Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-01-04
BUSINESS MEN ARE
OPTIMISTIC OVER
FUTURE CONDITIONS
Continued from Page -

| and mutual helpfulnesS. Let us be
cheerful and trust in God. who has
perity."
Robert F. Maddox
mo country ever suffered a Sc
rious financial depression with album
cant harvests Of practically every
1920 as whole were. far above the
| average, and many of the leading
crops were the largest ever raised.
[ Unfortunately for the south,
| cotton has perhaps declined more in
value, in comparison with last years
| prices, than any other crop, and this
was not on account of over-produc-
ton but on account of worldwide de-
preston, and especially depressio
in Europe, which has been such a
large consumer of the south's staple.
cit seems but reasonable to ex-
pect, however, that the unusual val
ue in cotton at the present price will
warrant the world in consuming as
much, if not more, at say fifteen
cents pound than it consumed at
forty cents pound. In the past low
prices Of cotton have always stimu-
lated consumption, and / confidently
believe that history will repeat itself
this year.
"There is bound to be very sub
stantial residue left in the south
from the high prices which have pre-"
vailed for the south's products dur
1IlB lilo past Three years, anu Willie
the southern farmer, enjoying this
prosperity for the first time, natur: '
ly invested some of his earnings in
Injuries to give himself and his
family the pleasures long denied
them, at the same time many debt
were paid and the mortgage was lift
ed for the first time from thousands
Of farms. Better farming imple-
ments were purchased, better live
stock was brought to the farm, build
| N in
highways were improved, and on the
whole L am sure the south is fully
able to take its part of the loss due
to deflation in prices, now prevailing
in this country and throughout the
world.
Exports Of Cotton
| For the first time in the history
OF the south the bankers of this
section have decided to cooperate
for the protection and development
| less than six weeks 1900 banks in
nine southern states have subscrib-
ed more than 100000 to the CAPT.
tai stock of the Federal International
received permit from the Federal
| Reserve Board in Washington to
| complete its organization on January
| Z, at a stockholders meeting when
the bank will be formally organized
and begin business.
| "This institution, T feel sure, will
in time prove to be of great benefit
| to the south, as it was organized
primarily to facilitate the export of
southern products, particularly cot
ton.
"In Atlanta the prospects for ouA-
speaking, are good. Our merchants
as a whole have been conservative
part of the profits made during the
past few years, and are courageo is.
ly writing off the reduced values of
inventories. The large increase in
savings deposits in our banks is an
| other striking evidence of the con-
servatism and thrift of our people
'"Tne most important thing con-
| fronting the country today, in my
opinion, is the question of devising
some plan of financing the orderly
| marketing of our leading farm crops.
The farmer is entitled to co-opera-
ton and assistance in this matter,
and the question is now being consid,
cred by the federal government and
the agricultural departments OF the
several states.
Cali that is necessary now is for
the banker, the merchant and the
farmer to have courage in the future
and cooperate in meeting these I'M
usual conditions. Thus fortified, We
1921"
w. II. white, Jr.
''The year 1920, marked by phe-
nomenal economic changes, will go
down in history as the test year for
the American business man and bust
ness for 1921 will depend entirely
upon just how we measure UP to our
| responsibilities.
I'VE have seen in the year just
closed abnormally high prices and
the greatest imitation in values this
country has ever witnessed, abso-
lutely reverse themselves to a down
grade price scale at pace without
precedent.
'The readjustment. long expected
and long deferred when once begun,
was almost simultaneous in practi-
cally all lines, whether farm mules,
| food products, manufactured goods,
| labor, doctors bills or office build
ings. Every one has felt the af-
| fects of the Transformation which
was inevitable.
| "Shrinkages in inventory values
are heavy, but these shrinkages are
here and we should meet them full
handed. There can be no exaggera-
ton of the Importance of pricing in
ventories on the new production cost
| scale and business activities should
begin from this station.
1--WE are rapidly becoming recon-
ciled to the adverse conditions which
best interests can only be furthered
ton and defeat can only come
| through lack /of confidence.
| Keep South to Front
eve have our choice, either win or
lose, and have every confidence that
| human patriotism can instill, that
Georgia and the south will p meet
| their responsibilities and keep our
section of the country up in the fore
ranks of progress.
1.-The men of the north and west,
whom we have forced to respect us
in the matter of agriculture, finance
and industry, are watching us more
keenly than ever before and I stake
! my reputation as a business man in
| this statement that for the banker,
merchant, manufacturer and farmer.
conditions today are safer than con-
ditions existing one year ago.
There is no sense in this mood
of dependency. Get rid~of the idea
of cutting down production, that
breeds idleness, which is the great
| est menace to any country. Instead,
impress the urgent need of a great
industrial revival commensurate
with our resources. We have the
same country, the same people who
made America the wonder of the
world and I, personally, look for
ward to 1921 with perfect confidence
that our state, section and country
will enjoy the greatest year of pros
perity of this, the greatest era in
human history"