Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-04-03
ATT ANITA RECOGNIZED AS
SOUTH'SF FINANCIAL HUB
BY RESERVE BANK HONOR

S,etes ~ Georgia. Alabama and Flor
tdl rhe eastern part OF Tennessee.
our-uaf of M ssissippi and tine
southeastern part Of Louisiana \"N
Orleans Nashville Chattanooga
Knoxville and Birnn gham are n-
GUIDED u the Atlanta district
The supplemental announcement
~ the reserve bank committee states
that n locating the banks il has
cndeayored not to disturb existing
channels OF credit This IL borne ont
by the action Of the committee in
placing a bank at Minneapolis to-
tine face Of strong effort 10 give the
Chicago bank control Of Minnesota,
North and South Dakota and Mon
lana
Evidence Particularly Complete
The committee considered tne evil
dence submitted by Atlanta ana
Richmond. particularly the former
as the most complete that was Of
fered Hence the Locating Of two
banks in the South Atlantic States is
not surprising This complete array
OF evidence showed that the South
Instead Of being large borrower
is in reality a large ere Itor. II Us
estimated that the Soe,h obtains only
about $50 600 O00 annuaiiy from chi
eaRo and Sew York, and transmits
something lae $500 600 annually to
these ceu' crs
Interest i'm tho reserve bank sltua
ton. now that the sites for the
banks have been determined, centers
i'm the appointment of the members
of the Federal Reserve Board. who
VIII be named by he President OF
fetal announcement was made fIl-
cay that these appointments VIII not
be hurried il Is understood ihat the
President win consult with Senators
.u regard 10 the qualifications Of Va
ri0us men i'm order 10 prevent fight
against the confirmation of any Of
the nominations
1913 Banks In System.
The next step taken by the
organization committee viii be the
notification OF the national banks
entering the system and becoming
members Of the reserve banks The
statement OF the committee shows
that there WIN be- a least 7,JiS banks
In the system. with total capital
and surplus Of lSat 648 1853. The s
per cent Of this amount which will
form the capital OF the reserve banks,
Is 500 600 600
Banks must begin payment for
their stock in the reserve bank of
their district within thirty DAYS aft
er The receipt of the notice tat the
Institutions have been started The
payment OF subscriptions will be
spread over many months, i'm order
that the banks can adjust their af-
fairs to the new condition
The committee which named the
new banking centers pointed out
Friday that during It's work IL Wis
tied eighteen cities, heard argu
meuts from representatives. Of geo
cities, and selected its hna Est from
among thirty seven cities that ma de
aspiration for bank The follow
ing factors We're taken into con
sideratiou
Many Factors Considered
The ability of the member banks
within district to furnish the neces-
Try 81 GOO 000 capital for the reserve
bank mercantile. industrial and
financial connections In each district
and relations between various portions
and a reserve city. the probable ahil-
itv OF a reserve bank to meet legiu
mate demands OF business, whether
normal or abnormal" the equitable
division of available capital among all
districts, the general GeoglaphlcaI
situation OF each district trausporta
ton lines and facilities for speedy
communication in IT, the population
area and prevalent business activities
OF the district.
The twelve districts are described
as follows in the announcement of
the organization committee.
Outline of the Districts.
The districts and cities follow
District No 4 Boston Reserve
bank viii have capital Of S9.9&I. 7t0
With 4i6 national banks ass members
Territory includes the New England
States
District No . New York CAPITAL