The Marietta journal. (Marietta, Ga.) 1918-1944, 1920-11-26
MARIETTA BANKS HELP
FINANCE COTTON CROP
Local Banks Do Full Part in Big
Enterprise 10 Free South of the
Money Strinsency.

ers ~ New Orleans recently, Georgia
bankers met in Macon and organized
campaign for getting up the states
quota Of the $4,000, 100000 bank for
financing the cotton crop and other
southern products. Georgia's par,
insthe big organization is 81, 500, 0OO..
90 and it is being subscribed by prac-
tically all the banks of the state. II
calls for subscription of 8 per cent
of the banks capital and surplus.
The Marietta banks have subscribed
their pro rata, the amounts being
$45OO00 for the First National,
$35G00O for Marietta Trust & Bank
ing Company, and $150O.00 for the
Merchants & Farmers Bank.
That we might have information
first hand for our readers we asked
Mr.. J. E. Massey, chairman for Cobb
county. for an interview and obtain
ed the following facts about the pro-
posed organization.
With the formation of the Federal
International Banking Company, the
Southern states is making great
step forward as means of handling
Southern products, especially in times
like the country is experiencing to-
day. This banking company is being
organized by the twelve Southern
states and the stock is being subscrib-
ed principally by the banks Of these
states. 1t is proposed that the Fed
eral International Banking Company
shall commence operations as soon as
$6,000,000.00 capital has been SUBJ
scribed, thought it is hoped that the
capital will reach ten to twelve mil
lions. This bank is to be owned by
Southern capital, operated by South
ern men and for the marketing of
Southern products. With the capital
of $6,000,000.00 the bank will have
available credit Of 100000, 600 90
and should the catital reach 100000
100000 its facilities would amount to
500, 000,000.00, which will do won
ders in assisting in the exporting of
our products.
Need and Purposes of Organization.
The nations which in the pat have
been the most liberal buyers of the
South's principal agricultural and
manufactured products are at pres
ent in such financial condition as the
result of theNwar that their purchas-
ing power has been greatly curtailed,
and in some instances has almost en-
tirely ceased. For instance, prior to
the war Austria and Germany alone
consumed approximately three mill
lion tales of our cotton, whereas for
the past year, they have only. utilized
two hundred Thousand bales. These
countries, as well asaBelgium, Czecho-
Slavania, and even France want our
cotton now, but have no way to fn-
ance their purchases. 1t is the hope
of the Federal international Banking
Company to provide the necessary
credit by which these nations may
buy our cotton on three to nine
months time, or until they can have
time to spin the cotton, weave it into
cloth, and sell the goods to pay us in
American dollars. Their obligations
will be secured first by lien on the
cotton or the manufactured products
therefrom, second, by either syndi-
cate of bankers or in some instances
by the governments themselves.
1t can readily be seen that in pro-
viding this credit and exporting large
quantities of cotton that the Ameri-
can markets will not be flooded with
the staple as is now the case and the
demand for cotton will become more
stable, which will eventually material
ly increase the price of our cotton.
The South must find market for
it's cotton and other products and not
continue to let spectators fix the
price, but on the other hand we must
make ourselves independent of New
York, Liverpool, orany other center.
No Time For Calamity Howlers.
Numbers of calamity howlers have
been racing up and down the country
publishing to the nation that the
South is broke and unable to handle
it's crops. This is absolutely fool
talk and snch men should receive the
contempt of the Southern people,
which they justly deserve.
The South is amply able and cap
able of mastering its own problems,
We have the means and the ability
and firmly believe that this move on
the part of the Southern banks will
prove to be the most forward step in
the interest of Southern farmers TAX