Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-02-16
PLEADS F Or
RESERVE IN
ATLANTA
Senator Tells Committee 1t Is
Their Duty to Locate One
Center Here.

The hearings of the Reserve Bank
Organization Committee closed at
4:15 p. m Saturday at the conclusion
Of a strong plea by Senator Hoke
Smith for the institution of two re-
serve banks in the Cotton Belt, one
to be in Atlanta.
'T strongly counsel said Senator
Smith, that under this bill the South
and Southeast should each receive a
separate reserve district and have a
separate reserve bank.
"When the bill came to the Senate
it had provided only for four banks.
and there we increased that number
to from eight to twelve for the ex
press purpose of providing at least
one and perhaps two banks for the
Cotton Belt We want them, and you
4 ntlemen should see that we get
them.
ATLANTA is the gateway to the
South and the logical place for the
location of such bank. Independent
business organizations have investi-
gated this Southern territory and
freely chosen Atlanta as their head
quarters, proving that this is the log
tcal gateway to the South in the nat
ural channels of trade.
I'VE can make such a bank self
sustaining in this territory without
the aid of banks in the North"
There was much applause Of Sem
ator Smiths address, following which
Secretary of the Treasury McAdoo
asked if representative from
Charleston were present.
AS no one answered, the Secretary
declared the meeting closed. The
committee will leave Atlanta Sunday
morning for Cincinnati, where the
next hearing will be held
Do Not Need North.
When the Saturday hearing of the
regional bank claims was adjourned
for luncheon at 1850 o'clock, Chat
tanooga, Columbia and Savannah had
been heard, and the national commit
tee was well under way with its hear
ing of Birmingham, the last OF the
cities to present it's claims.
B. F. Taylor, a Columbia banker,
stated that Columbia was not at all
in sympathy with Atlanta as a re-
gional banking point and recommend
ed Richmond as second choice after
his own city.
Savannah Not Good Center.
Savannah would be a good point
so far as Columbia is concerned" he
stated, but it would not be a good
reserve banking point for the entire
region" .... ......
There was some disagreement as
TO the proposition that the trend Of
trade was followed by the trend of
banking paper. Mr.. Taylor held that
the first had no effect on the second
while e. j. Watson, South Cardinals
commissioner of Agriculture, was Of
the opinion that banking should fol-
low the trend OF commerce.
The pening of the Panama Ca
nal" Mr. Watson began. but Secretary
Houston held up both hands in pro-
test.
Please don't!" he rleaded. THAT
canal has pursued US all over this
country"
Mr.. Watson took another tack.
Joseph f. Gray, of Savannah, rep
resenting the Chamber of Commerce
and clearing house Of that city, was
the chief speaker for his delegation.
Savannah handles the greatest
volume of basic commerce on the
south Atlantic seaboard," he stated.
and Savannah finances a greater
portion Of that commrce than any
other city or group of cities in the
South"
Mr.. Gray laid great stress upon sa-
vannahs importance in connection
with the export trade, until Mr.. Nc
Adoo asked If the export trade were
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