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

touched specifically on the volume of
bank clearings here, on Geographic
and telephone business, but more
particularly upon the sequence of
crops in the region, showing that 1t
produces in the market a crop of
enormous value once every month the
year round,
Business Increase Normal.
One of J. K Ottley's strongest Ar.
guments to the committee was the
compactness of the Atlanta region.
the similarity of business methods
throughout this Southeastern terri
tory, the fact that the S725.000, 900 of
bank clearings in the district repre-
sents doubling thereof of twelve
times since 1898, putting Atlanta in
the lead over any other city in the
South.
Specific data presented by Mr.. Ott-
ley proved TO the committee that the
increased bank clearings have been
brought about by normal increase of
business
Robert F. Maddox, who followed
Mr. Ottley, offered the committee
statistics showing the capital, sur
Plus, reserves and resources of the
Atlanta banks. He pointed out that
practically every eligible bank in the
district has signified its intention Of
Joining the national banking associa-
hon, ana hat there ire ample funds
at the disposal OF the banks with
which to finance their share of the
capital of the national association.
Banking Conditions Sound,
Mr.. Maddox admitted that at pres
ent there Is time of the year when
cotton is moving, that Atlanta Is
heavy borrower, but he pointed out
that this condition win be eliminated
when the national association is in
operation, because the millions held
IN reserve by Atlanta banks, in New
York and ST. Louis and the millions
that State banks loan to persons out
side of the Atlanta territory then
will be held in Atlanta at the dis
posal of the crop-movers.
Mr. Maddox pointed out that New
Orleans, not included in the Atlanta
region map, can be attached to the
Dallas bank, and that Tennessee is in
favor of having the bank in Atlanta
and that the other States in the re-
sion normally feed from Atlanta's re-
sources.
Chattanooga Second Choice.
In response to direct questions from
lanta might select Chattanooga as
the site of a reserve bank, as second
choice, but that New Orleans would
be favored under no consideration.
I'VE do not wish TO be connected
with New Orleans" said Mr.. Maddox.
Joseph A. McCord pointed out TO
the committee that it is only an oc-
casional year that Atlanta and the
South mas to call in outside resources
TO help move the cotton crop. then
went on to show that financial help AT
one time and another is needed by
every section of the country.
secretary McAdoo asked Mr. Nc
Cord and Mr.. Maddox to prepare a
map showing just what the cotton
crop conc, c9naitlens are and have been for
number Of years y
Ask for Table of BUSINESS.
Atlanta also was asked by the COM
mlttee to prepare a table showing the
total amount of business, the total of
crop values and the total of manufac-
lures are in the region, and what per-
centase of the three is handled by
and through Atlanta.
These statistics and other addi-
tlonai data will be prepared and sent
to the committee in Washington be-
fore March /. Statistics were pre-
scented by Mr.. MCCord showing that
crops and manufactures have doubled
in the region in the last decade.
j. Epps Frown gave the committee
an outline of the teiegra phic and tele-
phonic equipment of the territory
showing that a direct connection with
Washington, d. c. may be had from
Atlanta in two minutes; that the
wires in the territory are all new and
of copper, and that the equipment
generally is new and of the best,
Foreign Exchange Wanted.
Dealing with foreign exchange. A.
T. Coles, president of the Central
Bank and Trust Corporation. said In
d brief submitted to the board:
Atlanta is the only city between
Baltimore and New Orleans that deals
direct with European financial CEN
ters in international banking--that Is
to say, Atlanta has accounts abroad
and daily transactions with banks in
London, Liverpool, Paris, Havre, Bre-
men and Berlin,
During the year 1918 the total
amount of foreign exchange bought
and paid for in Atlanta and RENTED
direct to Europe for account and
credit of Atlanta was SOCIALISTS.
Against these credits abroad the At
lanta bank reimburses itself in the
regular course of business by the sale
of bankers checks and cable transfers
wherever the demand for foreign
credits is the greatest.
Advantage to Bank
"A Federal reserve panK located
here would find this particular branch
of its business very profitable, bring
ing in a better net result than that
derived from the discounting of COM
mercial paper at a rate of interest
lower than 4 per cent
During the crop moving period,