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VOL. XXIIL NO. 146.
TROOPS EXPECTED
. TORESTOREPEACE
IN WBTVIRGINIA
2,000 “Regulars" Take Up
Position Along Blair Moun
tain Ridge—Many Miners
Have Surrendered
CHARLESTON, W. Va., Sept. 4.
Gradual clearing up and dispersion
of armed bands who for days have
been opposing state and county
! forces along the Boone-Logan coun
ty line is foreseen here tonight as a
result of the surrender of a body of
400 men to federal troops under
command of Brigadier General H.
H. Bandholtz.
After the capitulation, which in
cluded the surrender of eighty men
upon whom firearms were found, the
prisoners were sent to St. Albans
under the protection of Colonel Carl
A. Martin of the Nineteenth infan
try. Here they were allowed to go
to their homes, after the precaution
had been taken of recording the
names of all who carried weapons.
Further progress toward quieting
the disturbed areas is expected to
night and tomorrow as the federal
forces spread out and take up op
erations farther away from their
bases.
In establishing themselves in the
trouble zone the federal forces met
with no opposition anywhere and
they do not anticipate any.
General Bandholtz tonight would
not say whether he would compel
the state and county forces who
have been holding the armed bands
back from invading Logan county to
disperse.
Commander Silent
"They are now under the control
of the federal authorities and they
will do just as they are told,’’ he
■aid.
The federal commander also stat
ed he would not permit any assembly
of miners or other citizens in the
disturbed area at this time. He
made this announcement in reply to
■ question as to whether union men
would be permitted to go into unor
ganized sections under the protec
tion of the federal authorities and
try to hold meetings.
Anyone arrested by the federal
, troops will be turned over to the
■ civil authorities, General Bandholtz
■ said. Military rule and,civil law, it
I was said at army headquarters, can
■- concurrently and no -difficulty
I. v.j 1 be experienced in seeing that all
I i . ons are treated justly.
| The federal troops took up posi-
I ii '.'.s today behind the lines of the
■ i .u opposing forces on the Boone-
I Loyqn line. Military headquarters
fl were established at Madison, Boone
I county, in the rear of the armed
fl bands, and at Logan, county seat of
fl Logan county, which was the base
fl from which the county and state
fl forces operated against the invaders.
The regiment which was hurriedly
fl made up of parts of the Nineteenth,
fl One-Hundredth, and Fortieth regi-
I ments, recruit attachments and oth
fl er troops for duty in West Virginia,
fl was in complete control of the areas,
fl where they were placed. The Twen
fl ty-Sixth regiment from Camp Dix,
fl N. J., did not arrive according to
fl railway schedule, which forced Gen
fl eral Bandholtz to change some of
fl his plans. This regiment had not
fl reported its arrival at headquarters
fl at 6 p. m.. eastern standard time,
fl when General Bandholtz met news
fl paper correspondents. It arrived,
fl however, during the night,
gfc Expect Quick Action
fl General Bandholtz expressed con
fl fidence that federal control would
fl bring order rapidly in the affected
fl areas. The question of martial law
fl being proclaimed in Kanawha, Fay
fl «tte, Boone. Logan and Mingo coun
fl ties is held in abeyance. The mili
fl tary commander would not discuss
fl the question. There is, however, a
fl general feeling here that if the armed
fl bands disperse without resistance,
fl there will be no need for proclaim
fl ing such a law.
The disturbed areas have been di
flvided into three military districts,
fl The Coal river district comprises
fl that part of the area known as Coal
fl river valley, extending from St. Al
lfl bans to Blair. The Kanawha dis
fl trict includes Fayette county and
fl parts of Kanawha and Boone coun
fl ties not included in the Coal river
fl district. The Logan district com
fl prises Mingo county and parts of
fl Boone not in the Coal river district.
Bg Airplane observation flights were
Sfl Tr:;i'le over Boone and Logan counties
fl today by army fliers. They report
fled everything quiet.
With the federal troops in con
jfltrol, there was less activity at the
IflWest Virginia state offices. Gover
ns nor Morgan had no reports not cov-
by those received by the fed-
commander.
■Plague of Worms
E Is Latest Calamity
|| To Befall Russia
g|; RIGA, Sept. 3. —(By the Asso-
Press.) —Russian famine —a
plague of worms is the latest Rus-
Bflsian calamity in the government of
Bfl Simbirsk, the heart of the Volga
Sfl famine region. An official Moscow
Isl wireless dispatch says that in the
gflArdatova district of Simbirsk, a
flswarm of worms has appeared and
Sgflis devouring all vegetation. The dis-
Hfltrlct land department has sent an
Iflagriculturist to aid in fighting them,
is believed the worms are a variety
caterpillars, rivalling in destruc-
the grass hoppers, and lo-
Bflcusts, which destroyed a large part
“*flof the poor crops in some of the
Nfl other famine stricken sections of
Eflßussia. American food is continuing
move into Russia frim Riga speed-
Two ships have been unloaded
Eflin two days, and another was being
sSfl unloaded today.
fey The official Bolshevist Rosta
tells of extensive epidemics
scurvy typhus and cholera in the
Tartar republic, and pictures the
Bflgeneral famine situation as growing
IflA NEW OILLAMP FREE
Bums 94% Air
flfl O. B. Johnson, 14 Washington Pl.,
York, the inventor of a wonder-
new oil lamp that burns 94 per
air and beats gas or electricty,
offering to give one free to the
user in each locality who will
introduce it. Write him for
Eflparticulars. Agents wanted.
Divorced Twice, Woman
Marries Same Man
For the Third Time
SERGENT. Ky.. Sept. 3.—W. J.
Taylor, 65, a Kentucky mountain
eer, today became a bridegroom
for the fifth time when he mar
ried Mrs. Rebecca Brewer, 45, the
third time after being divorced
from her twice. This was Mrs.
Brewer’s fourth matrimonial ven
ture. After today's ceremony she
said:
"I always loved Mr. Taylor,
but it seemed like we couldn’t get
along.”
Smiling, she added: “But he
promised to be good, so I tried
him again.”
ARTICLE X MAY BE
ALTERED BY LEAGUE
AT NEXT MEETING
GENEVA, Sept. 4. (By the Asso
ciated Press.) —The extent to which
the Washington conference in No
vember occupies the attention of
those participating in the work of
the league of nations here was dem
onstrated Saturday during discus
sion of disarmament and amendments
to the covenant, while hope of sat
isfying the United States on man
dates was reflected in the council’s
consideration of the American replj
to the principal powers on that
question.
The note from Washington was
not officially before the council, but
the representatives of Great Britain,
France, Japan and Italy have the
text of the note, the substance of
which was not known to the whole
council, and after reviewing the main
features, all agreed that progress
had been made toward a satisfactory
settlement.
The Washington conference was
referred to by M. Noblemaire, the
French delegate to the amendments
commission, who took the ground
that revision of the pact should be
discussed in Washington with the
representatives of the United States
before anything should be done to
prejudice the question. The council,
however, decided to proceed with the
consideration of the amendments.
The council rejected the Canadian
proposition to eliminate Article 10
and adopted a suggestion by Arthur
J. Balfour, one of the English deff?-
gates, to appoint a committee to
draft texts modifying Article 10 so
as to remove the obligation of mem
bers to participate in military action
to guarantee the territory of other
members.
Sir Cecil J. B. Hurst, England; M.
Pepin. France; and Professor J. A.
Van Hamel, Holland, were selected
as a committee for this purpose.
The discussion of disarmament
also reflected the sentiment of sev
eral members not to participate in
any action iq advance of the Wash
ington conference. H. A. L. Fisher,
British, member, led the opposition
to the demand for immediate appli
cation of some measures of publicity
such as were proposed at the assem
bly last year, relating to the dis
closure of their armaments by the
various nations.
The disarmament commission at
its meeting decided after consider
able discussion to recommend to the
assembly that an international con
gress on private manufacture and
traffic in armaments be held at the
time to be fixed later. It also de
cided to recommend that all nations
be asked to furnish detailed statis
tics of their armaments.
SIO,OOO Suit Filed
Against Charlie Chaplin
NEW YORK, Sept. 3.—The com
plaint in a suit against Charlie Chap
lin served on him w’hile. he was pos
ing here for a portrait minus flat
shoes, derbv and mustache, was filed
in court today. The suit is brought
bv Fred E. Goldsmith, who seeks
SIO,OOO as a fee for inducing the de
fendant to pay Mildred Harris Chap
lin SIOO,OOO in settlement of alimony
claims.
Goldsmith said the question in the
case was whether his services were
necessary to his client, who was still
married to Chaplin, when she re
tained the lawyer. Chaplin claims
they were a luxury, the attorney
said.
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HUN GOVERNMENT
BEING THREATENED
BY MONARCHISTS
Maximillian Harden Blames
Vacillating Policies for Nu
merous Political Assassi
nations in Republic
BY MAXIMILIAN HARDEN
(Germany's Foremost Publicist.)
BERLIN. Sept. 3. —Number 316 on
the list of political assassinations:
Mathias Erzberger, member of the
reichstag.
Which means that since the Ger
man republic was proclaimed,. 316
members of the republican parties
have been treacherously murdered.
Os the perpetrators and instigators
of these crimes, only five have been
convicted and none has been sen
tenced to death. Count Arco, who
shot the ideayist, Kurt Eisner,,in the
back, was sentenced to life imprison
ment in a fortress, while the Ba
varians call him a Saviour. The to
tal of all other punishments amounts
to 31 years for 315 murders.
Generally no trial has followed
these political assassinations, but
when a trial is unavoidable, the pris
oner is either allowed to secape or
is acquitted. The real instigators
are never seriously sought.
During this same period there have
been fifteen murders by commu
nists and socialists, ten of which
were reprisals for monarchist mur
ders. The total punishrpents for
these 15 murders has been eight exe
cutions and 177 years in prison.
Revolutionists Shot
The soviet : dictatorship attempted
at Munich cost 12 lives and these
only after the shooting of unarmed
red guards and relief workers, excit
ed in a spirit of revenge. Then
when the government troops entered
Munich, 506 prisoners were shot
without trial and 193 adherents of
the Bavarian soviet were sentenced
to a total of 518 years.
No leader of the Kapp rebellion to
restore the monarchy has yet been
tried, and none of the 775 officers
who participated in that piovement
has been punished. Most of them
are still in the army.
Os fifteen communist murders
only two have been unpunished. Os
316 nationalist murders, 282 remain
unatoned.
These eloquent figures are incom
plete without two additional facts.
A weak and cowardly go.vernement
flirting with all parties, has engen
dered the shameful belief that ev
eryone who does not swear that the
imperial German government was as
innocent of starting the war as a
new-born babe and that the brave
German army, “on the point of final
victory.” was stabbed in the back bv
social democrats, the Jews and other
terrible monsters, is an enemy of
the people, and newspapers and
speakers at public meetings are en
titled to say his demise was good for
the fatherland.
The second fact is that not only
are Count Arco and the Junker, who
previously wounded Erzberger, called
patriots in court, but the editor of
an obscure paper, who twice publicly
demanded the murder of “Harden,
Forester, Gerlach and Albert Ein
stein,” was sentenced in Berlin to a
fine of one thousand marks (about
eleven dollars) because of consid
eration for his “patriotic motives.”
As a matter of fact he advertised his
paper to several times the value of
the fine.
Erzberger was no great or blame
less statesman. He rose from his
position as a Wurtemburg schoolmas
ter to be a leader of the Center par
ty by intelligence and industry. As
propaganda chief he was our Ger
man Northcliffe during the war. This
once obscure journalist could spend
countless millions in the export of
innumerable lies and in doing so he
soon became accustomed to acts not
.good for his character. He was
wrong, of course, not to steer clear
of certain business connections,
which, however, really netted him
but little profit. To call him corrupt
would be stupid, for if-he had been
he could have amassed millions dur
ing the war easier than almost any
one else.
ATLANTA, GA., TUESDAY, SEPTEMBER 6, 1921.
Didn’t Trust Banks,
Bandits Get Money
Saved for Wedding
WAUKEGAN, Hl., Sept. 3.
Edmond Nitsche saved for ten
years to get SI,OOO to marry Miss
Phyllis Olsen. He got the amount
yesterday and they were married
today—but without the SI,OOO.
Bandits held up Nitsche while he
was riding with his fiance last
night and escaped with the mon
ey. Nitsche didn’t trust banks.
Former Kaiser Unable
To Become Reconciled
To Exile m Holland
DOORN, Holland, Sept. 3.—(By the
Associated Press.) —Former Emperor
William of Germany finds his almost
constant state of solitude in exile
since the death of former Empress
Augusta Victoria strongly oppress
ing him, despite his efforts to gain
diversion by reading, walking, sawing
wood and caring for his garden. The
visits of relatives nad friends have
decreased greatly.
At 7 o’clock this morning William
was seen walking in the park of his
estate. Some minutes later he appear
ed at the entrance and took a few
steps in the direction of the village.
He evidently changed his mind, how
ever, and went back into the grounds.
The only trip the ex-kaiser, who
still walks briskly, but has the' ap
pearance of a man suffering from
nerves, ever takes is to the home of
Count von Bentinck, his former host
in Amerongen. The two men partici
pated in the celebration of the birth
day of Queen Wilhelmina of Holland
last Wednesday.
When some weeks ago the Duke
and Duchess of Brunswick spent a
few days in Doorn the ex-kaiser ex
pressed a desire to have them live
with him, but the duchess declined.
The wife of William’s fifth son, Os
car, is expected in Doorn soon to
stay a couple of weeks.
Grain Rate Reduction
To Eastern Points Is
Authorized by I. C. C.
WASHINGTON, Sept. 3. —The in
terstate commerce commission au
thorized railroads today to make ef
fective on fifteen days’ notice a re
duction of, rates on grain from mid
dle western states to the east,
amouning in some cases to 4 1-2
cents a hundred pounds.
Gas and Spark Cause
Os Brown House Fire
MACON, Ga., Sept. 4.—The dis
covery Saturday afternoon of an open
dead end gas pipe, running parallel
to the Brown house, which cut into
a *‘t” on a main which ran directly
into the basement of the hotel, and
which allowed the free escape of gas
into the ground adjacent to the build
ing destroyed by fire August 22,
caused Albert Sharp, state fire mar
shal, to state that in conjunction
with all the other evidence assembled,
there was no doubt in his mind that
leaking gas, ignited by a defective
elevator motor, caused the explosion
that cost six lives and thousands of
dollars’ worth of property.
Heat Wave to End
Early Next Week
WASHINGTON, Sept. 3.—The heat
wave of the past two weeks will end
early next week, the weather bureau
forecast today.
Showers will fall during the first
of next week. In the north and mid
dle Atlantic states Tuesday will see
a marked change in temperature,
while the weather will be normal in
many parts of th’e west gulf states,
the forecast stated .
Cordele Veterinarian
Is Victim of Rabies
CORDELE, Ga., Sept. 3.—Dr. A.
A. Downs, prominent veterinarian of
Cordele, died of rabies at the Cerdele
sanitarium this afternoon. He sus
tained his first shock early yester
day morning and immediately went
to the hospital. He was conscious
until today. He was bitten more
than a month ago and took the
Pasteur treatment, it is said.
HARDING CAREFUL
IN BIS PLANS FOB
ARMSCONFERENCE
President Does Not Want
Anti-Climax Like That
Which Followed Meeting of
Powers at Versailles
BY DAVID LAWRENCI
(Leased Wire Service to The Journal.)
(Copyright, 1921.)
WASHINGTON, Sept. 3. False
hopes made people forget the frail
ties of human nature at Paris and
gave the peace conference an anti
climax which President Harding
seems determined to avoid in the
forthcoming session of the powers to
limit armament.
Mr. Harding’s speech at the Army
War college was intended to offset
exaggerated impressions that the
millenium could be reached between
nations through the instrumentality
of a single conference of powers. The
president would rather understate
his hopes and accomplish some prac
tical results than to promise much
and find that international discord
made the fulfillment impossible. The
truth is the immensity of the under
taking is beginning to crop out in
official quarters. The administration
knows it has tackled a job upon which
it does not dare to fail. Yet the cir
cumstances are not always within
the control of a single nation. Agree
ments must be made by unanimous
consent. Any one nation can kick
over the traces and spoil the confer
ence. That’s why Secretary Hughes
had to proceed with such caution in
the negotiations which preceded the
individual acceptances of the Ameri
can invitation. The burden has not
been lifted by the agreement of the
powers to send delegations here. The
responsibilities are cumulative. In
saying what shall or shall not be in
cluded in the program, the nations
themselves will indicate how far the
conference will go toward practical
results. These exchanges of view
now are in progress.
The president gave a hint in his
speech at the War college on one
phase of armament discussion. He
set at rest any thought that the army
and navy would be scrapped. It is
inevitable that the morale of the na
tion’s army and navy should be
weakened by a prospect of curtail
ment. As commander in chief of the
army and navy the president express
ed the view that the time never
would come when fighting machinery
could be altogether dispensed with.
He favors “approximate” disarma
ment. Woodrow Wilson expressed it
as a "reduction of armament to a
point consistent with domestic safe
ty.” Mr. Harding has net yet out
lined whether he wants to go that
far or whether his idea is that the
American military establishment
shall bear a certain fixed relationship
to that of other powers. Any idea
that America intended to favor the
absolute abolition of armies and
navies was erased by Mr. Harding,
who took pains to point out that
human nature is unchanged after
4,000 years and that the spirit of
polernics may* be tamed but is not
forever extinct.
The president expects wars to come
in the future. He hopes they will be
humanely fought. He wants to re
move the sources of friction. One
of those sources it has been argued
is the accumulation of war machin
ery the use of which is too tempt
ing when nations become irritated.
If armament provokes war, then the
president hopes the limitation will
be sufficient to prevent that from be
ing said again. There are other
causes of misunderstanding. Mr.
Harding hopes as many as possible
will be removed. America will do all
she can to achieve that object. But
the president’s speech at the army
war college is significant oi what the
entire administration view will be to
ward the forthcoming conference.
It will not try to do the impossible
but simply as much as it can toward
minimizing the chances of war.
COTTON PRICE RISE
PR O VES S TIMULANT
TO SOUTHERN TRADE
LABOR DAY FINDS
BUSINESS GETTING
BACKjOJ*
New Figures Will Show Big
Decrease in Unemploy
ment —Many Mills and
Factories Starting
BY HARDEN COLFAX
(Leased Wire Service to The Journal.)
(Copyright, 1921.)
WASHINGTON, Sept. 3.—The
year swings into Labor day with
American industry at last in quick
ened step. Unemployment is defi
nitely on the wane—Secretary Da
vis’ estimated army of more than
5,000,000 idle has shrunk since the
figures were announced —credit is
easier than it has been at any time
since the peak of high prices, the cost
of living has tumbled far; the rail
roads are making money and mills
and are gradually coming
back to something resembling nor
mal working conditions.
Definitely, the writer believes, the
worst of the industrial crisis is be
hind us. Measured by the irnpas
sionate figures of workers employed,
a nation wide survey of industry as
of September first shows it. In the
middle west, especially, and in Chi
cago, these figures are heartening.
The great iron and steel centers
show revival; coal, metal mining,
lumber and agriculture are looking
up. Manufacturing, last to receive
the Impetus of revival, is beginning
slowly to show a healthier tone.
Industries employing about a mil
lion and a half workers show an in
crease of more than 20,000 in their
pay rolls over the number employed
a month ago. This increase is large
ly in the middle west. In the east
ern cities, generally, there was no
further increase in unemployment
and a measureable addition to the
army of workers is expected this
month. It begins to look as if the
hope of business that fall will see
a revival is a hope coming true,
although the upward swing will be
gradual and not spectacular. Slowly
and healthily business is getting bet
ter.
Sometimes within the next few
days the government will announce
the result of its survey of unemploy
ment conditions as of August 31st.
New Figures Soon
That survey, taken monthly since
January, has been a succession of
30-day reverses for the working man
and industry generally. It covers
1,428 concerns engaged in fourteen
major industries; is made at the
same plants each month and, there
fore. affords accurate view of a
cross-section of American business.
Since January the decrease in em
ployment has been uninterrupted.
During the past few months, in sac,
it has been accelerated particularly
heavy decreases in employment be
ing recorded during June and July.
It is believed, however, that a sub
stantial increase will be revealed in
the August showing; certainly it is
expected. If so, it will mark the
first upward turn since the begin
ning of the year.
Within the next few days the la
bor department will begin a new
survey of employment which will be
placed before President Harding for
use at the forthcoming Hoover con
ference on employment. For the
first time this year there will be
shown conditions in the building
trades in addition to the other major
industries already covered. There
are no comparative figures by which
to measure the significance of the
building trades survey, but it is be
lieved that the summary will indi
cate a fairly healthy tone in condi
tions there.
The railroads have taken a fresh
‘start. In June their net income was
approximately fifty-one and a half
millions, or at the rate of 3.1 per
cent on their investment. July fig
ures are incomplete but already that
mark—which was a record for the
year—has been passed. Returns
from 180 lines, operating about two
hundred thousand miles, or 80 per
cent of the total, show Income of
sixty-three millions during July. If
the remaining lines simply hold their
own financially—breaking even—the
roads will have earned at the rate
of more than 4 per cent; They
should show earnings of ninety mil
lions for the month to be on a 6
per cent basis.
The Farmers
The farmer, accoding to dispatches
from the middle west, is going to
make a little money this year, not
withstanding the sharpness of the
liquidation in prices which has all
but overwhelmed him. He has hopes
for next year. His present shift to
the right side of the ledger shows
a small balance and is reflected in
the pick-up in business in Chicago
and other middle western cities.
Iron and steel are reviving. There
are still big stocks on hand, but con
sumption has outrun production for
several months and the trend now is
back to higher output with conse
quent additions to the working
forces. Coal, likewise, is coming
back to recognizable figures.
Over-optimism is generally con
demned by business men. They are
looking for no boom, but for a slow,
steady improvement in all lines with
gradual attainments, perhaps extend
ing over months, of normal trade
conditions.
American Oil Men
Reach Agreement
With Mex Official
MEICO CITY, Sept. 4.—(By the
Associated Press.) —Secretary of
Treasury De la Huerta and the repre
sentatives of the American oil com
panies who came here early in the
week to discuss oil questions with
the Mexican government have reach
ed an agreement. President Obre
gon’s signature is necessary to com
plete the agreement.
The oil men will return to the
United States tomorrow according to
Walter C. Teagle, president of the
Standard Oil Company of New. Jer
sey, "well satisfied and happy.”
Secretary Dela Huerto admitted
unofficially that an agreement had
been arrived at, saying a complete
statement would be given later.
4TH NATIONAL BANK
TO FINANCE SEVENTH
BE STATES COTTON
Bank Will Advance 75 Per
Cent of Value for Four
Months at Seven Per
Cent
BY RALPH SMITH
The Fourth National bank, of At
lanta, yesterday announced the de
tails of a plan for financing one-sev
enth of the Georgia cotton crop for
1921, under terms and conditions that
will help to stabilize the price and
save the farmers from the financial
loss usually occasioned in the har
vest season by reason of their ina
bility to market their product in an
orderly way.
In a nut shell, the Fourth National
purposes to make loans for a period
of four months, at 7 per cent inter
est, on cotton to the extent of seven
ty-five per cent of the market value of
the staple at the time the loan is ne
gotiated. On a basis of 20-cent cot
ton, it is estimated that the bank’s
resources will jusify advances on at
least 100,000 bales, which is one-sev
enth of the state’s production, ac
cording to the latest government es
timates.
The significance of the progressive
step taken by the Fourth National is
more fully appreciated when it is
realized that if other large financial
institutions adopt a similar policy, it
will be easily possible tor the city
banks of the state to finance Geor
gia’s entire cotton crop without call
ing for aid from outside or from the
war finance corporation.
The Flan Outlined
The plan of the Fourth National,
which is outlined in a pamphlet is
sued yesterday and amplified by a let
ter written by Charles I. Ryan, vice
president of the bank, is based on the
following salient points:
1. The hank offers to lend 75 per
cent Os the market value of cotton,
when properly warehoused and in
sured.
2. The rate of interest will be 7
per cent. x
3. No cotton will be accepted that
grades below low middling, which is
the lowest tenderable grade on the
New York cotton exchange.
4. The customer must agree to
maintain a margin of 25 per cent at
all times.
5. The warehouse receipts that are
accepted as security must be issued
by a warehouse whose financial stand
ing, management and methods are
satisfactory to the Fourth National
and to the inspector of the Federal
Reserve Bank of Atlanta. In this
connection, it is pertinent to observe
that preference will be given to
warehouses organized and bonded un
der the federal warehouse act.
6. Warehouse receipts must be in
negotiable form, reciting that the
cotton will be. delivered only upon
surrender of the receipt when prop
erly indorsed. It is provided, how
ever, that if the receipt indicates that
the commodity is deliverabl to the
holder of the receipt no indorsement
will be required.
7. The receipts must plainly iden
tify each bale of cotton, and must
also state specifically the amount of
advances made against the cotton, or
recite that no advances have been
made by the warehouseman.
8. All cotton must be fully cover
ed by insurance policies in accept
able companies, either payable to the
Fourth National, or by any bank to
whom advances have been made.
9. A certificate of grade issued by
an agent of the Fourth -rational, pre
ferably the Cotton Certification and
Inspection company, must be furnish
ed with each loan.
10. The inspection service shall in
clude also the pulling and shipping to
Atlanta of samples of cotton inspect
ed.
11. No loan shall be made for a
longer term than four months, and
the note used must be the regular
form of the Fourth National bank,
payable in Atlanta.
State-Wide Faculties
Although the notes are payable in
Atlanta, it will be unnecessary for
borrowers to come to Atlanta to ne
gotiate directly with with the Fourth
National for desired loans. The plan
provides that the correspondent
banks of the Fourth National
throughout the state shall act as its
agent in making the loans.
Indeed, the Fourth National was
moved in the adopting of the plan
by a desire to accommodate not only
its own patrons but the clients also
of its correspondent banks in the
state, of which there are several
hundred.
The fact that the Fourth National
has correspondent banks ’n every
section of the state assures that its
liberal policy in extending credit
will be available to cotton producers
in every county in Georgia.
Mr. Ryan’s Letter
The letter of Vice President Ryan,
which has been forwarded to the
Fourth’s correspondent banks, fol
lows:
“The Fourth National Bank of
Atlanta has always endeavored to
administer its affairs on the funda
mental principle that any business
can only thrive and permanently
prosper in proportion to the service
it renders the public. With this in
view, its officers have tried to con
duct its business on as liberal a
basis as possible, ever mindful of
the necessity of preserving the
soundness and liquidity of its as
sets.
“Since our organization, this in
stitution has never directly or in
directly fostered, or encouraged,
speculation, which practice, if gen
eral, would be especially disastrous
to our section at this time, when
only by a liquidation of debts can
we hope to return tc normalcy. In
the past, even when there was an
active demand for export cotton and
a substantial buying by domestic
mills, a surplus of cotton has always
come to the market at the ginning
season, which condition affected the
price unfavorably.
“It the consensus of opinion of
those who have studied the situa
tion, and it has ben given careful
consideration by the Federal Re
serve bank and by governmental i
agencies, that the dumping of the I
(Continued on Fag* 8, Column 7) I
Scents a copy,
$1 A YEAR.
WORTH OF GEORGIA
CROP $68,000,001)
AT PRESENT FIGURE
Potential Yield Has Gained
$24,000,000 in Value
Since Planting Staple
Here Goes to 17 Cents.
BY ESTES DOREMUS
Georgia’s cotton crop, estimated
at 827,000 bales on the basis of the
government's condition report of 41
per cent of normal as of August 25,
and figured at 17 cents a pound, the
last quotation issued here, is worth
$24,000,000 more today than when
the crop was planted.
At the time the seed went into
the ground cotton prices were rul
ing around 11 cents, which would
have made the valuation $44,000 000
on the same number of bales. Fig
ured at 17 cents per pound an aver
age bale of 500 pounds, the yield to
day is worth $68,000,000. Similarly
the value of the entire southern crop
at present prices is $595,000,000.
It was said a week ago that King
Cotton was coming into his own
again. The assertion was based on
opinions of experts in the cotton
trade, who were agreed that 1921-22
would be bull years for the staple.
In the past week cotton has come
into its own, and with the sensa
tional rise in price, brought about
by an unprecedented condition report
of 49.3 per cent, business in general
has become more optimistic than at
any time since the reaction from
the depression set in. It has put
new life in business.
Business, big and little, has felt
the effect of the advance, and from
all quarters come reports of in
creased trade and a decidedly mor*
hopeful view of the future. Orders
are pouring in to Atlanta wholesale
houses and collections are expected
to keep pace once the movement of
the raw material gets under way,
Reason for Advance
The advances of the cotton market,
while spectacular on the publication
of the August and July condition re
ports, has maintained an even and
gradual scale for the past two weeks
and from day to day new highs have
been recorded, the cop being reached
Friday on the close, in the face of a
three-day holiday over Labor Day.
Cotton men of long experience mar
velled at the strength of the market
under such conditions and were
agreed that it could be brought about
only by actual crop conditions, and
not through sentiment or temporary
causes. There are concrete reasons
for the advance in the shortage of
the crop, the last conditions report
cutting down the potential yield of
the south 1,166,000 bales from that
of a month previous. The latest yield
estimate is fixed at 7,037.000 bales.
In the opinion or cotton dealers,
the market will continue to be a
bull market, with only such reces
sions as always come at isolated pe
riods of profit-taking. Breaks ar*
to be expected, but the general ten
dency of the market will be upward,
or strong around top figures. Such
Is the belief of experts and as an
evidence of their contention, they
call attention to the 100-polnt break
of last Wednesday, which was halted
by long interests, and at the close
reduced to 75 points. The next day
saw an advance of 150 points, car
rying the actlvs months 75 points
above quotations preceding the
break.
Spots Up S3O A Bals
It is tlie strong undertone of th*
market coupled with the advance in
the price of cotton in the south
tllat is stimulating business more
than any other factor at present,
for it means that Georgia is worth
$24,000,000 more today than six
months ago.
The actual advance of spot cot-2
ton here since March is six cents
or S3O a bale, and the advance sines
Saturday a week ago is 240 points,
or sl2 a bale. Based on the pried
that must rule through Tuesday,
the average bale of cotton is worth
•?85.
In the week just ending both
spot cotton and future contracts
have made new high records for
the year, with all options on thy
New York cotton exchange selling
at 18 cents or higher. October con
tracts, which opened Monday at
15.40, are up 260 points, or sl3 a
bale. Atlanta spots at 17 cents, are
higher than at any time since last
November. December futures made
their high mark at 18.30, January
at 18.27, March at 18.50, May at
18.55 and July at 18.58. The net
gain for Friday alone was around
$3.25 a bale over the closing figures
of Thursday.
The advances of spots here havs
been as meteoric as those of fu
tures. Fifty-point jumps have been
the order. The’ biggest bulge, 115-
points, however, came Thursday
with the condition report, and the
next largest came Friday with 75
points. The Atlanta market lost
only 40 points on the break Wed
nesday.
The Friday closing found New
York spots up 65 points at 18.15
and New Orleans spots up 50 points
at 17 cents, the same as Atlanta.
Optimistic Opinions
Atlarta business men were free in'
expressing their opinions on the
beneficial result of the rise in the
price of cotton.
R. K. Rambo, of John Silvey &
Co., declared that their business had
picked up materially on the strength
of a good price for the staple and
that ciders were coming in from all
sections.
Mr. Rambo said: “The advance in
the cotton riiarket has caused the
mills to -withdraw their prices, and
they now are figuring on what new
prices they will have to make. It
has had the effect of putting aetten
Into business.”
C. J. Sullivan, of the M. C. Kiser
companv: “The rise of the cotton
market has i ut a better feeling into
merchants. They are beginning to
buy.”
Walter A. Brower, of the Brower
Candy company: “Even the candy
business is stimulated by the cot
ion market activity. With cotton
going up there is a general feeling
of prosperity everywhere, and sales
men in all Unes find little difficulty
in placing orders.”
James J. Ragan, of the Ragan-Ma-
(Continued on Faff* 6, Column 8)