Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-04-13
MERIT WON BANK
FOR ATLANTA,
SAYS BOARD
Organization Committee, Reply.
ing to Critics, Presents Formi-
dabIe Array Of Figures,

Atlanta bankers and business men
were protesting great satisfaction
Saturday in the formal statement just
issued by the Federal reserve bank
organization committee in Washing
ton, replying to criticism from New
Orleans and few other quarters in
re- ard to the choice of Atlanta and
Dallas. The statement of the national
board includes facts and figures that
show beyond question that Atlanta
she uld have been preferred over New
Orleans and, in fact, over any other
nity in the Southeastern States.
To begin with. Atlanta was the
choice of more bankers in its sec
hon than New Orleans or any other
city. The voting for Atlanta was re
mari ably clear in its tone, while that
in support OF New Orleans and Biz
mingham was decidedly uncertain
Figures All Favor Atlanta.
Again, it is shown that the Atlanta
member .anks. which are mainly ma
tional banks, have more capital and
surplus, more loans and discounts and
more individual deposits than either
New Orleans or Dallas, which latter
oity was among the twelve chosen as
locations for Federal reserve banks,
But more significant even than this
IA the showing of increased business.
Between September, 1904 and
March, 1914, the national banks of Al
lanta increased their capital and sur
especially when compared with that
of New Orleans-only per cent-and
even Dallas, which made the notable
gain of 1870 per cent.
Reply Forceful.
Some extremely direct language
was used in reply to the various Criti-
cisms which had reached the commit
tee.
Some Of these critics do not ap-
pear TO understand that the Federal
reserve banks are bankers banks, and
not ordinary commercial banks, the
statement said. They hold the re-
serves and clear the checks of mem
Der banks; make rediscounts for them
and engage in certain open market
operations. AS matter of fact, the
everyday banking operations in any
community, between business men
and their own banks, will not be
greatly modified or altered,
Every city, therefore, can continue
to do business with individuals firms
or corporations within its own limits,
or in its own region, or in any part Of
the United States, or of the world, II
which 1t has hitherto done business.
The new law imposes no restrictions
of that sort"
1t was shown that the Georgia
their Federal reserve point, not one
expressing even a second choice for
New Orleans, The banks OF Alabama
desired either Birmingham or Atlanta,
only three naming New Orleans as a
G1rst choice, OF A banks In Florida
10 spoke for Atlant- and only s. in
the extreme western corner of the
State, chose New Orleans. Not
single bank in Tennessee named New
Orleans as any choice. while seven
made Atlanta their first selection,
fourteen their second choice and thir-
teen their third Practically the only
banks expressing a direct preference
for New orleans were those Of Lor-
isiana and ~ of 80 i'm mississippi
Following are some of the Compare
tive tables Of figures given out by
the national committee in support Of
ste decision with reference to the
Southern reserve banks:
How They Compare.
Capital and Loans and Individual
CITY. Surplus Discounts. Deposits.
Atlanta. IS 100000 SIC. 03s 600 S2434S 900
Dallas $500 900 10, 622.000 1851 900
N Orl'ns. 6730.00G II, 2S5, 600 1857 900
Capital and Surplus.
PC Of
CITY. Sept. 1904 Mar, 1914, Inc
Atlanta ....S2,4l0 900 49, COO, 900 256
Dallas ........ 2,676.0O0 100000 l20
New Orleans $3.50 600 6,780.O00 8
Loans and Discounts.
CITY Sept, 1904 Mar, 1918. inc
Atlanta cfn 900 0nO COS nos nm 1Eg