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VOL. XXIII. NO. 11.
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Death Ends Fast of
Mayor MacSwiney
On His 74th Day
rlsh Prisoner Passes Away
at Brixton Prison Despite
Forcible Feeding by His
Jailers
- LONDON, Oct. 25.—Terence Mac-
Jwiney died in Brixton prison at
1:40 a. m. today.
The Lord Mayor of Cork died with
out regaining consciousness at the
lawn of the seventy-fourth day of
lis hunger strike.
With MacSwiney as he died were
Pather Dominic, his religious advis
ir, and his brother, John. John re
named in the prison throughout the
light and was not permitted to leave
prison until 6:15 a. m. In
hat H'nie he was not permitted to
:ommunicate with other relatives.
MacSwiney began sinking at mid
light last night. Officials refused
o permit the priest to notify rela
ives, according to a Sinn Fein an
louncement.
The lady mayoress and MacSwin
ley's sisters. Annie and Mary, visit
d the prison ftt 9 P- m. They stayed
|pteeti minutes and left quietly.
.The prisoner’s wife made her last
•isit to the bedside Saturday after
con. but the two sisters had not
>een allowed to see their brother
ince Friday.* They were denied ad
mission Saturday and remained in
he prison waiting room all day
rithout food. They finally were
jected late at night by constables.
MacSwiney’s death was believed
icar Thursday when he became de
irious. His body was racked with
remors which continued even after
ie regained consciousness.
Physicians gave him his first food
.s he lost control of himself. They
;ave him beef extract and brandy.
The prisoner raged when he recov
red and knew from the odors that
te had taken food. Thereafter he
rag fed whenever he lost conscious
iess. Although the food was retain
d, physicians had little hope that he
rould recover. His mental attitude
ras against it and he wore himself
ut raging against being fed.
It was at this stage that relatives
trere deprived of their usual freedom
n visiting the prisoner. Physicians
irotested that the process of feeding
dm made it advisable to bar them.
The last outsider to see him was
Lrt O’Brien, of the self-determina
ion league. O’Brien issued a state
ment saying that the feeding of
lacSwiney was unnecessary vio
ence.
After lying in comparative comfort
or almost days of his
trike, MacSwiney’s last days were
lainful and harrowing.
Previously MacSwiney had lain on
ds bed, packed in hot water bottles,
ontentedly receiving visitors and
leacefully contemplating the effect
f his act on the cause of Ireland
Then came his delirium and his
irst feeding. There were several de
irious spells during which MacSwin
ley raved and shouted of the Irish
ejublican army, drilling imaginary
rlops and presiding over imaginary
rish courts. .
He swung his arms in exhortation
•nd huskily recalled orders. Open
ng his eyes he would ask his rela
ives if the republic had been firmly
irtablished and if Ireland was func
fciing as a nation
▼rhe lady mayoress apparently
few death was coming when she
aw her husband Saturday.
"It’s too terrible. I can’t talk
ibout it any more,’’ she said when
ihe left the prison late in the after
loon. She was ill Sunday as a re
mit of the long and trying experi
ince. .
MacSwiney, said to be suffering
'rom lung trouble when arrested Au
just 12, went on a hunger strike im
nediatelv. He was convicted Augus.t
6 by a military court on charges of
•reparing and having in his posses
ion seditious literature.
Eleven other Irish republicans ar
ested at about the same time went
in a hunger strike two days earlier
n the Cork jail.
When MacSwiney was deported to
England to be placed in Brixton jail
shortly after sentence, he was so
fceak that he had tp be carried
ioard the steamer 6n a stretcher,
(was believed then .that he would
e within a few days.
The lord mayor lived, however,
ith only slight changes in his con
ition. He lived to see one of the
ther hunger strikers, Michael Fitz
erald, die after sixty-eight days of
asting.
DUBLIN, Oct. 25. —(United Press.)
—The Mansion house, residence of
he Lord Mayor of Dublin, was raid
id by police today.
300 Killed and Hurt
In Japan Collision
TOKIO. Oct. 23. —Special dispatches
’rom Harbin, Manchuria, today re
sort 300 casualties in killed and in
jured in a collision of trains on the
Chinese Eastern railway near Harbin,
victims, the reports add, were
Russians.
THE TRI-WEEKLY JOURNAL’S BILLBOARD OF HAPPENINGS NEAR AND FAR—BY BREWERTON
SETTLEMENT OF
, ENGLISH STRIKE
SEEN IN PARLEY
LONDON, Oct. 25.—Premier
Lloyd George and members of the
government this morning conferred
wjth government experts concerning
a new set of figures for wages for
the coal miners and production in
the coal industry. Later the govern
ment leaders and representatives of
the miners met and continued the
negotiations begun Sunday for a
settlement of the miners' strike.
Conversations renewed at No. 10
Downing street today between Pre
mier Lloyd George and executives of
the miners’ federation were confident
ly expected to lead to a settlement
of the miners’ strike, which last
week threatened to involve Great
Britain in an industrial crisis.
Prominent executives of the fed
eration and government officials are
quoted by newspapers here as being
optimistic of the situation.
Couldn’t Vote for
Harding, So Jumped
Over Niagara Falls
NIAGARA FALLS, N. Y„ Oct. 25.
Before the eyes of a score of sight
seers at Prospect Point late Friday
afternoon a man climbed ‘ over the
railing, waded out into the river and
was carried over the American falls.
Too astounded to act the spectators
stood by while the man drifted
to the brink, waving his hand and
shouting: "Here’s where I leave
you, good-by.”
In a black derby found near the I
place where the man climbed the i
railing was found a piece of paper
on which was written: “This hat
belongs to Carl A. Ellis, of Ham
burg, N. Y." The description of the
suicide corresponds to that of Ellis,
who could not be located in Ham
burg. ;
The 1 owner of a souvenir stand
near the falls told the police that
the man approached him and
laughingly said: “Well. I can’t vote
for Harding, so I may as well go
over the falls.”
Head of Bankers
Confers on Plan for
Financing Exports
NEW YORK, Oct. 25. —John S.
Drum, of San Francisco, recently
elected president of the American
Bankers’ association, arrived here
today to confer with New York bank
ers on a plan approved by the asso
ciation at its Washington convention
last week for formation of a nation
wide foreign trade financing corpora
tion.
Bankers of the country. Mr. Drum
declared, are fully alive to the need
of maintaining and developing for
eign markets for American products
not required for domestic use, and
will do their part as a national serv
ice.
The executive council of the asso
ciation, he announced, has designated
the members of the commerce and
marine committee which formulated
the financing plan as the associa
tion’s new commerce and marine
c o m m i ssion.
Balloons in Bennett
Trophy Race Reported
Over Lake Michigan
CHICAGO, Oct. 25. Drifting
northeastward, balloons entered In
the James Gordon Bennett trophy
race today were reported somewhere
over Lake Michigan and Indiana.
Lake boats were on the lookout and
ready to assist in case of accident.
The balloons sailed into Indiana
late yesterday. The pilot balloon
“Birmingham’’ descended at Vanda
lia, 111. It reached an altitude of
12,000 feet just before it landed.
Last reports showed Goodyear 11.
leading. It was traveling toward
Lake Erie from Logansport, Ind.
Two balloons passed over 'Pana,
111., late yesterday at a height or
5.000 feet. Windsor, 111., reported
three balloons passing there earlier.
Fourteen Killed m
Cape Colony Clash
PORT ELIZABETH. Cape Colony,
Oct. 25. —Fot*rteen persons were kill
ed and about thirty wounded in a
clash between natives and troops
and police Saturday following the
arrest of Masalababa, president of
the native \ workers’ union. The
fighting began when a crowd tried
to rescue Masalababa from the police
station. After two or tliree vain at
tacks the mob succeeded in entering
the station, whereupon ths police
called for the soldiers, who fired upon
and dispersed the mob.
SOUTHEASTERNHIR
SETS NEW RECORDS
DURING 1920 MEET
Expected That Attendance
Mark of 150,000 Will Be
Passed Before Gates Close
’Tuesday Night
With the Southeastern fair on the
eve of closing, Indications were Sat
urday night that a new record for
attendance would be established.
Starting ff with a tremendous
swing, the fair has sustained its In
terest for Atlantans, the thousands
of visitors who have thronged the
city all week, and the crowd Satur
das’" night proved one of the greatest
in the history of the fair association.
Although exact figures were not
available, fair officials weer of the
opinion that it was probably the
largest crowd that ever visited Lake
wood.
Blessed with Ideal weather and
boasting the finest and most varied
assortment of exhibits on record,
the fair already has drawn more
than 140,000 persons and indications
are that by the time the gates close
Tuesday night the figures of 159,-
797 for the year 1919 will be ex
ceeded by several thousand.
There Will be no "cutting down”
of exhibition other attractions for
the last two days of the fair. The
exhibits, midway, Johnny J. Jones
exposition and all will run full blast
until the gates are closed Tuesday
night. The sole exception is the
Grand Circuit races which ended
Saturday. . , .. „ n
Replacing the grand circuit races
on Monday and Tuesday were the
motor races, beginning at 2 o clock,
and bringing but Disbrow, Leon
Duray , Sig Haugdahl and other
famous drivers; and daily contests
of auto-ipolo. The pageant, “From the
Days of Old,” was to be staged Mon
day night and again Tuesday night.
Attendance Record
The pageant, one of the most elab
orate events of its kind ever pre
sented in the south, depicts in
chronological order the historical
progress of the south from the time
of the Indian down to the present
day. Several hundred persons par
ticipate in the various scenes
pageant and the costuming is par
ticularly appropriate. There are red
skins, early settlers, colonial types,
soldiers of the ’6o’s and a wonderful
portrayal of the south’s resources
today. The pageant to be pro
duced on Monday and Tuesday nights
was expected to prove one of the
prime features of the last two days
of the exposition.
Auto polo games, were staged
during the automobile racing events
Monday and Tuesday afternoons, the
All-American and Mid-Western teams
battling in thrilling fashion, with
mixx-ups aplenty to satisfy the most
rabid of motor fans.
Another world’s record was estab
lished at the fsdr last week. The
roller coaster on Tuesday carried
22,905 persons, which the amuse
ment officials say is more than ever
before in the history Os roller coas
ter operation. Tuesday was “School
Day’ - and yougsters from far and
near inspected everything on the
grounds taking full advantage of
the attractions along the midway.
Governor Will Ask
Gins to Close Until
Cotton Price Rises
NEW ORLEANS, La., Oct. 25.
Governor John M. Parker is expect
ed to issue a proclamation Monday
calling on every cotton ginner in this
state to close his plant until the de
pressed cotton market reaches a
price that will enable producers to
dispose of their crops at a reason
able profit. \
At the same time, the chief ex
ecutive will send a message to gov
ernors of every cotton growing state
urging them to take similar action to
save the cotton growers from heavy
losses resulting from the slump in
prices.
The decision to ask ginners to
I suspend operations came after a con
ference with Dr. B. Gilbeau and Dr.
C. A. Gardner, of St. Landry parish,
I who, with W. B. Thompson, presi
i dent of the Louisiana division of the
I American Cotton Growers’ associa
■ tlon, are seeking to organize the gin
i owners with a view to bolstering up
i the cotton market.
Officials of the Cotton Growers’ as
: sociation predict that ginning will
I be completely halted throughout the
| south by November
Flier Falls 300 Feet
Into River; Unhurt
NEW YORK. Oct. 22.—Major How
i ard Gans fell 300 feet in a seapane
i into the East river this afternoon
iin a flight at the 'formal opening
! ofthe aviation division of the police
1 reserves.
I His brother, Captain Joseph Gans,
leaped into another seaplane and
(taxied out to the damaged machine,
(expecting to find the major seriously
injured The only injury suffered
by the major was wet clothes.
ATLANTA, GA., TUESDAY, OCTOBER 26, 1920.
WORLD’S LONGEST FAST ENDS
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MAMMOTH THRONG
APPLAUDS COX IT
B YORK SPEECH
NEW YORK. Oct. 23.—Governor
Cox. of Ohio delivered his League
of Nations message to a great au
dience in Madison Square Garden to
night and emphasizing business and
economic considerations,-, declared
that America’s “successful future
depends upon entrance into the
league at the earliest possible mo
ment.”
Willingness to make "some com
promise” upon league reservations
was declared by the Democratic
presidential candidate. He reiterat
ed that he would accept “helpful”
reservations. If elected, he said he
would “lift this issue out of politics
by effecting a result which will in
sure the entrance of the United
States into the league with the idea
of perfecting it and' obtaining for
ourselves the benefits which will ac
crue.”
Governor Cox’s speech, closing his
Atlantic coast campaign and climax
ing a day of receptions, luncheons
and other events, stressed agricul
tural industrial banking and other
arguments for American participa
tion in the league.
“The most serious depression the
country has ever witnessed.” was
predicted by the nominee if the
league cause was lost. Business de
pression already, he declared, has
“grown intense” as a result of Sen
ator Harding’s statements on his
league attitude.
Reiterating that financial rehabil
itation. credit and power, together
with increased resources resulting
from disarmament, would flow from
the league’s success, Governor Cox
declared.
“If we go into the league our finan
cial power will guarantee that we
shall never have to send an Ameri
can army to fight in Europe. If we
meet the opportunity that calls to
us. we can write the word ‘American’
across the page of the twentieth
century history in letters of light.”
Regarding compromising upon
league reservations, Governor Cox
said:
"It is going to be necessary to
make some compromise to secure the
desired end. and that I am willing
to do. I am for the ratification of
the league with reservations and
have so stated my position in every
sneech made from the Atlantic to
the Pacific. I will accept reserva
tions that are helpful, that will clar
ify, that will reassure our own peo
ple, and that will make elcar to
our associates in the league the lim
itations of our constitution, beyond
which we cannot go, among which
are the Hitchcock reservations.”
Snow in Colorado
GRAND JUNCTION, Colo., Oct. 23.
Western Colorado was swept by a
severe snowstorm early today and
train service has been virtually para
lyzed. The snow is from two inches
to four feet deep.
SAYANNISTONMAN
SOLD FAKE DIVORCES
10 GEORGIA PEOPLE
I
ANNISTON, Ala., Oct. 25.—Judge
James F. Creen, a leading lawyer of
this city and city recorder for ten
years, was arrested by Deputy Mar
shal A. H. Borders on October 12,
federal officers declining at the time
to give out any information on the
subject. Monday morning he was
too ill to appear before Cummission
er R. D. Carr, under a charge growing
out of an alleged wholesale distribu
tion of fake divorces and a. federal
charge of using the mails to defraud
The large number of witnesses who
had been summoned to appear against
him at a preliminary hearing Monday
morning were called before the feder
al grand jury which is investigating
the case.
The first public announcement of
Judge Creen’s recent arrest was made
Monday after his physician had re
ported to Commissioner Carr and As
sistant District Attorney Jim Smith
that he was seriously ill at his home
in the city. Judge Creen has been
confined to his home here since his
return from Mobile a month ago, and
unless there is an improvement in
his condition he will never be tried
for the government offense. He has
been placed under a SI,OOO bond.
It became known for the first time
today that the arrest was made Oc
tober 12. Officials kept the arrest
secret on the ground that witnesses
would have to be summoned from
Georgia and that the case could not
be brought up before the opening of
the fall term of the federal grand
jury here today.
Judge Creen was displaced as re
corder about one month ago at the
election of city officers.
The arrest of Judge Creen, which,
caused a genuine sensation in thts
city, was brought about at the insti
gation of a postoffice inspector ■who
had been working on the case for
a long time. According to in
formation secured by the inspector
detailed on the case, more than a
dozen of the fake divorce decrees
have been sold during the last year
to people residing in and near Cedar
town, Ga., many illegal marriages
-having been contracted on the
strength of the divorce decrees fur
nished by the accused attorney.
Many Georgia Witnesses
The postoffice inspectors allege that
the operations charged against the
Anniston man cover a period of sev
eral years, and that the money se
cured by him in payment for the de
crees will run into the thousands of
dollars. The method used in the sale
of the divorce decrees, as unearthed
by the inspectors, seems to have been
(Continued on Page 7, Column 6)
STATE COIWENTION
ISHELDDWONDjy
IN CIO MACON
Amendment to Federal Re
serve Act Urged to Permit
More Liberal Policy To-'
ward Farm Paper
BY ROGERS WINTER
(Staff Correspondent of The Journal)
MACON, Ga„ Oct. 25.—The Geor
gia Democratic Convention remained
in seston here today but two hours
and forty-five minutes, but into that
brief period it crowded its two years
rs party business moving with the
clock-like precision of a well-rehear
sed opera.
Thomas W. Hardwick and Thomas
E. Watson were nominated for gov
ernor and United States Senator by
acclamation and without a dissent
ing voice, both responding with
speeches urging support for the na
tional ticket, but denouncing the
League of Nations. The climax of the
convention came at the conclusion
of Mr. Watson’s remarks, when the
delegates broke from their seats and
swarmed to the stage. So great was
the confusion that Chairman J, J.
Flynt declared a recess. Mr.
Watson was followed by throngs of
admirers to the dressing rooms and
ultimately had to leave the building
to get breathing space.
The platform adopted was consid
ered a compromise between Mr. Wat
son and Mr. Hardwick. It condemn
ed the League of Nations, but did not
mention the president except inci
dentally. It urged support for Cox
and Roosevelt and an amendment to
the Federal Reserve act permitting
more liberal extension of agricultur
al credits.
In referring to Clark Howell, na
tional Democratic committeeman
from Georgia, the platform set forth:
We regret that our Democratic
national committeeman is holding the
office to which the sovereign Demo
cratic convention of this state se
lected another distinguished Geor
gian and Democrat; and while this
convention is without legal remedy,
we hereby condemn and denounce
such interference with the choice of
democracy of this state as being
wholly unjustifiable and un-Demo
cratic.” •
W. J. Vereen, of Moultrie, was
named chairman of the new state
executive committee, J. J. Flynt, vice
chairman; E. W. Jordan, of Sanders
ville, secretary. Twenty-four mem
bers were selected from the state at
large, four from each congressional
district, and fourteen woman aux
ntJZ V lll announced
later by the chairman.
r Called to Order
The convention was called to order
at 10:20 o’clock, Macon time, by Hi
ram Gardner, secretary of the Demo
cratic ■state executive committee. Dr.
K. E. Douglas, pastor of the First
Presbyterian church, delivered the
invocation. On the call of the roll
of counties, about one-third were
missing. Those were Walker coun
ties, whose delegates did not come to
the convention.
Secretary Gardner then called for
nominations for temporary chairman
and Judge James J. Flynt was unani
mously elected by acclamation.
Judge Flynt was greeted with pro
longed applause as he accepted the
gavel from Hiram Gardner, who re
tired from the stage.
Chairman Flynt appointed a cre
dentials committee as follows:
W. B. Sloan, Hall county; B. L.
Reagan, Henry; M. U. Moody, Troup;
George B. Burnett, Calhoun; J. a.
Smith, Washington.
Chairman Flynt next appointed the
following committee on rules.
Sam L. Olive, Richmond; I. N. Mer
linjones, Hall; Fred Kelly, Gwinnett;
F. C. Manson, Clayton; Julian Mc-
Curry, Hart.
Following those appointments,
Chairman Flynt launched the key
note speech of the convention, con
sisting mainly of criticism of the
League of Nations.
Three times in six months, Chair
man Flynt said, the Democrats of
Georgia have voiced their opposition
to the league in stentorian tones
heard throughout the country, and
there can be no room for question
as to where they stand. If that was
not the meaning of the Georgia elec
tions, he declared, they had no mean
ing.
Chairman Flynt paid his respects
to the Macon Telegraph, which car
ried an editorial this morning to the
effect that the convention ought to
indorse the League of Nations.
Short Recess Taken
“This convention is entirely capa
ble of framing its own resolutions,”
said Chairman Flynt, “without as
sistance from the Macon Telegraph.’!
The convention roared its approval
of this shot. Chairman Flynt ex
pressed the highest regard for Presi
dent Wilson, whose motives he did
not question, but he declared R was
the right of the American people to
reject the League of Nations if they
do not approve it, and he gloried in
the fact that Georgia is soon to be
represented in the senate by “a great
(Continued on Page 7, Column 4)
Prosperity Assured
If Calamity Howler
Can Be Kept Silent
THE threatened financial stringency that temporarily upset busi
ness and arrested progress has been averted, and speedy resto
ration of normal pre-war prosperity is assured if the chronic
calamity howler can be silenced long enough to enable the thoughtful
to make a careful survey of the situation. This, in a nutshell, repre
sents the judgment of the bankers and business men of Atlanta, who
are familiar with surface conditions and underlying fundamentals,
which is another way of saying that the business readjustments fol
lowing the war have created a condition that is more psychological
than real.
The Ills that have attended the readjustments are being healed
by the development of a spirit of co-operation of the interests that
complete the business cycle and the manifestation of a sturdy calm
ness on the part of the men to whom the public looks fpr counsel
and leadership.
The- change in the course of the pendulum’s swing from an era
of expansion and inflation to a period of stable development and
deflation necessarily was marked by a temporary lull, but this lull,
as Governor M. B. Wellborn, of the Federal Reserve bank, remarks,
“is but a healthy sign of a genuine awakening—a precaution neces
sary to insure safety that is bound to have a wholesome effect on
the transitory period now under way.”
STATEMENT ON
COTTON ISSUED
BY J. J. BROWN
■
The farmers of ths south are not
broke and nobody has said they were
brokfe, said J. J. Brown, commissioner
of agriculture, in commenting Sat
urday on some of the “soft pedal
editorials.” as he characterized
them which have appeared in cer
tain newspapers in the south and
elsewhere, urging the cotton leaders
to “stop talking calamity and go to
talkiig prosperity.”
Commissioner Brown said these
editorials reminded him of a white
man at a camp meeting who severe
ly rebuked a negro for striking his
(the white man’s) bull dog before
it bit him instead of after it bit him.
“If tfe folded our hands and said
nothing, while the growers sold
their cotton below the cost of pro
ducton,” said Commissioner Brown,
“it wouldn’t be necessary to make
an agitation after the cotton was
gone and the farmers were broke.
We have not said the farmers were
broke. We have made our fight to
keep them from going broke. If
they can get out of their cotton the
money they put into it, plus a rea
sonable profit, they will be in good
shape. If they are forced to dump
it on the market at this juncture,
the market will immediately under
go a second slump, and then the
growers will not be able to pay their
debts. It seems to me that the en
tire business community—whether
commercial, industrial or banking—
ought to realize that the fight we
are making is calculated to benefit
them as much as it benefits the
farmers, for their prosperity is de
pendent upon the prosperity of the
farmers”
In this statement Commissioner
Brown said: 1
“There M's undoubtedly been a
great improvement in our prospects,
and there is no doubt in my mind
that better prices will soon begin to
come.
“We earnestly suggest, however,
that every producer of cotton con
tinue to hold, using warehouse re
ceipts as collateral to protect his
creditors and tide over the crisis. We
further suggest and urge county
meetings in every county in Georgia
to organize holding movements, at
which a pledge should be taken not
to plant next year over 50 per cent
of the 1920 cotton acreage, under
any circumstances. This pledge
should go so far as to refuse to plant
a single stalk of cotton if the mar
ket has not reached the cost of pro
duction by the planting season.
"The federal department of agri
culture’s estimated cost of producing
(this year’s) cotton is 37 cents a
pound. The Montgomery convention
(of the American Cotton associa
tion) said it cost 38 cents. Late boll
weevil ravages probably made the
difference of one cent.
"It must be apparent to every fair
minded man that 40 cents is as lit
tle as the farmer can take and con
tinue operations. It Is manifestly
absurd to ask the farmer to plant a
full crop in 1921, when the markets
that control future prices are sell
ing the future crop far below the
cost of production. If non-produc
ers can sell cotton on the exchanges
cheaper than the south can produce
it, then it would be good business for
us to purchase our supply from
those wise guys, and let them de
liver or pay the margin of difference.
“If I were to advise a banker,
merchant or manufacturer to lend
money or sell goods at prices below
their legitimate cost of doing busi
ness, I would be looked upon as a
communist, if not an anarchist-
Therefore, when I advise the farmer
to refuse to grow cotton at a loss,
and only ask for. him a suare deal.
I feel that I should have the moral
and financial support, for the farm
er, In his greatest struggle, of those
who are dependent upon agriculture.
“The farmer has the opportunity
now, and should establish for all
time, the principle that he will not
grow anything whatever to sell at
less than the cost of production plus
a reasonable profit on his investment
and the service he renders." •
5 CENTS A COPT.
$1.50 A YEAR.
The Tri-Weekly Journal presents
today interviews with two of the
south’s foremost bankers, as well as
a statement from J. J Brown, com
missioner of agriculture of Georgia.
In addition to these authorities, in
terviews were obtained from eleven
other leaders in every Important
phase of the financial, mercantile, in
dustrial and commercial life of the
state.
The keynote of these interviews
was that the acuteness of the situa
tion has passed and that the out
look is bright for better things in
every line of effort.
Os particular significance to south
ern 'farmers is the statement by
Governor Wellborn, in which he says
that cotton producers can expect
“ample financial assistance through
Federal Reserve bank.”
. Commissioner Brown’s statement,
of the Improved status of
tho cotton situation, is published as
an accompanying article.
Governor Wellborn’s Views
“The present lull in business is
but a healthy sign of a genuine
awakening in the n: -, a precaution
necessary, to insure safety, and
it is ( bound to have a wholesome ef
fect on the transitory period now
under way,” states Governor Well
born, of the Federal Reserve bank.
“In considering the general busi
ness and financial situation at this
time,” he stated, “the public, should
not lose sight of the varied and
numerous factors entering ino the en
tire question. The world war destruc
tion of wealth, representing as it did
accumulated capital, upset the entire
capital structure and forced enor
mous expansion of credits. The pre
war trade relations of nations were
practically eliminated, causing a de
moralization of foreign exchange and
ly have the foresight to enter the
market and lay in a supply of raw
cotton.
“The proposed $12,000,000 financing
corporation, headed by Robert F.
Maddox, is along the correct lines,
and our section of the country should
lose no time in getting behind the
formation of this enterpriser It Is
high time we were doing more for
ourselves in the way of organizing
and conducting large institutions to
finance the business of this section.
"All in all, I feel we are sloyvly
heading towards the road to re
covery.”
an Inability of our foreign customers
to pay for»our commodities either
in gold or by offsetting balances cre
ated by shipments to this country,
thereby curtailing the demand and
tending to lower prices.
“Nor should we forget the fact that
commodities and manufactured prod
ucts under normal conditions were
sold to the world at large profits in
the early days and prior to our entry
into the war. There is no denying
the fact that the producer must ex
pect and will sustain ;ome looses In
this readjustment perul *n the proc
ess of equalization, just hs the great
salaried class will new regain their
losses by increased purchasing power.
“The world needs our manifaatv.red
products, our cotton f.nd ocher com
modities, but are forced to purchase
same gradually rather than in the
volume of other years, so .hat to my
mind the correct method is an order
ly marketing in order to obtain a fair
price.
Dont Bock the Boat
“If we are to keep off the rocks wt
must est steady and not rock tha
boat. There is no cause for wild
alarm; the financial and business sit
uation while strained, is sound and
the present tendency to economy and
conservation of credits will ease con
ditions to a w?ll-balanced prosperity
void of inflation.
“The Federal Reserve bank. whll<
recently subjected to considerably
criticism, stands as the foundation to
our agricultural, commercial and In
dustrial life, and must be guided with
a view to the interests of the entira
district.
“Governmental financial dsmandr
will lessen from time to time and
lighten the credit situation; European
trade conditions are improving. Th<
price of cotton, it seems, has already
reached the bottom, due perhaps t<
the repeated assurances given tlif
producers that they can expect ampU
(Continued on Bags 7, Column 8)