The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-11-13
SAVANNAH 4 PRESERVE CITY.
Controller ECkeIS' Certificate TO That
Elect Received Yesterday.

Is Entitled to Be Added to the List OF
Cities in Which National Bank Re
serves May Be Kept and Issues His
Certificate Accordingly-A Big Thing
for the Banking interests.
Savannah Is now a reserve city under the
national banking act Under this law ma
tional banks in cities having 50,o0o popula-
. ton and over may become the repositories
/ for other national banks in cities having a
. smaller population or which have not been
placed upon the list Of cities entitled 70 be
known as reserve cities.
Savannah is now the only reserve city
for national bank deposits between Balu-
more and New Orleans. The advantages
I OF being entitled 10 receive deposits from
other national banks under the national
/ banking act is evident at once 10 all bank
. ers and business men. Under the national
bank act all national banks are required
. TO keep at least 10 per cent of their de-
posits on hand in cash, but are allowed
. to count as a portion Of this cash reserve
/ all balances standing to their credit on de-
/ post with approved reserve agents in re-
serve cities
D 1AlEA the EEIltliCcLt OF AOHLlOlIGF EGhIeS
/ Savannah's national banks may now be-
/ come approved reserve agents and may re-
/ ceive deposits from national banks in other
/ cities and towns, which deposits may be
/ accredited TO the reserve fund Of the out
/ side banks.
| The appointment Of Savannah as a re-
\ serve city Will enable all banks in this sec
/ ton to keep their reserve nearer home,
/ instead Of sending them to national banks
/ in New York and other northern cities,
/ where a lapse Of thirty to forty hours time
Z by mall or express is required in order to
/ obtain this money when needed. 1t will
/ now be greatly to the advantage of the
banks in this section to make their de-
! poslJs IN Savannah as the balances to their
/ credit in the national banks will be accred-
/ tied to their reserve just the same as if the
! deposits were MADE with the national
/ banks of New York, Boston or Phlladel-
phia. This win have tendency to draN
/ money to Savannah, not only for deposit
/ with the national banks, but for deposit
! with the state banks as well on account of
/ the increased convenience for making ex-
! change. 1t will also tend to greatly i'm
! prove the conditions of the money market
| here by making Savannah more of a money
/ market than she already is.
The making of Savannah a reserve CITY
/ is due to the efforts of President S. p
/ Hamilton Of the Merchants National bank
/ President Herman Myers of the National
/ bank of Savannah, and Mr.. r. +. Burdell
! cashier of the Chatham bank The latter
is state bank, but Mr.. Burdel has taken
q great deal of interest in the matter and
ne devoted much personal effort to the re-
/ suit which has just been reached. Under
| the national banking act only cities hav-
/ ing a population of $4,000 or more are en-
| titled to be placed upon the list of reserve
| cities. The Porter census of 1890 only gave
! Savannah a population of $4,000, but the
I gentlemen who had the matter in hand
/ were satisfied that the actual population I
that time was nearer $4,000 and that the
| increase in population since 1890 had placed
1t largely in excess of this figure They
felt no hesitation accordingly upon this
score.
The petition of the two national banks
to the controller of the currency to make
savannah a reserve city was prepared
| last month ana forwarded to him about
| Oct p The petition consisted largely of
compilation of facts, showing the com
mercial Importance of the city, including
statistics of the banking capital, clear
ing house reports, shipping and other in
terestS. The certificates OF the mayor
and the chairman of the board of county
commissioners We're attached. to the eff
lect that the population of the city ex-
ceeded $4,000. The following extract is
taken from the petition:
savannah is a city of great CONNER
cial importance the principal South At
lantc seaport. Since the government an
preparation was made for twenty-six feet
of water in the channel of the river its
commerce has been much increased In
Importance it ranks as one of the three
principal cotton ports Of the world first
as naval stores port, besides doing an
extensive business in timber, lumber, early
Vegetables ana other products, and is a
large wholesale and jobbing center"
statistics of the commerce of the mort
were submitted, showing that the total
number Of vessels and their tonnage en-
ter1ng and clearing at this port during
1888 was as follows: Coastwise vessels.
500, tonnage, 1890 22S, crew, SO, 100: foreign.
6S4 vessels, 5i5,l32 tons, crews. 1854. Grand
total, vessels, 1910; tons, / S35, $50; crews.
1874.
The total coastwise and foreign exports
Tor the year, taken from the mayors re-
port, We're stated at 71,315 956.
Paragraph 4 of the petition reads as
follows; The combined banking capital
IS larger than that Of any other city in
this state and section, and it's banks are
strong and well managed During the
late commercial panic the banks Of Sa-
vannah made a fine record for them
selves, having at no time refused to nav
checks and having during said period of
} financial strain issued no clearing bousa
certificates nor resorted to any of the
other eNpedients adopted by banks in
Georgia and other states Of the union -
One Of the most important paragraphs
Of the petition is paragraph I. which reads
as follows: The net bank clearlnps of
this city for 1898 were 500, $40. 4S6 So. which
was about So. 600 more than Atlanta
and equal to the clearings of any four
cities OF the state excepting Atlanta
The certificate Of Controller Eckels de.
claring that Savannah had been added
to the list Of cities named in sections 5l9l
and 5i92 OF the Revised Statutes of the
United States and that all the national
banks located here are entitled to eniov
all the privileges and are subject to ali
the requirements provided by law for
national banks located in reserve cities
was received yesterday afternoon and
made public at meeting of the bankers
exchange There was general congra +.
ulauon over the result and the opinion
generally expressed was that this addi.
ton 10 the banking facilities Of Swan.
nah would prove a great aid. not only
70 the business of Savannah hut Of All
, tho section tributary to IT,
The County's Big Safe.
The contract for furnishing The count,
with "a r1prnu,otb Dra.,,,.,.t .s.