The Birmingham age-herald., 1914-04-20
One New York Bank Must Pay Three Millions for Its
 Capital Stock
OTHERS GET READY
 FOR THE BIG CHANGE
New York Bankers Believe That If New Orleans Insists on Its Protest It Is Likely to
 Prove Effective
By HOLLAND

New York April 19.-(Specia1)--One na- in installments. sS,oooOoo for capital stock fin the federal reserve bank of the New York district in case its application for stock be granted. There is no doubt that it will be cordially granted. Other New York banks will speedily have made subscriptions aggregating between s14,ooo,- GOO and sl5,0o0,ooo for the capital stock of this institution. When all the banks of this district have subscribed for stock and have made their payments, then the institution will be capitalized for an amount fairly proportionate to the wealth and banking influence of this district.
 What has taken place in New York is, according to information received In this city, in progress in Boston, Philadelphia, Chicago and St. Louis, probably also in the smaller cities which have been desig- mated by the organization committee as reserve cities.
 George M. Reynolds of Chicago. presi- dent of the largest of American banks west of the Allegheny mountains. is quoted as having said day or two ago
 
 the regional divisions which have been described in the recent report of the or ganization committee. Nor will New York make any protest. although on superficial view there might be justifica- tion for an appeal to the federal reserve board, when that is created, from the decision of the organization committee. The committe has taken from New York all that part of the so-called metropolitan district which lies west of the Hudson river Yet no one has heard in public, and not often in private, any vigorous pro- test against this action of the commit tee. Boston and Philadelphia have al- ready discovered that the whole the regional divisions of which these cities are the centers are satisfactory to the bankers of the communities contained within their boundaries.
 The Chief Protest
 It Is not for the bankers of New York, of Chicago, of Philadelphia or of Boston, to join with those who are protesting against the curious omission of Cincinnati and of New Orleans from the list of re- serve cities. Yet there is feeling that the business communities of which these cities are the center are justified by some thing more than sentimental pride in pro- testing against the elimination of these cltleS.
 Cincinnati was the chief commercial center of that part of the west which lies between the Allegheny mountains and the Mississippi river south of the Ohio while that great section was unde Its initial development. Cincinnati was the one city west of the Aleghenies and east of the Mississippi with which business. com merce and industry were identified in the early years of our national development The prestige then gained has never been lost. The commerce which Cincinnati com Inands and the relation which the city commercially bears to states south of the Ohio river continue to be very large And there is yet no good understanding in this city of the reasons which led the organ ization committee to slight Cincinnati and to discriminate against that great com rnercial community when making selec- tion of the reserve cities.
 Should New Orleans make as vigorous protest as is expected, complaint of that kind is spoken of here as something that would be justified unless the reorgan- ization committe can bring forward better req sons than it has yet done for passing over the great city which Is at the mouth of the Mississippi river. New Orleans was a metropolis before President Jefferson bought Louisiana territory from Napoleon Bonaparte. The government has spent many millions of dollars in perfecting navigation from the gulf to New Orleans. The city has become the great railroad center. The late c. P. Huntington was