The Birmingham age-herald., 1920-12-18
FEDERAL BANKING COMPANY LAUNCHED
 AT NEW ORLEANS
15 Members of Board of Direc- tors Named and Canvass
 Shows S7,OOO,OOO Stock Already Subscribed
By Associated Press

New Orleans, December 1.-The Fed eral International Banking company, with a subscribed capital stock of ST., 0oO,0 ,0oo. was formally launched here to- day at meeting of the campaign com mittee. Fifteen members of the board of directors were named at tonight's conference, and will be presented to meeting of the stockholders to be held here January for confirmation. Following the confirmation of the board of directors by the stockholders, officers of the new institution will be elected by the board and the bank will begin to function under the provisions of the Edge act and under charter from the federal reserve board. The conference held here today was attended by bankers from nine south ern states, the banks of which have participated in the preliminary organi- zation and subscribed the capita stock. A canvass of the stock subscrip- tons today showed that a total of ST. e0oe00 has been subscribed making it possible for the corporation to begin with capital of s1,000,000 in excess of the amount originally agreed upon. lit being decided to capitalize the bank at S7,000,000.
 TO INCREASE CAPITAL Stock in the corporation will be di f1oCd lHlO tVtVVV ondTtS dl d par Value of $100 each, and in view of the over subscription it was decided to hold the stock subscription books open and in struct the campaign committee to so- licit new subscriptions with view to increasing the capital stock to s10,- 0G0,000
 At the meeting of the stockholders | in this city on. January z, when to9 days action will be formally ratified the banks making subscriptions to the capital stock will actually pay in the treasury 25 per cent of their subscrip- tion, making it possible for the organi. zation to begin to function imme- diately.
 | SUBSCRIPTIONS BY STATES Subscriptions by states so far re- corded as announced today are as fol- lows:
 Arkansas, s427,00O; Alabama, s543,- 615; Florida, $112,000; Georgia, s1, ,400,- coo; Louisiana, $1,719,725; Mississippi. 390,900; South Carolina, s225,6oo; Ten nessee, $622500; Texas. s1,550,0 ,000; to- tai, s7,0000O0
 The 15 members of the board of di- rectors nominated by the conference
 tonight, and who will be presented at the stockholders meeting for con- firmation, include the following:
 BOARD OF DIRECTORS Oscar Wells, president First National hank of Birmingham; Moorhead Wright, president Union and Mercan- tile Trust company of Little Rock: Mills E. Lane, president Citizens and southern bank of Savannah; Robert F. Maddox, president Atlanta National bank of Atlanta; John K. Ottley, pres ident Fourth National bank of At lanta; John E. Bouden, president Whit ney Central bank of New Orleans; J. P. Butler, Jr, executive vice president Ca- nal Commercial Trust and Savings bank of New Orleans; E. s. Hecht,
 president Palmetto National bank of Columbia, s. C.: Brinkley Snowden. vice president Bank of Com
 merce and Trust company of Memphis: Nathan Adams, vice president Amer lean Exchange bank of Dallas, Tex; T. J. Caldwell. vice president Fort Worth National bank of Fort Worth; 1! ]. A. Pondron. vice president South Texas Commercial National bank of Houston; Arthur F. Perry, president Florida National bank of Jacksonville. Florida National bank of Jacksonville; s. Hecht president Hibernia Bank and Trust company of New Orleans; s J. High. president Peoples Bank and Trust company of Tupelo. Miss; J. Pope Matthews, president Palmetto Ma | tional bank of Columbia, s. c. LARGEST IN SOUTH lne organization or the sfeueTdl lu- ternational Banking company is the second and largest organized under provisions of the Edge act, and will be the largest financial institution south of Philadelphia and St. Louis. Bankers attending today's conference were op-
 timistic over the prospects for the new bank and expressed the belief that the organization will prove of great bene- i fit to the producers of the south. TTndar the n1an If nrgaHiZafi0n inc
 bank will assist southern producers in marketing their surplus products | abroad by furnishing the means of ex- tending credit to those countries de- siring 1t for the purchase of southern supplies
 Following the business sessions,
 which extended throughout the day, the visiting bankers were entertained | tonight at an elaborate banquet at local hotel. where a number of in- i formal addresses were made by lead | ing bankers present.