Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-02-14

interests of this district and viii show
activity in ?" directions and is there
fore, the logical site for the bank de
signed to serve the southeastern dis
trict."
Questions Readily Answered.
Secretary McAdoo questioned Mr.
Orr closely and found him ready with
satisfactory answers. II was brought
out that the seven States did an AZ
gregate business of $4,000 900 year
and that this was added to by manu-
facturers' agents in the territory WHO
brought the total up to 100000. 900.
McAdoo had many questions as to the
preponderance OF trade which Atlanta
enjoys in the Southeast.
The Atlanta committee. when 7
was unable to produce exact figures
for the whole seven States; told the
visiting commission that within
brief time they would have prepared
table showing the aggregate bust
ness OF the entire seven States, to-
gether with the proportion Of this
business that Atlanta gets
Mr.. Moore said in part:
Tells OF Big Business
This group of States is well bai-
anCed and harmonious in respect TO
commerce and the succession Of crops
The extremes OF the territory are
reachable in j. hours The district
has thirteen and a quarter MILAN
population. One half OF the mer-
chants and jobbers in this district do
business in Atlanta.
There are 54S local manufa Ctur
ers who make 500 different articles
and realize an annual business of
t43, 100000. The value Of the farm
products of the district are sl,11l, 600
900.
J. K Ottley was the first Of the
quartette Of bankers appointed to
speak and presented an argument
eloquent with scientific reasoning. He
spoke on THE Trend Of Banking" and
referred to the proposed region as
territory compact and ideally united
in interests and affiliations
Geosra phical Center.
He asserted his belief that the
spirit of the reserve act was in favor
OF districting the country in the shape
proposed by Atlanta rather than In
wedge shape or along Irregular lines
He said Atlanta was the geographical
center OF the proposed district and
showed the trend OF commerce flow
ing in and out of the city and how the
trend of banking followed commerce
by natural law.
Mr. Ottley showed that the bank
clearings Of the city were S725,000,-
600 in 1919, or seventeen times as
great as in 1898.
"Atlanta's percentage Of gain in the
last ten years." said Mr.. Ottley is
3i2 per cent In the list Of Southern
cities arrayed here. Atlanta stands
first in increase of clearings, with
Chattanooga next with ga per cent
McAdoo Asks for Clearinas.
Mr.. McAdoo requested that the
clearings Of all cities represented AZ
the hearing be read. and ii showed
that Atlanta led any other two.
Mr.. Ottley stated that Atlanta was
the second city in the country to in
troduce the system of clearing coun-
try checks direct and was now doing
so regularly for three States. The
trained force OF clerks thus created,
he said, wouWld he available for the
reserve bank here.
In discussing the moving Of the cot
ton crop, r. Ottlev and Mr. McAdoo
| exchanged some interesting remarks
about cash and credit.
] Il want to say" said the Atlanta
| banker, that when it comes to hand
| ling the cotton crop, IL has been the
case more than once that there was
plenty of credit and not enough cash.
But you can't get cash without
credit" said Mr.. McAdoo. Credit is
just as necessary as cash in the tnans-
action"
That's perfectly true, but in our
case we have always had the credit
and not always had the cash
McAdoo Twits Maddox.
Robert f. Maddox. vice president
of the American National Bank, was
the victim Of a bit of Secretary NC
Adoo's irony. Closing an especially
effective address, MT. Maddox said
when President Wilson signed ne
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 w the people as new
emancipation proclamation.
After a 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 OF