The Birmingham age-herald., 1920-12-16
Oscar Wells and T. O. Smith of Birmingham Leave Today for New Orleans to Attend Sessions

Oscar Wells, president of the First National Bank of Bir- mingham, leaves this after noon for New Orleans to attend a meeting of the organization committee of the Federal Inter national Banking company.
 This corporation, which be- gins business with a paid in capital of $6,000,O0O, was or ganized by the leading bank CTS of 12 southern states and will be able to issue credit to an extent of $60,000,000, or 10 times it's combined capital and surplus. The object of the corporation is to provide credits for foreign trade and to pass on foreign trade accep- tances for southern exporta- ton.
 Mir Wells was also notified yester- day that he had been made a member of the organization committee of the foreign trade corporation which is au thorized to capitalize at s100.000,000 This corporation will operate along similar lines to the Federal Interna- tional Banking company, except that it is an organization formed by bank CTS from all states of the union and its scope will be larger than that of the southern corporation.
 SMITH VICE PRESIDENT
 Col. T. o. Smith, vice president of the Birmingham Trust and Savings company, is vice chairman of the Fed eral International Banking company and represented Alabama on the cam paign committee of that organization. He will also attend the meeting of the committee on permanent organiza- tion at New Orleans tomorrow, leaving Birmingham this afternoon.
 The organization committee of
 the Federal International Bank
 ing company of which MT. Wells
 is a member will put into opera
 tiOn the company which has
 been formed mo will transact Oth-
 CT business such as the selection
 of officers. The purpose of the
 company in addition to providing
 the necessary credits for southern
 manufacturers and exporters by
 which they may sell their surplus
 products to South and Central
 American countries and nations in
 other parts of the world, will be to
 pass on the solvency of the credits
 offered by importers in these for
 eiEn countries.
 TO RELIEVE CONDITIONS
 This company was formed, after a careful study of the situation, to re- lieve the unfavorable conditions in the foreign export trade. Under the Edge export finance act national banks as well as state, were allowed to take stock in companies of this kind. Banks generally subscribed three per cent of their combined capital and sur plus, although they were allowed to take a larger amount if desired. The stock was oversubscribed by December 10, the final day for accepting subscrip- tions so that nothing remains now but to put the company into opera tion. ?
 Fly providing longer credits than
 regular commercial banks can af-
 ford to offer for export trade. the
 manufacturers and exporters of the
 south, by the use of the large
 facilities offered by this company,
 and benefftinE by the information
 provided by the company regard-
 ing the credits offered in return
 for exported goods. are expected
 to he able to resume their export
 trade with many foreign countries.
 WANT SOUTHERN GOODS
 It is pointed out by Mir. Wells that the demand for the commodities made in the south or available for export from this section is practically as great as ever, but due to the lack of proper credit facilities and the for etsn exchange situation, many of these countries which have good security to offer cannot import goods from the south due to the existing conditions.