Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-04-04
atlanta RECOGNIZED AS
S0UTH'SF FINANCIAL HUB
BY RESERVE BANK HONOR

Ststes ~ Georgia. Alabama and Flor
ida. the eastern part OF Tennessee.
I one-half Of Mississippi and the
southeastern part Of Louisiana. New
| Orleans Nashville, Chattanooga.
Knoxville and Birmingham are In
Guided lu the Atlanta district.
The supplemental announcement
Of the reserve bank committee states
that in locating the banks II hds
endeayored not to disturb existing
channels Of credit This IL borne out
by the action OF the committee IN
placing n bank At Minneapolis in
the face Of strong effort to give the
/ Chicago bank control Of Minnesota
North and South Dakota and Mon
tana
Evidence Particularly Complete.
The committee considered the evil
deuce submitted by Atlanta and
| Richmond, particularly the former.
as the most complete that was Of
| fered Hence the locating Of two
banks ia the South Atlantic states is
not surprising This com piete array
Of evidence showed that the South,
| instead OF being large borrower.
IL In reality a large creattor - -
estimated that the Sorth obtains only
about SEQ 600 000 annually from Chi~
caRo and New York, and transmits
something lie S200,0 annually TO
these centers
Interest in the reserve bank situa -
| ton. nov that the sites for the
banks have been determined, centers
in the appointment OF the members
| Of the Federal Reserve Board, who
win be named by the President OF
fetal announcement vas made FIJI
cay that these appointments viii not
be hurried r. il understood that the
President viii consult with Senators
IN regard to the qualifications OF "a Z
rious men in order To prevent flght
against the confirmation OF any 81
the nominations
7,54S Banks In system.
The next step taken by the
organization committee will 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 VIII be AZ least 7,54s banks
IN the system. with total capital
ana surplus Of 1881 Gas, 1853, The 6
per cent Of this amount, which will
| form the capital Of the reserve banks,
| Is sl00.000000
Banks must begin payment FOR
| their stock In the reserve bank or
their district within thirty days aft
er the receipt Of the notice tat the
| Institutions have been started The
| payment Of subscriptions VIII be
spread over many months. in order
! that the banks can adjust their af-
fairs to the new condition.
The committee which named the
new banking centers pointed out
/ Friday MAT during its work it Wis
| tied eighteen cities. heard argu-
ments from representatives. Of 200
titles. and selected its final Est from
among thirty seven cities that ms de
Implication for a bank. The follow
Ing factors We're taken into con-
sideration
Many Factors Considered.
The ability Of the member banks
within q district to furnish the neces-
sary $4,000 900 capital for the reserve
! bank. mercantile. industrial and
! financial connections in each district
and relations between various portions
and n reserve city, the probable abil
/ ity of reserve bank to meet legiti-
mate demands OF business, whether
"uormal or abnorma r." the equitable
! division Of available capital among al!
| districts the general geographical
situation OF each district, transporta =
lion lines aud facilities for speedy
| communication IN st. 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. /. Boston Reserve
bank viii have capital OF &9.93l. 74C
! with 4iG national banks as members
Territory Includes the New England
| States
| District No, ?, New York Capital