Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1920-10-12
RELIEF FOR FARMER!
BY COTTON EXPORTS
URGED At MEETING
Atlanta Business Men Pledge
Aid .in. Opening Foreign
Outlet for 100000 Bales
This Year

Inc aid of Atlanta bankers and
business men in forming a great ex-
port corporation to finance the sale
OF cotton to central European coun-
tries, In the manner advocated for
the past two years by Governor
Harding, of the federal reserve board
In Washington, and reiterated by
him In his statement issued in Bir-
mingham Friday night, was enlisted
Friday afternoon at the cotton meet
ing held in the chamber of commerce
assembly hall at the call of the
nnance committee of the American
Cotton association
Richard 1. Manning, former cover
nor of South Carolina, and chairman
OF the organization committee Of the
cotton export corporation launched in
South Carolina a few weeks ago. pre-
sented the details of the plan and re-
quested the aid Of Atlanta business
men and bankers in obtaining sub
scrlpttons to the capital stock.
Governor Manning showed that the
stoppage Of cotton exports to central
Europe has cut off entirely a market
that regularly consumed an average
Oh 100000 bales year, before the
war and that this lost market is
the fundamental drag on the cotton
market today.
lie showed that Governor Harding
began two years ago the movement
10 form in the south a great expol
corporation for the purpose Of pro-
wang central European countries
with the financial accommodations
they need. and that Governor Hard
ing particularly emphasized the
point that such corporation must
De formed in the south with south.
ern capital.
Governor Manning then related
briefly the history of the movement
as launched a few months ago j.,
south Carolina with the appointmen,
or an organization committee n!
bankers. business men, planters an
lawyers, to work out the details =,
plan for organizing such a co,
poration.- He was made chairman q
the committee. Their plan was SUI.
mitted to. the. American Cotton ass.
citation at it's annual meeting
montgomery a few months ago.
was submitted to@NGeverrior Har
ing. and approved by him. 1t "
submitted to William G. Mead .
former secretary Of the treasu;
and approved by him.
$4,000, 900 Capital
The plan provides for a captai
stock of -$10,0O0,000 to be distribute
throughout the cotton belt. Sui
scriptions are payable in cash, Lii.
erty bonds or cotton at governmen
grades and prevailing prices.
Governor Manning described in DE-
tail the great need for raw cotton
to revive the cotton manufactures
industry in Germany, Austria, Bel
GUM, Czecho-S lovakia and other
countries of central Europe. He sal!
the organization committee Of the
export corporation had thoroughly
investigated the situation with prom
Use Of the most favorable market for
cotton. Those countries, he said.
have thousands of idle spind1es, thou
sands Of idle laborers, an adequate
supply of coal and only need the
modations to enable them to buy cot
ton. They stand ready to give iron.
clad security for every purchase.
these securities to be guaranteed by
the governments Of the respective
countries, and such securities. he
said, could be handled in the banks
of this country. Besides these Sc
curities. they stand ready to mako
part payment for cotton with raw
materials of their own which can
be readily sold for cash in this coun-
try.
The export corporation. Governor
Manning declared, gives promise
first, of substantial profits to the
stockholders, so that 1t is not launch
ed as a philanthropic enterprise; and
promise, second, Of beginning ship
ments in the Immediate future of
cotton to Europe.
He said the central European coun-
tries are especially equipped for
handling low grade cotton, which at
present is drug on the market be-
cause of a large accumulated supply,
more than the American and British
spfnners can handle. At the same
time, however, as he pointed out, this
accumulated supply of low grade
cotton drags down the level of all
grades.
"On1y permanent Belief"
THE only substantial and perma-
nent relief for the cotton market"
declared Governor Manning, "lies in
the opening Of the central European
markets. The time has come, as Gov
ernor Harding has repeatedly pointed
out, for the south to help itself. We
have here the money, the brains and
the initiative to launch this corpora
ton. We. have been repeatedly en-
couraged by the best business men
in the country to go ahead and do
1T. The very first shipment of cot
ton that leaves for central Lurot-
will have an immediate effect upon
the cotton market"
The last quoted sentence of Cover
nor Manning was almost verbatim
the same as a sentence used by Gov
ernor Harding in his statement is
sued in Birmingham Friday night
urging the formation of an export
corporation. Governor Harding, of
course, did not know that Governor
Manning was speaking here on the
same subject while he was speaking
In Birmingham.
Following the address by Cover
nor Manning, there was a very force
planter and banker of North Care
lima, on the necessity for close &c.
Grafton and team work between t4.e
business men, the bankers and the
cotton growers of the south to put
this section in a better economic po-
sition. "y
Farmers are paying - the rste
of So per 100 pounds to get cotton
picked" said he, land are having a
hard time to get pickers at that. Do
you realize how much that figures?
It figures $40 bale or cents a
pound-mere1y to get cotton picked.
Thousands Of bales Of cotton are
rotting in the fields because the farm
ers cannot get pickers even at 81 per
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