Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-02-13

Adoo's irony. Closing an especially
effective address, Mr. Maddox said:
when President Wilson signed the
currency bill he struck from the feet
OF the financial interests OF the coun-
try the shackles that so long had
bound them The new measure was
received Ly ttA people as new
emancipation proclamation"
After burst of applause, Mr. Me
Adoo inquired dryly, "Oh. the bank
ers are beginning to admit that now,
are they"
Mr.. Maddox said that there was
little idle money in this section al
the United States because the recOl-
structlon of the South had required
all its energy and all its capital.
Able to Care for Own Section.
The rapid development Of oar
farms, our factories, our mines. ouc
cities and our commerce he said,
has called for even more capital
than our banks could supply, and,
unlike some of our richer and more
finished sections, our banks have not
been forced to go into other sections
for desirable loans"
Secretary Houston subjected Mr..
Maddox to a long cross examination
that was taken TO indicate that he in
y
before he made a decision for or
against Atlanta
He asked Mr.. Maddox If Mississippi
would not naturally be tributary to
New Orleans; if it were not true that
North and South Carolina had no de-
sire for a regional bank to the south
Of them, The trend of their trade be
ing northward, and if, to carry this
line Of investigation further, II were
not straining a point to regard Ten
nessee, unless it should be the ex-
treme eastern part. as a part of the
natural group of seven States TO form
the southeastern district.
Cotton Crop Big Factor.
He commented that If his sueges-
ton proved TO be true, 1t would leave
only Florida, Alabama and Georgia
in a natural group, OF which Atlanta
would be the commercial and indus
trial center He said that the theory
of the law put the obligation upon
the committee to make each of the
districts normally independent. or as
nearly so as possible.
The questions of the commissioners
gave the impression that the large
sums that the South has to borrow to
move its cotton crop might have a
considerable bearing in the ultimate
decision
Chattanooga Second Choice.
Secretary McAdoo asked Mr. Mad b
dox his next choice for the site of a
regional bank in the event that At
lanta could not have It. The Atlanta
banker said Chattanooga would be his
second choice.
"Supposing that il must go east in
stead of in the direction of Chatta-
nooga ?" inquired McAdoo
Then, | should choose Washing
ton"
DO you approve Of New Orleans as
the site of regional bank?"
No"
"Why not?"
We don't do any business with
New Orleans"
Mccord on Cotton.
Joseph A. McCord, vice president of
the Third National Ban!;, said:
Cotton is the greatest producer 81
value of any commodity in the South
ern States.
Thirty three per cent is grown east
Of the Mississippi river. Georgia is
the center of this territory, producing
2,S16,38S bales. or 80 per cent At
lanta is the central city of this Cot
ton Belt. taken from numerical. as
well as a geographical point of view
Cotton is purchased in small towns
and money payments are necessarily
made at these towns. Buyers classify.
mark for export, and ship from interi
or towns and cities. to shipside at
ports, hence the banking facilities
should be nearer the center to bene-
fit the greatest number Of people.
ITO locate a reserve bank at a port
would not sorve the interior as well
as if located nearer the producers
to locate at any extreme would ntC
serve the whole section.
Currency can be shipped to any
town or city on any main line of rail
road in the seven Southeastern States
from Atlanta, Ga. after FIVE o'clock III
the afternoon of one day. and deliV
cred by not later than ten o'clock next
morning TO the farthest point in these
States"
Every Atlanta business and imam
cial representative engaged in the ac-
tive campaign to land the regiona
bank for Atlanta Friday Afternoon
will interview members of the dele
cations from Columbia. Savannah
Birmingham and Chattanooga ano