altogether
substantial finaucially-good for every
dollar it needs or asks for. a dozen
| times overt
Georgia has paid up all it owes,
| and IL has a big surplus Of money on
| hand That is about as satisfactory
as it could be, isn't it? And the good
thing about it all is that the East
knows it,