Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-06-02
REVIVAL Of TRADE
IN EUROPE SEEN BY
EX-SENATOR SMITH

NEW YORK, May 31.-All signs in
Europe point to an early trade re-
vival, former Senator Hoke Smith,
Of Georgia, today told the national
consultation conference of American
cotton growers, manufacturers and
affiliated interests.
THE outlook abroad is most en-
couraging," he said, land as far as
Europe is concerned. all signs are
for the better. We can look for
some Improvement in the next few
months and an early trade revival
may be expected"
Secretary Hoover met with cotton
goods manufacturers today to discuss
means of developing the facilities OF
the commerce department to rendeE
the most efficient service to the cot
ton industry. Representatives from
the south and New England were
present, and the conference was the
seventh the secretary has held with
representatives Of leading Industries
in an effort to devise plans for sup
plying the need of timely and &C
curate trade statistics in their re-
spective fields.
The plans under consideration. 1t
was said, would enable the depart
ment, with the cooperation of the
cotton industry, to publish more &C
curate and comprehensive statistics
showing conditions in the business.
The manufacturers would be expect
ed to give the department data at
frequent intervals covering produc-
ton, distribution and wholesale and
retail price figures.
Those present at the conference
included representatives Of the Caro-
lima Cotton and Wooden company,
Spray, N. c.; L. L. Aronld, Cotton"
Atlanta; Mr.. Glenn. Georgia Cotton
Manufacturers association. Atlanta.
Hoover's Letter
Formal 1expre -siops by Secretary
Hoover. of the belief that extended
credit facilities are vitality needed in
southern cotton states and that fed
era1 reserve system credit cudtail-
ments. having served their purpose,
now are bringing great hardships"
is contained in a letter from Mr..
Hoover, made public today by former
Senator J. L. McLaurin, of South
Carolina. who conferred with the sec
rotary last week regarding the cot
ton situation at the suggestion OF
President Harding.
ST beg 70 confirm, Mr.. Hoover
wrote, 1.-The views / expressed at our
conference this morning on the sttua-
ton in the south.
First, / consider it is vital that
the credit facilities to producers and
egitimate business should now be
greatly extended in the southern
States, The curtailments through
he reserve system have served their
purpose in reducing speculation and
over planting; they are now bringing
treat hardship. This is more a
question of volume of credit extend
demanded, and requires the co-opera-
ton of both reserve and member
banks. / believe most bankers are
now agreed that this policy is neces-
sary.
Second, we need better organized
export credit machinery. The north
ern bankers will, l hope, succeed in
Joint effoits with their southern col
leagues, in creating larger instttu-
lions unde the Edge law for ham
ding cotton.
Safe Credit Needed
ut appears to me that some meas
ure of safe credit could be estab-
lished by Americans placing cotton In
European warehouses under their
own control for delivery to European
buyers against cash. Perhaps CO.
operation among producers and bank
ers could accomplish something in
this direction.
Third, for better marketing and
finance of the cotton industry, the
warehousing system should be i'm
proved so as TO permit the issuance
of a cotton warehouse certificate of
such form and character that 1t can
not only become the basis of mobile
credit, but also can pass as actual de-
livery of the cotton. This implies not
only guaranteed warehouse integrity,
but a complete determination of
grade. quality and quantity. This
is already current in some states apd
needs to be extended.
Fourth, the prospectively much
reduced acreage and yield will, | be-
lieve, contribute materially to stabil-
iZing the situation over the next
year"
cTNrrU II CHA NnADn TTDCEn