Newspaper Page Text
®be Atlanta Cvi -Weekly Wwnal
VOL. XXIII. NO. 23
Big Raids Indicate
Gigantic Ring of
Wire-Tappers Here
Huge Syndicate of Swind
lers Believed Uncovered
When Elaborate Dens Are
Discovered by Officers
Three sensational raids Saturday,
personally conducted by Solicitor
General John A. Boykin, accompanied
by a squad of his office assistants,
netted eight arrests, resulted' in the
, uncovering of what the solicitor says
are the headquarters of a “Vine-tap
ping” syndicate which is said to have
cleaned up approximately $300,000 in
Atlanta since the middle of October,
and revealed what he believes to be
the most gigantic swindling opera
tions ever conducted in this part of
the country.
The information disclosed by the
arrested men, all of whom are said
to havo been customers of the syn
dicate, led Solicitor Boykin to the be
lief that a gang of the cleverest con
fidence men in America are now at
work in Atlanta. The solicitor also
asserted that the police and detec
tive departments of the city of At
lanta are “failing sadly in their duty
to the people in allowing such dens
as we unearthed today to continue to
•xist unmolested.” • •
What the solicitor declares are the
business offices of the syndicate were
located by Solicitor Boykin, Assistant
Solicitor E. A. Stephens, Special
Officer Plennie Minor, and two of
, the victims of the syndicate, in the
first raid of the day on rooms 302,
503 and 304 of the Southern Banking
building, at 25 West Peachtree street,
early Saturday afternoon. Here elab
orately furnished quarters were
found, with a complete array of fake
paraphernalia, telegraph instruments,
bulletin boards, bogus money and
everything else needed to perpetrate
a gigantic swindle.
Solicitor Boykin then steered his
squad to 35 1-2 South Broad street.
He d d nit invite the police or city
detectives to accompany him. The
solicitor said he raided the place on
Information furnished him earlier in
the day, the source of which he re
fused to d vU'gc at this time.
Farmer Is Fleeced
The officers were accompanied on
this and the first raid by H. C. Hol
lefr. the- Aiken, S. C.. farmer, who
aUloges the syndicate fleeced him out
of $11,(793 Friday on a bogus horse
racing scheme, and by Wade Lamar,
another farmer, also of Aiken, who
admitted he came very near to con
tributing the same amount to the
syndicate by “playing the ponies.”
The complaint of Holley to the au
thorities had resulted in the arrest
Friday afternoon of Abe Powers,
.ft ho is now in the Fulton tower in i
default of 825,000 bond.
At the Broad street rooms, said;
by the solicitor to be the headquar- |
ters of the syndicate, the officers
found trouble awaiting them. The.
apartments were heavily barricaded,
and it required the use of iron bars
and bu-cher cleavers for thirty min
utes before an entrance was finally
forced into a suit of three rooms on
the third floor of the building. In
the rooms the officers found more
of the same kind of paraphernalia
that had been seized in the West
Peachtree street raid, convincing the
solicitor that the place had been
used by the same crowd which op
erated in the Southern Bank build
ing. . „
* The screens to the windows Were
drawn and barricaded with iron
gratings. The doors were fastened
with solid steel locks. A perfect sig
nal system was discovered and a dou
ble electric wiring system uncov
ered. In one room was a large gam
ing table with several decks of cards
and a dozen or two empty whisky
bottles scattered over the floor. A
telephone was on a small table near
the door. The door which opened
into this room was of heavy metal,
practically impassable. Solicitor
JPoykin and his assistants were forced
literally to beat their way in.
Baid Another Place
After a thorough examination of
the rooms, which convinced them
they were being Utilized by the same
syndicate which operated the Peach
tree street offices, Solicitor Boykin
and his men moved on 49 1-2 Central
avenue, where they were confront
ed with another perfect signal and
wiring system and by heavily barri
caded doors and windows, which
thade an) entrance difficult. Finally
beating their way inside, the officers
climbed a narrow row of stairs which
le dto an elaborate suite of three
rooms. A young man who gave his
name as L. P. Coe was the lone oc
cupant of the suite when the officers
■ arrived. He refused to talk and was
placed in the Fulton Tower pending
further developments.
Officers said Saturday night that
Coe recently was indicted in supe
rior court and placed under $2,500
bond on charges of embezzlement
from an Atlanta firm.
The Central avenue suite proved
to be even more elaborately fur
nished than the W est Peachtree
“business office.” Solicitor Boykin
said he was inclined to the belief
that it had been used largely as a
gaming parlor by the members of
the “syndicate” and by customers
wi o liked to have a “pleasant place
to hang out while they awaited
news of the fake races.”
Aslrad for “Mr. Mcßride ’
Whisky valued at SI,OOO at cur
rent prices, a stock of narcotics,
mostly morphine, worth approxi
mately SIO,OOO, and great quanti-
• (Continued on> Page 7, Column 4)
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Bums 94 Per Cent Air
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The inventor, E. V. Johnson, 609
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will help him introduce it. Write
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’ ask him to explain how you can get
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or money; make $250 to SSOO per
month.—(Advt.)
LIVES ARE LOST
IN OUTBREAK X)F
DUBLIN RIOTS
DUBLIN, Nov. 22.—(8y the Asso
ciated Prqss.)—Shooting began again
in the streets just before midnight
and a number of people are reported
killed. There is much military ac
tivity.
The casualties in Cork park are
semi-officially given as ten killed and
sixty-five injured, eleven seriously.
Dublin became the scene today of
far-spread murder reprisal. Not since
the first outbreak of the vicious civil
warfare that has been shedding blood
in Ireland have the assassinations
been conberted or the retaliation
so swift and pronounced.
Not less than fourteen men are
dead in the attacks arranged simul
taneously all over the city this fnorn
ing. . The method was the same in
each case and all the men assassinat
ed were officers or former officers or
. otherwise ip the service of the gov
ernment.
Called Victims Ont
Small bodies of men numbering
generally from six to eight present
ed themselves at various houses,
called their victims out or entered
and shot their victims fn bed, while
dressing or' at breakfast. The dis
tricts in which the murders were
committed were in some instances
close together; others were separated
by miles, but al Ithe assassinations
took place about the same hour, 9
o’clock in the morning.
In the afternoon while a football
match between Tipperary and Dub
lin teams was in progress at Cork
park sixteen lorries filled with aux
iliary police moved swiftly up and
surrounded the place. Accounts dif
fer as to-what happened when, after
mounting machine guns on heights
above, the police broke through the
gates. The auxiliaries were hooted
and according to eye witnesses first
fired in the air and then into the
crowd. It is declared from another
source that Shift Fein pickets first
fired on the government forces
when they, were seen approaching
and that the fire was returned.
Became Panic-Stricken
Within the park the great assem
bly of 15,000 became panic-stricken.
How many were killed is not known
as yet. but the estimates range from
ten to thirty or more. Several are
reported to have been trampled to
death.
League of Nations
Debates Question of
Aid for Armenians
GENEVA, Nov. 22.—The League of
Nations assembly today debated the
proposition of extending military aid
to Armenia.
There was a marked change from
Saturday’s belligerent mood when
military and naval action was urged.
Lord Robert Cecil, a leader in that
move last week, today expressed wil
lingness to accept' the plan of Sena
tor La Fontaine, of Belgium, which
calls for naming of a commission
ofs ix to seek means of halting hos
tilities between Armenia and the
forces of Mustafa Kemal. .
M. Rene Viviani, of France, pro
posed that the assembly authorize
the league council to reach an un
derstanding immediately with all the
great powers, governing the strength
of the armed force to be contributed
by each of them for the purpose of
“saving Armenia.”
Hundreds Accept Great Twenty-Five-Cent Offer! Have
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* Put your own name and address here.
ERA OF SAFE AND
SANE PROSPERITY
SEEN BY PEDDER
That prices will go still lower this
winter, and then will be followed by
“such prosperity and development as
the country has never known,” Is
the opinion of J. E. C. Pedder. di
vision superintendent of Bradstreet's,
and one of the recognized commercial
authorities in the south.
Mr. Redder believes it the part of
wisdom for all lines of business and
industry to meet the new conditions
“without dodging or attempting to
postpone the inevitable.” The sooner
prices reach a stable level, he be
lieves, the sooner will come a gen
eral resumption of buying in all
lines of business.
In a general summing up of con
ditions, which he looks upon with
the most hopeful feeling, Mr. Pedder
pn Saturday issued the following:
“Undue alarm at economic condi
tions is absolutely uncalled for and
very, unwise. The inexorable law of
supply and demand regulates prices
which in turn must cause deflation
of. all unnaturally inflated prices and
the quicker this is realized and act
ed upon the more rapidly will a
stable basis be reached.
“The condition through which we
are now passing is the most crucial
in the country’s history, and it is lit
tle short of marvelous how well the
critical period is passing and speaks
volumes for the wonderful stability
of our buisness structure and re
sources.
“The mad rush to cancel orders
and contracts for materials of vir
tually all kinds, almost over night,
as soon as it was found that the
buying public had realized the folly
of reckless buying was a rude
awakening to our industries, which
might well have been to some de
gree minimized had the business
men been far sighted enough to have
realized that a price adjutsment was
inevitable and had anticipated this
by a gradual recession in prices in
stead of waiting until the condition
was forced <jpon them.
“The peak z of commodity prices
was reached in February, 1920, since
which time (nine months) the price
has retracted forty-three per
cent or a trifle over two-fifths of
the distance it rose from August 1,
1914 to February 1, 1920, and gra
ically shows how well industry
has done its part towards attaining
normal conditions, but industry alone
cannot do it all —the process of de
flation must include every artery of
our economic body—manufacturers,
jobbers, retailers, producers of raw
material as wel las professional men
must all do their part—there can be
no escape from tne inexorable law.
Dodging or attempting to postpone
the. inevitable will not avail—the
medicine, though bitter, must be
taken and the quicker the better.
“Retailers should realize that they
must meet the economic adjustment
and reduce their prices to meet the
new conditions. Farmers must sell
enough of their crop to pay their
past due bills and in every branch of
business life efficiency must be ob
tained with the minimum of expense
—not necessarily by a reduction of
Wages but by increasing production
at a lesser cost by a revision of our
’boomtime’ practice.
“This winter will probably see a’
still further recession in. prices with
its consequent result—but with the
increasing demand from foreign
markets for our goods which will
probably very soon be available to
our producers by the arrangement of
the proper credit facilities by the
help of the American Bankers’ asso
ciation, the enormous food crops
that we have raised, the rehabilita
tion of our railroads that are now
on a profitable basis, our splendid
banking facilities which have stood
the greatest strain in their history,
and the accumulated savings and
earnings of the war period which
will be let loose when it is realized
that prices are right, must result
in such prosperity and development
on a safe and sane foundation that
this country has never known.”
ATLANTA, GA., TUESDAY, NOVEMBER 23, 1920
SUBSCRIPTIOhISTO
EXPORT BANK STILL
CONTIKTO GOME
Robert E. Harvey, Field Di
rector, Believes Georgia’s
j Quota of $1,500,000 Will
Be Easily Subscribed
The firm of Hirsch Brothers, one
of the oldest and best known cloth
ing firms in tAlanta, on Monday sub
scribed SIO,OOO to the capital stock
' of the Federal International- Banking
j company, which is being organized to
finance the export of cotton and other
southern products to Europe.
This is the largest mercantile sub
■-Option yet made to the stock of
the company, tl came voluntarily
from Hirsch Brothers and was re
ceived with the utmost satisfaction
by the cmomittee in charge of rais
ing Georgia’s quota of the stock.
As pointed out by Robert E. Har
vey, field director in charge of stock
subscriptions, this subscription dem •
onstrates the fine public spirit of
the firm of Hirsch Brothers, showing
that the members of the firm have
at heart the interests of the south,
and are ready to employ a part of
their capital in a corporation or
ganized for the specific purpose of
improving the general business situa
tion.
In addition to this subscription, an
other flock of bank Subscriptions
came in Monday, bringing the total
up to $1,250,000, which is within
striking distance of Georgia’s quota
of $1,600,000. Mr. Harvey expressed
the opinion that Georgia’s quota
would be subscribed well in advance
of December 10, the date when the
subscription books will close.
The Bank of Williamson several
dcys ago subscribed three per cent
of its capital and surplus, which is
the regular amount all banks are
asked to take, and which in its case
figured SI,OOO. On Monday it wrote
Mr. Harvey that it would like to take
another SSOO. Its application will be
filed and considered later, as tht
question has not been decided as to
whether subscriptions exceeding
three per cent will be taken.
The banks whose subscriptions
were received on Monday were as
follows:
Group I—First1 —First National, of States
boro, $4,000; Toombs County bank,
Lyons, $1,000; Bank of Alapha, sl,-
400.
Group 2—Firt National, of Jeffer
son, $7,500; Citizens Bank and Trust,
of Jefferson, $2,000; Pendergrass
Banking company, Pendergrass.
$900; Cannon bank. Cannon, $1,000;
National Bank of Wilkes, Washing
ton, $5,200.
Group 3 —Citizens’ bank, of Ros
well, $900; LaGrange Savings bank,
$2,000; Bank of Martin, $600; Farm
ers and Citizens bank, of Dawson
ville, SI,OOO.
Group 4—Bank of Sasser, $1,500;
Yatesville Banking company, $750;
Citizens bank, of Wavely Hall, $500;
Farmers and Merchants, Junction
City, S3OO.
Group s—Concord Banking com
pany, $1,500; Citizens’ bank, of Kite,
SSOO.
■CALL ISSUED FOR
MEETING ID M
ICMHCTM
Cut of Fifty Per Cent Want
ed Governors, Farmers
and Financiers of Cotton
; States Are Invited
MEMPHIS, Tenn.. Nov. 21. —The
Memphis Clearing House association,
chamber of commerce and other com
i mercial organizations have joined
with the Memphis Cotton Exchange
■n issuing a call for a convention
here December 7 and 8 of representa
tives of cotton exchanges, bankers,
merchants and planters in the cot
ton growing states to devise means
to insure a reduction of approximate
ly 50 per cent in the acreage planted
in cotton next year and to urge di
versification in farming.
Governors of all the southern
states have been invited to attend
the convention! The purpose of the
meeting, it was announced, was to
make certain such reduction in cot
ton acreage and increase in thq acre
age planted to food crops as to rem
edy the situation brought about by
the present price of cotton, which,
it was declared, was much under the
cost of production.
Former Governor Richard I. Man
ning, of South Carolina, has been in
vited to preside and Secretary of
Agriculture Meredith to speak.
CALL FOR MISSISSIPPI
MEETING IS ISSUED
JACKSON, Miss., Nov. 21.—Gov
ernor Lee M. Russell has issued a
calj for a convention here December
18 to discusss proposed reduction
of cotton acreage next year and gen
eral problems confronting the cotton
farms r.
POISON EXPERTS
NEARLY READY IN
SHEPARD CASE
Dr. Edgar Everhardt, of the state
state board of health, and Dr. John
Funke, well known Atlanta patholo
gist, are expected to announce on
Monday or Tuesday the result of
their analyses of the vital organs of
the late Mr. Fred D. Shepard,
wealthy Fort Valley fruit grower,
whose death on June 1, 1920, has
caused such sensational develop
ments. The two experts have for the
past few days been making chemi
cal pathological and physlogical ex
aminations to determine whether Mr.
Shepard came to his death by poison
administered internally.
Their reports will be made to. So
licitor General Charles H. Garrett,
of the Bibb superior court, who has
been conducting the investigation
into the circumstances surrounding
the death of Mr. Shepard.
The coroner’s jury which v«ll con
duct the formal investigation! after
receiving the report of the two ex
perts, will meet on Friday of this
week.
$13.95 GOODYEAR RAIN
COAT FREE
Goodyear Manufacturing company,
4208 Goodyear Bldg., Kansas City,
Mo., is making an offer to send a
handsome raincoat free to one person
in each locality Who will show and
recommend it to their friends. If
you want one, write today.—(Advt.)
STUART TAYLOR,
YOUTHFUL BANDIT,
ON HUNGER STRIKE
Stuart Taylor, the younger of the
two boy bandits arrested Thursday
night following the second of their
drug store hold-ups that caused
such a sensation here last week, has
gone on a “hunger strike” at the
Tower. He has eaten practically
nothing since his arrest Thursday
night, and declares he will take
no food until the arrival of his
parents from Minneapolis, Minn.
They are expected to arrive in At
lanta Monday night.
Eric May, the other hold-up expo
nent, has eaten sparingly during the
period of his incarcernation, but has
been supplementing the prison fare
with crackers and cakes purchased
from his own funds.
When the two boys were arrested
they had 60 cents between them.
This they split 50-50 and from time
to time sent out for crackers and
small cakes which they ate in pref
erence to the regular prison menu.
The police say that both boys have
compalined at the food offered them,
declaring that it was too coarse.
May told the officers that he was
“swallowing the food but not eating
it.” Taylor has refused to touch it
at all.
On Sunday the boys were offered
the regular meals, dinner consisting
of cornbread, cabbage and coffee.
Monday morning’s breakfast con
sisted of biscuits, syrup and coffee.
The boys say that when Mr. and
Mrs. Taylor arrive they will get
enough money to buy their meals
from restaurants.
Ffirther arose in the
celebrated “boy-bandit” case Satur
day night, when the Atlanta police
received a telegram from the au
thorities at Minneapolis, requesting
that confessions be secured from
Eric May and Stuart Taylor, the two
lads held here, as to their implication
in a number of crimes committed in
Minneapolis last Saturday night.
The telegram, which also stated
that Tayior’-s parents were en route
to Atlanta, mentioned, a half-dozen
crimes, and asks if the two boys will
admit complicity in them.
Both of the youthful prisoners ve
hemently deny that they were crim
inally active in Minneapolis last Sat
urday. They say that they can prove
complete alibis if they are charged
with the crimes.
‘Crank’ in Coughlin
Kidnaping Case Is
Sentenced for Life
NORRISTOWN, Pa., Nov. 20.—Au
gust ' Pascal. Pasquale, “the
crank” in the Coughlin kidnaping
case, today was sentenced to life im
prisonment by Judge Swartz, in Nor
ristown court. Pascal pleaded guilty
at his trial to second degree mur
der and kidnaping for extortion. He
stole Blakely Coughlin, the 13-
months-old baby of Mr. and Mrs.
George H. Coughlin, from their home
near Norristown, on June 2, last, and
smothered the infant under his coat.
He was sentenced on the kidnaping
charge, and sentence was suspended
on the second degree murder charge
Boy Shot by Gun,
Gift of His Father
COLUMBUS, Ga., Nov. 20.—Oliver
Bozeman, twelve-year-old son of Mr.
and Mrs. W. E. Bozeman, is still in
the city hospital, where he was car
ried after being accidentally shot in
the abdomen with a new gun just
given him by his father. While im
proving, he is still in danger, the
wound being a serious one, and phy
sicians say he will be laid up for
some time.
The shooting occurred at the home
of the child on Rose Hill.
Leaders of the South
Declare Good Times
Are Close Ahead
BY RALPH SMITH
A SURVEY OF ECONOMIC CONDITIONS in the south -©fleeting
the views of leaders in finance, commerce and industry, em
phasizes a predominant spirit of confidence and faith in the
future. Experience in former periods of business depression, fa
miliarity with prevalent fundamentals and an assurance in the cour- i
age and sturdiness of the southern people inspire this feeling of con
fidence.
Through the courtesy of Governor M. B. Wellborn, of thp Fed
eral Reserve bank for the Sixth district, The Tri-Weekly Journal to
day presents the views of many leading business men of the south,
analyzing the reasons for the period t)f depression and frankly
voicing their views as to the future. The Tri-Weekly Journal pre
sents in another column an interview with James E. C. Pedder, di
vision superintendent of the Broadstreet company, whose knowl
edge of business conditions in the south is well recognized.
Some days ago Governor Wellbora wrote to leading bankers,
wholesalers, exporters and distributors requesting then* views as to
present business condition and their judgment as to the likelihood
of improvement. The Sixth Federal Reserve district includes the
states of Georgia, Alabama, Mississippi, Louisiana, Florida and Ten
nessee, and each of these states in repreented in the replie received
by Governor Wellborn, some of which are published in today’s issue
of The Tri-Weekly Journal.
Bankers of Nation
Launch Great Firm
For Foreign Trade
NEW YORK, Nov. 22.—Bankers
and business men throughout the
country are urged in a prospectus
made public here yesterday by the
American Bankers’ association to
consider the inauguration by the
first of the year of a foreign trade
financing corporation under the
Edge act for the protection * of
home industries and proper financ
ing of American foreign trade.
Action on the proposed corpora
tion, which will be capitalized at
$100,000,000, is expected at a meet
ing in Chicago on December 1) and
11, designed to be representative of
the entire country’s. finance and in
dustry. Establishment Os the cor
poration, the prospectus 'said. is
considered vital to safeguard indus
try from “an anxious future with
attendant elements of unemploy
ment and unrest.”
Stagnation Has Developed
“Stagnation has developed in the
United States for commodities such
as wool, sugar, rubber, coffee,
leather, certain metals and various
other staplees,” it added, "and to
a lesser extent, for wheat and cot
ton, whereas, practically all such
commodities are urgently required
in manj\ other countries of the
world. The American dollar is at
a premium in practically every
country in the world to such an
extent that exports from the Uni
ted States to many countries dur
ing a considerable period have «not
yet been .paid for by those coun
tries.’ ’_ ■ , * , - ¥
Hundreds of Arrests
Follow Huge Roundup
Os Chicago ‘ Crooks
CHICAGO, 'Nov. 22.—Nearly a
thousand persons were under arrest
tonight as a result of the biggest
round-up of criminals in Chicago in
many years. The drive was started
at midnight last night by Charles
Fitzmorris. new chief of police, as
the second step in his announced
campaign to rid Chicago of criminals
and followed a recent wholesale
shake-up of the police force in which
nearly every member was transferred
to a new position.
Dozens of'squads of detectives and
policemen spread over the city early
today and all day long patrol wagons
rolled up to police stations with loads
of alleged criminals. Nearly every
saloon was visited by the officers
and scores of poolrooms and alleged
disorderly flats were raided.
5 CENTS A COPT.
$1.50 A TEAK.
LEADING SOUTHERNERS
WHO WERE INTERVIEWED
The letters include the views of
the following gentlemen, classified
by states:
GEORGIA—G. Gunby Jordan,
president of the Third National
bank of Columbus; Fuller E. Calla
way, of LaGrange, president of
twenty-three cotton mills;. John K.
Ottley, president of the Fourth Na
tional bank of Atlanta; Milla B.
Lane, of Savannah and Atlanta, pres
ident of the Citizens’ and Southern
bank; John J. Wilkins, president of
the Georgia National bank, of Ath
ens; Leopold Addler, president of
Addler’s department store, Savan
nah; M. G. Michael, whole dry goods
merchant, Athens; Sam D. Jones,
president Atlanta Stove Works; J.
K. Orr, president —. K. o rr shoe
company, Atlanta; Charles E. Lewis,
president Fourth National bank, of
Macon. -
ALABAMA— Thomas E. Kilby
chairman of, the board of the An
niston National bank; W. W. Craw
ford, president American Trust and
Savings bank, Birmingham; Thomas
O. Smith, vice president American
Trust and Savings bank, Birming
ham ; H. E. . McElderry, Talladega
National bank. '
LOUISIANA— W. R. Irby, presi
dent Canal-Commercial Trust com
pany, of New Orleans; Dr. H. P.
Saunders, New Orleans banker; Ma
son Smith, cotton merchant, New Or
leans; L. M. Pool, president Marine
bank,, New Orleans.
FLORipA—Edward W. Lane,
president Atlantic National bank,
Jacksonville; Dr. Louis A. pize,
president Citizens’ Bank and Trust
company, Tampa; Charles A. Fair
cloth, National City bank. Tampa.
TENNESSEE—D. Houston,
president American National bank
of Nashville; T. G. Garrett, manager
Nashville Clearing House associa
tion; Sterling Fort, president North
ern Bank and Trust company,
Clarkesville.
MISSISSIPPI—R. E. Kennington,
wholesale dry goods merchant, Jack
son.
ALL EXPRESS CONFIDENCE
CONCERNING FUTURE
“The writers of the letters, without
exception, express a feeling of con
fidence,” said Governor Wellborn, in
giving out the correspondence. “With
a clear view of the situation, facing
its difficulties frankly, they manifest
calmness, courage and strength,
with a cheerful view of the ability
of the people to meet and solve their
problems.'
“Several of them emphasize the
fact that with larger resources and
greater reserve power the south, like
the rest of the country, is greatly
strengthened by the federal reserve
system, which enables sound busi
ness to pass safely through a trying
period, which, under our former in
elastic financial system, might have
resulted in disaster.
“It is a noteworthy fact that Mr.
Mason Smith, of New Orleans, one
of the largest cotton men in the
south, who has to deal with the
financial problems of that crop, takes
a hopeful view of the situation. It
is also worthy of note that several
of our leading financiers express the
opinion that the period of deflation
is nearing its end, and one of the
most eihinent of |hem, P. H.
Saunders, a leading financier of New
Orleans, predicts that this process
will be practically completed in the
south by March 1, and that there
after we will be ready to start out
successfully on solid ground.
“Taken as a whole these letters
show that the business leaders of the
south are meeting the difficulties of
the readjustment period in the same
splendid spirit which characterized
all our peopld during the war. They
are ready for the sacrifices or tem
porary inconveniences which the sit
uation brings upon us and show the
kind of cheerful and clear-headed
courage which always wins. With
these qualities they manifest a fine
spirit of co-operation and willing
ness to ‘help the other fellow,’ pro
vided the other fellow will help, him
self.”
GEORGIA
G. Gunby Jordan, president Third
National bank, Columbus: “Defla
tion naturally follows war prices, as
night does the day. It was to be
expected and should have been pre
pared for. Banks in their advertise
ments have advised about it. their
(Continued on Page 7, Column S)
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