Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-04-30
INSURANCE PLA|!
FOR FOREIGN SALES
WOULD AID COTTON
BY RALPH SMITH

Creation by the federal government
of a bureau to insure the foreign
! credits of American bankers, export
ers and manufacturers against loss
| by war or revolution in European
| countries will be considered and prob
ably .favorably urged upon congress
at joint conference in Atlanta Sat-
| urday of representatives of the war
| finance corporation, the Federal In
| ternational Banking company, EXPORT
ers and bankers from all sections Of
the south.
The conference, which will bring
| to Atlanta the most notable array
of distinguished financiers ever as
| sembled in the south, will be an adj
| journed session of the meeting that
was held in New Orleans some three
| weeks ago.
| The idea of the issuance by the
| United States government of politi-
cal insurance is predicated in large
part upon the success that marked
the operation and administration Of
the war risk insurance bureau OF
| the treasury department during the
period of active hostilities in the ma
lions engaged in the world war.
| George H. McFadden, of Philadel-
phia. who enjoys the reputation of be-
ing the largest spot cotton merchant
| in the world. is patron of the plan.
which, it should be added, contem-
plates relief not only for cotton, but
| also for all other agricultural and
| industrial commodities that are SUBJ
| ject to export to European coun-
| tries.
Many Prominent Financiers
Among those who will consider thu
proposition along with other methsds
for encouraging the export of Amer
lean products will be the following
fnanciers:
| Eugene Meyer, Jr., managing dt-
rector of the War Finance corporation.
of Washington and New York; Angus
Mclean, of North Carolina, director
of the War Finance corporation; r. S.
Hecht, of New Orleans, president of
| the Hibernia Bank and Trust COM
pany; J. E. Bouden, Jr., of New Or
leans, president of the Whitney Gen.
| trail National bank; l.. M. Poole, Of
New Orleans. president of the Marine
Bank and Trust company; J. P, But
| Ter, Jr., of New Orleans, vice presi-
dent of the Canal-Commercial Bank
and Trust company; F. M. Law, of
Houston, Tex, vice president of the
First National bank; S. ], High,
Tupelo, Miss, president of the Peo-
pies Bank and Trust company; T.
j. Caldwell, of New Orleans, vice
president of the Federal International
Banking company; H. ]. Dreker, OF
New Orleans, vice president of the
Federal International Banking COM
pa1y; John K. Ottley, Of Atlanta,
president of the Fourth National
bank; Robert F. Maddox, of Atlanta,
president of the Atlanta National
bank; Mills B. Lane. of Savannah,
president of the Citizens and South
ern bank; J. Pope Matthews, of Coz
llumbia, S. c.. president Palmetto Ma
tional bank; Oscar Wells. of Biz"
mingham, president of the First Ma
tional bank; Brinkiey Snowden, Of
Memphis, vice president of the Bank
| of Commerce and Trust company;
Moorenead Wright, of Little Rock,
president of the Union Trust COM,
pany Arthur F. Perry, of Jackson
VILE, president of the Florida Ma
tional bank; Nathan Adams, OF Dali
las. Tex, vice president of the Amer
lean Exchange National bank.
All of the above mentioned bank
ers, excepting Messrs. Meyer and
Mclean, are directors of the Federal
International Banking company,
| which S working in close harmony
and corporation with the War Finance
corporation in encouraging exports Oh
cotton to European markets.
1t is probable that the, officers
and directors of the Federal Reserve
the conferences. The directors met
| in regular monthly session in Attain
| Ia Friday, and all of them Ieel
| deep personal concern in the efforts
| that are being made to relieve ousl-
ness depression in the south ana
| throughout the country by co-opera'
| ton between the bankers and export
| ers, on the one hand, and the war
| finance corporation on the other:
| w. L. Clayton, of Anderson-Clay-
| Thompson, Of George H. McFadden
| company, Philadelphia; Newman
| Monaghan, of Memphis; A. H. Cleav-
| er, of Dallas; S. Y. West, of Little
Rock, and other cotton exporters are
| expected to attend the conference
FINDS General Ravor
Although the details of the suggest
| ed political insurance obviously
! are matters for consideration and
| formulation by the United States
! congress, the general outline of the
| plan is understood to have found
| general favor among those to whom
| it has been presented. They regard
dor foil mr. L.
| ly sound in principle, practical IN
| application and predestined to prove
efficacious in operation. Moreover, IL
| does not involve direct government
bankers or farmers, and thereforG
| is not subject to attack as paternal-
istic.
AS presented to Messrs. John *.
Ottley, president of the Fourth Ma
tionai bank, and Robert F. Maddox,
president of the Atlanta National
bank, by Mr.. McFadden, the sug-
gested 'political insurance" if is
sued by the government, would Gre
ate an immediate and steady market
for cotton, wheat. corn and all other
farm products in Europe.
Protection, Not Money, Needed
1t is the view of Mr.. McFadden, inv
which bankers and exporters concur,
storing the flow of American prod
ucts to Europe is neither the les
sened foreign demand nor the lack
of American capital to finance ex-
ports, nor is it a question of credits
in so far as they involve moral risks
and financial obligations.
Mr.. McFadden's firm is the largest
spot cotton merchant in the world.
1t has an abundance of capital and
unquestioned information as to the
moral and financial responsibility OF
foreign buyers.
But" Mr.. McFadden explained,
while my firm is willing and amply
able to export cotton to Europe ON long