Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-05-10
COTTON LEADERS MEET
IN WASHINGTON, D. c.
By RALPH SMITH


with the directors of the war
finance corporation to consider
Ind, if possible, agree definitely upon
ines of procedure that will render
operative the proposals Of the war
inance corporation to- extend finan-
fial aid to southern bankers and ex-
borters in facilitating the movement
pr cotton to European markets. 1t
8 expected confidently that out OF
he Washington conference will come
toncrete understandings that will
lot only stimulate exports but will
Jesuit in relieving southern banks
pr burdensome frozen credits that
have tied up millions of dollars.
The significance of the Washing
on conference is far from, sectional.
although the subject matter to be
Considered relates Immediately to the
taple product of the south-cotton.
The policies agreed upon, however,
Fill apply to all: other American
PRODUCTS of the farm and factory.
Fhe war finance corporation will ex-
end to western bankers and grain
Exporters the same consideration that
accords southern bankers and cot
on exports, and the same policy
Fill apply also to California pack
ng products and other American
ommodities that are suffering from
tagnation through obstacles that
ave checked exports.
The situation, as regards the atti-
x lde of the war finance corporation,
bay be summarized as follows:
1. The war finance corporation al
eady is extending financial aid to
fxporters on actual exports of cot
bn.
dvance money to banks for loans
gainst cotton assigned to Europe.
3. The corporation, also, has agreed
advance money on cotton designed
pr future shipment within reason
& Bile time against either prompt or
breign countries, and for prompt
hipment to warehouses; in foreign
[stributing points, to be held for
be account Of American exporters
nd bankers for marketing out of
arehouses.
The conference between Eugene
eyer, Jr., and his colleagues on the
ar finance board, on the one hand
hd the committee of bankers and
kporters, on the other, will relate
kclusively and solely to detailed ar
lngements for the extension Of fl
fon h -1 rjcsTr
Dove. But this phase is not the only
after related to the question of
Enorts that will be considered by
e southern committee.
Insurance Question
The question Of insurance on ex-
IS against war or revolution in
& countries to which credit NAV be
ended by bankers and exporters
be considered carefully by the
"eln committee. along with other
je-ts that are designed to stimu-
exports through encouraging
'iican capital to lend a helping
nj in relieving the depression oc-
;loned by the stagnation of eX-
IS. The insurance question is as
portant to other sections of the
untry as it is to the south. for ex-
rters of other American products
Ell the same timidity about politi-
conditions in Europe as do men
gagged in the cotton industry.
At the Atlanta conference last
Lturday, Mr.. Meyer. representing
e war finance corporation. is I'M
(rstood to have definitely informed
mixers and exporters that while he
preciated the Importance and ne
ssity for insurance against war
BE and civil commotion," he pre-
FRED that the question should not
complicated with the immediate
oblem Of finances. 1t was out
Difference to his wishes. that the
lanta conference did not dwell
BON the insurance question, refer
hg it to the committee of bankers
d exporters for consideration.
Since the Atlanta conference there
We appeared evidences which make
appear almost certain that south
n bankers and cotton exporters
IL insist upon the development of
plan for insuring foreign credits
ainst war and political upheavals
Europe. In this attitude. it is
lieyed the southern bankers and
porters reflect a position that has
9 Endorsement of bankers and ex-
rters all over the country. Some
an for covering the risks suggest
is essential if American capital
is whole-heartedly behind the
pvement to encourage exports of
nerican products to Europe as a
cans of helping the general bust
ISIS condition.
1.-THE idea, as originally launched,
Us to have the federal government
Z sure foreign credits, but this has
en- abandoned as impractical, and
these circumstances it seems like
that the committee of bankers and
porters, in Washington tomorrow,
II initiate steps to enlist the aid
the two organizations of fire in
rance companies that handle ex
TT business, in cooperation with
e marine insurance companies.
The insurance phase of the situa-
pm is especially interesting in At
nta, because of the presence here to
ch a number of recognized in
rance authorities. One of the most
Fominent insurance men in the
untry, a resident Of Atlanta and
mpany, having a department office
Atlanta, attended the sessions of
Atlanta conference of bankers
d exporters last Saturday.
Expert Opinion
Asked for an expression of his
d more especially the insurance
pect of the export problem. this
hnager said:
= 1T was my privilege to attend a
Getting held in Atlanta on Satur-
by, April 80, between southern COM
e war finance corporation having
BEN represented by it's chairman apd
he other member; the Federal Re-
brve bank of Atlanta by several
embers of it's board of governors,
nd the Federal international Bank
corporation by certain of it's Of
tials.
Il was much interested to learn
hat there was more than POSSIBLE
V that the war finance corporation
ould be able to assist the CONNER
al banks of the south in carrying
ans to exporters on cotton to be
lipped to European countries under
,tual contracts of sale, since such
la would at once release for other
Numerical banks, and thus improve
he rather tense financial situation,
nd thus improve the rather tense
nancial situation now existing. If
MS can be done for cotton. it can
so be done for other exported prod
ucts, with resultant benefit to the