The Birmingham age-herald., 1920-12-16
Financial Institutions
 Preparing To Stabilize
 International Commerce

Since the federal reserve banks will not accept for rediscount any paper running for more than 90 days, no matter how safe it may be, the com mercial banks are not able to carry the amount of this paper needed to handle the foreign trade. To meet this need the Federal International Bank ing company has been formed.
 BIRMINGHAM'S INTERESTS
 The fact that Mir Wells is a member of the committee on permanent or ganization of this company formed for the purpose of financing exports from the south insures that the needs of the Birmingham district and the state of Alabama will be given careful con- sideration in the opinion of exporters and financiers of Birmingham. Im- mediate financial arrangements for export trade from this district and state are considered assured and a great impetus to the manufacturing, mining and agricultural business of the state is expected.
 Among the commodities which
 the corporation was formed to fi-
 nance, and of which surplus ex-
 ists in the south nt the present
 time, are cotton, rice, sugar, to-
 bacco, lumber. iron, steel, pipe,
 machinery, cotton goods and nlI
 Otncr OI mahuIaCtuFeN and
 mining products. The present
 stagnation in certain lines of busi-
 ness in farm and manufactured products Is expected to be greatly
 eased as soon ms the new company
 can begin operating.
 The appointment of MT. Wells as a member of the committee on perma- nent organization and of Colonel Smith as vice chairman of the campaign nr m taa rf hx. HNndo Tp4 Banking company is considered as a recognition of the financial strength of Birmingham as we'll as the impor- tance of this city and state in agricul- tural as well as mining and manufac- turing lines. business men here say
 BANK COMPLIMENTED The appointment of MT Wells as a member of the committee on organixa- tion of the Foreign Trade corporation Is considered also as a distinct com pliment to the First National bank of Birmingham, of which MT. Wells is the president, as well as a recognition on the part of the nations leading fi- nanciers of the importance of this city and district in foreign trade and of MT. Wells ability as financier. The Export Trade corporation. which will begin business with capi- tai of S100000,000, was the result of two years study of the foreign trade situation by the commerce and marine committee of the American Bankers association. The committee made four separate reports to the association, all of which were accepted and unani- mously approved The last of these was at the recent meeting of the American Bankers association in Washington where plans were made for holding preliminary meeting hop
 was at this meeting that MT. Wells was placed on the committee on or ganiZation
 $1.Ooo, 900, 900
 Since with each share of stock at s100 there is to be paid in s5 for sur plus, and the corporation is author ized under the Edge act to issue debentures for 10 times it's combined capital and surplus, this corporation can finance exports to the extent of more than $i,0oo.ooo,oOo Cotton and other agricultural products of the | south, as well as metal and machinery and other manufactured products are among the commodities whose export the corporation proposes to finance and encourage.
 1 The restoration of stable rondi- I tions In aEriculturaI, manufnctur- 1 ing. mining nnd other forms of t business as soon ms inc corpora 1 ton can get under way is the cx- 1 pectntjOn Of the foremost finnu- 1 ciers of America who are behind the organization.
 OTHER MEMBERS In addition 10 MT. Wells, other noted financiers on the committee of the For eign Trade corporation are: Herbert Hoover, President Forgan. Chicago fi- Dancier; President Reynolds of the Commercial National bank, Presiden nj Rue of the Philadelphia National, John s. Drum, president of the America n Bankers association and president of | the Mercantile Trust company of San Francisco; R. w. Goebel, former pres ident of the American Bankers asso- citation, vice president of the American Bankers association and vice president of the Merchants National bank of Richmond; George Ed Smith, president of the Royal Typewriter company, and Vice President Kent of the Bankers Trust company of New York.