The Birmingham age-herald., 1914-08-12
WARM STATEMENT ISSUED BY T|LTON FOLLOWING DEFEAT. Explains Why Alabama Has No Director on Atlanta
 Reserve Bank COOPERATION IS
 LACKING, HE SAYS Points to Georgia and Mississippi as Examples of Concerted Action and Scores Folly of Alabama's Shortsightedness

Scores Folly of Alabama's
 Shortsightedness
 McLane Tilton president of the First National bank of Pell City, who was de- teated for d member of the directory ot the Atlanta Reserve bank gave out a statement yesterday pointing out the lack of cooperation given the only Ala bama candidate for the place MT Triton says the cooperation of Georgia and Mis- sissippi won places for men from those states. but that Alabama bankers, by their failure to pull together, lost every single place.
 The statement of Mr. Triton follows.
 The federal reserve board announced yesterday the six directors of the fed eral reserve bank of Atlanta, who were elected by the votes of the member banks. Oi the six directors elected, three are from Gorgia, and one each from Tennessee Mississippi and Louisiana There were nVe candidates from Ala bama for four diff feient difestorships and all were defeated. The result of this contest affords a good object lesson to the people concerned.
 III icHlicSsee tnere was IflctlOn pt- tween Nashville and Chattanooga, and the most prominent candidate from that state was defeated. in Florida a fight vas made on Jacksonvlle's leading can didate, and he was defeated. In Ala bama contest arose between two Mont gomery bankers, as well as between a Dothan banker and myself, and all of Us were beaten
 Up to June 1t was recognized that H3 f1ps |. l. was between the Georgia and Tennessee candidates, and for the banks of intermed- late size between Florida and Mississippi The only chance for an Alabama banker to win was from the group composed Of the smallest banks, or country banks proper. For this group 1 had been the only candidate from this state for over three months. No other candidate an- nounced from the other five states and my election was a certainty, as by unani- nous consent, it seemed, the place was awarded to me.
 State Is Divided
 Without chance for either of them to win at the eleventh hour two prom inent Montgomery bank presidents an- nounced their candidacy. They each sought an indorsement from the clear Ing house of their home city and the clearing house stood evenly divided An appeal was then taken to the na- tional banks of the state and a meet ing was called for June 4. A further purpose of this meeting was to side. track my candidacy if possbible, as south Alabama did not wish to see a man from the Birmingham district elected If means could be found to pre- vent it. The net result of this intra- city and intersectional state clash was to make the election of an Alabama man impossible, with a candidate an- nouncing from Georgia to take advan- tage of this situation.
 "This Is easy to be seen. Georgia has more banks than Alabama. With Geor- gia solid behind her candidate and south Alabama against me, MT Toole s vote in his home state exceeded mine by about 20 In the remaining four states there were 65 banks with votes in our group. To win I had to poll 43 of these to Mr. Toole's 22. This handicap was too great to overcome and 1t was in- creased by Tennessee having candi- date from our group which further di- vided the vote.
 Compare Alabama's lack of concert ed action with Georgias. Georgia elect ed everyone of her three candidates. She accomplished this result by well directed endeavor with, a single object in view. Her candidates won not be- cause of superior fitness but because her bankers joined hands for com mon purpose. She won because her efforts deserved to win and l would be the last person in the world to envy her success.
 "Alabama's Folly"
 ''The folly of Alabamas shortsighted- ness is still better shown in comparison with Mississippi's record Mississippi is divided into two halves, one assigned to the Atlanta and one to the St. Louis dis trict. Both of these halves combined have only a few banks, and these of small size. In number and resources they represent only a small fraction oi Alabama national institutions. Their can didates. therefore. had much less chance to win than we did. Yet, MT. Leroy Percy was elected director of the St. Louis bank, from the north half of the state and MT. Foote director of the Atlanta bank from the south half. In other words Mississippi won two directorships, Ala bama none. Comment on this result is unnecessary. It only remains for us to study the result and profit by the les son when other prizes are at stake.
 Tn this particular case the loss is noi so great as it might have been MT Harding, as member of the federal re. serve board, can now with perfect pro. priety choose an Alabama man for one of the Class C directors There is nc good reason why he could not choose two of the three to be appointed by the federal board. Nor is there any good reason why one of these men cannot be the federal reserve agent chairman O, the board. or perhaps the actual gov. ernor of the bank MT. Harding bes knows the needs of the Sixth district He also knows best the men to responf to those needs. If he has his way about It Alabama need not worry over our Ia cl of representation now.
 Personally l am not worrying ano have no regrets. I telegraphed my sin. cere congratulations to the winners this morning. I wish them all success. In their great work. Anything I can ds to add to their success will be cheer fully done. That Is the plain duty ot every national banker in the district am confident that the new currenc, and banking system will do everythinf hoped for 1t. It has arrived at an op perfume time. Changes in cotton mar keting methods would have come witl the new system without regard to Flu ropean troubles. The war will mak, them come quicker When the skie. clear. as shortly they will clear. tho causes which changed our suicidal pol icy of rushing cotton to market in three months will be recognized as a bless Ing in disguise If we have any tenn porary losses this season. which I an not yet ready to admit the loss will be made up over and over again mex, year. the year after and in all sue ceeding years.
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