The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Reproduced from the Unclassified I Declassified Holdings of the National Archives
COM M ERCIAL MAP OF THE SOUTHEASTERN REGION
SHOWING A T L A N T A TRADE inEACH 5TATE
T£NN£33£if 8%
Reproduced from the Unclassified I Declassified Holdings of the National Archives
NEBRASKA
i
IO W A
/
\
■
IL L IN O IS
pennsVU>
nHl0
IN D IA N A
/* WEST
/i
colora
j
KANSAS
Reproduced from the Unclassified / Declassified Holdings of the National Archives
MAP QF THE COTTON BELT.
Shewing the Southeastern Region to be the Eastern
~— ----- _hal£o£ the cotton belt*
-— '
V IR G IN IA p - '
/
M IS SO U R I
t
v\RG'N,A
KENTUCKY
OKLAHOMA
Mexico
SO U T H C A R O L IN A
ARKANSAS
C O TTO N
ALABAMA
1911
;GEORGl A
M IS S IS S IP P I
L O UISIAN A;
TEXAS
Alabama
R E P O R TIN G
SEA
ISLAND
RE P O R TIN G
U P LA N D
C O TTO N
FL O R ID A
PERC EN TA G E
CENTER
OF C O TTO N
C O TTO N
ONLY
P R O D U C TIO N
L IM IT OF BOLL W E E V IL REG IO N 191 I
L IM IT OF BOLL W E E V IL REGION 1910
LIM IT OF BOLL W E E VIL REGION 1 9 0 9
IN
EACH
CROWN
ST A T E
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Reproduced from the Unclassified I Declassified Holdings of the National Archives
i m i
1.
i
J. K. Orr# Chairman Joint Committee,
(31earing House and Atlanta
Chamber of Commerce
1WTBODTJCTIOB
2. CHMBSR OF OOMEBROB BRIEF;
Prepared by
G. Sooper, Secretary,
and presented by Wilmer L .Moore
®* fHB TOOT) OF BAIEIIfG
John K. Ottley, Yioe-President
Fourth National Bank
4.
zm am
5.
FIMCIITG THB CHOPS
6*
FOFJUGrU EXCHANGE AED TEE PBODUCT5 OF THIS EEQIOS
A. P. Coles, Vice-President,
Central Bank & Trust Corp.
7.
COffQH SEED BODUCTS A1TD COMMEHCIAX FEBTILIZ1BS
Mell H.Wilkinson,
President,
Atlanta Chamber of Commerce,and
Presi dent,Ashcraft-Wllkinson Co
8.
MAOTF ACTTCHIR31 AQMTS
H.S. Weesels, Manager,
Pittsburgh Plate Glass Co.
9.
AGHICHLTITRAI# IMPLMESTTS
Clyde L. King, President
Atlanta Agricultural ’forks
in
tee bouteeast .
Robert F. Maddox, Vice-President,
American National Bank
Joseph A. McCord, Yice-President,
fhird national Bank
10.
MANUFACTURES, ATLAITTA AHD TEE
SOUTHEAST
ii.
fihb m m m m oE
Milton Dargan, Manager
Southern Division, Royal Insur
ance Company
12.
LIFE HTSURABCE
Robt. J. Guinn, State Agent,
3few IJngland Mutual life In
surance Company
IS.
LITE STOCK TOADS OF ATLAETA
iir m
r m
m
y
m
f W
-------------------W
d
Jacob W. Patterson of the
Patterson Commission Co*
/ 7 ainjt, j&ou/thtfriy'R#iltfayi /
Reproduced from the Unclassified I Declassified Holdings of the National Archives
By J*£*Orr,
President,
and
Bed Seal Shoe
Factory
Chairman
of the
Joint Committee from the Clearing
and the
Chamber of
Commerce.
House
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Our
Committee desires to offer as part of oar
ease all of the splendid testimony you. have heard on yesterday
concerning the resources, promise and possibilities of
these
South Eastern States, which for the sake of brevity, we will here
after refer to as
TEE
REGIOH.
As you will see by this blue print, it is composed
South
of Tennessee, llorth and /Carolina, Georgia, Alabama, Florida, and
Mississippi.
We might speak of it as the heart of the Old South,
once a dream of Empire, happily for oar country and ourselves, a
dream not written in the book of destiny.
Oat of the ashes of the past has come indeed a land
of premise, its farmers growing richer every year.
Its industrial independence well on the way. Its fi
nance long in darkness, but now groping towards the dawn of a new
day.
We believe that day will be hastened by the new cur
rency laws and greatly facilitated by the placing of one of
the
Regional Banks in some convenient center of this section.
Let’s start with agriculture.
If it is true that the
average rate of interest on farm loans made by the big insurance
companies in the States of Illinois and Iowa
is five percent, and
the same class of loans for the States in our Region
urfJ
six, this
important industry has been carrying a handicap of twenty per cent
on its interest account.
You may be told by some of our rich friends that this
Eegion should not have a bank because we are
large borrowers*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
ThatTs more the reason we need a hank*
Mr. Harriman who said lie used
who had a million?
Was it not
to think a millionaire was a man
Ee changed his mind and said it was the man
who oould borrow a million.
We have several millionaire banks in this
immediate
part of the Region.
You may hear that we are a one orop Region with a
long season of financial
dry
drouth.
Listen to this juicy Bill of 3?are, a monthly tonio
to our financial in take.
In January we have the citrus fruits of Iflorida; in
February vegetables of South Georgia; and Florida strawberries of
March and April; June peaches; July watermelons; c o m by the mil
lion bushels in August; September and October cotton; Hovember
and December, more cotton.
This takes no acoount of the minerals our friends from
Alabama
get out of the bowels of the earth.
We hope to prove by competent witnesses that this Re
gion in and of itself needs a Reserve Bank*
oj
We agree most heartily with f w
statement made, I
; St. Louis that a Beg ion should not of necessity be
wr the banking business heretofore done in that section by
any center* but rather by the convenience and course of its com
merce.
We expect to make our case upon the soundness of this
principle.
FIRST: As to the merits of the Region itself.
It is one half of the cotton belt.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
*** 3 ***•
In population it is one-seventh of the United
States.
Its farm products equal one ninth.
Taken together on the average, one-eighth, so if only
eight districts are named, our Beg ion is qualified.
The lest census shows its manufactures are valued at
1012 millions.
Its crops 959 millions.
Total of practically two billions*
During these ten years it showed a gain of 100
per
cent.
We are not building for a day.
A section showing this
_ activity has possibilities beyond even a Georgian’s imagination*
While we are a large part of the cotton belt, we are
by no means a one crop region.
The next witness will show you we have a variety of
products bringing in money every month in the year.
We have every confidence that you will be able with the
assistance of our witnesses to select some conveniently located
central city that will be best able to serve this section as
a
whole •
Lest they ©ay overlook,it* may I suggest one that
within the Biblical term of the
Span of one man’s life,
has
grown from a modest hamlet to the metropolitan City that greets
you today*
Hhy is Atlanta? has never been answered.
The Railroads
first discovered it a good place to get across this peculiar an
gle of the Piedmont Be aarpment.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
h*
^
mm
Then it "became a trading center* later a good dis
tributing point.
This attracted factories, then Manufacturers*
Agents*
These made possible our great office
buildings, one
of which has oome to be a part of our annual product.
Hhat is Atlanta*s relation to the Begion? "A City shall
be known by its Commeroe."
Oar next witness will tell you that about 90,000 mer
chants of these
seven States are registered as customers
Atlanta, half of them in Georgia, 13,000 in Alabama, ten
sand
of
thou
in South Carolina, 6,800 in ITorth Carolina, the remaining
- 15,000 in the other three States*
Another witness will show we sell them 145 millions a
year, and our manufacturers agents sell 167 millions, making a
total of Atlanta’s trade in this territory 312 millions a year.
Surely then a Beserve Bank here or hereabouts would do
no violence to the convenience and customary course of trade*
If 6,000 merchants of Ilorth Carolina end 10,000 in
South Carolina are willing to trade with us, we hardly think they
will refuse money from their local banks, because
it happens to
come through the Beserve Bank if it should be located at Atlanta.
We will offer the testimony of eight witnesses each
more or less an expert in his line, the first of these
is Mr.
Wilmer I»*lloore.
Table showing cash
house in percentage by months.
collections of a wholesale
shoe
Reproduced from the Unclassified / Declassified Holdings of the National Archives
•M 5 Ml
BMOmTGR
OF CASH COLLECTIONS made up of consolidated
averages of five linee: viz: Hardware, Shoes, Dry Goods, Gro
ceries and Crockery, covering three periods of the year 1913,
as follows:
Spring period of five months from
January to May, in
clusive, shows combined average of 123$ of normal month.
Mid-summer period of three months from June to Augaat,
inclusive, shows combined average of 61??, of normal month.
Fall period of four months
from September to December,
inclusive, shows combined average of 132$, of normal month*
Figures for each line, detailing averages for each
month, hereto attached*
TABLE SHQWIBG CASH C0LL13CTI01IS OF A
WHOLESALE MILLIJJEKY HOUSE II? P13RCOTTAGE BT MONTHS
1913
C O I I S C f l O l f S
MOHfH
January
February
March
April
May
Jfene
July
August
September
October
November
December
PSB COTT
.392 )
.383)
1.24 ) 114.
1.71 )
1.96 )
.71 }
.51 ) 51
.31 )
.83 )
127
1.71 )
1.25 }
60 )
nns
_
-
-
•
-
—
-
-
-
_
—
>*•
Reproduced from the Unclassified I Declassified Holdings of the National Archives
m
$ —
fABLE SKOWHG GASH COLISCtflOTS OF
A IHOLBSiliB SHOE HOUSE Iff PERCMEAGB BY MOITES
Showing febb and flow to be 6t$ of normal in summer months
of Jane, July and August, 94$ in Spring, January to May, and running
up to 154$ for the harvest season, September to December:
1915
C O H E C f l O I S
MOOTS
per
January
February
March
April
May
June
July
August
September
October
Hove mb er
December
a sm
105.5
82.1
89.1
95.5
99.2
80
67.5
44
71.3
165.5
ISO. 4
140*5
im r ~
94
61
154
2ABLE SEO m m CASH COLLECSIOIS OF A
WBOLSSAIB ffOglOH HOUSE Iff PgROMTAgB BY MQfffflB
1915
C 0 L I E C f I 0 I S
uowm
PER C O T
January
February
Ifa roll
April
Hay
June
Jfcly
August
September
October
loveaber
December
129
89.5
SB.*
WU«
7S.5
68.5
54*8
49.6
87.7
190.2
126*2
163.1
1200.00
92
57 $
133.6#
Showing ekfc ana flow to te 57 $ of normal in summer
months of Jane, July enS August, 92
and running up to 133.5
December*
f?
fc
In Spring, January to Hay,
fo for the Harvest Season, September to
Reproduced from the Unclassified I Declassified Holdings of the National Archives
7 IHOLESJIiE GKOCI2RS
IAB1*1 SHOWIHG OUH CASH COLLECTIOHS
aar PBRCBB’CAGJS BY M0IOT3
19X5
C O H B O I I O N S
Month
Per
January
February
March
April
Gent
1*20
1.00
•94
.86
1*02
.78
•75
•79
1.19
1*29
1.05
1.04
May
June
July
August
September
October
ITovember
December
)
100.4
77
119
TABLE SHOWING CASH COLLECTIONS 09 WHOLESi&l
DBY GOODS COHCKHI II PSRCEHTAM
BY MOIHggg
1915
C O L L E C I I O H S
MOHTH
January
February
March
April
May
June
JUly
August
September
October
H ot ember
December
PER
OEM
114.7
75.7
85
78.2
92.8
64.8 - - - ■
72.2
64
64.6
_
56.0
102.9
203.7
145
128.6
145.8
Reproduced from the Unclassified I Declassified Holdings of the National Archives
WW @ hat
TAKLE SHOTOTG CASH COLLEOTIOHS OF
A W H G I E m B CROCKI5HT HOUS3 III PSRCSHTAG3 BT MOUTHS
Showing efrb and flow to be 58"> of normal in summer
months of Jane, July and August, 100$ In Spring, January to
Kay, and running up to 131$ for the harvest season - Septem
ber to Deoember.
19 13
C 0 I I E C I I 0 I 8
mmm
Jamary
Febrtiaxy
Maroh
April
May
June
July
August
September
October
November
December
BBS GEK7
203$
84$
60$
70S
65$
66$
71$
46$
76$
137$
122$
19 0^
IfiOCT
)
)
) 100.4
)
) ---------
)
)
) -5«) ----)
) 131.
)
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Statement on behalf of
the
Atlanta Chamber of Commerce
Prepared by Walter G. Cooper* Secretary
and presented by
Wilmer L* Moore, President for two years, who took the
initiative in this work for
Atlanta .
SUMMARY OF
We
ATLANTA'S CASE
present as one of the Regional Bank Districts, seven
Southeastern States, the Carolines, Georgia, Florida,
Alabama,
Mississippi and Tennessee.
It is a harmonicas, well balanced economic unit, with varied
industries and
a succession
ing each other the year round*
about e$oal»
of
crops and market periods follow
Its farm and factoiy products are
The sise and shape of the territory is such that its
extremes ©ay be reached in IE to 15 hours from Atlanta, the
graphic and commercial center*
The average time of mall
geo
from
Atlanta to a central point in each State is 8 hours and 47 minutes;
from Hichmond 18 hours and 38 minutes.
Atlanta
miles.
of
The average distance from
£10 railway common points in the seven States is £77
These are all the competitive points in this territory.
The aapital
and surplus of national Banks in this region
is 93 millions, giving a capital of $5,689,000
Bank.
for a Regional
The deposits are £6£ millions, giving deposits of 13 milli
ons for the bank.
to nine millions
Half the State Banks would raise these figures
^ 9
capital and thirty-two millions of deposits.
The combined capital, surplus and deposits of State
Hational Banks is 85D millions .
and
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
2
-
The real ‘basis upon which the hanking system must depend
is the resources and x^oductive power of the territory. That is
the only sure reliance for the payment of commercial paper
the final redemption of your note issues.
and
For that purpose this
region offers more than two billions of farm and factory products.
Back of this are resources so vast and so varied that a Chi
nese waQ.1 round this
territory would leave a self-sustaining
nation complete in all the economic elements of civilization.
These resources are being developed with such rapidity that
the
value of their products has doubled in ten years*
The region had a population in 1910 of
13
l/4 millions, hut
as only 28 percent of the land is improved it is clear that sev
eral times that number could live in comfort in these States. The
same area in "Hurope sustains 110 millions.
-*s for the center we suggest Atlanta because it has a great
commerce highly developed in this region, it is the most conveni
ent and accessible point and it has a far better business equip
ment than any other City in the territory*
More than half
the
merchants listed by Commercial Agencies for this region buy goods
in Itlanta.
Cur manufacturers, jobbers, and Manufacturers 1
Agents doing business here, sell
360
millions a year
in
the
District.
There can be no doubt about the currents of trade in the
Southeastern Territory*
They flow into and out of Atlanta and
there is no other City in the region that even approximates its
volume of business.
This is shown clearly by the bank clearings,
which far exceed those of any other City in this region.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
-5 -
It is upon commerce and industry that the "banking business
of a country rests and the banking business should follow the
course of commerce*
In proportion as it departs from the channels
of trade and seeks other channels and other centers, it is an arti
ficial and unscientific system that causes hardship and unnecessary
expense.
To illustrate, the express rates on currency into this
territory are 50 percent higher
from Richmond than from Atlanta.
The time of mails more than double.
As your note issues are based upon the commercial paper aris
ing from the needs of trade and industry and these are automatical
ly adjusted to the productive power, which is also the purchasing
power of the
region, your banking system should be closely
ad
justed to the same things and as closely as possible in touch with
all parts of the producing region.
That is the main object of the
new law.
It has been a general complaint that the producing
were too much under the
sections
domination of the lending sections
and
to meet this objection and emancipate the productive power of
country you have
devised
the
a system whereby the producing sec
tions can secure money, on the basis of their products and
trade
represented by commercial paper.
The expansion and contraction of currency in proportion to
the volume of actual production and distribution is the ideal pro
cess for maintaining
If a producing region
a
wholesome condition of trade and industry.
has currency issued on the basis of its pro
ducts, it will not long be a borrowing section. Its resources will
dev C o p
east
and accumulate capital rapidly and this is what the South
has been doing with great rapidity.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
WMI
^
hM
Its products have tawsaaBfceac doubled in ten years and Atlanta’s
banking business has increased five-fold in the same
period.
Our Hiohmond friends have tried hard to draw the Southeast
ern States away from Atlanta on the plea that Hiohmond is a lend
ing City with more idle money than Atlanta and as a consequence
a few millions more of deposits in her Banks.
It is because we have a greater commerce, demanding the con
stant use of our available capital that
in
we
have less idle
money
bank.
Atlanta1s money is active money, far more active than
of Richmond and Hew Orleans.
that
This is shown by the fact that At
lanta’s bank clearings for 1913 were more than twenty times
the
deposits of her banks at the October call, whereas those of Hioh
mond were only nine times, and those of ITew Orleans only thirteen
times the amount of the deposits.
This is tantamount to
saying
that the efficiency of money in Atlanta is 50 percent more than
that of He?/ Orleans and
more than double that of Hiohmond.
Atlanta ie the Southern insurance center, the live stock
center, fertilizer center, automobile center, the center for this
territory of railways, telegraphs, telephones,
express, and many
other agencies that go to complete the complicated machinery
civilization.
These things come here
of
because Atlanta is the geo
graphical, commercial and financial center of the Southeast. They
come here
after the most careful investigation of the
relative
advantages of this and other centers.
This is especially true of Manufacturers* Agents.
resent every important industry in the United States.
They rep
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-5 -
Shis "business, amounting to more than 160 millions, is done
here by oonoerns owned by non-residents, who have no sentimental
interest in Atlanta.
It is the cold calculation of self interest
that located their agencies here,
The same eoonomio law
that
hr ought them to Atlanta keeps them here and constantly adds
their number.
There is no each group elsefchere in this
to
region.
Cast your eyes upon our warehouses and our office buildings
and
you can see it without computation.
Our local manufacturers, listed by the census as 548 in the
County and making a great variety of articles, did a business of
45 millions four
years ago and were increasing then at the rate
of 6 percent a year#
They must now he turning out over 50 mil
lions of products*
Our postal receipts and
parcels by post very much exceed those
of any other City in the South, not excepting Louisville and lew
Orleans.
The railways made their headquarters here for the territory
between the Ohio, Potomac and Mississippi Hirers.
are not owned or controlled in Atlanta.
ers here for the simple reason that
These railroads
They put their headquart
Atlanta is the center
their business, and when you come to think of it, their
of
business
is everybody's business.
The same thing is true of
telegraphs, telephones and express
business*
She relation of this territory and its oenter to others is
shown by the fact that if you draw circles of 300 miles radius
around Few York, Chicago, St* Louis, Washington and Atlanta,
you
cover practically all the territory East of the Mississippi M v e r
Reproduced from the Unclassified / Declassified Holdings of the National Archives
~ 6 -
and several States STost
of it*
T.7ithin ten to fifteen hours all
that territory can "be reached from these Cities*
Thus Atlanta
takes its place with other recognized centers in a complete
tem of Heserve Banks
sys
completely covering the territory East
of
the Mississippi Kiver.
Our hankers will discuss the relation of the banking business
to the cotton crop of this region
other products originating
and the relation of cotton and
in this region to foreign exchange.
These are subjects of tremendous importance, for, as cotton is
largely bought with currency in the primary markets, your bank
should be so located as to supply that currency quickly from
the
nearest center,which, for the Eastern half of the cotton region, is
Atlanta.
The value of
cotton exported is about $600,000,000 and
as
cotton is the basis of more foreign exchange than any other single
product of this country, and does more to maintain the favorable
trade balance than any other item, it is important to do that busi
ness with the utmost dispatch and with the least expenditure of
money.
Our hankers will show what a heavy economic
loss to
the
country is entailed by the present indirect methods which have been
fastened on us by obsolete custom*
well calculated to remove.
This burden your new system is
Reproduced from the Unclassified I Declassified Holdings of the National Archives
- 7 *
T m 30IJTroiA3I5RIJ KEGIOH
Its Productive Power and Eapid Development
The Southeastern District grows more than half the cotton crop.
In 1913 its product was 7
l/s million hales, valued by the Agrioal
taral Department a& 457 millions, and a little more than half
ootton went to market through the Ports
this
of this region, mostly
through Savannah, Brunswiok, Charleston and Wilmington.
The local ootton markets of this region can be reached
from
/
the center in nearly every oase within 15 hoars.
is 9^ hoars to
g3 principal points.
The average time
There are 210 railway common
points and the average distance from Atlanta is $77 miles.
Cotton is by no means the only crop.
It is less than half the
farm produot and c o m alone ‘
brought 2502 million dollars in 1913,
according to the Agricultural Department.
B B S O U B g g S
.
The productive power of this region, measured hy the value of
its putput, more than doubled in ten years between the census of
1900 and 1910*
Its resources are indicated hy these figures taken
from the census and government reports* excepting State Bank re
turns, whieh were
famished by State Officers:
AHE&
332,149 Square miles
One-ninth of the United States.
13,203,423
One-seventh of the United States.
FiHM PRODUCTS #1,114,200,734
One-seventh of the United States
Reproduced from the Unclassified I Declassified Holdings of the National Archives
—8
FACTORY PR0DUM3
m
$1,012,879,000
One-twentieth of the
United States.
COTTOB CROP-1913-Bales 7,51$,000
Value $457,834,000
COBH CHOP -1913-Bushels 353,977,000Value 302,318,000
Hay,O&ts,Wheat and Potatoes,1913
Tala©
99,399,000
fotal Six Orops - - - -- §859,551,000 - To these must "be added annual, daily and poultry xroduots,
small crops, fruits and vegetables, which are not reported
for
1913, hut will turn out about $300,000,000.
B A S K I H £
J O f | E
The hanking power of this territory
.
is famished by 5,103
banks* 52dt Bational and 2,583 State, with
capital,surplus and de
posits as follows:
CiPISU. AHD
DEPOSITS
I0EAL
su r p l u s
MillIona
Hational Banka State Banka
Millions
93
151
szt
Millions
262
564
355
4M
me
ms
IhiB information is oompiled from returns for October 21st,
1913, with the exception
of State Banks in Tennessee and Mississ
ippi, Ttfiosa returns date June 4th, 1913.
rRODUOTiva
pot /e r sottblbd ih
rat
years
She rate of progr.BB in this region la indicated by these fi
gures from the oensue and United 3tate8 Agricultural Departments
1910
Horth Carolina
South Carolina
Georgia,
Florida,
XHCREAS3 OF POPULATION
IT. S. CEH3U3
““
2,206,287
1,515,400
2,609,121
752,619
1900
1,983,810
1,340,316
2,216,331
528,542
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-9
Increase of population,Con*t,
1900
1910
1,828,697
1,551,270
2»Q20.616
2,138*093
1,797,114
2.184.789
Alabama,
Mississippi
Tennessee,
fain)
HIOREASE OF MABUFACTUBES
United States Census
1909
Borth Carolina,
South Carolina,
Georgia,
Florida,
Alabama,
Mississippi,
Tennessee,
1899
$216,656,000
113.236.000
202.863.000
72,8^0,000
145.962.000
80,555,000
180.217.000
#i.orgffi9'!oo'o
$85,274,000
53.336.000
94.532.000
84.184.000
72.110.000
83.718.000
92.749.000
#45t>!90StPP»
HTCREASE OF CHOPS
United
States
Census
1909
Borth Carolina,
South Carolina,
Georgia,
Florida,.
Alabama,
Mississippi,
Tennessee,
1899
$112,890,192
141,983,354,
226,595,436
36,141,894
144,287,347
147,315,621
120,706,211
$68,624,912
58,890,415
86,345,343
13,498,580
73,190,720
84,883,776
70.745.242
These figures do not include anlnal Industries or dairy
and
poultry products*
HAP 133 PBOGBSSS OF FABCTG
Within four years there has been tremendous progress by the
farmers of this region*
The corn crop increased over 50 percent
and these States prodnoed in 1913 one-seventh of the total crop,
against one-eleventh in 1909.
In those four years the average yield of o o m per acre rose from
14.3 to 18.4
bushels*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
- 10 ~
flie increase by States and for seven States Is here given:
TJHIT3D
HfCREASE OF THB COOT CROP
OTSTJS & DEPARTMENT OF A€®XOHDTORE
STATES
gRODUCT
IE
1909
VAIT® OF THE CHOP
BUSHISLS
1909
1913
55,£82,000
Borth Carolina 34,063,531
38,512 ,000
Sonth Carolina £0,871,946
63.023.000
Georgiat
59,374,669
Florida,
7,023,767
10.125.000
Alabama,
55,-360,000
30,695#737
Mississippi,
£8,628,667
63,000,000
Tennessee,
67,682,489
68.675.000
Crops of )
2,
s8,Tio;,
7W
7 States )Per acre 14.3 Bu)Per acre 18.4 Bui
U. S.
Crop
)
)
2,552,189,630
2,446,988,000
saquEsoE
1913
#51,286,102 $48,648 ,000
20,682,632
37,357 ,000
37,079,981
57,531 ,000
8,302 ,000
5,709,009
49,270,,000
28,677,030
26,030,376
48,510,,000
52.880 .000
45.819.093
$195'*, 2 i T ,'^ $gOTt'
Wfl gpg
1,438,553,919 1,692,092,000
of c r o p s
The faot that the use of money is distributed through the year
by the maturing at different seasons of a series of orops is shown by
these figure®;
(From the census of 1910 and Department of
Agrioulture Bulletin for 1913 orops?
6 to 12 millions
Citrus orops of Florida
(Varying wt th season)
Vegetables 7 States,
Small fruits 7 Staten
Oats 7 States
Wheat 7 States
Potatoes 7 States
Orchard fruits 7 State®
Hay 7 states
C o m 7 States
Cotton 7 States,
To these are to be
ducts,
# 40,360,578
5,276,637
25.356.000
19.492.000
10.003.000
13,970,501
44^548,000
302.318.000
457.834.000
added the animal, dfiry and poultry pro
#300,000,000.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
- II SGQffOMIC
GRAVITY
forcing
men
and
capital Southeastward
i I iwiiJlr r
-II.... -| ■1 ■
■— --- ^ ---—-‘------ 1
----- —
The
foregoing facts
indicate the present status and past
growth of the Southeastern Distriot.
As to the future, there is an economic gravity forcing men and
money into this region from the territory Horth, East and West of it.
The return to the farmer for his investment and labor are great
er in the South Atlantic States than in any other part of the <
PROPORTIOS OF ViLUE 10 RETURHS
Farm Talue
Per
Acre
Average Crop
Talue Per Acre
Per
Cent
lew England
Middle Atlantic
E.Borth Central
W.Horth Central
South Atlantia
#43.99
68.58
85.81
58.18
28.44
ijp 24.56
20.74
17.53
12.24
22.23
56
30.5
20.6
21.1
80
E.South Central
W#South Central
Mountain
Pacific
26.78
£2.69
29.52
54*1?
19.77
15*28
17.20
20.07
73
66.4
60
37
These facts show that the Southeast is pre-eminently the land
of opportunity.
m x m m authorities oh the southeast
Concerning this and other resources, Dr. A. M. Soule, Presi
dent of the Georgia State College of Agriculture says:
"This territory produces practioally
every orop useful for the nutrition and de
velopment of man in his highest perfection.
Here indeed may the land owner sit under his
own vine and fig hush and eat the luscious
orange of the tropics surrounded by every com
fort which a temperate clime
affords.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
- 12
"There is resident in the heart of the
hills the raw materials out of which great
industries are developed, and thus agricul
tural and manufaotaring enterprises can he
carried on most economically and successfully,
the one sustaining and fostering the other to
l&e best possible advantage. Cheap power is
to be derived from a thousand streams in their
downward course to the sea*
wIn no other section of equal territorial
area within the United States or any other
part of the world, so far as is now known, can
suoh a variety of useful crops and animals be
produced with greater economy and under more fav
orable soil, climatic and economic conditions.
The civilization of the Southeastern States is
bound to exert a dominating influence on the
history of the nation and of the world at large*.
Of the same region, Dr. W. S. HeCallie, State Geologist of
Georgia says:
’’Within these States are to be found
every variety of climate and soils met with in
the temperate zone, and a variety of mineral
wealth nowhere to be surpassed in this country.
It might be truly said of this region that if sur
rounded by an impassible wall its people would
find every condition at hand to enable them to
live and prosper without any outside aid, whatso
ever”.
Professor H* S. Shaler,in his faeous book,"Fature and Man in
America", has given this Southeastern region the first rank in his
summary of the elements which constitute the physical basis of ci
vilization on this continent*
The
same testimony has been given by other authorities of in
ternational reputation#
The area of these seven Southeastern States is approximately
the same as that of Germany and the British
Isles,which support
110 millions of people, whose condition and vigor are the best
in
Europe.
You are,therefore,dealing, not with the present status merely,
but with a country whose resources will make it in a few decades one
of the most populous and productive regions on the face of the earth.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
~
15
-
M L M T A ' B C O m m O B III TE3 SQUTETSASTEEH FJiQlOT
The extent
of Atlanta’s oommerce in the seven States compos-
ing the Southeastern Distriot is indicated by the fact that 88,742
merchants doing business in these States have bought goods in At lanta during the pest five years from a minority of our wholesale
dealers*
This fact is shown by the card index of the Atlanta Credit
Men’s Association, composed of 170
merchants and manufacturers
who have combined their information for mutual benefit.
The ledgers of these firms and companies contain the names of
loceted
92,140 merchants, of whom 88,742 are/ in the Southeastern District,
distributed as follows:
Georgia
Florida
Alabama
Mississippi
Tennessee,
South Carolina
Borth Carolina
43,300
6,853
13,167
5,614
2,623
10,380
6 >805
3I7¥W<
This is certified to by the American Audit Company, who count
ed the cards
in the Credit Menfs index*
This list contains an accumulation of four years, and in order
to fully cover the business mortality of that period, we write off
twenty percent*
As the number of failures reported by the Commer
cial Agencies for this territory during the past four years is less
than four percent, it will be seen that twenty percent is a liberal
allowance for the total of failures, retirements from business,
changes of firm names, liquidated firms, Etc*
After taking off this allowance, we get the net list of
chants buying
goods, and this
mer
we compare with the total number
Reproduced from the Unclassified I Declassified Holdings of the National Archives
- 14 -
of merchants listed by Bradstreet’s and Dun*s Agencies at the lat
est report, placing the two side by side in parallel columns as
follows;
MEECEU3JTS
LISTED BY
BRADSTK3ETS
E.G.OTH’E1
LIST
01T IKDGEP.S
OF ATLANTA
170 FIHMS
LESS
20 PDECEIT
Alabama ,
20,336
20,253
13,167
10,534
Georgia,
33,295
29,184
43,300
34,640
Florida,
12,610
12,745
6,853
4,483
Mississippi,
18,238
15,916
5,614
4,492
Tennessee,
25,295
23,432
2,623
2,109
South Carolina , 14,349
13,577
10,380
8,304
Horth Carolina * £3*604
23,817
188T R *
6,805
8B ,V4S
5,444
iw y s f
rclVfPS.
Thus it appears that about half the merchants in the Southeastern District are customers
manufacturers and agents.
of one-fifth of Atlanta's merchants,
Many more than this number could be shown
if we had returns from all the merchants and manufacturers
lanta.
Only 170 of these firms are represented in the card
of At
index
of the Credit Men*s Association, whereas there are 914 merchants,
manufacturers and Manufacturers’ Agents doing a wholesale business
here.
It will appear frog this list that Atlanta sells in Georgia a
few more merchants than the number
in Bradstreet*s list.
This need
not cause surprise because neither Commercial Agency has an absolute
ly complete list*
For example B. G. Dun and Company report for
Georgia 29,184 against 33,£95 reported by Bradstreet’s Agency, and
a still larger number
appear
on the ledgers
The books of Atlanta wholesale dealers
tain the names of many commissaries gna
http://fraser.stlouisfed.org/
do not appear
Federal Reserve Bank of St. Louis
of
Atlanta firms.
and manufacturers concon tractors
y^
in the lists of the comiiE roial agencies.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
- 15 THE YCLIMD OF ATLAHTA1S TRADE III TEE
SOUTESAST^RH DISTRICT
In order to arrive at the volume of Atlanta*s trade in
the seven States of the Southeastern region, letters were sent to
merchants and manufacturers doing a wholesale "business and to Manu
facturers’ Agents selling goods from Atlanta for non-resiaent
manufacturers
who were asked for the amount of business done
by
each concern in each State*
Returns were received from a minority of those doing busi
ness in Atlanta and this is not surprising when it is remembered
that the information sought is one of the secrets of
business
which men guard with the utmost care.
There are in Atlanta 429 merchants and manufacturers doing
a wholesale business here, and of these we have returns from
219,
fir 51 percent.
;There are also in Atlanta 485 Manufacturers* Agents sell
ing from here
150 or
for non-resident concerns
and we have returns from
31 percent*
These returns
total
$74,588*617
chants and manufacturers, and §51,784,151
of sales by mer
by Manufacturers' Ag
ents*
DI8TRIBI3TIOH BY STATES
The business of these concerns in the District
tributed as follows;
is dis
Reproduced from the Unclassified I Declassified Holdings of the National Archives
16
MAITUMCTUE^H
lOHCEAKTS AliD
HA1TUFACTUKURS .
A (p *m s
to
m
$44,502,336
$18,882,677
#63,385,013
Alabama,
8,353,562
6,337,641
14,673,203
Florida,
3,536,070
5,600,187
9,136,257
South Carolina,
4,218,525
4,971,108
9,189,631
lorth Carolina
2,583,511
3,181,755
5,765,244
Tennessee,
5,068,805
4,446,973
7,515,778
Mississippi,
1,765,282
2,062,589
3,827,871
Undistributed,
lotal 7 States -
6.378,528
Georgia ,
TSS
At the same
6,301.243,
$5itw;isT
12,679.771
BUSIHESS IHDICATSD
average
volume of "business reported
these concerns, all those doing a wholesale business in the
would show the following total;
m i m A Q T m m s aud jo b b srs ,
II/ilTOFACTURSRS* AGEOTS
$ 14 5 ,8 6 0 ,0 0 0
167,045.600
$312,905,600
"by
City
Reproduced from the Unclassified I Declassified Holdings of the National Archives
- 17 PISfRIBUTIOI OF TOTAL BY STASES
This total, distributed among the States in the propor
tion of the
sales actually returned, would give these totals for
each State:
IHDIGAT3D TQTJ&
FOB 914
C0ICMII5
Georgia,
$U58#0©©,®©©
Alabama,
56.000.000
Florida,
25.000.000
South Carolina,
£5,000,000
Horth Carolina,
14.000.000
Tennessee,
19>000,000
Mississippi,
Undistributed,
9,000,000
51.000.000
Reproduced from the Unclassified I Declassified Holdings of the National Archives
~
§ E
l
1
18
~
1
Summarizing these item® of trad® other than re
tail we find the figures to he as follow*:
XBROHAVfS 1UD MAHUfACfUBEHS,
MA3KJFA0TTJRI5RS*
AGSBfSf
COTTOJJ SHED PRODTJCfS,
FER TILIZES KOT ISTCLUDHD ABOTE,
horses
jamm,
G Ajm s ato boss
IHSBRAJTCE PH^ilOTS,
#145,860,000
1 6 7 ,0 4 6 ,6 0 0
1 1 ,0 2 7 ,1 6 8
6 ,0 0 0 ,0 0 0
1 6 , 000,000
2 0 ,0 0 0 ,0 0 0
| 36 4,952,768
At the total la less than half Atlanta's Bank Clear
ings, it Is olear that the estimate is not exaggerated*
Bren the Bank Clearings of $726,000,000 do not mea
sure the volume of business.
They are only about one-third,
for the total business dome by the seven Clearing House Banks
was $2,026,611,801• 6# •
Reproduced from the Unclassified I Declassified Holdings of the National Archives
19 **»
In addition to this is the vast volume
o f Idus iness
acted by Eailroad Companies, Telegraph ana Telephone
trans
Companies,
Insurance and Express Companies, newspapers and publications. The
combined circulation of Atlanta
about equal
newspapers in the Southeast is
to the population of Atlanta.
fhis mighty engine
of development has no equal in the South*
It is impossible to say what
ness done in Atlanta, for
there
is the volume of railroad busi
are no separate
statistics
avail
able* but the Georgia Railroad Commission reports the total amount
of railroad earnings for this State as §51,559,583*06 for the year
ending June 30th, 1913;
m B G R A E H m > EXPRESS COMPLIES
f1,916,705.08
G om m ss COMPANIES,
1,222,581.64
STREET RAILWAY, POTER AHD
LIGHT COMPANIES -
9,998,490.37
TELEPHONE COMPLIES,
3.164.312.74
The total earnings of all
public utility corporations
in
Georgia during the fiscal year ending in 1912, as reported to the
Railroad Commission, was #67,198,472.
A large part of this passed
through the banks of Atlanta*
YCfcUME Off RAILROAD
BUSINESS
Atlanta is the headquarters of the Southeastern Freight
Association and the Southeastern Passenger Association, whose ter
ritory includes the States South of the Ohio and Potomac East of
the Mississippi.
This includes nearly all of groups 4 and 5 of
the Interstate Commerce Commission, excepting West Virginia* For
those groups the United States Bureau of Railway Economics gives
the following figures: .
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
GROW
GROUP # 4
20
-
# 5
West Virginia,
Kentac^
Mississippi,
Virginia,
Tennessee,
Florida.
ITorth Carolina,
Georgia,
South. Carolina
Alabama,
MILEAGE OPT^ATED ALL TRACKS POPULATION AREA FEEIGHI KEV3OTE -
55,425
Miles
18,817,072
439,395 Square Miles
1166,362,819.00
WOOER OF RSVS1IUE P4SSEDG3P.S CUEHI33) - 83,490.783
PA83E1TGER EEVHHUE -
f 72,459,675.00
Reproduced from the Unclassified I Declassified Holdings of the National Archives
- 21 —
A f H l f
A »8 5 B 0 f ! 1
Atlanta's rapid growth is indicated by the following
facts:
Atlanta9e popolation increased from 89,052 to 164,839 in
ten years, and is now 190*000#
Its bank clearings grew from #60,765,911 in 1895 to
$726,604,192*66 in 1915.
These are by far the largest in the terri
tory* as shown by the following statistics for 1915 famished by
the Hew York Financial Chronicle:
BAHE OLSARIUGS OF SOOTEOTH CITIES
--------------------- i f I g
Hew Orleans
Atlanta
Louisville
Galveston
Memphis
Richmond
Fort Worth
Hashville
Houston
---------------------------------
... ..... #985711$,875 - Savannah .......#280,558,332
......... 726,604,195 - Horfolk .... .
214,966,911
........ . 716,751,886 - Hacon
...... 190,515,095
......... 519,101,000 - Jacksonville ... 174,971,596
......... 421,987,572 - Birmingham.... 175,857,775
......... 419,121,515 - AOStin
.....
131,608,482
418,619,850 - fhattanooga ...» 128,745,099
566,657,589 - Charleston •••• 101,660,117
....... .* 567,821,194 «* Colombia
....
57,585,558
TWm m TSAH*S GROWTH IH BAHKIHG
BASK C&ISARIBOS OF 20 YEARS
(Furnished by Darwin G. Jones, Manager of
The Atlanta Clearing House)
1893
1894
1896
1896
1897
1898
1899
1900
1901
1902
1905
1904
1906
1906
1907
1908
1909
.. $ 60,768,911.15
66,569,228.04
65,518,264,71.
..
69,026,055.17
72,005,161.52
71,964,809*05
85,068,597.11
..
96,576,261.22
.. 111,755,849.98
.. 151,200,467.26
.. 144,992,057.59
.. 168,022,505.16
.« 185,626,644.98
.. 235,997,896.0*
.. 254,965,805.94
•. 250,067,592.56
.• 406,049,538.56
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Con*t.
** 22 ~
1910 .............. ....... ♦. .
191 1
.......... ....... .
1912
........
1913
...........
§ 574,164,916.77
655,150,420*85
691,941,254.20
725,604*192*65
ATLASTA ix m s IS 1 9 1 4
COM? ARAT ITS aLSARIffSS FOR HOHfg Of JAWUART 1914
(Famished by J. S. C. Pedder,
Division Superintendent, Bradstreets Agency)
Riofcaond
n
m
Atlanta
bask
1914
1915
$111,974,545
lt5.412.499
Gain
6,562,046
1915
1914
$ 59,524,158
58.755.090
Loss
789,068
1914
1915
0a in
$ 78,981,064
69.568.168
•TfyggtiBg
a in m w Q s for first week ih fib. 1 9 1 4
lew Orleans
Atlanta
Richmond
Increase
*
Decrease
11.7$
25.2??
.1
In percentages of increase for first week In
February» Atlanta leads forty principal Cities in the
United States with 25.2$ Increase#
Reproduced from the Unclassified / Declassified Holdings of the National Archives
25
ATLANTA LEADS IN POST OffBICE RECEIPTS
In Poet Office receipts and outgoing packages by
Pareels Post, Atlanta exceeds any otfcer Cltgr in ike South, as
will be seen by these figures:
fARCSLS HANDLED
TOTAL RECEIPTS
.OUT GOING
IN COME
$1,328,011.24
77,695
52,605
1,182,761.72
47,163
55,858
1,163,598.18
45,014
27,048
828,810.49
37,154
20,627
747,956.72
25,631
15,694
653,202,36
20,179
15,281
4§5,801.48
57,237
65,072
Jaoksernville •••
511,186,68
9,681
9,750
Oklahoma City ••
577,007.68
15,085
9,310
Atlanta.....
Hew Orleans ....
Nashville .....
Reproduced from the Unclassified I Declassified Holdings of the National Archives
* m i B W
A *
BAHXS III PROPOSE S0UTHEA3 TZRF DISTRICT.
11ATI C M
1
OCTOBER 51 , 1913
SUOTUS
CAPITAL
1TT3MB3R
DEPOSITS
north Carolina
72
|8,460,000
§2,859,525
#35,619,751
South Carolina
46
6,365,000
2,151,400
21,f24,859
117
15,168,500
9,333,000
52,295,249
53
7,505,000
3,087,677
33,104,644
90
109
33
522
10,180,290
13,217,500
3,585,000
?64,281,S90
30,480,263
5,851,293
5,552,655
■1.644.653
§3I
5 ,W0,,’263,
43,555,062
62,895,220
14,643.356
Georgia
Florida,
Alabama,
Tennessee
Mississippi,
5 94,761,553
STAT3
BASKS -
OCTOBER 21.1915
HUMBER
CAPITA!
lorth Carolina
412
#11,018,271.
South Carolina
322
12,778,000
Georgia
697
28,895,513. 67
Florida,
169
6,427,220
Alabama,
258
12,800,000
Mississippi,
295
10,341,696.
Tennessee,
410
2583
SURPLUS
87
#3,016,348 .-22. §65,337,481.—
51,000,000
4,621,000
55
9,380,258. 79
$ 91,640,960
89,664,597
DEPOSIT)!
65
16,514,360.—
27
91,441,535.—
3,061,665.—
27,542,385.21
6,800,000
52,500,000
2,356,812.—
38,860,727.—
3,294,409.—
36,137,434.—
$ 39,664,597
§ 362,819,564
# 131,305,557
June 4,1913♦
BmZJEQ
m j m m
national Bank*
State Banks,
ESS'
P0W5R OF SH5 SOUTH EASTERN DISTRICT
CAPITAL ASD SURPLUS
- f n r r s i T B a ------
2563
151,305,55?
5105
I £26,067,110
9
TOTAL
^ w ^ m 9i e z
262.819,664
494.155.121
DEPOSITS
$ 626,968,193 $ 853,035,303
Reproduced from the Unclassified I Declassified Holdings of the National Archives
*BXEIBIf B"
TIME Of SLAIX IS TRM SIT FT?OM 1TLM T A AUD BIBMIHGHAM fO
gQUfglRy
CITIES
(Ifrom Official Sooroea)
Atlanta
From
Birmingham
To JaokaonTilla
10
16
• Pensaoola
12
14
*
" Palatka
10
18
*
*
Tampa
18
24
*
"
Savannah
9
16
*
n
Maeon
5
9
*
w
Aagnata
6
14
*
"
Baronewiok
9
16
«
"
Qolombaa
6
6
*
"
Charleston
18
21
*
*
Colombia
11
19
*
"
Greenville
6
14
"
"
Chariotte
9
19
*
"
Wilmington
16
28
11
w Montgomery
6
8
*
10
12
*
* Mobile
Ho 03
w
Anniston
8
2
*
*
Opelika
8
6
"
*
Meridian
11
6
■
*
Yiekaborg
15
9
*
"
Memphla
15
10
"
w
Chattanooga
4
4
*
w
Hashvilla
6
£W
*
Ho ora
Total
10
21$ hoars
Average time
9.26
12.6
Reproduced from the Unclassified I Declassified Holdings of the National Archives
26-
EXHIBIT "Ow
RATIO OF CLEARINGS TO DEPOSITS
DEPC3IM
OPT. 21.1913
CI^ARTNGS
CLEARINGS TO
DEPOSITS
Atlanta
55.90
725,604
20.2
Birmingham
26.05
173,857
6.9
w
Ma oon
7.98
190,313
23.8
n
Savannah
22.11
280,538
12.7
n
Louisville
51.45
715,731
13.9
n
lew Orleaxts
75.18
980,685
13.
it
Chattanooga
17.58
125,745
7.1
n
Knoxville
11.49
87,812
7.6
n
Nashville
24.12
56$w817
15.2
Houston
38.51
357^821
9 *3
n
Richmond
48.12
£29»12D
8.7
n
Charleston
19.82
101,660
5.1
it
Colombia not given )
Montgomery not e;iven)
Times
*T’
Reproduced from the Unclassified I Declassified Holdings of the National Archives
27
TWEBTY YMRS GROWTH OF THE SOUTHEAST
(Additional compilation by Mr.Wilmer L. Moor©)
1880
19it
£3
M
1
Alabama
Florida
Georgia
Miss*
n .c*
S* C0
Tenn
MILLIONS
287
117
477
330
455
VALUE IN
Value of Farm Lands
and Improvements
331
79
20
112
9M
135
68
206
479
VALUE OF 0?WEIYE LEADING CHOPS
1910
VALUE IN MILLIONS.
---- 131--------15
210
134
122
140
102
859
Cotto#
Corn
Wheat
Oats
Barley
Ey«
1880
YaQ-ue in Millions^
62
6
73
75
57
51
56
mmm
.........
Buclcwheat
Flaxseed
Rioe
Potatoes
Hay
Tobacco
P O P U L A T I O N
1880
O S T
269
1910
z Ij
M
752
Reproduced from the Unclassified I Declassified Holdings of the National Archives
28
I B 0 J
1880
fgsg
1910
Hat
Alabama
Oe©rgis
1,939,147
64,215
397:569
69,000
24,394
T em w asM 63:279
....... i b O ? 3 —
VALUB OF MIBBRA1 OUT-PUT
1880
k 779755$
$
11500
7031000
40,000
575:000
9:284:000
6,048:000
-840:000
2:616:000
•794:000
t:o2i:ooo
11115:000
s O W 'tW O ---
21:396:000
---P S f f i O W '
IiUMBER
1900
1.096.000
788.000
1.308.000
1.202.000
1,278;000
466.000
939:000
r 9ffiT t m r ~ fe e t
1910*
47ffflTboo
CUT
1910
1,465:000
?992I000
l;04ll000
2;122;000
1,824:000
*706:000
1:016:000
-- 71^555"
'feet
Reproduced from the Unclassified I Declassified Holdings of the National Archives
MELL R. WILKINSON,
THOS. D. MEADOR,
PRESIDENT
WALTER G. COOPER,
TR EA SU R ER
DIRECTORS
V. H. KRIEGSHABER. 1ST VICE PREST.
* \ ^B R O OK S MORGAN. 2 D VICE PREST.
> \ \ W. L. PEEL, 3 D VICE PREST.
\|ILBERT HOWELL. JR.. 4TH VICE PREST
HASTINGS, 5TH VICE PREST
Atlan ta Ch a m
JOHN S. OWENS
LYNN FORT
THOS. K. GLENN
JOHN MORRIS. SR.
JACOB W. PATTERSON
ber
of
IVAN E. ALLEN
JOHN W. GRANT
J. LEE BARNES
GEO. W. HANSON
B. M. GRANT
THOMAS EGLESTON
Co
W. J. DAVIS
FRANCIS E. KAMPER
W. H. WHITE, JR.
C. A. WICKERSHAM
S. A, KYSOR
m m erce
February 17th# 1914,
Hon# Iftn* G. MeAdoo,
Secretary of the Treasury#
Washington,
D#
C#
Mr. Secretary:
Complying with your request at the Atlanta
hearing last Friday, I hand you herewith a statement show
ing the sequence of crops in the Southeastern
District
with the market period of each.
You are no doubt aware of the fact that most
of the com, oats and hay crops are used on the farm and
the proportion of these crops sold in the market is
com
paratively small.
Trusting that this additional data will serve
your
purposet I am, with high regard,
Yery tespectfully,
1-enc#
jtf&STOpD
FEB2°\-..
m
tm /L ?
S ECRETARY
Reproduced from the Unclassified / Declassified Holdings of the National Archives
fekmary 20tfc# 1914*
Sir*
four letter of February 17th, addroeaed
to tfe* f*cr*tary of ttoa Treasury* analysing
»uppl3J3«nt your •tateae.ftt before
til# Reserve Bank Organ is At ion Comasit tee at
the tim* of it* hearing la Atlanta ha* been
reforrud to this office axtd in reply you are
adhria&dt that tha additional !aformati©a will
bo filed so that it may he «on»fd*red In connation with your oth«r exhibits*
fieeieetfai'llyf
Secretary,
ftoaonre BanJt Organl eeiien CenaS\ttee«
Mr* falter..O* Cooper,. Secretary*
Atlanta Ch*uab*r of Coaraorca,
Atlanta, Caorgla*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
SUPPIEIOTT TO ATIAHTJ1 CHAMBER OF COMMERCE BRIEF
(Information called for by the national
Organization Committee)
SEQUEICS OF CROPS
In the Southeastern Begion composed of the Carolines,
Georgia, Florida, Alabama, Mississippi and Tennessee.
CBOPS
VALUE
Census 1909
And Department Agrioultural Bulletin for 1915
Seven States
6 to 12 Millions
$10,000,000
Citrus Crops
(Estimated at)
Vegetables
Small Fruits
MARKETING
PEBIOD
November 1st to April 1st
40,360,578
November 15th to July 1st.
6,276,637
February 15th to May 15th
Oats
25.356.000
May 1st to July 1st.
Wheat
19.492.000
June let to July 1st.
Potatoes
10.003.000
April 1st to July 15th.
Orchard Fruits
13.970.000
June 1st to August 15th.
Hay
44.538.000
October 1st to April 1st.
Corn
302,318,000
September 1st to December lsi
Cotton
457,000,000
August 1st to December 1st.
Cotton Seed
#
October 1st to January 1st.
90,000,000
$
#
.
Cotton seed averaging 1,000 pounds per bale at
per ton, estimated at $12.00 per bale, this region growing 7,500,000
bales.
Aotive period of cotton seed oil mills October 1st to January 1st,pro
duct $67,810,000,000.
m
Active period of Commercial Fertilizer Factories December 1st to March
1st'product $59,000,000.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
TKKETD OF BANKING
Jfeo.K.Ottley
Tice-President, Fourth National Bank,Atlanta,
President, Clearing House Section of
American Bankers’ Association.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
The President of Princeton University (now President of
the United States) in an address before
the American Bankers* Asso
ciation at Denver in 1908 laid down the prinoiple that all of the
people of this country are entitled to equal "banking facilities* The
present
Currency law, with its provision for the establishment
of
Federal He serve Banks, is the realization of what then seemed "but an
idle dream.
The law undoubtedly contemplates giving to the people of
AIL SSCTIQ3JS of the United States the largest possible benefits de
rivable from the operation of suoh Banks*
Ihis involves a distinctive
ly territorial distribution of the centers; or, in other words, it
necessitates sash a division of the country into REGIOIS, as will
give each region an individual significance from a geographical stand
point.
The indicated region is then to be served by a RESKRYB B M
located within its confines at suoh a point as will be proven both
geographically
central and commercially adequate*
let us consider, first, the division into RBGI01TS.
I sub
mit the proposition that a "region", in order to secure the maximum
advantage of the new system, should be territorially compact*
If within such a region the natural
resources are such as
to make possible a diversity of activities - commercial, agricultur
al, mining and minufacturing - so ttech the better.
GEOBft&PHICALLY.
it appears logioal that there should be
created a SOUTHEASTERN REGIOH, to embrace, say, the seven States of
Forth Carolina, South Carolina, Georgia, Florida, Alabama, Mississ
ippi and Tennessee.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
•* 2 -
It meets the desired requirements
phical compactness and physical outline.
in point of geogra
It certainly ia such an
area as I have described in regard to its sources of wealth.
It is
an ideal illustration of a territory in which agricultural, mining,
manufacturing and commercial interests flourish*
May I call your attention to the fact that if only those
Cities recognized under the old system as money centers be selected
&s Regional Bank Cities, the territorial division of the country un
questionably contemplated by the Law cannot be achieved?
Would the
spirit of the Act be realised by dividing the country into wedgeshaped slices running YERY THIN at the center?
Would it no unquestion
ably further the intent of the Law to divide the country into
solid, compact areas, each of these to be served by a Federal Re
serve Bank?
If so
(
and I assume that the logic of the claim is
readily apparent) the creation of the SOUTHEASTERN REGION, composed
of the seven States named, is a foregone conclusion.
ATLANTA IS THE GEOGRAPHICAL CENTER
of this Southeastern
Region ~ a faot of which you have ocular demonstration. ATLANTA IS
THE COMMERCIAL CENTER of the Southeastern Region
- a statement I
believe you will consider incontestable after hearing the evidence
presented#
A moment since I spoke of the resources of this region.
Commerce is inolined to follow natural laws.
merce.
The barometer of banking
Banking follows
Com
is Clearings and it is with At
lanta* s bank Clearings I wish to engage your interested attention.
The bank clearings of Atlanta for 1913 were $725,604,193, remarkable
indeed for a City whose population, by the United States Census of
1910, was 154,§§8. The 1913 Clearings are twelve times as large as
those of 1893.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
«
5
-
The following table shows the clearings of leading South
ern Cities, inclading Cities located In seven of the States mention
ed as the SOUTHEASTER!! Region:
TABLE SHO’rrrc b Mr: CLEAEHTGS
From Records
1893
Atlanta
60,753,911
145,404,778
Galveston
Memphis
84,962,497
Richmond
114,957,217
Fort iTorth
28*714,310
Hashville
60,499,365
Houston
154,774^530
Savannah
95,639,437
Norfolk
49,091,728
Macon
Jacksonville
Birmingham
17,907,337
Austin
Chattanooga 16,003,120
Charleston
1896
Knoxville
21,366,000
Columbia
of Commercial and Financial Chronicle
1908
144,992,037
220,266,000
214,009,558
208,177,595
84,453,619
124,589,656
348,464,433
195,926,562
85,013,127
40,782,000
26,112,717
65,146,885
37,102,107
58,500,000
1915
fo of Inc«
1903-1913
598,688,766 #
519,101,000
421,987,372
419,121,315
418,619,813
366,657,389
357,821,194
280,538,352
214,966,911
190,313,093
174,971,596
173,857,773
151,608,482
128,745,099
101,660,117
312
135
97
101
396
194
2.7
43
152
366
570
175
87,800,000
67,383,538
50
247
#
In the clearings of Atlanta for 1913 the sum of
$126,915,426 has teen deducted, representing country checks collected
through Clearing House in order to make correot comparison .
ATL1BTA BASK STATISTICS
Volume of business done daring year
1915 by seven Clearing House Banks
#2,025,611,801.69
Yolome of ’business done during year
1909 by six Clearing House Banka
1,378,985«864* 25
Increase in five y e a r s -----646,626'43ft.44
Reproduced from the Unclassified / Declassified Holdings of the National Archives
*» £ MM
Bradstreet reported Clearings 1912 ** 1913, decrease lew
Orleans 7.3$; Richmond 2.4$; increase Atlanta 4.8$.
BATIO OF CLliBIlIGS TO DEPOSITS
DEPOSITS
OCT • 21.1913
(000 omitteS)
Atlanta
CLEABIHG3
YEAB 1913
(ooo omitted)
CLS1BIHGS
TO DEPOSITS '
$35,900
725,604
20.e
Birmingham
25,050
173,857
6.9
Tf
Savannah
22,110
280,538
12.7
«
Louisville
51 #450
715,731
13.9
n
Hew Orleans
75,180
980,683
13.
Tf
Chattanooga
17,580
126,745
7.1
It
Knoxvilla
11,490
87,812
7.6
tf
Hashville
24,120
366,657
15.2
If
Houston
38,510
357,821
9*3
n
Richmond
48,120
419,121
8.7
n
Charleston
19,820
101,660
5.1
it
PJ2BCOTTAGS OF BSSKRYSS C1BRI2D BY
HATIOML BAHK3 OF ATLAHTA 11 TEE F0LL0T7HIG CITES
Hew Tork - - - - - mm mm 56,1483
Boston - - - - - - mm ~
3,3983
10.62
Philadelphia - - - 7,791
Chicago - - - - - 3,845
Cincinnati - - - - ~ 1,7666
Hew Orleans - - - Baltimore • - - - - mmmm
6.3
Louisville - - - - mm «pa>
.716
ST. Louie - ------ —
4,173
Pittsburg - .......... 1,516
Albany
,96
Cleveland —
,366
Detroit------ --------- .166
Indianapolis
.£16
Kansas City ---- --- —
.6
Washington - - - - - - - 1.6f3
W
3
F
5
B
Z
Percent
it
IT
tf
If
If
ff
tf
"
*
*
n
*
w
"
B
n
Time
Reproduced from the Unclassified / Declassified Holdings of the National Archives
<■
* 5 *■
*
FIGURE'S FOR OITE ATLABTA BABE,
M I C E WILL BE TYPICAL OF BABE IB TH3 SOUTHs a s t e r h RSGIOB
AVERAGES
19X5
DAILY ATSRAGS
BILLS PAYABLE
$ifJEt670.00
DUE FROM RESERVE ilGEBTS
#459*520*00
DUE FROM EASTKRB AID TfESTERB
BABES (Other than Reserve)
§ 58,290*00
DUE FROM OTHER BABES
(IBCLUDIBG ATLAIITA CIEARIUG HOUSBf
$358,950*00
COMPARATIVE CLEARIBGS FOR
MOivm OF JABUiRY
(Famished by J.E* C. Fodder. Division Saperintendent, Brads treefs Agency/
Bew Orleans
*
-
1914
1913
$111,974,545
105.412*499
6AIB - - --------
8,562,046
Richmond
*
-
1913
$ 39,524,158
1914
38,735.090
L O S S ............ .. .“7117611
Atlanta
*
6
1914
1913
GAIB
tim
9
$ 78,951,054
69.563.16t
..........
CLEARIBGS FOR FIRST WEEK III FSB. 1914
Bew Orleans
Atlanta
Richmond
Increase
w
Decrease
11#7$
23.2fo
.1$
In percentages of increase for first week in
February, Atlanta loads forty principal Cities in
the United States with 23.2% increase.
The commerce of Atlanta was of sufficient magnitude, and
her mail facilities
of such
convenience* as to warrant our
Clearing House in 1909 in adopting the plan of clearing direct the
States of Georgia, ALAhama and Florida, three of the States suggest
ed as properly "belonging to this Region, which means that Atlanta
deals direct with 1062 Banks.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Atlanta was the second City in the country to
adopt the system of clearing ooantry checks direct and todcy,
with the exception of Boston, Atlanta has the most complete sys
tem of its kind#
This organization and trained force would be at
the disposal of a Federal Bank when needdd to oarry oat this fea
ture as contemplated in the Law.
Business transacted with Au
gusta, Macon, Savannah, Birmingham, Montgomery and Anniston
handled in the usual way, - on the reciprocal basis,
cash items on towns
ill
is
other
in the three States are cleared direct, the
amount being in 1913 #126,915,426*34.
Deducting this amount
leaves the sum of #598,688,766*51, a greater volume than that
listed in any other Southeastern City,
fhis sum is practically
- equal to the total Clearings of Columbia, Charleston, Chattanoooga
Birmingham and Jacksonville; also practically equal to the com
bined Clearings of ITashville and Savannah*
Atlanta*s suitability As a Clearing oenter is forcibly
illustrated by the fact that two of the greatest public utility
corporations operating in the South thus employ it.
The Western Union clears through its fiscal Agent in this
City 4854 points in the States of Alabama, Florida, Georgia,Forth
Carolina, South Carolina, Mississippi and Tennessee f the seven
States suggested as a Southeastern F.egion ) and, in addition,
Kentucky and Virginia.
Inoident to their method of remittance,
only a small portion of this business passes through our clearings
The Southern Bell Telephone find Telegraph Company clears
266 points in Alabama, Florida, Georgia, Forth Carolina and South
Carolina (five of the seven States of the Southeastern F.egion).
Reproduced from the Unclassified I Declassified Holdings of the National Archives
7
I Sutait,
gentlemen, that this use of Atlanta as Blearing
headquarters hy two such
astute and well organized corporations,
is tangible evidence of her accessibility and the convenience of
her facilities®
It is pointed out by some Cities remote from the center
of the region desired that they lend some money in portions of
this region*
Such sums as they do lend, however, are trifling
compared to maximum borrowings for crop moving*
The banks of Atlanta have used their finances to promote
commerce and commerce has produced our clearings*
We have also
extended liberal accommodations to the banks throughout Georgia®
Under the old law we have not striven to compete with reserve
cities outside of the State*
A Southeastern
Region, under the
new law, would put us, for the first time, in a position •• to
compete*
ern
New York is the real
region and only a
erful money
*
money market for this southeast
RESERVE BAJJK can
replace this long powft
center®
The moving of our cotton and other great
southern crop*
requires at certain seasons a large amount of ready cash and tbe
southeast is thus a heavy borrower, - another strong reason for thB
establishment in this great active region of a Reserve Ban# which
shall meet this need with benefit both to the borrower and to the
Reserve Bank®
In this connection I may say that under the old system
it has been
necessary to create borrowing capacity with the
recognized money centers, and in order to do so heal^y reserves
have had to be lodged in banks in the Horth and East#
east erb Region would eliminate this necessity,
A South
because, our
reserves and credit security would be on the ground, so to speak®
Reproduced from the Unclassified I Declassified Holdings of the National Archives
8
No city in the United States has proven a stronger advocate
to
national
Banks than
Atlanta.
tiers of the Clearing House are
With one exception8 all the mem-
National
Bankfco
That they are in
sympathy with the new Law is indicated by the fact that Atlanta sig
nified, through her Clearing House, her endorsement of the plan be
fore the BILL
has actually been
the United States to
passed.
She was the first City in
take this action.
The Clearing House Banks are
institutions and in a position to
all strong and successful
command an
increase of capital
to any reasonable amount that might he desired®
Prom all that
has been said
it will be easy, gentlemen,
for you to gather that a SOUTHEASTERN REGION
3-n ATLANTA
is, in our minds, an
with
a
HE SEHYE BANK
importanr feature of the new banking
system, - a system whose fundamental idea is that all the people of
the entire country shall be afforded equal banking facilities©
Reproduced from the Unclassified I Declassified Holdings of the National Archives
BASKim IN THE SOUTHEAST
UNDER TEE FEDERAL RESERVE SYSTEM
By
Robert F. Maddox
Vic©-President American National Bank
Reproduced from the Unclassified I Declassified Holdings of the National Archives
NATIONAL BANKS IN PROPOSED SOUTHEASTERN DISTRICT
October 51 1915
DEPOSITS
NUMBER
CAPITAL
SURPLUS
North Carolina
72
#8,460,000
#2,859,525
South Carolina
48
6,565,000
2,151,400
21,724,859 *
Georgia
117
15,168,500
9,555,000
52,295,249
Florida
55
7,505,000
5,087,677
55,104,644
Alabama
90
10,180,290
5,851,295
45,555,062
Mississippi
55
5,585,000
1,644,655
14,645,856
109
15,217,500
5,552,655
62,895,220
552
#64,281,290
50,480,265
#50,480,265
#264,158,629
Tennessee
#55,619,751
#94,761,555
STATE BANKS - OCTOBER 21. 1915
NUMBER
North Carolina
412
South Carolina
522
CAPITAL
Q7
# 11,018,271.
SURPLUS
DEPOSITS
93
97
# 5,016,548. #65,557,481.
4,621,000
12,778,000
67
Georgia
697
28,895,515.
Florida
189
6,427,220
Alabama
258
12,800,000
51,000,000
65
16,514,560.
27
91,441,535.
60
5,061,665.
6,800,000
55
Mississippi
295
10,541,695.
Tennessee
410
9,580,258.
52,500,000
58,860,727.
2,556,812.
86
12
# 9 1,640,960
5 9.664.597
59
52
5,294,409.
ip *
2585
97
27,542,585.
16
56,137,434.
*■*
##9,664,597
#562,819,564
# June 4, 1913.
BANKING POWER OF THE SOUTHEASTERN DISTRICT
NUMBER
National Banks
State Banks
CAPITAL AND SURPLUS
DEPOSITS
TOTAL
522
# 94,761,553
$264,138,629 $358,900,182
2585
151,505,557
#226,067'llO
162,819.564 494.155.121
#626,958,195 #855,055,505
$105
Reproduced from the Unclassified / Declassified Holdings of the National Archives
** 2 ~
Our territory, as shown by the map, has located
within its boundaries 522 National Banks and 2,585 State Banks
and Trust Companies, making a total of 5,105*
These institutions h&ve a combined capital and surplus of
$226,,067,110, with combined deposits of $626,958,195.
The national Banks have a capital and surplus of $94,761,585
and individual deposits of $264,158,629 .
The State Banks and Trust Companies have capital and surplus
of $151,505,557, and deposits of $562,819,000.
Should only the National Banks "become members, they would
furnish the federal leserve Bank, on a six percent subscription
basis, a capital of $5,685,000, and estimated deposits of
$15,250,000*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
~3*»
Should the State Banks and Trust Companies become members,
they would furnish additional capital $7t878tOOOt making the
total maximum capital available $13,563,000, and the additional de
posits of $18,100,000, making the total available deposits, exclu
sive of such funds as the Government might place with it, $31,350,000,
Should all the national Banks go in the new system and
half the State Banks, the capital of the Beserve Bank for this
district would be $9,625*000, and the estimated deposits would be
$28,300,000.
From the above figures, we believe that the Baziks in the
States mentioned would unquestionably provide the capital required under the Federal Beserve Act for a Beserve Bank to be located in
thisterritory*
The National Banks have with practical unanimity
signified their desire to enter the new system, and while tto State
Banks seem to be "watchfully waiting”, we believe a large number
will soon realize the benefits to be derived and take advantage of
the opportunity to become members*
The real object of locating the Regional Beserve Banks ia
to establish a more accessible market where banks may be able to
rediscount their bills and to meet quickly the demand for emergency
currency during the seasonable period of the year, without the
doubt of its availability which has existed in the past*
It seems to be generally agreed that it will be desirable
to have the new banking centers at points that will be not more
than a night's travel from the outlying points where business is
being done by member banks*
In the Bast, where communication is
easy, population dense, and the districts necessarily smaller, the
case is comparatively simple, and we recognize the difficulties
your committee will probably have in dividing the country into
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-4-
eight or more districts, each of which will be commercially
strong, banking intercourse easy, demand for loans diversified,
and the section segregated to the satisfaction of its people*
We believe that a region consisting of at least a portion
of the States we mention would come as near filling the object of
the bill, considering all its phases, as any other district which
may be designated in the United States.
We believe that the Organization Committee will be more
inclined to look to the possibility of a readjustment and improve
ment of banking facilities under the new system rather than be
guided by the forced trend of banking under the old system*
In normal years, even jmder the old currency bill, there
was a sufficient amount of currency to conduct the commerce of our
country; and even at present there is no particular demand for
additional currency#
It is therefore apparent that under the op
eration of the new currency bill, there will really be but little
need for additional currency, as under the power of the “Federal Re
serve Board, the surplus funds of the several regional Banks may
be diverted and used where most needed.
While the region we have outlined has many diversified
lines of business, we recognize that for a few months in the year
it may be regarded as a borrowing district#
This we do not be
lieve is a reflection upon its establishment, but rather an argu
ment in its favor*
If, under the old system, the
loanable funds of certain
regions were forced by lack of demand in those regions to move the
other regions in order to find employment, it is not unreasonable
to suppose that the deposits in the federal Reserve Banks to be lo
cated in those regions will be forced to find borrowers in other re
gions®
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-5-
It would be almost impossible to so divide our great coun
try into eight or twelve regions where the supply of money would
at all times equal the demand for loans*
This was recognized by
Congress when it gave the Reserve Banks the right of open market
operations, and gave to the Federal Reserve Board the right to use
the surplus funds of one district to meet the unsupplied demand in
another district,
The total loans and discounts of the national Banks, as shown
by the report to the Comptroller on October 21, 1913, was
#6 ,260,877,000#
Of this amount only $16,516,347-were rediscounts
for National Banks; and only $83,943,695 was bills payable of
National Banks - making a total of $100,450,042, or less than
1-6/10% of the total loans of national Banks*
At the same time the United States had on deposit in nation
al Basks, ineluding postal savings deposits and deposits of dis
bursing officers, $111,059,215*
In other words, the United States
had on deposit in the national Banks $11,000,000 more than the en
tire amount the national Banks had found it necessary to borrow*
If the Federal Reserve Banks had been in operation at this
time, presuming they would have had a capital of $100,000*000 and
deposits of $500,000,000 made up exclusively from the national
Banks, they would have had, after deducting the gold reserve
required against deposits, a loanable fund of $425,000,000 or more
than four time the amount required to supply the necessary loans
to the national Banks, leaving $325,000,000 for open market oper
ations:
The total amount of bills payable and rediscounts of the
national Banks in the States suggested as a district for the South
east on October 21, 1913 (which is about the maximum for the year)
was $23,801,000*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
—
Judging "by the pastf it is reasonable to presume that for
about half of the year the banks of this section will not find it
necessary to call heavily upon the regional bank for rediscounts,
but for the other half, may find it convenient to use the discount
privilege freely, and even beyond the available deposits of the Re
gional Bank.. Government deposits could then be transferred to
this region, as was recently so wisely done, or the Federal Reserve
Board might find it advisable to have the surplus funds of another
region meet the demands here; and lastly, the new currency could
be issued, which automatically retire when the demand for it ceas
ed*
We admit that this section has but little idle money*
Since
the war, the reconstruction of the South has required all our
energy and all our capital.
The rapid development of our farms,
our factories, our mines, our Cities and our commerce has called
for even more capital than our banks could supply; and unlike some
of our richer or more finished sections, our banks have fcot been
forced to go into other sections for desirable loans*
Figures and facts have been shown, and, will be presented
later, illustrating the wonderful growth of the South, its diver
sified industries, and what the "Atlanta Spirit" has done for the
Gate City of the South; also the accessibility of Atlanta from all
points in the region suggested*
The geographical location and
railroad facilities of this City have been the means of our mer
chants developing a remarkable trade with surrounding States,
which is but a forerunner of the convenience and benefit a Reserve
Bank in Atlanta would be to the banks of this region*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
7
*
We do not believe that it will be the wisdom of your
honorable oommittee to consider where the banks of this region have
borrowed in the past or so much importance as from what convenient
center these banks may be supplied in the future*
Under the old regime, the Banks of the nation were de
pendent upon a single and uncertain money center, and the nation was
a slave to the system*
Bill the
When President Wilson signed the new Currency
shackles which had bound the banking business in narrow
limitations fell asunder, and the people received it as the Emanci
pation Proclamation of a lew Freedom from currency panics*
The Southeastern States we have suggested as a region
under the new system are throbbing with new life*
Its people, while
true to the traditions of its past, are justly proud of the prosperi
ty of its present,
their democracy*
They are loyal to the Nation and dauntless in
No other section of the country has risen above
such adversities to such commercial importance*
In the veins of its
men and women there flows the purest Anglo-Saxon blood to be found
in any part of this Republic,
for what we have accomplished in the
past, we ask your help in the future*
Georgia has more National banking capital than any
State in the region suggested; and Atlanta has more National banking
capital than any City in the States included*
If Atlanta and this
region is given a federal Reserve Bank, we can face the future with
renewed strength and approach with confidence the continued develop
ment of our section to the credit of the New South and to the glory
of the Nation*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
*■* 8 ■*»
E X H I B I T :A:
0 2 im 0 m
OF STATE BAHKIIG COMMISSIONERS
on
ELIGIBILITY OF STATE BAHKS UffDER FEDERAL RESERVE ACT
ALABAMA:
A# E. Walker, Montgomery, Superintendent of Banks:
nI know of no legal barrier which would prevent the
State Banks of Alabama from entering the Federal Reserve
System."
GEORGIA:
W, J. Speer, Atlanta, State Bank Examiner:
"My opinion about the legal right of the State Banks of
Georgia to enter Federal Reserve System is that I do
not think our State Laws would bar suoh action on the
part of any State Bank which may desire to join the sys
tem#
While we have a statute which prohibits one cor-
portation from owning stock in another corporation, I do
mot think it applies to the banking business, at least
it has never been so construed in this State, and in my
opinion will not be.
I believe our State Banks have the
right to subscribe for stock in the Sjrstem.
The law en
acted by Congress provides for their participation in it,
and there will be no objection from this Department if
the Banks choose to exercise that privilege*"
MISSISSIPPI:
Thos* E* Dickson, Secretary Mississippi Bankers1
Association, Jackson*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
9
-
"My "understanding of our present laws is that a
general prohibition exists against any Mississippi
Corporation owning stock in any other corporation*
We have, however, a Banking Law for supervision and
examination of State Banks which is just on the eve
of passing our Legislature.
In this law specific
exception will be made, whereby our State banks may,
if they so elect, subscribe to stock in a Federal Re***
serve Bank."
m nm
caroliia:
Corporation Commission by A. J* Maxwell, Raleigh:
"I am directed to advise that the Corporation Com
mission does not know of any legal barrier that
will prevent the State Banks of Horth Carolina from
entering the Federal Reserve System*"
SOUQS CAROLIM:
B. J. Rhame, Columbia, State Bank Examiner:
"I am of the opinion there is no legal barrier pre
venting State Banks from entering the Federal Reserve
System*"
TENIIESSBB:
J.
L* Hutton, Hashville, Supreintendent of Banks:
"She Attorney General of Tennessee, Hon. Frank M»
(Thompson, has, at the request of this Department, ren
dered an opinion on the subject of State Banks sub
scribing to the capital stock of Regional Banks,
and is of the opinion that there is no legal barrier
to such action."
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
FLORIDA:
W« ¥• Knott, Comptroller:
"Florida has no law interfering with State
Banks Joining the Federal Reserve System#"
10
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Reproduced from the Unclassified I Declassified Holdings of the National Archives
CONSOLIDATED STATEMENT
A T 1 A H T A
C L E A R I E S
HOUSE
BANKS
FEBRUARY 6, 1914
RESOURCES
Loans and Discounts
$30,153,103.00
Bonds, and other securities
6,131,038.00
Real Estate(Banking houses and Fixtures)
1,856,656.00
Redemption Fund
Due from Banks
190*000.00
8,917,931.00
#
Cash in Vaults
3,243,626.00
£50,492, 354.00
LIABILITIES
Capital Stock
$ 5,700,000.00
Surplus and Undivided Profits
5, 655,204.00
Circulation
3,799,991.00
v-"> '*-*
Deposits
35,337,159.00
35.337,159.00
$50,492,354.00
E & 0 E
S*.
$
j t
NUMBER AND RESOURCES OF BANKS II PROPOSED SOUTHEASTERN REGION
(National Banks)
dumber
90
FLORIDA
53
GEORGIA
115
MISSISSIPPI
33
NO. CAROLINA
72
SO. CAROLINA
48
JBNUESSEE
109
Capital
10,180,290
7,505,000
15,168,000
3,385,000
8,460,000
6,365,000
13,217,500
Surplus
5,851,293
3,087,677
9,353,060
1,644,653
2,859,525
2,151,400
5,552,655
Deposits
45,129,102
34,536,604
52,848,747
15,486,466
37,579,868
23,611,455
66,645,397
TOTALS
520
64,280,790
30*480,263
275,837,619
ALABAMA
XORIDA
GEORGIA
MISSISSIPPI
NO. CAROLINA
SO. CAROLINA
TENNESSEE
171
102
403
195
122
210
187
(Eligible State Banks)
11,935,650
8,843,030
34.300.000
5,656,400
2,535,970
26,066,700
26,873,290
13,156,830
95.841.000
11,551,900
9,721,370
47,240,990
3.461.950
8,517,350
47,055,010
12.714.000
3.896.950
48,285,500
15.109.000
6,271,060
49,104,030
STATES
mAb M a
TOTALS
1391
92,357,620
47,887,160
Combined
Totals 1911 156,638,410
78,367,423
*No State Reports Previous to this Date.
.^ ABAMA
, ;RIDA
CrnORGIA
MISSISSIPPI
Jfo. CAROLINA
SO. CAROLINA
f.BNNESSEE
623,730,849
*395,062
397,000
1,103,000
466,000
425,000
380,000
940,000
43,895,898
6,691,696
7,545,253
7,937,544
10,455,122
6,185,992
39,400,573
TOTALS
27.810129
1240
Surplus partially estimated
4,106,062
122,112,078.
€
96^900(10-21-13)
5-21-13)
9-12-13)
6-18^3)
.13-14)
10*31-13)
>-14)
347,893,230
4,462,555
1,788,114
6,051,425
3,386,060
3,174,515
2,345,097
6,602,363
117
97
290
131
284
107
214
•rrowed
INCLUDED ABOVE
5,685,663
Capital to be subscribed by National Banks if all join....
"
11
"
"
"
"
IT and eligible
State Banks if all join..................... .....
14,100*349
Deposits of Regional Bank by National Banks only if all join
"
" "
"
" and eligible
Stat e Banks jf all join ........... ..... *.........
(Estimatea at 12$)
Capital to be subscribe.' by eligible State Banks only if
all jo i n .... .......... ..
*..... ......
Deposits of Regional Bank from
TT
,T
,T
TT
TI
ail JO Ijbl.............. ........................
Number and resources of National Banks from report of
Comptroller of October 21, 1913»«............. ....
As rbovo
dumber and resources of State Banks from American Bank
Report er Sept ember. 1913........
K * As above
Loans and resources of State Banks from report of Bankin,
—
Department of respective states.... ....... .
Ai aoove
North Carolina State
26, 1913 owed f1,942,358
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Our territory as shown "by the map lias located within
its "boundaries, p20 national banks and 1391 eligible state
banks, making a total number eligible of 1911. These
institutions have a combined capital of 1156,638,000,
combined surplus $78,3^7,000 , oom'bined deposits $623 ,730 ,000.
Should only the national banks join the system the
capital©f^ the reserve banks for this sytem would be
^5,685,000, and if all the eligible national and state banks
join, the capital would be $14,100,000. Deposits of the
reginonal bank, should only the national banks join would
be *13,.791 ,000* Combined deposits if all eligible banks join,
131, 186, 000.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
SHE
C H O P S
WHY ATLANTA SHOULD BE A RESERVE
CEffTEB
By
Joseph
Am
McCord, Tiee-President, Third Uational Bank
of Atlanta
Member of the Currency Commission,
American Bankers1 Association
Reproduced from the Unclassified I Declassified Holdings of the National Archives
CQf
10H
Cotton is the greatest producer of value of any com
modity in the Southern States.
fifty-three
Z%
is grown East of the Mississippi
River, Department of Commerce, Bureau of Census of the United
States, shows Sinners* Reports of 1913 crop up to January 16th
1914, East of the Mississippi River to he 7,544,927 hales* Yalued
at $65*00 per hale, and seed at $10*00 per hale, gives a money
value of $565,869,525, or one sixth (l/6) of all the money in the
United States*
Georgia is the centre of this territory, producing of
the above amount, 2,316,388 hales, or 30*7%.
A*
THE ROCK. 64 miles South East of Atlanta, in Upson
County, near the corner of Upson, Pike and Monroe Counties, Geor
gia, being the numerical center of the crop of Cotton for 1913,
East of the Mississippi River*
Moreland, 45 miles West of Atlanta being the geographi
cal center of the cotton producing territory*
Atlanta is the central City of this Cotton Belt, taken
from a numerical, as well as a geographical point of view* Cotton
is purchased in small towns and money payments are necessarily
made at these towns.
Buyers classify, mark for expert, and ship
from interior towns and Cities, to ship side at ports, hence the
banking facilities should be nearer the centre to benefit the
greatest number of people*
B*
There are 27 Congress points in Georgia, where cotton
is concentrated and export bills are issued; 2,126,803 bales com
pressed*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-2-
Other States have similar concentrating points, but
as all of these will equalize, Georgia is taken because it is the
centre of pivoted State.
To locate a Reserve Bank at a Port would not serve the
interior as well as if located nearer the producers; to locate at
any extreme would not serve the whole section*
Currency can be shipped to any town or City on any main
line of Railroad in the seven Southeastern States from Atlanta
Georgia after five o 1clock in the afternoon of one day, and deliv
ered by not later than ten o ’clock next morning to the farthest
point in these States* .This cannot be done from any of the com
petitive Cities*
As evidence as to the value of Cotton to a local com
munity, up to January 16th, two Counties in Georgia produced more
than 50,000 bales; Laurens leading with 52,551 bales, and Burke
following with 52*397 bales.
The ootton crop in Laurens in a
single year is worth more than all the farm land and other real
estate of the County.
While in Burke County the value of this
year*s cotton crop almost exactly equals the total wealth of all
sorts accumulated upon the tax digest during the whole history of
the County*
While it is true this vast amount of wealth came into
this locality, it is also true that nearly all of it went out for
the purchase of Fertilizers, supplies, food and clothing for the
producers of this enormous wealth; hence the necessity of financ
ing a community thus situated*
It requires more actual money to produce the ootton
crop, than any of the leading crops of the United Statest because
of the necessity of the hand cultivation and gathering, and the
|enancy system.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-3-
Farmers, merchants and manufacturers require an exten
sion of credit to produce it.
These credits can best be served
and investigated from some central point than from any border point
of the territory*
The exportation of cotton to my knowledge has restored
normal conditions in two money panics, namely in 1893 and 1907.
The values already stated, are for the crude product, but
we must not lose sight of the fact that a constantly increasing pro
portion of this product is being manufactured into yearn, cloth and
other needs of trade and commerce within the territory suggested by
us, for this banking district*
The State of iforth Carolina manu
facturers into these products more bales of cotton than grows on her
soil.
Georgia manufacturers into yarn and cloth one-third of her
entire crop.
The States named in this territory, for which w© ask a
Regional Bank, manufacture the following number of bales by States
namely:
fforth Carolina---- ----- --876,359
South Carolina ------------ -775,851
Georgia------- ------- --- 648,131
Alabama- - - - - - - - - - - 299,924
Mississippi (estimated)- - - 100,000
Tennessee- - - - - - - - - 81*790
Total ------ 2,78l*0S6
When thus manufactured, it is estimated to be worth 25^
per pound* equivalent of $125*00 per bale, or giving a total worth
Of $347,756,875*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-4~
She financing of these mills takes an enormous amount
of credit; the banks located in this territory have done a great
deal of this; Banks under State Charters handling vast amounts of
it.
She necessity of money and credits to finance the crops
of this territory can best be illustrated by dividing the year
on September 1st* when the movement of the main crop (that is
cotton) commences.
She first demand the City Banks have is from interior
Banks for currency to start the movement of the crops, that is
in the purchase of advance bales, with which to get money to pay
the laborer for gathering of the crop, and of the cotton seed
mill industries for money to buy the first cotton seed, the value
of which product is used in paying for picking of the cotton;
both of these come on the City Banks about September 1st* and
continue until the first of December, at which time there is a
lull, and then again starts up about December 15th, running
through to January 1st*
She next demand we have for money is from the Cotton
Mills and the Cotton Manufacturers, who begin to make their
loans about the middle of October, continuing to the first of
January; they want these loans until April, May and June.
When we have supplied the country banks and the Oil
Mill* , then comes the demand from the fertilizer Manufacturers,
starting in say about the 1st of December, continuing to the
first of February; their request is for accommodation laatil
June and July; we have thus served these immediate interests*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
»*5—
!Dhen, as they begin to return to us advances made to them, commen
cing with the Country Banks paying back their loans in October and
lovember; the Oil Mills and Cotton Manufacturers from the middle
of January to May and June, gives us money and credits to re- in
vest for the benefit of the Wholesale 2!rade, which starts in Feb
ruary, continuing on through the summer until late in the fall.
Our greatest borrowing period is possibly in the early spring
before we get the returns from the Cotton Oil and Cotton Mills^
and Fertilizer Manufacturers; we are called upon to finance this
other line of trade*
3?hen again before the Wholesale Merchants
and country banks can replace us with funds loaned to them, comes
the demand already referred to for the movement of crops; there
fore our other borrowing season is largely from August until
November*
She crops of the Southeastern territory covered by the
States asked for this Regional Bank, shows an annual production
in dollars of 1114 millions; manufactured products of all kinds
in this same territory for the same period amounts to 1012 mil
lions.
These figures show amount of crops and manufacturers for
the year 1909, and have doubled in ten years*
It will , therefore, be seen that money and credits in
this Southeastern territory is very evenly balanced between the
crop movement and that of the manufacturers*
It is also shown that this money is kept in constant use
during the entire period of the year*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-6The admitting of State Banks to the Reserve Banks,
and the liberalizing of the National Bank Act by Section 13,
of the federal Reserve Act, will materially aid in the financ
ing of these various products
from the preponder
ance of evidence given above and furnished by the other speak
ers, it is shown that a Reserve Bank of sufficient capital
would result from your selection of Atlanta, and we believe that
a great number of our larger State Banks will enter the system
as soon as the rules are published, and the location named*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
10 BE H I
BXC H A K B
By
A. P. Coles
Vice-Presidentf Central Bank and Trust Corporation#
Reproduced from the Unclassified I Declassified Holdings of the National Archives
In recent years quite a number of banks located in
Cities and towns in the Cotton Belt have added to their regular
tanking business a Foreign Exchange Department for the purpose
of purchasing 60 and 90 day bills of exchange drawn with docu
ments attached against shipments of cotton and other products*
These bills axe drawn on foreign banks and bankers for accep
tance, but are only purchased by the banks on commission, or
brokerage, for account of banks and foreign exchange buyers in
Hew York*
Atlanta is the only City between Baltimore and lew
Orleans that purchases these bills and deals direct with Euro
pean financial centers in international banking*
That is to say,
Atlanta has accounts abroad and daily transactions with banks
in London, Liverpool, Paris, Havre, Bremen and Berlin.
Shis
business has developed by reason of the large volume of bills of
exchange drawn against exports that originate in this territory,
and the bills are offered for sale here for the reason that At
lanta affords quick reimbursement in currency at the time of the
heavy movement of the cotton crop when need for cash is impera
tive.
During the year 1913 the total amount of foreign ex
change bought and paid for in Atlanta and remitted direct to
Europe for account and credit of Atlanta was $19,444,145*18*
Against these credits abroad the Atlanta bank reimburses itself
in the regular course of business by the sale of Bankers*
Checks and Cable Transfers wherever the demand for foreign cred
its is the greatest*
In addition to this means of reimburse
ment, during the year 1913 the banks here disposed of credits
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-2-
abroad to the extent of four and a half million dollars:
FIRST:
By open letters of credit furnished importers*
SECOND: By Bankers1 Acceptances arranged abroad
against delivery of shipping documents for
imported goods*
THIHD:
By sale of checks or cable transfers in pay
ment of importers1 bills due abroad.
FOURTH: By credits in Atlanta opened by foreign banks
for their customers who export goods through
their representatives or agents*
Just at this time
credits in Berlin have been arranged
to take care of twenty-six vessels already cleared for the fol
lowing ports*
Charleston
Savannah - - - - - - - - 9
PensacolaMobile - '
-------------- 2
New Orleans- - - - - - - 3
Norfolk---------------- 1
Wilmington - - - - - - - 2
Brunswick- - - - - - - - 1
Jacksonville - - - - - - 1
The amount involved in the importation of fertilizer mate
rial on these twenty-six vessels amounts to One and a Half Million
Dollars.
Any exporter in this territory can get reimbursement in
cash for his foreign exchange sold in Atlanta within thirty hours
from the time he mails his bills*
Whereas, sales made in New York
cannot bring returns in less than five days.
Therefore, the natu
ral market for foreign exchange should be near the point of origin,
as quick returns in cash for bills of exchange facilitates the bus
iness of the community, eliminates time and interest for the seller,
and is the essense of financial economy*
A foreign exchange mar
ket created, for original bills, far removed from the source is
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-3-
artificial, and has only "been maintained and controlled through the
power of concentrated capital.
SECTION 14 of the Federal Reserve Act relative to open
market operations will be of immense advantage to all this section
if the Reserve Bank is conveniently located, for the reasons as
stated above; and the volume of business in foreign exchange that
a Reserve Bank can do in this district is practically unlimited,
when it is considered that there was exported from this district
out of the cotton crop for the year 1912-1913* 1,935,000 bales of
ootton (Shepperson’s Cotton Facts), against which foreign bills of
exchange were drawn to the amount of $135f000,000*00*
The export
of other products will bring these figures well above $150,000,000.
DURING THE PAST season, that is to say from September
1st, 1913, to date, foreign bills of exchange have been sold in
Atlanta originating in Georgia, Alabama, South Carolina, Tennessee
and Mississippi; and the volume of this business done in Atlanta
was limited, not by the price, but by lack of sufficient capital,
which will be entirely overcome- if a Federal Reserve Bank is
established here»
THE NIT PROFIT resulting from foreign exchange trans
actions originating in this territory, and handled direct from
Atlanta, averages #1*20 per thousand, as against the average nor
mal profit resulting in foreign exchange transactions in New York
of 35 cents per thousand; the difference being exactly the average
cost of transportation on currency from New York to this district.
All export cotton is covered by marine insurance poli
cies covering the risk at and from point of purchase in the interior
through the port to the port of destination*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
■in
am
i
This form of insurance has been recently perfect
ed by Marine Insurance Companies on account of the demand for
insurance covering shipments on through bills-lading*
There
fore, all marine insurance is now perfected in the interior and
not at the ports, as formerly.
There is a difference of cost to the exporter of
65 cents per thousand in favor of insurance on through ship
ments from the interior as against local insurance to the port
and marine insurance from the port to the port of destination#
A FEDERAL RESERVE
BAM.
located here would find this
particular branch of its business very profitable, bringing in
a better net result than that derived from the discounting of
commerical paper at a rate of interest lower than 4%*
PURUS THE CROP moving period when naturally there
will be a heavy demand upon the Reserve Bank for its circulating
notes, against which they are required under the law to carry a
40^ gold reserve, their purchases of foreign exchange will be perticularly desirable for the reason that it will give the Reserve
Bank the power to draw gold from abroad for their increased reserve
requirements without depleting or shifting the gold supply of this
country*
A FEDERAL RESERVE BAITK located in the center of the
Atlantic and Gulf States cotton district handling foreign exchange
originating in this district would naturally command the respect
and consideration of all foreign bankers, more on account of the
volume of business that they could offer European bankers than the
amount of capital employed in its operation*
Reproduced from the Unclassified / Declassified Holdings of the National Archives
GOTTON SEED PRODUCTS AND COMMERCIAL
FERTILIZERS
By
Mell R. v/ilkinson
President of the Atlanta Chamber of Commerce
anf
President of the Ashcraft-Wilkinson Co#
Reproduced from the Unclassified I Declassified Holdings of the National Archives
The cotton seed industry is only about thirty-five years
old and the first mention 4f it in the census is for the year 1886,
when it was but a very small figure*
The crush of seed at different period is given as follows:
TOES
Off SEED CRUSHED
1899...... *..... .2,479,386
1904............ 3,308,930
1909............ .3,798,549
1911..............4,921,073
The increase in the value of products was much more rapid,
owing to the improvement in the process of manufacture and the ad
vance in the market price of the seed and products:
1899............ $58,736,632
1904........
96,407,621
1909.... ........ 147,867,894.
As the seed averages about half a ton to the bale of cotton,
the crush of 4,921,072 tons in 1911 represented the seed from
9,842,144 bales.
As the cotton crop was 16,250,000 bales, it is clear that
60 percent of the seed grown that year was manufactured#
The proportion varies with the season and the condition
and price of seed.
In 1909 the mills crushed 71 percent of the
crop.
CQTTQ3T SEED PRODUCTS Off THIS REGrlOH
The census abstract does not give the product of this in
dustry by States, but the cotton bulletin shows that 56 percent of
the crop is grown in the seven States of the Southeastern region.
Applying that ratio we get these figures:
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-
2-
VALUE OP COTTON SEED PRODUCTS 1909
Millions
Cotton States
Southeastern Region
The census
148
83
"bulletin for Georgia gives the product of this
one State as #23,000,000.
This product is clear gain to these States, for it is so
much added to the crop for seed which were worth less as fertiliz
er under the old method than they are after being fed to animals.
The value of the mal is realized when it is fed to animals and the
fertilizer value of the manure is fully as great as that of the
meal before it was fed.
This product is gradually linking a cattle industry to
the cotton crop and is thus incidentally aiding to diversify
farming and enrich the soil.
Cotton Oil Manufacturers have learn
ed this secret and frequently combine cattle feeding with seed
crushing.
Our returns from local manufacturers to the Chamber of
Commerce show a total of #13,607,000 for this County during the
last fiscal year of the companies reporting.
The American Audit
Company certifies $11,607,000 and one return from a large corpora
tion received after the compilation add $2,000,000.
An important fact in connection with this industry is
that the oil, its chief product, is largely exported and becomes
the basis of an immense amount of foreign exchange.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
3
COMMERCIAL FERTILIZERS
Georgia is the largest consumer of fertilizers among the
States of the Union and the Southeastern region takes more than
half of the annual consumption of the United States*
Of 114 millions reported "by the census bulletin on Agri
culture as the amount spent by farmers of the United States for
the purchase of fertilizer during the year 1909t the seven States
of the Southerastern Region spent 59 millions, distributed as fol
lows:
North Carolina
South Carolina
G-eo rgia
Florida
Tennessee
Alabama
Mississippi
#12,262,533
15,162,017
16,860,149
3,609,853
1,216,296
7,630,952
2.703,271
Closely connected with the fertilizer industry is that of
cotton seed products.
They are so related that most concerns com
bine the two industries, because the same capital which is used in
the cotton seed industry during the months of Ootober, November
and December is released to serve the fertilizer industry during
the months of January, February, March and April.
It is an interesting and important fact that the use of
capital in these industries begins at a time when the great pres
sure of cotton upon the financial institutions of the country has
begun to pass off.
This is well illustrated by the fact that the banks of
Atlanta, which now serve the fertilizer companies, would find it
difficult to do so if the demand came before the end of the cotton
season.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-4~
When it is remembered that the two industries have
total products amountint in round numbers to 140 millions, or
nearly one-third of the cotton crop of this region, the sequence
of time in this demand for capital is manifest#
Money which has been financing the cotton movement will
be released in time to handle the cotton seed oil products and
fertilizers in their season.
IffTERffATIOflAL QHAHAC TER Of THE TRAPS
One firm in Atlanta imports fertilizer material and
at this time has vessels unloading at Horfolk, Wilmington,
Charleston, Savannah, Jacksonville, Pensacola, Mobile and lew
Orleans*
All this material is distributed and shipped from the
Ports and the bills of lading with drafts attached are deposited
in the Atlanta Banks for collection*
T&is Company used 36 Ves
sels in the business this year, 11 of which arrived in January,
25 to arrive in February.
The volume of business done by this
firm and one other in Atlanta amounts to $5t000t000 annually,
through Atlanta Banks, although little of the material is brought
to Atlanta*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
ATLANTA*S FERTILIZER TRADE
The Atlanta Chamber of Commerce has returns from the fol
lowing Fertilizer Companies doing business here:
Armour Fertilizer Works,
Porter Fertilizer Works,
Chiokamauga Fertilizer Works,
Swift Fertilizer Works,
Old Dominion Fertilizer Works,
International Agricultural Corporation,
Asheraft-Wilkinson Company,
A, A* Smith Fertilizer Company,
Empire Cotton Oil Company.
These firms report a business for 1913 aggregating
|14,867,910.
With |13,027f168 for Cotton Seed Products, the combin
ed business of the two industries is
$27,895,078.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
1
a g eii t
s
BY
P.. 5, Vessels, Manager
Pittsburgh. Plate Glass Company
Reproduced from the Unclassified / Declassified Holdings of the National Archives
There are 485 Hesident Manufacturers1 Agents or Rep
resentatives in Atlanta.
Our reports from 150 of these show the following volume
of business handled in the year 1915 for the States
indicated:
Eortlx Carolina ....$3,181,733,00
South Carolina .... 4,971,108.00
Georgia
.....18,882,677.00
Florida
..... 5,600,187.00
Alabama
....
Mississippi
..... 2,062,589.00
Tennessee
....
4,446,973.00
Undivided
....
6,501.243.00
6,337,641900
I0T.il ........... 5 51,764,151
It is fair to assume that those who have not reported
their volume of business have secured their proportion of ord
ers and on the above basis the figures would approximate for the
whole list a
grand total of §167,000,000.00.
Atlanta is generally selected by the most prominent manu
facturers throughout the country as the best point from which to
conduct or handle business in this section and therefore place
their
Representatives or Agents here.
There has been an enormous increase yearly in the addition
of Manufacturers’ Agents.
Strong evidence of this exists in the
fact that for a City the size of Atlanta there is an unusually
large number of fine office
buildings, which
time to supply the demand for space.
re unable at this
Reproduced from the Unclassified I Declassified Holdings of the National Archives
2
There is now in coarse
—
of construction and nearing com
pletion one of the largest and finest office buildings in the entire
South and plans have
been drawn and aocepted for several more.
Cur expedience shows that in many cases after the Manufac
turers1 Agent
has operated here for a time either a stock or factory
branch is installed by his principal*
It is a fact that there are many articles of general use
carried in Atlanta which are not distributed from any other City in
the Southeast.
Uotably among these are certain brands of well-known
cereals, one firm alone traveling twenty four salesmen whose orders
are sent to Atlanta and shipped and billed from here.
Also certain
makes of adding machines, gentlemens linen collars; also polished
plate glass and mirrors, dental supplies and large stocks of various
repair and fill-in equipment of one of the largest cotton machinery
manufacturers in the United States.
Also large stocks of two of the
most prominent electrioal companies in this country, whose annual
business in this section runs into the millions.
Atlanta is also
headquarters for the large passenger and freight elevator companies
whose business for this region is very extensive.
Fifteen of the
largest millinery houses in the United States send their represen
tatives here twice yearly with samples, and the buyers of this re
gion come here for their purchases in this line.
Traveling Agents all over the United States who cover
this section quite generally speak in glowing terms of the business
here and splendid hotel facilities for their accommodation.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Atlanta1e trade in the Southeast and Its relation to
Agriculture
tjy
Clyde I* King, President,Atlanta Agricultural
Worke.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
AGrKICUL TURAL I M P L M M T S
By
Clyde 1. King, President.Atlanta Agricultural
Works*
From the view point of a manufacturer of A&ri cultural
Implements and being closely in touch with the development of the
farming interests of the Southern States, Atlanta appeals very
strongly to me as the best and most logical location for any enter
prise looking to the general upbuilding of this section.
The oen-
tral location and already progressive spirit and beneficial in
fluences so unselfishly thrown out by Atlanta bankers and business
men over the entire Southern
States marks her in a class by her
self in the Southeastern States as an upkuilder of home and South
ern industrial enterprises, and places her advantages more at the
command of all the surrounding territory than any other Southern
City*
There are now manufactured at or sold from Atlanta annual
ly more than eight million, four hundred and eighty five thousand
dollars worth of farming implements to approximately thirty thou
sand substantial buyers in seven Southern States embraced in
this
region and divided as follows:
Annual
Annual
Annual
Annual
Annual
Annual
Annual
sales
sales
sales
sales
sales
sales
sales
to
to
to
to
to
to
to
14645 buyers in Georgia
5200 buyers in Alabama
5050 buyers in S. Carolina
1750 buyers in H* Carolina
1400 buyers In Tennessee
2200 buyers in Mississippi
1100 buyers in Florida
$3,500,000
1,14(30,000
1,050,000
950.000
720.000
600.000
525,000.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Adding to this the sales made over this region by the
General Southern Agents of Eastern and Western manufacturers whose
offices are
located here on account of Atlanta*s aocessability to
the whole region, the total amount of annual sales will easily
reach more than ten million dollars#
And yet, there are within reach of Atlanta thousands of
acres of undeveloped farming lands awaiting assistance for
velopment and notwithstanding Atlanta’s
de
present resources and her
progressive influence and readiness to lend assistance, they are
Quite inadequate to meet the demands upon her4*
These undeveloped farming lands are
located throughout
the entire Southern States from the northern boundry line of
Forth Carolina to the Western boundry line of Mississippi and to
the Gulf of Mexico end yet they are within easy reach of Atlanta
with her eight systems of railway operating over thirteen differ
ent lines, crossing eaeh other and connecting
vt th
other
line s
throughout the South until the lines radiating out of Atlanta eover
the Southern States as a piece of poultry netting, and there is
hardly a town of atsy slse In the South hut is reached by one or
more of these lines of railway radiating out of Atlanta, or are
in ©lose proximity to them.
Over these thirteen lines of railway there are daily run
ning out of Atlanta seventy-five passenger trains operated by
these eight systems of railway, averaging a train leaving Atlanta
•very twenty minutes during: «weiy day and night of the year, fhe
came number
ing
of passenger trains run into Atlanta daily, enabl
the residents of any seotion of the Southern States
to
easily reach Atlanta at almost any minute of the day or night*
losing very little time from home, as the fartherest points with
in this territory mean only about a ten hour Journey*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
*•* 5 M
seventy odd regularly scheduled freight trains
leaving Atlanta daily (not taking into consideration the numer
ous extra trains operated
during the busy seasons) and each road
loading dally from Atlanta package oari to almost every point
from the Potomac to the Gulf, Atlanta enjoys the most advantageous
facilities for
reaching any point in the Southern States with sol
id cars or less than oar load shipments in almost express time.
Any enterprise looking to the development of the farm
ing interests of any section is but laying an indestruetable foun
dation for the
upbuilding of that section and the establishment
of any such enterprise at suoh a point, central of location, easily
accessible and with the unselfish determination to utilise its fa
cilities in the best manner for the greatest good to the largest
number, is aiding materially in meeting the demand which is steadi
ly growing, throughout the Southern States.
The cry of the Southern farming interests
for higher
development is growing louder and louder every year; the efforts
of the Southern manufacturers of farming implements and kindred
lines is growing greater and
greater every year, but both the
farming interests and the manufacturers of improved farm machinery
need more encouragement in the general development of their inter
ests, and suoh encouragement and assistance distributed from the
central location which Atlanta only affords in this region,
on
account of her superior facilities for quichly reaching every
section of the Southern States, will greatly further the accom
plishment of this development.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
M
In
M
other words, gentlemen, it is my honest 'belief
that the builders of farm tools and agricultural machinery in
the South, can not build up their businesses
and serve the
greatly increasing demand for good goods and good service, un
less your Honorable Committee assist our now broad guaged bank
ers in their efforts to help us, "by the establishment of a Re
gional Bank in the City of Atlanta.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
MMTJFACfTJBES III THE
SOUTHEAST
SHE fCCDOWlHS T1BL3 SHOTS IITCR3AS2 FOR SOT
nr MAITOI’AOgUKES IB THS S5V3H
TB£R3
states
tr. 3. CEHSP5
These Census Figures Show the Growth of
Manafaoturing in the Southeast:
1909
Horth Carolina,$216,656,000
1699
$ 85.274,000
South Carolina
1S3.236.000
63,336,000
Georgia
£02,865,000
94,632,000
Florida
72,890,000
34,184,000
Alatama
145,962,000
72,110,000
80,555,000
33,718,000
180,217,000
$1,015,379,001)
92,749,000
$ 4SF3MT00'6
Mississippi
Sennesse.
The strength of Atlanta1s manufacturing interest is
its diversity.
in
It has been impossible to obtain complete lists
of all the articles made in Atlanta, but as there are
facturing establishments, a large
546
manu
proportion making several
articles, it is readily seen there most be more than 1,000 A f
ferent articles made here.
The fact that this list of leading products given by
the Census Bureau does not include fertilizer &nd cotton seed
products, representing two of our largest industries, seems as
tonishing until it is explained that these industries are nearly
all located outside the City Limits fn the County.
It has been the tendency of large plants to locate out~
side the City Limits in order to escape taxation, and a large
proportion of increase within the last decade does not appear in
the census
report on vltlanta*s industries for the reason stated.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
*»
2
-
The County outside the City shows a product of $9,939,883
for the year
1909*
The liberal policy of the hanks to manufacturers has had a
great deal to do with the
try*
strength and development of this indus
She City takes a pride in her industries and the municipality
has encouraged a low assessment for
manufacturing plants in order
to minimize their burden*
The great variety of natural resources set forth in the
brief of the Atlanta Chamber of Commerce shows the foundation for
the varied manufaotur ing industries of the Southeastern Beg ion.
The variety of industries which oonstitutg
ohief strength
in manufaotur ing is
also
Atlanta’s
true to a very large
extent of the Southeastern legion as a whole.
ATLJm&*S
IBCRgASB
The increase of manufacturing at Atlanta is shown by the
following
figures for the industries within the corporate limits
of the City and excluding about $10,000,000 of products made in
the County outside the City.
m r a o? phxducts
1899
1904
1909
114,419,000
25.746.000
33.038.000
As new industries tend to locate outside the City Limits
it is accessary to take the County as the unit.
The census shows the manufacturing business for the County
to have been as follows:
1899
Capital
$19,188,286
Product
20,049,206
lumber establishmentsi 441
Wage earners
10,803
#3,494,947
Wages,
persons en12,145
Wages and salaries $ 4,464,775
1909
$44,094,782
41,977,885
546
15,877
10,£03,5£7
19,095
13 ,46o,8ol
Reproduced from the Unclassified I Declassified Holdings of the National Archives
ATLIH TA* £ INCREASE
The increase of manufacturing at Atlanta is shown by
the following figures for the industries within the corporate
limits of the City and excluding about # 10,000,000 of products
made in the bounty outside the City:
VALUE OF PRODUCTS
# 14,419,000
35.746.000
33.038.000
1899
1904
1909
As new industries tend to locate outside of the
City Limits it is necessary to take the County as the unite
The census shows the manufacturing business for the
County to have been as follows*
1899
m i
Capital
#19,188,286
$44,094,782
Product
20,049,206
4 2 ,9 77,883
441
548
10,803
15,877
Humber Establishments
Wage earners
Wages
3,494947
Total persons engaged
12,145
Wages & Salaries
4 ,4 6 4 ,7 7 3
10,203,517
19,095
13,460,801
Reproduced from the Unclassified I Declassified Holdings of the National Archives
F I BE
I M J H A | G E ,
By
Milton Dargan, Manager
Southern Department, Royal Insurance Co* Ltd*
of Liverpool*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
ATLANTA is the only City in the Southeast, and with the
one possible exception of Dallas, Texas, in the entire South that
has been selected by the Fire Insurance Companies as the center
from which their business is controlled#
Ho other City in the
South has more than one or two controlling offices, and these
are for a limited territory only, - a few small General Agencies
handling the State in which they are located, or perhaps one or
two additional States, - whereas in Atlanta are located fifteen
General Offices, representing thirty-seven Companies; the number
of agencies reporting, and the premiums and losses reported to
-■ them being as follows for the year 1913, viz:
STATE
MJMBEB OF
AGEICIES
PREMIUMS
LOSSES
Alabama
967
#1,170,837
#593,863
Arkansas
223
288,584
436,447
Florida
766
738,653
328,473
Georgia
2,777
2,173,389
1,243,035
Kentucky
241
285,904
120,720
Louisiana
543
873,441
311,726
Mississippi
698
896,228
445,498
Horth Carolina
854
598,294
198,347
Oklahoma
157
172,991
32,715
South Carolina
730
625,628
457,349
Tennessee
222
413,571
182,475
Texas
799
1,205,759
505,909
Virginia
552
567,558
301,777
35
40,702
17,915
West Virginia
California
15,432
Missouri
9,564
34.622
10,401,593
3,387
# 5,179,636
Reproduced from the Unclassified I Declassified Holdings of the National Archives
IfOTE:
There are more than one Agency in each
town*
The number of towns reporting to
Atlanta is about 3,000*
All these premiums are remitted to Atlanta, and losses
are paid from Atlanta*
Atlanta Banks must handle all these trans
actions*
In order to avoid exchange charges, these losses are
now paid largely by JSew York drafts, thus necessitating the main
tenance of bank accounts in Uew Yori as well as in Atlanta*
But
if Atlanta be given a Regional Bank, it would doubtless become a
par point, and all these losses would be paid through Atlanta.
Outside of Atlanta, in the State of Georgia, there
are Local Companies and General Agencies at the following points:
Athens
Augusta
Columbus
Savannah
Macon*
The number of Agencies reporting, and the premiums
and losses reported, to these points are as follows:
STATE
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
Horth Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
Undivided Business
HUMBER 03?
AGENCIES
164
•**
150
527
•**
41
126
166
•**
132
1
♦**
78
399
1,764
PREMIUMS
LOSSES
$112,935
#91,842
83,133
853,707
37,885
342,203
•••••••
14,620
42,750
39,653
* • • • • » •
• • • • • * *
48,859
77,804
73,526
••••••
49,692
1,742
*•••**
111,476
211.911
$1,624,756
41,968
5
••••••
72,523
192*313
f6,/5,76£
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-3-
In addition to the above figures, Atlanta local pre
miums for Companies who have no General Offices in Georgia amount
to #739.697.
These figures are to "be added to those above given as
reported to Atlanta, and to other points in Georgia, the total be
ing $12.766.075.
It
may be desirable to give separately the figures
for the Southeastern District suggested, viz:
Horth Carolina
South Carolina
Tennessee
Georgia
Florida
Alabama
Mississippi.
reported to Atlanta and the other points in Georgia named, and al
so the figures from the States not included in the Southeastern
District.
These are as follows:
TOTAD SOUTHEASTER! DISTRICT
HUMBER OF
DOSSES
PREMIUMS
AGEHCIES
STATE
$ 685,TOT'
Alabama
,zQ w p m —
T7I3I---366,358
916
821,786
Florida
1,585,238
Georgia
3,304
3,327,096
488,248
974,032
Mississippi
8£4
awn
oon
238,000
Horth Carolina 1,020
671,820
499,317
675,320
South Carolina
862
182.480
Tennessee
415.313
223
$4,045^346
17z m
I CT?1W
STATE
TERRITORY OUTSIDE SOUTHBASTERH DISTRICT
HUMBER OF
DOSSES
PREMIUMS
AGEHCIES
223
Arkansas
Kentucky
241
Louisiana
584
157
Oklahoma
999
Texas
Virginia
630
West Virginia
35
Missouri
California
Undivided business399
3,068
$
288,584
285,904
922,300
172,991
1,205,759
679,034
40t702
34,622
15,432
211,911
$3,857,23^
$ 436,447
120,720
326,346
32,715
505,909
374,300
17#915
3,387
192.313
$2,010,052
Reproduced from the Unclassified I Declassified Holdings of the National Archives
In considering the transactions handled through Geor
gia hanks, hoth premiums collected and losses paid should he taken
into account,
The total of these items for Atlanta is $16,520.926
and for the other points in Georgia, named above, $2.500«547.
NOTE:
A grand total of 11,348 Agencies in 3,000 towns
reporting $18,821,473 in transactions.
The custom of all Fire Insurance Companies who operate
by Departments, instead of direct from head offices, is to divide
the United States into four main districts, viz:- the Eastern,
Western, Pacific Coast and Southern#
Headquarters for these dis
tricts are located, respectively at New York (or Hartford), Chioago, San Francisco and Atlanta*
Atlanta is, therefore, fourth in
importance as a Fire Insurance center in the United States.
This
does not mean that the local premiums are fourth in volume, but
that premiums reported from territory over which Atlanta General
Offices have jurisdiction place it in that position - and this is
the important features from the banking standpoint*
Naturally, the headquarters of all subsidiary organiza
tions follow this arrangement*
This Southeastern Underwriters
Association, handling all questions of rates and. practices, from
Virginia to Louisiana, inclusive: the Southern Adjustment Bureau,
having charge of the adjustment of losses South of the Ohio a&d
Potomac and East of the Mississippi; the Underwriters Salvage Com
pany, handling all salvages from Virginia to Texas and Oklahoma
inclusive; the Cotton Insurance Association, receiving a million
and a quarter in premiums on cotton exclusively, covering transit
risk for irailways and owners and inland marine risks - are all
located here*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
-5~
The figures for the Gotten Insurance Association have
been
in
cluded in the tables previously given*
Eliminating the Companies who have no Departments, their
business being reported direct to Head Offices, nearly all of
which are located in Eastern Cities, and who, therefore, have
no special interest in any bank except in the East* it can be
seen that the others handle the great bulk of their Southern busi
ness through Atlanta Banks,
from a Fire Insurance standpoint,
therefore, the establishment of a Regional Bank at any point other
than Atlanta would be a positive inconvenience in so far as the
Southeast is concerned.
Dallas, Texas, occupies a somewhat similar position in
the Southwest to that of Atlanta in the Southeast, but its juris
diction does not extend Bast of Louisiana, whereas Atlanta, for
many Companies, handles Texas, Arkansas, Oklahoma, Kentucky and
Tennessee in addition to the Southeastern territory.
WE HEREBY CERTIFY
That we have checked the returns
especially made for this purpose by the General Agents
or Managers of the Companies, located in Atlanta and
elsewhere in Georgia, and that the compilations herein
given are correct.
Atlanta, Georgia,
February 7, 1914.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
SUPP12MBHT 20 BRIEF 01
fire
By
m sm m oE
Mil ton Pargan.
Having heard the questions propounded to several of the
witnesses at the hearing on Friday, in an endeavor, apparently,
to
ascertain the proportion which the business transacted through Atlan
ta hears to the total business of
oertain States,- I think it well
to give the entire premiums of each of the States in the South, and
the amounts reported to Atlanta, and the
amounts reported to Atlanta,
and the percentage which Atlanta business bears to the whole, and
that tabulation is shown below:
fERRITOHT OF SOUTHEASTER! DISTRICT
' STiTE
Alabama
Florida
Georgia
Mississippi
Borth Carolina
South Carolina
Tennessee
T0T1X pRaimis
REPORTED TO ATLA3TTA
f3,399,876
2,869,714
5,469,336
2,776,784
3,175,£14
2,269,405
4,337.516
f 21/2*7,OT5‘
# 1,170,837
738,653
2,473,389
896,228
598,294
625,628
_413,571
T .im
RATIO
34.4 fo
25.7 fo
45.2 f
32.3 fo
18.8 fo
27.6 f>
9.5 fo
257FT
E5RRIT0KY OUTSIDE SOTTTHEASTSFtf DISTRICT
STATS
Arkansas
Kentucky
Louisiana
Oklahoma
Texas
Virginia
TOTAL PRBfllMS
§2,638,508
4,996,190
4,322,272
3,488,213
9,622,827
4,133.756
REPORTED TO ATLiTOA
§
288,584
285,904
873,441
172,991
1,205,759
567.558
$
GRA1ID M W :
# 53,499,751
i.m r .m
10,110,837
RATIO
10.9
5.7
20.2
5.0
12.5
13.7
t o t
fo
fo
f
fo
$
fo
Reproduced from the Unclassified I Declassified Holdings of the National Archives
M
Q
-
!The premiums for 1913 were secured direct from the
Companies operating through
their headquarters in Atlanta. Pre
miums for r11 the Companies operating in the various St.tes ere
not yet public, &hd, therefore, not available for 1913, but
I
have used the official 1912 figures for the total business in
each State, and as the volume of premiums fnr 1913
cally the same as that
is practi
of 1912, there would perhaps in no
State be a variation of one-tenth of 1^ in the accuracy of these
figures*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I S § u r a h ce
Bjr
Robert J.Guinn,
General
Hew England
Agent
Mutual Life Insurance Go>
Reproduced from the Unclassified / Declassified Holdings of the National Archives
fhe extent of investments made
by the people of any
section in strictly conservative securities may .be safely accept
ed as a true indication not only of the development, progress
and prosperity of the people; hut it is as well an almost certain
index to the magnitude of the financial transactions, requiring
adequate banking facilities, in all the other varied lines of in
dustry and commerce in that section*
throughout this nation legal reserve life insurance is
more generally bought by the whole people than any other conserva
tive asset and thus becomes a true criterion of general business
activities and conditions*
Hence the figures covering the trans
actions in this department of our national
most unvarying accuracy
life reflect with al
the relative volume of business in all
the other departments of trad®*
This test is sound whether applied to a municipality, a
state
or a larger subdivision of cur country*
It is a significant fact worthy of consideration in the
matter
now engaging your attention, that the legal reserve life
insurance companies, sopervised and directed as they are by men
of profound ability and business foresight, first plant their
agencies in those states and
seotions {laws and health conditions
being equal) where there are the surest indications of commercial
progress and prosperity*
Assuming the truth of the foregoing premises, the figures
that follow may prove of value to the Board in wisely determining
where best to locate a Regional Bank: in the Southeastern States
so that the largest possible benefits may be most conveniently ren
dered to the people to be served*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
m2**
There are a total of eighty-five different legal reserve
life insurance companies doing "business
the States of
Georgia,
Alabama, Florida, Mississippi, Horth Carolina, South Carolina and
Tennessee*
Of these sixty operate in Georgia, forty-eight in Ala
bama, forty^four in north Carolina, forty-two in Tennessee, forty in
South Carolina, thirty-eight in Mississippi and twenty-seven in
Flori da*
On January 1st, 1913, these companies had in the States
named an aggregate
insurance in force of $1,329,812,033*00
on
whioh $38,205,742*00 in premiums had been paid for the current
year.
This insurance by States was distributed as follows;
stats
w sm m oR
xi forob
m m im s
1. Georgia ,
#576,038,397.00
, |10,512,946.
2* Tennessee,
204,423,455.00
6,553,535*
3* Alabama,
190,458,143.00
5,54f,662
4.
170,972,820.00
5,172,384.
Horth Carolina
5.
South Carolina
164,181,206*00
5,283,566
6.
Mississippi,
152,382,552.00
4,199,192
7*
Florida,
91,375,460*00
2,936,657.
The State of Georgia which leads in volume in this group
of States, is the tenth State
in the Union in volume of legal re
serve life insurance oarried by its citizens, and is the rankingstate in this department of business South of the Ohio Biver, sur
passing
Texas on the West by $115,000,000. in volume and
§2,800,000* in premiums; and Virginia on the East by $160,000,000.
in volume and $3,700,000* in premiums paid*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
M 3 *■*
Practically every company that operates in Georgia has
its principal office in the City of Atlanta, and more than 90fo
of the premiums paid are cleared through the Atlanta Banks*
These facts clearly point to .Atls&ta as the commercial
and financial center of any grouping that may he mtde of the
•Southeastern States*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
L I V E
S T O C K
T R A D E
Of Atlanta with the Southeastern States
By
Jacob W. Patterson,
Of the Patterson Commission
Company.
Dealers in Live Stock
Reproduced from the Unclassified I Declassified Holdings of the National Archives
LIVE STOCK TRADE
By
Jacob V. Patterson of the Patterson Commission Co.
The horse and mule trade has Increased more than 100$
in the past ten years, notwithstanding the increasing use of
automobile trucks and motorcycles.
Cattle and hog trade has increased more than 100$ in
last three years.
Increase largely due to the erection of a new Packing
House and a new abb&toir; both of which have proven very profi
table ventures.
The ST. LOUIS LIVE STOCK REPORTER tinder the head of
Southern cattle, quotes
prices and numbers shipped to that
market right from our own territory that will astonish those
who do not make a business of live stock.
Ihy does this stock go to St. Louis to be marketed?
Why not market it and slaughter it at home where it is needed
for our own consumption?
A few years ago the answer would have been:
1st. Afraid of the big packers.
3nd. A lack of capital.
The first reason does not exist any longer.
The second in my opinion is the real reason.
When we can sell our cattle at home for the price that they
bring in Western Markets, and thus save freight.
The additional
profit saved to the producers will encourage the cattle industry at
home and many thousands of acres of unused lands will be used profi
tably for the raising of cattle.
We believe that it has been clear
ly demonstrated that cattle can be produced as oheaply in our terri
tory as any other section of the UNITED STATES.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
We saw train loads of cattle shipped out of our territory
to OKLAHOMA and other Western States the past season#
Give us capital to develop the Live Stock and Packing
Industry and we will keep these cattle at home where they are
needed for consumption.
The magnitude of Atlanta’ s business i * horses, mules,
cattle and swine with the Southeastern States is indioated by the
returns of the following dealers to the Atlanta Chamber of Cobh
merce:
Jaaob W. Patterson Commission Co.
White Provision Company.
Maxwell-Crouoh Mule Company of Georgia
Turner Bros,
Jones & Oglesby
Harper & Weathers
Ragsdale Mule & Horse Company
Weil Bros.
A. L. Suttles and Company
A1 Carlisle
R. L. Tatum
T. L. Smith
National Stock Yards Commission Co.
L. P. Jernigan
F. S. Hall
Byron Bettis
Herren & Hakey
Coggins & Brother
H. Warfield and Company
Harper Bros.
F. M. Stewart.
The total volume of business which these Atlanta firms
did with the Southeastern States during the year
1913 amounted
to # 1 6 ,4 3 5 ,3 5 5 .1 7 .
This does not inolude local slaughter bouses.
@FedFRASER