Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-04-12
WAR FINANCE BOARD
HEAD PLEDGES help
To COT TON PLANTERS.

Commencing the courage and mi
tiative of southern banks in organ
izing the Federal International Bank
ing company for the export of cot
ton as the outstanding accomplish
ment of American business ability
and ingenuity, Eugene Meyer, Jr.,
managing director of the War
Finance Corporation, Monday morn
ing reiterated and emphasized the
disposition and the purpose of the
big federal financial organization to
lend every aid and cooperation to
the south in arranging European
credits and promoting the export of
cotton.
"With such a splendid spirit as
has been manifested by the bankers
of the south, of whom I refer by
name to two prominent members of
the fraternity in Atlanta-Messrs.
Robert F. Maddox and John X. OF
tley-I believe the day is not far
distant when a material improvement
will be noted in the situation with
respect to the cotton crop" said Mr..
Meyer, amid applause at the cham
Der OF commerce Monday morning,
where he and Dwight Davis, direc-
tor of the War Fjpance Corporation,
addressed a representative gathering
of citizens.
The Spirit Of the South
Mr.. Meyer dwelt upon the DISPOSE
ton of the south to help itself dur
ing the period Of business depres-
sion, and declared this disposition,
as evidenced by the concrete example
furnished by the Federal Interna-
tional Banking company, challenged
the admiration of the country at
large and awakened hearty approval
in official Washington.
when over fourteen hundred
banks throughout the south unite
in subscribing $7,0o0,030 to finance
an international export bank there
is no doubling the courage and earn
estness with which they face the
situation" said Mr.. Meyer. 1.-The
organization of the export bank was
an outstanding accomplishment. No
| other section of the country has
manifested such a spirit"
The meeting at the chamber Of
commerce was arranged overnight
| to enable the bankers and business
men of Atlanta to meet Messrs.
Meyer and Davis, who stopped 10
Atlanta yesterday en- route to wash
| ington from New Orleans, where
they attended a cotton conference
| Saturday. Lee Ashcraft, president
of the chamber, presided at the
meeting, which was attended by
many Atlantians and a number of
farmers who are here attending
conference on marketing.
Cotton Problem National
The visitors left at 1870 for Wash
ington, and their speeches were nee
essarily limited. Mr.. Davis preceded
Mr.. Meyer. Their speeches were in
harmony and accord as to essential
details, and were featured by several
declarations mat may be epitomized
as follows:
1. The cotton problem is not
southern, nor sectional; it is nation
tal.
2. Even if the south had not given
visible and concrete manifestation OF
it's disposition and courage to COM
bat the difficulties single-handed, the
federal government would be dispos-
ed to lend a helping hand to relieve
conditions because cotton is the
worlds greatest export. Business
sagnation of the stream at any one
point is relieved the relief will stimu-
late the flow everywhere.
3. The demand for spot cotton in
European warehouses EXCEEDS the de-
mand for cotton in American fields
and warehouses, and the methods OF
marketing the crop that have prevail
ed heretofore should be. and will have
to be, materially modified to mate
rally stimulate exports.
4. The War Finance Corporation
has abundant means and ample au-
thority, to lead every, financial aid
to southern banks and exporters in
promoting the flow of cotton to Eu-
rope, and such aid will be given gen
erously and fully to every merlto-
rious foreign engagement for the
shipment of cotton.
5. The bankers of the south,
through the Federal International
Banking company, and other arrange
ments that are in the making, are ir1
position to request and receive aid
from the War Finance Corporation.
Three Methods Suggested
return to Atlanta two weeks hence to
participate in a further conference
of bankers, but in the meantime the
war finance corporation will render
full, generous and immediate aid in
promoting the export of cotton by
advancing credits on the strength Oh
satisfactory terms.
In discussing the cotton problems
in it's broader aspect, MeSSrs Meyer
and Davis declared that the serious
ness of the situation had suggested
three different methods of action by
the government:
/. A do-nothing policy, proposed by
those who believe every section and
every class should take their own
medicine"
2. Direct and immediate govern
ment aid, urged by the socialistical-
ly-ipcIined who believe the govern
ment should assume the burdens or !
the Individual.
3. Government assistance along
sound business lines and in accord
ance with the precept of promoting
the development, prosperity and hap
piness of the people.
Warehousing Scheme Impractical.
The officers of the war finance cor
poration declared that the govern
ment had adopted the third means of
helping to improve conditions by
tending assistance. The attitude off
the government was reflected, they
said, in the action of congress in
recreating the war finance corpora
ton after it's suspension
The cotton problem" said Mr..
Meyers. SIS a problem of exports and
foreign credits. and the war finance
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