The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Form £289 B
NI GHT L E T T E R
#TH E
w ester n
fy
u n io n
teleg r a p h
IN CO R PINRA TED RATED
O CO R PO
25,000 OFFICES IN AMERICA
com pany
,
CADLE SERVICE T O ALjLjTHE WORLD
This Company T R A N S M IT S an<l D E L IV E R S messaffcs only on conditions limiting’ Its liability, which have been assented i r by t he sender of tlie following N ig h t t e t t e r .
>
Errors can be iruprded against only b y repeating a message back to the sending1station for comparison, and the Company v Ij4 not hotel itself liable for errors or delays in
transmission or delivery of Vn repeatcd Nlffht Letters, sent at reduced rates, beyond a sum equal to the amount paid for tri dismission; nor in any ease beyond the sain of
F ifty D ollars, at- which, unless otherwise stated below, this message has beeu valued by the sender thereof, nor in any case wlj ro tlie claim is not presented-in writing within
sixty days after the message is filed with the Company for transmission.
/
This Is an U N K E P E A T E D N IG H T L E T T E R , and u delivered by request of the sender, under the conditions namod nbfovt
T H E O . N . V A IL, PRESID EN T
" B EE ^V ID E R E B R O p K f C G E N E R A L M A N A G E R
B |» I D ^ |R E
R O ptS,
l
Dp/M Tn. „ A_ 358AN TR
150 M L
D E C E I V E D A ^ 0NTQ0MERy' a l a oeg 26 1913
12X0
HOR WILLIAM G MCADCO
SECY OF THE TREASURY
I UffQE UPON YOU IN
V/ASHI NGT.ON DO
&
LANGUAGE AS STRONG AS vVORDS
''" O R M
CAN EXPRESS THE GREAT BENEFIT
VERY LARGE TERRITORY IF YOU
A REGIONAL RESERVE BANK AT
AVMRE THIS PORT IS ONE
THE SOUTH ON AGGOUNT OF
THAT WOULO ARISE
SHOULD S t t F IT TO ESTABLISH
SAVANNAH GA AS YOU ARE
OF THE M03T IMPORTANT IN
ITS VERY HEAVY RECEIPTS AND
SHIPfcit'NTS OF COTTON NAVAL STORES
LUMBER AND OTHER PRODUCTS THE
STATES OF FLORIDA GEORGIA SOUTHCAROlINA
OAROLINA ARE IN CLOSE PROXIMITY V/I'TH
ALABAMA AND PARTS OF NORTH-
UNEXCEPTIONAL MAIL ANQ TRANSPORT
ATION SERVICE MY ENDORSEMENT OF THIS POINT
Digitized forFINANCIAL INTEREST
FRASER
T~f~
b~r-
IS NOT ACCENTUATED BY ANY
BUT HAVING MANAGED LARGE BUSINESS INTERESTS IN THE
Reproduced from the Unclassified I Declassified Holdings of the National Archives
NIGHT L E T T E R
THE WESTERN UNION TELEGRAPH COMPANY
INCORPORATED
25,000 OFFICES IN AMERICA
CADLE SERVICE T O ALL T H E WORLD
This Company T R A N S M IT S and D E L IV E R S messages only on conditions limiting: its liability, wliich have boon Assented to liy the sender of the following: N lglit L e tter.
Errors can bo irurrded against i>n)y by rooeatim,” a. message b:uiiz to the.pending station for comparison, and the Company will not hold iweif liable for errors or delajs iu
transmission or delivery of UureiteolcU M i ; tit Lot tors, sent at reduced rates, beyond a sum e*inal to the amount, paid ior transmission; nor in any caw beyond the sum of
F ifty D ollars, at which, unless otherwise stated below, this message has been valued by the sender thereof, nor in any case where the claim is nut presented in writing within
Sixty days after the messnjre is filed with the Company for transmission.
This Is au D J iB liP E A T D D M U U T L E T T E R , and Is delivered by request of the sender, under the condllious named above.
THEO
*2
N. V A IL, PRESIDENT
|\|Q A D 0 Q
BELVID ERE BROOKS,
GENERAL MANAGER
R eceived a t
ABOVE NAMEC STATES CONTINUOUSLY FOR
KM
OV/ FROM PERSONAL KNOWLEDGE AND
OF THE LOGICAL POINTS FOR
BANKf ANO FEEL IT WORTHY
THE PAST TWENTY 000 YEARS
EXPERIENCE THAT SAVANNAH IS ONE
THE ESTALISHMENT OF SUCH A
OF YOUR MOST CAREFUL CONSIDERATION
JNO tf HUGER
1113 PM
Reproduced from the Unclassified I Declassified Holdings of the National Archives
3562
,D7H5Sf
1325U
Reproduced from the Unclassified / Declassified Holdings of the National Archives
E D W A R D W. L A N E ,
T H O S .P .D E N H A M ,
P R ESID EN T
V I CE
F R E D W. H O Y T ,
D .K .C A T H E R W O O D ,
P R ESID EN T
ASS’
D E L M E R D .U P C H U R C H ,
VICE P R E S I D E N T
t
ASST, C A S H I ER
CASH IER
Th e A t l a n t i c N a t i o n a l B a n k o f J a c k s o n v i l l e
UNITED STATES D EPOSITARY
CAPITAL AND SURPLUS $ 1 ,2 0 0 ,0 0 0 .0 0
J
a c k s o n v il l e
,F
l o r id a
Feb* 12thf 1914#
Hon* John Skelton Williams, Comptroller of the Currency,
c/o Hobert F* Maddox, Esq*,
Atlanta, Ga*
Bear Sir:
I exceedingly regret that I find it Impossible to accept the
invitation extended by the Atlanta Clearing House Association to meet
with your Conmittee on Organization, but at the same time I deem it
proper to express to you b riefly my views as to the proper location for
a regional reserve bank in this territory.
I am heartily in favor of Savannah.
Indeed, at a meeting of
the Jacksonville Clearing House Association exactly one half of the
banks favored Savannah, and one half Atlanta*
The exports through Savannah are greater than the volume
shipped through any other port on the Atlantic or p acific coasts, with
the exception of New York City; and the banks and commission houses
in Savannah furnish more money for the movement of crops than any other
city on the South Atlantic coast*
The current of trade in this section
flows through the port o f Savannah; indeed a great deal of the commod
ities of this State are shipped throu^i that city , and therefore we
are convened to ca ll upon the Savannah banks for the purchase of con
siderable H York exchange*
ew
. CASHIER
W .I.C O L E M A N ,
I would like very much indeed to see Savannah selected by your
Reproduced from the Unclassified / Declassified Holdings of the National Archives
E D W A R D W. L A N E ,
T H O S . P. D E N H A M ,
P R ESID EN T
V ICE
F R E D W. H O Y T ,
D .K .C A T H E R W O O D ,
P R E SID E N T
A S S ’T , C A S H I E R
D E L M E R D. U P C H U R C H ,
VICE P R E S ID E N T
W .I.C O L E M A N ,
CASH IER
A S S 'T , C A S H I E R
T h e A t l a n t i c N a t i o n a l B a n k or J a c k s o n v i l l e
UNITED STATES D E PO SITARY
CAPITAL AND SURPLUS $1,2 0 0 ,0 0 0 .0 0
J
a c k s o n v il l e
,F
l o r id a
Feb. 12th, 1914.
Hon* J.S.V/.#2.
Committee, and hope that you w ill give their application due consideration.
Tours very truly,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
J n o .T. Dismukes, P re sid e nt-.
G. B. Lamar, Vice Pres'h & C a s h ’n
R e g i n a l d W h i t e , AssT C a sh ie r.
G e o . L. E s t e s , A s s t C ashier.
O F ST. A U G U S T I N E
Ca b l e A d d r
" f ir s t b
ess
a n
k
”
Dear Sirs:Being advised that the Comptroller of the
Currency has sent requests to the banks throughout
the country to suggest to your Committee the best
location for regional reserve banks and to indi
cate choice of location of a reserve bank in a
bank's own district, beg leave to most unequivocally
recommend t&<? establishment of a bank in Savannah^
Geogffla,. jc tfiich the business of H i s State is,~
fo
to a large extent, tributary, and which is conven
iently located to all the sea-board,,as well as to
the entire states of South Carolina, Georgia,
Florida and Alabama, and we recommend to your con
sideration the tremendous volume of business in
cotton and naval stores carried on in that port,
the stability of its banking organization (a bank
failure being unknown in that City), and the fact
that it is a natural gateway to the Southeast*
Doubtless the advantages of the location of
a reserve bank at Savannah have been fully set forth
by those interested and we therefore make no
further comment in that connection.
Very respectfully yours
Cashier
L-f.
5 ;
>
Reproduced from the Unclassified I Declassified Holdings of the National Archives
TBLjH COTTON RECOfc£>.
THE COTTON RECORD.
P U B L IS H E D B I -W E E K L Y
OFFICE, 21 PROVIDENT BLDG.
£
-
SAVANNAH, GA.
WM. T. WILLIAMS
Subscription
Editor
.
.
.
Foreign C ou n tries
.
.
$ 3 .0 0 per atmutn
Single Copies
.
.
.
.
$ 2 .5 0 per annum
.1 0
C en ts
Rates of advertisin g on application
KEEP “ THE C 0 T 1 W RECORD” ON EJJLE
It w be usektif©rrefere«ce
ill
,
Savannah For a Regional Bank.
Savannah’s claims for recognition as a suitable
location for a regional bank are founded on some
thing more decisive than mere civic pride. That is
a very commendable sentiment; but although civic
pride may be an excellent reason for wanting
regional bank, it is a very poor reason for gettingj
It would be small satisfaction to be ^elected as
appropriate site, and have it discovered later tj^at a
mistake had been made, and the locatioh transferred.
Such a contingency, we are confident, Will b / much
more likely in the event of another cityibeing chosen
than would be the case if Savannah is'chosen.
Almost any city in the Union of moderate size and
reasonable prosperity can make a long display of
apparently convincing, reasons why it should be
selected as a site for one of the banks. Those who
are to decide as to eligibility will be governed by
stronger considerations than these.
I f Savannah
makes a claim;, it is because Savannah offers
advantages and opportunities much above the aver
age. The really cogent reasons why Savannah should
be made the location of one of the banks may be
compressed in a nut shell.
Cotton is the great money producing crop of
the country. Exports o f cotton lead all others by a
wide margin. Cotton is the leading source of indus
try in sections remote from that where it is grown,
and the increasing manufacture of cotton at home
necessarily means the increasing impiortance of the
crop itself. The national balance sheet would pre
sent a very different aspect with cotton eliminated.
The showing may be decidedly unfavorable until
September comes, and then the many cargoes of the
invaluable staple quickly rights the account.
Cotton is a very costly crop. Long before one
crop is marketed, demands are made to finance the
preparations for another. The requirements con
tinue throughout the growing season, and become
especially heavy when the picking and marketing
period arrives. The prime importance o f this crop
to the nation’s finances should, and of course does,
render it one of chief solicitude.
I f only eight banks are to be placed, at least two
of them should unquestionably be located in the
cotton belt. One located in the middle of the belt
would obviously be too remote from the two richly
prolific extremes to fulfill the purposes of the system.
One should be located in the eastern section, that
is on the South Atlantic, and another on or west
of the Mississippi river. Aside from the many other
interests concerned, that of cotton alone suffices to
demand at least that much consideration.
Savannah is known to be a great cotton center.
It is the leading center for spot cotton in the
country. Several other centers do a large business,
such as Memphis, New Orleans and Houston, but
none of them °qual Savannah in importance. It is
a fact that during the height of the marketing season
it frequentlv occurs that .sales at Savannah exceed
those of all other ports combined.
It appears incontrovertible that the place for a
regional bank is the place where the greatest busi
ness of that section is done, further regard being
had, moreovj^*, to the supremacy lying more par
ticularly iiytk e very branch of industry whose sup
posed ne^ds are to be provided for. In other words,
granting that the great cotton producing section
requi^s two banks for adequate accommodations,
thenf certainly one of the two should be located at
Sj^vannah, the principal center of the Eastern section,
the leading spot center of the country.
Should it be determined to hold the South down
to one regional bank, and that located on or west of
the Mississippi, the system, so far as the existence
of a regional bank is concerned, would be of no
benefit at all to the South Atlantic section. In-fact,
all the circumstances clearly indicate that one locality
be fixed in the Southeast. Savannah is more nearly
the geographical center for the South Atlantic sec
tion than any other city suggested.
W e have thus far considered only the varied in
terests connected with the cotton crop, because we
imagine that the dominant interest in any section
will influence the deciding vote in the matter of a
■selection. Of course other interests demand con
sideration, and if Savannah needs more qualifications,
they are at hand. Savannah is admittedly the ruling
center of the naval stores industry, a “ side issue,”
so to speak, vastly more important than can be urged
by any city in competition.
Assuming that the object is to supply the greatest
banking facilities to the principal interests of the
various sections, we submit that Savannah is far
more suitable to represent this important section
than an^ other city that can be mentioned.
AN UNSURPASSED MEDIUM.
As a medium reaching the H ig h C l a s s C o t t o n
THE COTTON RECORD offers facilities un
surpassed by any paper, no matter where published.
T rade
Brokers and Commission Merchants handling
cotton on the spot or to arrive.
Brokers handling Future Delivery Contracts,
either at home or abroad.
Exporters desiring to extend their connections
foreign or domestic.
Foreign Agents and Controllers desiring addition
al correspondence.
Dealers in Fertilizers and all other Cotton Sup
plies, also Cotton Machinery.
Handlers of Cotton Freights, Insurance and
Exchange.
Banks and other Financial Institutions.
These and all others wishing to reach Cotton
People will find THE COTTON RECORD the most
effective medium in the Trade.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
THE COTTON RECORD.
Total sales for the two weeks were 2,143 bales.
The Markets.
Following are the quotations for this week, last week,
and the corresponding week last year:
For two weeks ending Feb. 20 and Feb. 27.
This Week
TH E SAVANNAH M ARKET.
The Savannah spot market ruled steady to firm through
out the two weeks. Quotations advanced l-8c at the open
ing, and afterwards remained unchanged. There was only
a moderate volume of business done, owing mainly to the
scarcity of offerings'. The market closed quiet, l-8c net
higher than a fortnight ago. Total sales were 4,848 bales.
The market for cotton to arrive was quiet but steady,
and quotations remained unchanged throughout, after an
opening advance of l-16c. Offerings were not large, and
generally held above the views of buyers. Only light busi
ness was done. The close was quiet at l-16c advance over a
fortnight ago. Total sales reported, 3,500 bales.
Fancy Florida_________________ 23
Extra Choice Florida__________ 22'.
Fancy Georgia_________________ 23
Extra Choice Georgia_________221
Choice ________________________ 211-22
Extra Fine_____________________21
Fine ___________________________ 20
Good Mid.__
M id d lin g ___
Low Mid----Good O rd ...
O rd in ary___
Sales____
13 5-8
13
12
11
13 5-8
13
12
11
10
775
10
300
Tue.
Wed.
13 5-8
13
12
11
10
1,163
13 5-8
13
12
11
10
555
Good Mid.__
M id d lin g ___
Low Mid----Good Ord.__
O rd in a ry ___
Sales____
13 5-8
13
1
12
11
10
646
Mon.
( Hoi.
Tue.
Thu.
Fri.
1
i
(13 5-8
13
1 5-8
13
13
12
13 5-8
13
12
11
10
86
13 5-8
13
I12
(11
1
0
1
j12
Thu.
Tues.
13 3-8
12 3-8
11 3-8
13 3-8
12 3-8
11 3-8
200
350
(13 3-8
(12 3-8
Jll 3-8
| 900
I
1
W eek ending February 20.
2
]n
10
Receipts '1 4 Receipts '1 3 Export#
214
287
[ Thur.
13 3-8
12 3-8
11 3-8
'1 4
Fri.
W#ek S A O Waek S A O Week S A O 19 14 1913
ES N
ES N
ES N
Sav. __
Chas. _
Jack. _
|
Brun. _
Total_
13 3-8
12 3-8
)11 3-8
525
579(31,503(
224) 8,488]
801)25,087)
J
358]
1,604 65,436
^221 29,746
119) 6,897]
531 9,013)
J _____ )
393(45,656|
2,221)40,655
28) 9,444
801)25,087
| 358
3,150(75,544
Good Mid.__ 13 3-8
Middling __ (12 3-8
Low Mid.__ 11 3-8
Sales___
250
Mon.
Hoi.
Tues.
Wed.
^Charleston receipts to date increased
week; stock correction.
13 3-8
12 3-8
11 3-8
450
13 3-8
1.2 3-8
(11 3-8
325
Thurs.
[13 3-8
12 3-8
)11 3-8
F ri.
5,917 27,591
bales this
Sea Island Crop in Sight.
1 3-8
3
3-8
I11 3-8
4,765 24,858
1,152 2,733
W eek ending February 27.
87(31,590[
237|29,983|
277(40,932] 4,575(24,035
431 8,531]
103( 7,0001
461| 9,905|
734] 2,772
___ (25,087)
79) 9,092|_______ (25,087)_____ |______
___ ) 35 8]_____ ) ______|_______ I 358) _____ |______
130)65^566]"" 419j"4M751
738(76,282) 5^309)26,807
Sav. -_]
C'has. _
.Tack. _(
Brim. J
Total.
150
STOCK
PORTS
W eek ending February 27.
| Sat,
Stock
Grose Domes Gt Br. Cont. ( Total
13 5-8
113
i
Good Mid.__ 13 3-8
M id d lin g ___ 12 3-8
Low M id.-_ 11 3-8
Sales____
350
_-
G E N E R A L SEA IS L A N D M O V E M E N T .
13 5-8
13
12
11
10
I1
Wed.
Net
EXPORTS
Fri.
W eek ending February 20.
1
Men.
...
W eek ending February 27.
10)
277) 4,575
87)
871 2 6 7 )_____ |
W eek 1914_
_ )
237|
237)
424)
376)
260 1,060) 24,035
Week 1913__
Season 1914- (31,590(31,790(30,970) 7,657) 2,305)40,932]_____
396) 1,283j11,026j _____
Season 1913. (29,983(29,983( 9,347)
D A IL Y F. O. B. Q U O T A T IO N S .
Sat.
970
W eek 1914-1'
579
579 2,221|_____ | ______j 2,221) 4,765
155| _____ [ ______| 155(24,858
W eek 1913__ | 2211 221
S ea.soiT 1914- |31,503(31,703[30,703 7,6571 2,295(40,655)_____
20) 1,023) 9,966) _____
Sea s-on 1913, (29,746(29,746| 8,923
11
(11
)10
(10
( 1,610. ( 141
Wed.
1,535
S A V A N N A H SEA IS L A N D S T A T E M E N T
Week Ending
Feb. 20.
W eek ending February 27.
Sat.
24-25
22-23*
24-25
22-23
21-22
19
18
W eek ending February 20.
W eek ending February 20.
Mon.
23
22|
23
22i
2U-22
21
20
Sales_____________________ 608
D A IL Y O F F IC IA L SPO T Q U O T A T IO N S .
Sat.
Last Week Last Year
j 12
In sight last v
Added this w
Feb. 20.
,63,832
1,604
Same
-65,436
-45,656
102,133
-66,187
Feb. 27.
65,436
130
Tinges % c below these quotations; stains i y 2c below.
L IN T E R S .
Receipts at Savannah for two weeks, 8,126 bales; ship
ments, 6,182 foreign, and 1,179 domestic; total shipments,
7,361 bales. Stock, 10,429 bales. Receipts since Sept. 1,
81,197 bales. Quotations range from 6|c for fully good, to
2 c @ 2 ic for ordinary; market quiet.
S EA IS L A N D C O TTO N .
The market has been very firm, with an urgent demand.
Quotations advanced 1 to 2 cents the first week, and re
mained unchanged this week.
Offerings have been all
swept, and receipts have become very small. Buyers are
endeavoring to draw out further offerings, but most of the
small supply remaining is held for a higher level of prices.
There does not seem to be an available supply sufficient to
meet the existing demand.
STAPLE
65,566
46,075
103,834
66,602
C O TTO N .
F lorodoras.
Receipts are moderate and mostly of lower grades. The
demand is slack, and the market is very quiet.
Quotations as follow s:
Good
Good
Good
Good
Good
middling,
middling,
middling,
middling,
middling,
11 inch_________________________________16£@17
11 inch_________________________________16
1 5-16 inch____________________________ 15J
l i inch_________________________________15
1 3-16 inch_____________________________ 14}
Reproduced from the Unclassified I Declassified Holdings of the National Archives
THE COTTON RECORD.
N E W O R LE A N S F U T U R E S .
The Markets for Futures.
W eek ending February 20.
The speculative markets were quiet as a rule, with
narrow fluctuations, and no decided tendency.
Trading
seemed mostly by leading inside interests, and consisting
of straddles and arbitrage operations.
Receipts were light
er and exports liberal, but the visible supply decreased
slowly.
At the same time, there were no evidences of any
decrease in the rate of consumption.
There was an ab
Feb.
Mch.
May
Ju ly
Oct.
Sat.— H i g h _________
Low _____________
C l o s e _____ 12.52
12.61
.55
.59
12.69
.60
.65
12.70
.62
.66
11.70
.67
.67
Mon.— H i g h ________
Low _____________
Close _
12.43
12.63
.50
.50
12.70
.56
.55
12.72
.57
.57
11.70
.64
.60
Tues.— High _______
Low _____________
C l o s e _____ 12.42
12.51
.45
.50
12.58
.52
.56
12.59
.53
.57
11.62
.60
.62
W ed.— H i g h ________
Low _____________
C l o s e _____ , 12.31
12.47
.39
.39
12.54
.48
.49
12.55
.48
.50
11.59
.55
.55
Thur.— High
Low _____
Close __
12.37
12.46
.38
.45
12.56
.48
.55
12.58
.49
.58
11.62
.58
.61
12.35
12.51
.41
.43
12.61
.50
.51
12.64
.52
.53
11.66
.58
.58
sence of bullish aggressiveness, and the dominant inter
ests were understood to be on the bear side.
Some liquida
tion of March preceded notice day in New York, the closing
day.
Notices for about 50,000 bales were issued and prompt
ly stopped, March consequently showing moderate relative
firmness at the close.
Final prices in New York, compared
with two weeks ago show declines of 2 points in March, 6
in May, 8 in July, and 6 in October.
New Orleans closed
4 to 8 points lower.
Fri.— High
L o w _____
Close ___
NEW YO RK FUTURES.
W eek ending February 20.
W eek ending February 27.
Feb.
Mch.
May
J u ly
Aug.
Sat— High _________
L o w _____________
C l o s e _____ 12.19
12.28
.21
.27
12.01
11.94
.98
11.98
.94
.96
11.78
.75
.77
11.55
.52
.52
Mon.— High
L o w ____
Close _
_
12.14
12.33
.23
.22
12.06
11.98
.95
12.01
11.89
.89
11.81
.73
.72
11.55
.49
.48
Tues.— High _______
Low -------------------Close _____ 12.23
12.24
.19
.23
11.97
.90
.95
11.92
.84
.90
11.73
.68
.73
11.49
.44
.49
W ed.— High _______
Low _____________
Close _____ 12.16
12.22
.18
.20
11.93
.87
.91
11.88
.81
.84
11.68
.64
.67
11.47
.41
.45
Mch.
May
Ju ly
12.50
.44
.46
12.58
.53
.55
12.60
.55
.57
12.32
12.43
.36
.40
12.53
.48
.48
12.54
.50
.50
Thur.— High
Low __
Close ____ _ 12.39
12.50
.40
.47
12.58
.49
.54
12.60
.51
.55
Fri.— High
Low
Close
12.57
.49
.55
12.56
.52
.53
12.57
.52
.54
Feb.
Oct.
Thur.— High _______
L o w _____________
C l o s e _____ 12.23
12.27
.18
.26
11.96
.88
.95
11.89
.81
.89
Fri.— H i g h _________
L o w _____________
C l o s e _____ 12.19
12.35
.21
.23
12.04
11.95
.96
11.98
.88
.89
11.72
11.47
.42
.46
11.71
11.52
.42
.43
W eek ending February 27.
Feb.
Mch.
May
Ju ly
Tues.— High _______
Low _____________
Close _____ 12.22
12.29
.23
.25
12.00
11.95
.95
11.93
.87
.87
W ed.— H i g h ________
L o w _____________
C l o s e _____ 12.16
12.23
.19
.20
11.93
.88
.88
11.85
.81
.82
Thur.— High ----------Low _____________
C l o s e _____ 12.15
12.22
.17
.19
11.95
.87
.92
11.90
.82
.88
Fri.— H i g h _________
L o w _____________
C l o s e ------------------
12.30
.20
.24
11.97
.89
.90
11.92
.86
.87
Aug.
Oct.
11.70
11.48
.44
.44
11.65
11.44
.41
.42
11.71
11.57
.44
.50
11.71
11.51
.48
.48
Sat.— Holiday.
Mon.— Holiday.
Sat.— High
L o w ___
Close __
Oct.
12.10
11.64
.60
.62
12.05
11.60
.56
.56
12.11
11.65
.62
.63
Mon.— Holiday.
Tues.— Holiday.
W ed.— High
Low _____
Close
_ _
_
___
12.10
11.64
.61
.62
LIV E R P O O L M A R K E T .
W eek ending February 27.
Sat.
Sales
12,000
Mid. U ps____
7.06
February ___ 6.70
F. and M _____ 6.69 J
M .a n d A _____ 6.70
A. and M ____
6.65
M. and J------6.65
J. and J.
6.594
6.55
J. and A ------A. and S ------6.43
S. and O ____
6.30 J
Mon.
Tue*.
Wed.
8,000
7.08
6.704
6.70
6.704
6.66
6.66
6.60
6.551
6.44
6.304
6,000
7.08
6.69
6.684
6.69
6.64|
6.64
6.59
6.541
6.42
6.291
8,000
7.05
6.68
6.671
6.67A
6.634
6.63
6.58
6.531
6.42
6.29
Thu.
8,000
7.05
6.711
6.704
6.701
6.66
6.651
6.604
6.56
6.444
6.32
Fri.
7,000
7.08
6.684
6.68
6.68
6.63
6.621
6.574
6.534
6.43
6.301
W eek ending February 20.
Sat.
Aug.
Mon.
4,000 10,000
Sales
Mid. U ps___
7.06
7.0-5
February ___ 6.66
6.711
F. and M _____ 6.66
6.71
M. and A ___
6.72A
6.671
A .a n d M _____ 6.64
6.69
M. and J____
6.64
6.69
6.60
6.65
J. and J------J. and A ------6.56
6.61
A. and S ------6.45
6.50
6.32
6.36
S. and O.
Tue.
Wed.
Thu.
8,000 10,000 12,000
7.05
7.02
7.03
6.67
6.641
6.66
6.64
6.654
6.664
6.644
6.66
6.674
6.64
6.62
6.604
6.64
6.601
6.62
6.591
6.56
6.574
6.55 J
6.51*
6.53
6.45
6.42
6.404
6.32
6.301
6.29
Fri.
8,000
7.09
6.684
6.68
6.684
6.641
6.644
6.59
6.55
6.44
6.31
Reproduced from the Unclassified I Declassified Holdings of the National Archives
THE COTTON RECORD.
The Movement.
D A IL Y
PO RT
R E C E IP T S .
W eek ending February 27.
D A IL Y
PO R T
R E C E IP T S .
Sat.
W eek ending ;February 20.
Sat.
Mon.
Tues.
Thu.
Fri.
Total
9,116
5,445
108
2,830
184
1,462
1,297
9,927
4,716
280
1,472
908
1,194
1,122
1,210
5,408
60,560
37,733
4,838
17,318
2,962
4,749
7,044
1,210
110
5
218
3,252
7,000
23,691
Total__ .24,511 29,846 38,257 25,889 21,297 29,540
1913___ _12 106 15,523 25,847 27,201 10,865 22,417
1912___ -37,381 46,146' 62,215 48,643 59,650 56,925
169,340
119,959
310,960
Gal. .
. 6,636 10,862 17,689
N. O ____ _ 5,178 4,292 11,051
Mob_____ . 1,105 1,133 1,305
Sav.
- 2,520 2,405 4,095
Chas. __ _
G69
255
360
W ilm .
_
516
607
510
Nor. _ _ _
818 1,339 1,871
Balti.
N. Y _____ 110
Bost.
Phila.
68
100
Bruns. _
Pensa. __ ____
7,000 ___
Var.
7,241 1,953 1,276
Wed.
6,330
6,051
907
3,996
586
460
597
4
___ ___
6,958
855
1
50
3,252
Gal. ____ 8,382
N. O____ 5,956
Mob. ____ 1,416
Sav. ____ 1,574
251
Chas. ___
292
W i l m . ___
Nor. ____ 1,522
Balti.
N. Y _____
B o s t .____
99
Phila. __
Brun.
Pensa.
Var. ____ 1,936
Mon.
Tues.
9,936 12,953
4,000 4,000
677
45
2,356 2,753
_____
492
2,094 1,110
655
Ihis Year
p o u rs
For Week
Since
Sept. 1.
Last Year
Since
fo r Week
Sept. I
Stock
1914
12,202
Total. .21,428 20,685 23,108 26.903 25,747 24,259
1913___40,283 12,504 23,434 18,505 15,651 21,804
1912___31,785 36,342 51,090 51,330 42,804 73,296
142,896
132,181
286,647
1,043
172
14
2,537
Total___________ 138,234
6,613,325
6,549,111
Exports same week last year, 127,503.
Receipts at interior towns were 107,119, and shipments
139,498, decreasing 32,379 interior stocks, which are now
838,633.
Port receipts for week__________________________________ 169,340
Deduct decrease interior stocks________________________ 32,379
Receipts from first hands------------------------------------------------ 136,961
Overland and Southern consumption__________________ 84,461
Total in sight for week-----------------------------------------221,422
For W eek Since Sept. 1
In sight this week______________________ 221,422
12,203,476
Same week last year------------------------------181,959
11,397,105
Same week in 1913_____________________321,425
12,771,829
Same week in 1912______________________ 163,742
10,254,306
197
C O M P A R A T IV E W E E K L Y R E C E IP T S A N D STO C KS.
W eek ending February 27.
This Year
PORTS
Last Year
Since
F Week ^ept. 1.
op
(-or
Since
Week j Sept.
Gal. ___f
N. 0 .- _
M o b . __|
S a v . ___
Chas.
W ilm . -1
N o r . ___[
Balti. __|
N. Y . _ |
Bost. __|
Phila. _
Brun. .
Pensa.
Var. ___|
54,681)2,827,313 53,162| 3,385,077
38,045(1,460,042 22,554| 1,141,107
6,0091 354,227
2,047
173,894
13,975)1,579,930
9,742) 1,095,842
2,182) 400,139
951)
266,490
3,489) 374,589
1,5871 313,149
6,521) 459,215
4,200)
425,835
1,035)
79,009
3,0841
58,658
102)
4,688 ____ |
12,972
475)
12,341
406)
39,212
14)
360
9'9
1,417
912
216,172
4,166) 272,307
j 125,265
106,421
12,202 j 846,565
1,113,036
TotalJ142,896(8,795,990 132,181) 8,349,282
Stock
Stock
1914
1913
356,948
253,722
30,178
90,040
27,319
16,556
47,746
4,427
111,620
7,230
4,256
249,947
114,391
20,527
89,718
20,541
18,729
64,001
10,030
122,825
10,867
2,125
10,767
38,796
988,838
26,326
761,154
W eek ending February 27.
Exports for the week were as follows:
This Week Since Sept. 1. Last Season
Great Britain
France _
Continent
Japan
Mexico
____ 94,752
- . . . 39,608
____ 98,213
____ 5,820
_ - 1,863
2,645,088
910,342
2,983,594
290,177
23,785
2,884,682
894,457
2,653,965
226,552
4,700
Total
-240,256
6,852,986
6,664,356
Exports same week last year, 115,245.
Receipts at interior towns were 100,915, and shipments
138,833, decreasing 37,918 interior stocks, which are now
800,715.
Port receipts for week----------------------------------------------------142,896
Deduct decrease interior stocks_______________________ 37,918
Net movement__________________________________________ 104,978
Overland and Southern consumption__________________ 89,165
Total in sight for week___________________________194,143
For Week
In sight for
Same week
Same week
Same week
Since Sept. 1
week_______________________ 194,143
last year__________________ 212,194
in 1912_____________________336,776
in 1911_____________________140,310
12,397,569
11,609,299
13,108,605
10,394,616
The V is ib le Supply.
The V is ib le Supply.
American.
February 20, 1914_____________________4,478,252
Last week_____________________________ 4,558,744
Last year______________________________ 4,287,911
Year before last_______________________ 4,864,226
Three years ago_______________________ 3,882,417
During the week the total Visible Supply
10,492 bales, and the American decreased 80,492.
1,080
1O .
1C
O
57,523 3,331,914 427,479 255,208
19,262 1,118,553 251,466 112,660
2,308
171,847
21,161
41,335
13,062 1,086,100
93,024
95,518
876
265,539
30,844
26,999
311,562
2,708
23,054
35,427
6,651
421,635
53,705
53,479
536
5'5,574
4,896
7,510
___
12,972 113,898 124,476
6,514
443
38,806
11,007
55
1,318
4,061
2,318
1,000
215,260
1,005
106,421
15,535 1,079,600
49,134
25,562
119,959 8,217,101 1,107,938 762,802
W eek ending February 20.
Exports for the week were as follows:
This W eek Since Sept. 1 Last Season
2,859,904
Great Britain___________ 72,984
2,550,931
870,734
892,516
France _________________________
2,595,462
C ontinent--------------- -— 55,928
2,885,381
Japan __________________
9,322
196,529
284,357
21,922
4,700
M e x ic o _________________________
7
5,001
1,100
6,989
7,218
893
2,715
462
450
629
1,035
T otal
2,042
102
'
1O :
C
O
C
Gal_____ | 60,56012,772,632
N. O . - - - | 37,733(1,421,997
Mob. . . . | 4,838' 348,218
Sav. ___ 1 17,318)1,565,955
Chas.
1 2,962 1 397,957
W ilm . -- | 4,7491 371,100
N o r . _ 1 7,0441 452,694
_
Balti. __ I 1,210 1 77,974
N. Y ----- 1
1101
4,586
Bost.
1
s 1 11,866
Phila. __ |
218|
346
Bruns. | 3,250 268,141
Pensa. 1 7.0001 125.265
V a r . ___ f 23,691 1 834,363
Total. )169,34018,653,094
Fri.
1,629
Stock
1913
Thu.
54,681
38,045
6,009
13,975
2,182
3,489
6,521
1 035
102
475
14
4 166
C O M P A R A T IV E W E E K L Y R E C E IP T S A N D STOCKS.
W eek ending February 20.
Wed.
7,144 9,277
250 11,296
1,964 1,014
2,510 2,067
250
240
871
865
766
Total.
6,267,252
6,277,744
5,627,911
6,033,226
4,985,417
increased
American.
February 27, 1914_____________________4,393,490
Last week_____________________________ 4,478,252
Last year______________________________ 4,192,305
Year before last______________________ 4,874,781
Three years ago______________________ 3,746,060
During the week the total Visible Supply
79,762, and the American decreased 84,762.
Total.
6,187,490
6,267,252
5,589,305
6,033,781
4,861,060
decreased
Reproduced from the Unclassified I Declassified Holdings of the National Archives
THE COTTON RECORD.
STEPHEN
M.
WELD
7
& CO.
Members of NEW YORK AND NEW
ORLEANS COTTON EXCHANGES,
AND LIVERPOOL COTTON AS
SOCIATION.
COTTON COMMISSION MERCHANTS
N E W Y O R K C IT Y
8 2 -9 2 B e a v e r S t.
O rders fo r F u tu re D e liv e rie s E x e c u te d on A ll E x c h a n g e s
Special A ttention to Sp in n ers’ Orders.
C orrespondence Solicited.
CORRESPONDENTS.
Stephen
Stephen
Stephen
Stephen
Stephen
M. W eld & Co., 89 State St., Boston.
M . W eld & Co., 427 C h estnu t St., P hiladelphia.
M. W eld & Co., 7 College St., P rovidence, R. 1.
M . W eld & Co., 12 Bedford St., F all R iver, M a s s .
M. W eld & Co., Devereaux Bldg., U tica, N. Y.
W M , F. M cC A U L E Y , President
C A R L E S G BE LL, 1st V . Pres.
r.
M. I). P A P Y , Cashier
C O U R TN E Y T H O R P E , 3d V. Pres.
E. M. N1CHOLS, Asst. Cashier
S A V A N N A H BANK
&
TRUST COMPANY,
W eld & Co., L ive rp o o l, England.
A lb re c h t, W eld & Co., Brem en, Germ any.
W eld & Co., Roubaix, France.
W eld & Co., Bombay, India.
S1G0 MYERS, P resident.
F D. BLOODWORTH, Vice-President
THE NATIONAL BANK OF SAVANNAH,
SAVANNAH, GA.
SAVANNAH, GA,
S O L IC IT S
ACCOUNTS
SOLICITS
OF
IN D IVIDU ALS,
WM. W. WILLIAMSON, Vice-P resident
R. R. W 11HIKG7CN, Cashier.
FIRM S,
ACCOUNTS
INDIVIDUALS,
BANKS,
BANKERS
OF
FIRM S,
AND
BANKS,
CORPORATIONS.
B A N K E R S , and C O R P O R A T I O N S .
BUYS
BOYS
AND
SELLS
FOREIGN
CORRESPON DEN CE
R. S. SALAS
President
IN V IT E D .
CAPT. JOHN A. BROWNE
Manager
AND
SELLS
CORRESPONDENCE
H. HODGSON
Sec. &Treas.
H. S. M E IN H A R D
EXCHANGE
Savannah
Towing & Wrecking Co.
FITTED WITH WRECKING AND FIRE POMPS
J. P. D O Y LE
Vice^Pres. & Treas.
S ecretary
M E IN H A R D -F E R S T -D O Y L E C O .
IN C O R P O R A T E D
SAVANNAH, GA.
COAST, INLAND AND HARBOR TOWING TUGS
INVITED.
LEO N F E R S T
P resident
OFFICE 316 BAY STREET, EAST
FOREIGN
EXCHANGE.
COTTON FACTORS
UPLAN
D
SEA ISLAN
D
FLORODORA
L IB E R A L A D V A N C E S M A D E
PURE ARTESIAN WATER FURBISHED
21 B A Y ST., E A S T
ON C O N S IG N M E N T S
S A V A N N A H , GA.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
8
T EC T O R C R .
H
O T N E O D
R. M. Butler
H. D. Stevens
C. G. Bell
R. M. Butler, Jr.
H. D. Stevens, Jr.
Est. W. W. GORDON
G. A. GORDON
(ESTABLISHED 1856.)
Butler, Stevens & Bell
GORDON
Cotton Factors
208 to 214 Bay St, E,
C O T T O N FACT ORS AND
COMMISSION MERCHANTS
Savannah, Ga,
Special attention given to all consignments of Upland
Florodora and Sea Island cotton, upon which
liberal cash advances are made.
All Cotton handled on Commission
Sea Island Cotton a Specialty
Liberal
M o n ey
Accommodations
SAVANNAH,
E. A . C U TTS
GEORGIA
The John Flannery Co.
(Member Savannah Cetlou Exchange)
C o t t o n
& CO.
COTTON FACTORS and
Commission Merchants
B r o k e r
: GEORGIA
Upland, Sea Island and Florodora Cotton
SAVANNAH
S avan n ah
:
G e o r g ia
Free on Board Cotton A Specialty
Freight room engaged at Lowest Possible Rates
O O H O 000000000300000J 000000000ojoooooooooocooooO
OOO0
O
SEA ISLAND AND UPLAND BAGGING
LIBERAL CASH ADVANCES ON CONSIGNMENTS
Prompt attention to all business entrusted to us
R. P. Canon
B u r g L in e
W . 6 . Barnwell
Canon & Barnw ell
HOLLAND-AMERICA LINE
REGULAR SERVICE
(M bers Saviuuuili Cotton Exchange)
em
I
|
I
SAVANNAH— ROTTERDAM
; R ates Quoted To U. K . and C ontinental P o rts
?
Cotton Factors and
Commission Merchants
230 Bay Street, East
SAVANNAH, GEORGIA
Handlers of Upland and Sea Island Cotton on Commission
Telegraph Address! “ Burgline, Savannah”
Upland and Sea Island Bagging, Ties and Twine
Williamson
Rauers GANS STEAMSHIP LINE
&
ST E A M S H I P SERVICE FR OM
SHIPPING
FREIGHTING
AND
SAVANNAH
COMMISSION
TO
Agents tor
SAVANNAH,
GA.
Hansa Line to Bremen and Hamburg
Nordde utscher Lloyd to Bremen
Empire Line to U. K. and Continental Ports
EUROPEAN PORTS
Through Bills of Lading issued to all ports.
further particulars apply to
H E N R Y
Cable Address: WILLIAMSON
Codes Watkins and A B C
4
B ay
S t.
AGENTS
Sa V A N N A H GA
N A N N IN G A
E ast
For rates and
C O .,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
THE COTTON RECORD.
5
N E W O R LE A N S F U T U R E S .
The Markets for Futures.
W eek ending February 20.
The speculative markets were quiet as a rule, with
narrow fluctuations,
Trading
Feb.
Mch.
May
Ju ly
seemed mostly by leading inside interests, and consisting
and no decided
Sat.— H i g h ___ ----Low
Close
12.52
12.61
.55
.59
12.69
.60
.65
12.70
.62
.66
Mon.— High
Low
Close _____
12.43
12.63
.50
.50
12.70
.56
.55
12.72
.57
.57
Tues.— High _
Low
Close _____ 12.42
12.51
.45
.50
12.58
.52
.56
12.59
.53
.57
W ed.— High
Low
C l o s e _____ 1 12.31
12.47
.39
.39
12.54
.48
.49
12.55
.48
.50
Thur.— High
Low
C l o s e _____ 12.37
12.46
.38
.45
12.56
.48
.55
12.58
.49
.58
Fri.— High
Low
Close -------- 12.35
12.51
.41
.43
12.61
.50
.51
12.64
.52
.53
of straddles and arbitrage operations.
tendency.
Receipts were light
er and exports liberal, but the visible supply decreased
slowly.
At the same time, there were no evidences of any
decrease in the rate of consumption.
There was an ab
Oct.
Aug.
----12.18
11.70
.67
.67
12.09
11.70
.64
.60
12.09
11.62
.60
.62
12.04
11.59
.55
.55
12.10
11.62
.58
.61
12.06
11.66
.58
.58
sence of bullish aggressiveness, and the dominant inter
ests were understood to be on the bear side.
Some liquida
tion of March preceded notice day in New York, the closing
day.
Notices for about 50,000 bales were issued and prompt
ly stopped, March consequently showing moderate relative
firmness at the close.
Final prices in New York, compared
with two weeks ago show declines of 2 points in March, G
in May, 8 in July, and 6 in October.
New Orleans closed
4 to 8 points 'lower.
NEW YO RK FUTURES.
W eek ending February 20.
W eek ending February 27.
Feb.
Mch.
May
Ju ly
Aug.
Sat— High ___
L o w ______
C l o s e _____ 12.19
12.28
.21
.27
12.01
11.94
.98
11.98
.94
.96
11.78
.75
.77
11.55
.52
.52
Mon.— High
L o w ______
Close _____ 12.14
12.33
.23
.22
12.06
11.98
.95
12.01
11.89
.89
11.81
.73
.72
11.55
.49
.48
Tues.— High .
L o w ______
Close _____ 12.23
12.24
.19
.23
11.97
.90
.95
11.92
.84
.90
11.73
.68
.73
11.49
.44
.49
Wed.— High
Low
Close
12.16
12.22
.18
.20
11.93
.87
.91
11.88
.81
.84
11.68
.64
.67
11.47
.41
.45
Thur.— High .
Low
Close _____ 12.23
12.27
.18
.26
11.96
.88
.95
11.89
.81
.89
11.72
11.47
.42
.46
Fri.— High
Low
___
Close _____ 12.19
12.35
.21
.23
12.04
11.95
.96
11.98
.88
.89
11.71
11.52
.42
.43
Feb.
Mch.
May
Ju ly
Aug.
Oct.
-----
12.50
.44
.46
12.58
.53
.55
12.60
.55
.57
----12.10
11.64
.60
.62
W ed.— High
L o w ---------12.32
Close
12.43
.36
.40
12.53
.48
.48
12.54
.50
.50
12.05
11.60
.56
.56
Thur.— High
L o w ___
Close _____
12.50
.40
.47
12.58
.49
.54
12.60
.51
.55
12.11
11.65
.62
.63
12.57
.49
.55
12.56
.52
.53
12.57
.52
.54
Oct.
_
W eek ending February 27.
Feb.
Mch.
May
Ju ly
12.22
12.29
93
.25
12.00
11.95
.95
11.93
.87
.87
Aug.
Oct.
11.70
11.48
.44
.44
Sat.— Holiday.
Mon.— Holiday.
Tues.— High
Low
Close
_
Sat.— H i g h ___
Low
Close
Mon.— Holiday.
Tues.— Holiday.
Fri.— H i g h ___
Low
Close
12.39
-----
12.16
12.23
.19
.20
11.93
.88
.88
11.85
.81
.82
Thur.— High Low ______
Close _____ 12.15
12.22
.17
.19
11.95
.87
.92
11.90
.82
.88
-----
12.30
.20
.24
11.97
.89
.90
11.92
.86
.87
Fri.— H i g h ___
L o w ______
Close
----11.65
11.44
.41
.42
11.71
11.57
.44
.50
11.71
11.51
.48
.48
12.10
11.64
.61
.62
L IV E R P O O L M A R K E T .
W eek ending February 27.
Sat.
Sales
12,000
Mid. U ps____
7.06
February ___ 6.70
F. and M _____ 6.691
M .a n d A ------6.70
A .a n d M ____
6.65
6.65
M. and J------6.59J
J. and J------J. and A _____ 6.55
A. and S ------6.43
S. and O _____ 6.301
Mon.
Tues.
Wed.
8,000
7.08
6.70+
6.70
6.704
6.66
6.66
6.60
6.551
6.44
6.304
6,000
7.08
6.69
6.68*
6.69
6.641
6.64
6.59
6.541
6.42
6.291
8,000
7.05
6.68
6.671
6.674
6.634
6.63
6.58
6.53s
6.42
6.29
Thu.
8,000
7.05
6.711
6.704
6.701
6.66
6.65i
6.604
6.56
6.444
6.32
Fri.
7,000
7.08
6.684
6.68
6.68
6.63
6.621
6.574
6.534
6.43
6.301
W eek ending February 20.
Sat.
W ed.— High
Low
Close _____
-----
Mon.
4,000 10,000
Sales
Mid. U ps___
7.05
7.06
Februa ry
6.66
6.711
F. and M _____ 6.66
6.71
M. and A ----6.721
6.671
A. and M _____ 6.64
6.69
M.. and J____
6.64
6.69
6.60
J. and J____
6.65
J. and A _____ 6.56
6.61
A. and S _____ 6.45
6.50
6.32
S. and 0
6.36
Tue.
Wed.
Thu.
8,000 10,000 12,000
7.05
7.03
7.02
6.641
6.66
6.67
6.64
6.654
6.664
6.66
6.644
6.674
6.64
6.62
6.604
6.64
6.601
6.62
6.591
6.56
6.574
6.551
6.51*
6.53
6.42
6.45
6.404
6.32
6.29
6.301
Fri.
8,000
7.09
6.684
6.68
6.684
6.641
6.644
6.59
6.55
6.44
6.31
Reproduced from the Unclassified I Declassified Holdings of the National Archives
THE COTTON RECORD*
Total sales for the two weeks were 2,143 bales.
The Markets.
For two weeks ending Feb. 20 and Feb. 27.
^Following are the quotations for this week, last week,
and the corresponding week last year:
T h i s Week
THE SAVANNAH M ARKET.
The Savannah spot market ruled steady to firm through
out the two weeks. Quotations advanced l-8c at the open
ing, and afterwards remained unchanged. There was only
a moderate volume of business done, owing mainly to the
scarcity of offerings.
The market closed quiet, l-8c net
higher than a fortnight ago. Total sales were 4,848 bales.
The market for cotton to arrive was quiet but steady,
and quotations remained unchanged throughout, after an
opening advance of l-16c. Offerings were not large, and
generally held above the views of buyers. Only light busi
ness was done. The close was quiet at 1-16c advance over a
fortnight ago. Total sales reported, 3,500 bales.
Fancy Florida_________________ 23
Extra Choice Florida__________ 221
Fancy Georgia_________________ 23
Extra Choice Georgia_________22!
Choice ________________________ 211-22
Extra Fine_____________________21
Fine ___________________________ 20
Good M i d Middling ___
Low Mid___
Good Ord.__
O rdin ary___
Sales____
13 5-8
13
12
11
10
300
13 5-8
13
12
11
10
775
j Tue.
13 5-8
[13
12
|11
|10
| 1,163
13 5-8
13
12
11
10
555
Fri.
Thu.
Wed.
13 5-8
13
12
11
10
1,610
] 5-8
(
]
|
I
11
H
O
]
141
W eek ending February 27.
Mon.
Sat.
Good Mid._ _ 13 5-8
M id d lin g ___|13
Low Mid___ [12
Good Ord.__ 11
O rd in a ry ___10
Sales____
646
Tue.
Wed.
[ Hoi.
13 5-8
13
12
11
10
[13 5-8
[13
[12
[11
10
86 ' ]
Thu.
13 5-8
13
12
11
10
287
71"
[13 5-8
1
13
[12
|11
]10
] 214
W eek ending February 20.
Good Mid.__ 13 3-8
M id d lin g ___ 12 3-8
Low Mid.__ 11 3-8
350
Sales____
Met?.
13 3-8
12 3-8
11 3-8
200
Tues.
13 3-8
12 3-8
11 3-8
350
Wed.
13 3-8
12 3-8
11 3-8
900
i
[
Fri.
Thur.
[13 3-8
[12 3-8
[11 3-8
150
1,535
[13 3-8
12 3-8
[11 3-8
[ 525
W eek ending February 27.
Week Ending
Feb. 20.
Receipts
EXPORTS
S tock
Net
Gross Domes Gt Br. Cont. Total 1
i
579) 2,221) ___
579
W eek 1914____
_
221
155 _
W eek 1913____ [ 221
Season 1914__ 31,503 31,703)30,703] 7,657]
20]
Season 1913-_ [29,746 29,746] 8,923]
___
___
2,221]
155]
2,295 40,655
61
1,023 9,9G
Sales-
[13 3-8
(12 3-8
111 3-8
13
[12
111
250
Tinges % c below these quotations; stains l % c below.
L IN T E R S .
Receipts at Savannah for two weeks, 8,126 bales; ship
ments, 6,182 foreign, and 1,179 domestic; total shipments,
7,361 bales. Stock, 10,429 bales. Receipts since Sept. 1,
81,197 bales. Quotations range from 6lc for fully good, to
2c@2Jc for ordinary; market quiet.
SEA IS L A N D C O TTO N .
The market has been very firm, with an urgent demand.
Quotations advanced 1 to 2 cents the first week, and re
mained unchanged this week.
Offerings have been all
swept, and receipts have become very small. Buyers are
endeavoring to draw out further offerings, but most of the
small supply remaining is held for a higher level of prices.
There does not seem to be an available supply sufficient to
meet the existing demand.
4,765
24,858
_____
..
_
W eek ending February 27.
)
277 4,575
10
87]
267]
87
W eek 1914____
260 1,060 24,035
376
237
424[
237
Week 1913____
Season 1914__ 31,590 31,790 30,970 7,657] 2,305 4 0 ,9 3 2 ]_____
39 6[ 1,283 11,026[ - Season 1913. - 29,983 29,983| 9,347]
G E N E R A L S EA IS L A N D M O V E M E N T .
W eek ending February 20.
Receipts '1 4 Receipts ’ 13 Exports
’ 14
STOCK
PORTS
Week SEASON Week SEASON [ Week [ SEASON
2 211 9,7 4 G| 2,221)40,655
2
Say. __|
579|31.503j
28) 9,444
Chas. -j
224) 8,4881 119j 6,8971
53]' 9,013)
801)25,087
Jack. -|
801|25,087|
Brun. - | _____ i 3581
_____ | 358
593)45,656) ~3,150 75,544
Total J 1,604)65,436)
Sav. __
Chas. .
Jack. .
Brun. Total J
87)31,590)
43) 8,531)
_ 125,087)
_
130)65,566)
19 14 1913
4,765 24,858
1,152 2,733
5,917 27,591
W eek ending February 27.
237)29,983)
277)40,932] 4,57 5 24,035
|
7341 2,772
103) 7,000)
461) 9,905)
791 9,092j ______ |25,087[
___ |______[ _______ | 358]
419146,075
738)76,282] 5,309(26,807
*Charleston receipts to date increased
week; stock correction.
Good Mid.__|13 3-£
M i d d li n g __[12 3-f
Low M id .--Ill 3-5
970
S A V A N N A H S EA IS L A N D S T A T E M E N T
Fri.
D A IL Y F. O. B. Q U O T A T IO N S .
Sat.
24-25,
22-23*
24-25
22-23
21-22
19
18
W eek ending February 20.
W eek ending February 20.
Mon.
23
22J
23
22J
21-J-22
21
20
Sales_____________________ 608
D A IL Y O F F IC IA L SPO T Q U O T A T IO N S .
Sat.
Last Week Last Year
bales this
Sea Island Crop in S ight.
In sight last week
Added this week_
_
Feb. 20.
______
_63,832
_ _ ____1,604
Total to date _
Same time last year
Same time, 1912 . _
Same time, 1911 _
___________ 65,436
____
_ -45,656
_ _ ___102,133
___________ 66,187
STAPLE
Feb. 27.
65,436
130
65,566
46.075
103,834
66,602
C O TTO N .
Florodoras.
Receipts are moderate and mostly of lower grades. The
demand is slack, and the market is very quiet.
Quotations as follow s:
Good
Good
Good
Good
Good
middling,
middling,
middling,
middling,
middling,
lil inch_________________________________16|@17
1§ inch_________________________________16
1 5-16 inch____________________________ 15i
14 inch_________________________________15
1 3-16 inch_____________________________ 14A
Reproduced from the Unclassified I Declassified Holdings of the National Archives
THjci COTTON RECOftH
THE COTTON RECORD.
P U B L IS H E D B I -W E E K L Y
OFFICE, 21 PROVIDENT BLDG.
-
SAVANNAH, GA.
W M . T. WILLIAMS
Subscription
Editor
$ 2 .5 0 per annum
.
.
.
Foreign C ou n tries
.
.
$ 3 .0 0 per annum
Single Copies
.
.
.
.
.1 0
C en ts
Rates of advertisin g on application
KEEP “ THE CQTTOTV RECORD”
ON -EJJLE
It w bef© reference
ill . r
^
Savannah For a Regional Bank.
Savannah’s claims for recognition as a suitable
location for a regional bank are founded on some
thing more decisive than mere civic pride. That is
a very commendable sentiment; but although civic
pride may be an excellent reason for wanting
regional bank, it is a very poor reason for getting
It would be small satisfaction to be selected as/an
appropriate site, and have it discovered later
mistake had been made, and the location transi
Such a contingency, we are confident, Will be much
more likely in the event of another cityibein^ chosen
than would be the case if Savannah isVhf
Almost any city in the Union of moderate size and
reasonable prosperity can make a long display of
apparently convincing, reasons why it should be
selected as a site for one of the banks. Those who
are to decide as to eligibility will be governed by
stronger considerations than these.
If Savannah
makes a claim;, it is because Savannah offers
advantages and opportunities much above the aver
age. The really cogent reasons why Savannah should
be made the location of one of the banks may be
compressed in a nut shell.
Cotton is the great money producing, crop of
the country. Exports of cotton lead all others by a
wide margin. Cotton is the leading source of indus
try in sections remote from that where it is grown,
and the increasing manufacture of cotton at home
necessarily means the increasing importance of the
crop itself. The national balance sheet would pre
sent a very different aspect with cotton eliminated.
The showing may be decidedly unfavorable until
September comes, and then the many cargoes of the
invaluable staple quickly rights the account.
Cotton is a very costly crop. Long before one
crop is marketed, demands are made to finance the
preparations for another. The requirements con
tinue throughout the growing season, and become
especially heavy when the picking and marketing
period arrives. The prime importance .of this crop
to the nation’s finances should, and of course does,
render it one of chief solicitude.
If only eight banks are to be placed, at least two
of them should unquestionably be located in the
cotton belt. One located in the middle of the belt
would obviously be too remote from the two richly
prolific extremes to fulfill the purposes of the system.
should be located in the eastern section, that
One
8
is on the South Atlantic, and another on or west
of the Mississippi river. Aside from the many other
interests concerned, that of cotton alone suffices to
demand at least that much consideration.
Savannah is known to be a great cotton center.
It is the leading center for spot cotton in the
country. Several other centers do a large business,
such as Memphis, New Orleans and Houston, but
none of them °qual Savannah in importance. It is
a fact that during the height of the marketing season
it frequentlv occurs that sales at Savannah exceed
those of all other ports combined.
It appears incontrovertible that the place for a
regional bank is the place where the greatest busi
ness of that section is done, further regard being
had, moreover4 to the supremacy lying more par
,
ticularly in-1 lie very branch of industry whose sup
posed ne^rfs are to be provided for. In other words,
grantirj^ that the great cotton producing section
requif^s two banks for adequate accommodations,
the^* certainly one of the two should be located at
annah, the principal center of the Eastern section,
d the leading spot center of the country.
Should it be determined to hold the South down
to one regional bank, and that located on or west of
the Mississippi, the system, so far as the existence
of a regional bank is concerned, would be of no
benefit at all to the South Atlantic section. In-fact,
all the circumstances clearly indicate that one locality
be fixed in the Southeast. Savannah is more nearly
the geographical center for the South Atlantic sec
tion than any other city suggested.
We have thus far considered only the varied in
terests connected with the cotton crop, because we
imagine that the dominant interest in any section
will influence the deciding vote in the matter of a
selection. Of course other interests demand con
sideration, and if Savannah needs more qualifications,
they are at hand. Savannah is admittedly the ruling
center of the naval stores industry, a “ side issue,”
so to speak, vastly more important than can be urged
by any city in competition.
Assuming that the object is to supply the greatest
banking facilities to the principal interests of the
various sections, we submit that Savannah is far
more suitable to represent this important section
than an^ other city that can be mentioned.
AN UNSURPASSED MEDIUM.
As a medium reaching the H ig h C l a s s C o t t o n
T r a d e THE COTTON RECORD offers facilities un
surpassed by any paper, no matter where published.
Brokers and Commission Merchants handling
cotton on the spot or to arrive.
Brokers handling Future Delivery Contracts,
either at home or abroad.
Exporters desiring to extend their connections
foreign or domestic.
Foreign Agents and Controllers desiring addition
al correspondence.
Dealers in Fertilizers and all other Cotton Sup
plies, also Cotton Machinery.
Handlers of Cotton Freights, Insurance and
Exchange.
Banks and other Financial Institutions.
These and all others wishing to reach Cotton
People will find THE COTTON RECORD the most
effective medium in the Trade.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
THE COTTON RECORD.
objection is made to that market, it could be done
at some other central point like Memphis or St. Louis.
Viewing the whole situation impartially it does look
as if the New York Exchange was standing in ith,
own light.— “ New Y orker,” in the New Y ork Com
mercial.
Lo, the Poor Bull.
The market seems to be entirely at the mercy of
leading trade interests. Unless these interests can
succeed in getting an outside short interest no course
is left but to accept the short side themselves. Such
a thing as an aggressive stand, defensive and offen
sive, by strong bulls is no longer regarded as a pos
sible factor in the situation.
Spinning interests
would hardly care to buy March with May arbi
trarily 30 points cheaper. Nor would they care to
buy May or July with the danger that spot differences
on low grades may widen out a cent or two more
before those options mature. Of course they would
have to accept the low grades at the fixed differences
now ruling. The only way the bulls could turn the
tables would be to buy all the March contracts of
fered and demand the cotton. In this event, if they
succeeded in accumulating a line exceeding the
ability of the shorts to deliver, they would be threat
ened with prosecution for running a corner, or con
spiring to run a corner, or intending to run a corner,
or intending to conspire to run a corner, or something
equally criminal.
American Consumption and Mill Stocks.
Cotton consumed in the United States during
January amounted to 540,874 running bales, includ
ing 14,954 bales o f foreign cotton and 23,735 bales
of linters, compared with 533,743 bales of January
last year.
Cotton in manufacturing establishments January
31 was 1,851,496 bales, including 5,594 bales of for
eign cotton and 87,081 bales of linters, compared with
1,912,993 bales on January 31 last year, and in inde
pendent warehouses 2,900,149 bales, including 2,362
bales o f foreign cotton and 49,519 bales of linters,
compared with 2,657,048 bales last year.
Imports were 19,624 equivalent 500-pound bales,
compared with 52,022 bales in January last year.
Exports were 1,052,198 running bales, compared
with 900,931 in 1913.
Cotton spindles active during January numbered
3.1,112,723, compared with 30,359,843 in January last
year.
Shorts are beginning to show uneasiness over re
ports o f continued good spot demand in the South,
with rapidly dwindling supplies. It was reported
that even the low grades are fast disappearing. Most
of the more desirable grades appear to have been
already taken.
Port stocks are exceptionally heavy for the sea
son o f the year, but analysis reveals a rather curious
state of affairs. The total is over 225,000 bales larger
than at th<3 same time last year, yet the excess is
_ JLJ .
~
nearly all at
l^Eocts are relatively
lighter at the Eastern ports, when the grade is better.
The same is also trueM$ftnfferio]|<|f$;ks. Western
towns show heavy increases over last year, while
Eastern towns have smaller stocks. This w.Quld seem
to* indicate that
good grades, will not find it an eays matter to make
good.
.
The trade has got into the habit of imputing too
much significance to these reports of takings, socalled. They have no connection with the rate of
consumption, and show the true takings only in a
very imperfect way. They would show the takings
with reasonable accuracy if figured at an average,
for six or eight weeks together.
Speculation is apathetic. No doubt many would
like to buy if certain obstacles were removed. But
the public likes to have a leader to follow, and
nobody is going to run a bull campaign in cotton
yet awhile. All the operations of an aggressive
character are on the bear sid e; official disapproval
has hitherto been limited to the bulls.
In the absence of inspiring leadership, the out
side traders are not attracted very strongly to the
bull side. There is a feeling that the large inside
interests are aligned on the bear side, and further
that a widening of spot differences would depress
the value of contracts.
The statistical position is developing too much
strength to encourage ventures on the short side.
Of one thing the army of the small fry is entirely
confident, to-wit, that the formation of an outside
short interest would promptly convert present bears
into bulls; that an outside short interest would make
an advance absolutelv certain. But the big interests
must remain bears so long as the lamb crop adheres
to the long side.
George W. Neville.
The untimely death of George W. Neville is a great
loss to the cotton trade generally, and particularly
to the New York Cotton Exchange. That Exchange
fully recognized the high character and great abilities
of this Southern born man, and no one possessed to
a fuller degree the esteem and confidence of his
fellow members.
A man of high ideals and conscientiousness of pur
pose, Mr. Neville strove long and untiringly to fur
ther harmonious relations between his Exchange, the
general trade, and the Government. To attain this
desirable end, no man has accomplished more than he.
The influence of his life and efforts will survive him.
His work will be taken up by other hpftls, and we
do not doubt will be carried on to a. successful
issue.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
The Cotton Record
DEVOTED TO COTTON:
No. 5
THE CROP, THE MARKET, THE MOVEMENT
Savannah,
F eb ru ary
The Sea Island Outlook.
As the time approaches for the planning of a new
sea island crop, a few observations on present and
prospective conditions are in order. It will be seen
that there is a very radical change from conditions
a year ago, when the industry seemed almost in the
throes of dissolution.
So far this season about 75,000 bales have come
into sight, including an allowance for inland ship
ments, etc., and shipments to mills amount to about
85,000; that i.s, mills have taken about 10,000 bales
more than the receipts.
That is, there has been a
reduction of that amount in the stocks carried over
at Savannah and Charleston on September 1. As
the entire crop this year is estimated at slightly below
80,000 bales, shipments for the fir.-jt half of the cotton
year are more than 5,000 bales in excess of the total
production.
Up to this time last year the shipments were not
much more than half the receipts, and moreover much
cotton was held in the country, owing to the absence
of demand. Such demand as existed was mostly for
the lowest grade,.!, bringing scarcely as much as long
staple uplands. So unpromising was the outlook
that a general curtailment of acreage was widely
urged.
Although takings have been so much larger this
year, the demand does not seem to be nearly satisfied.
Mills new want sea island cotton, but the supply has
been pretty well depleted. The healthiest feature
is that the burdensome surplus of the preceding two
or three years has been absorbed. Putting the un
marketed remnant in the interior at the opening
of this year at 12,000 bales, there would appear to
remain to come forward only about 7,000 bales.
The reason why mills have been buying so much
more sea islands this year appears to be the im
proved quality cf this yea r’s staple, while the staple
of the Egyptian cotton is poorer. One other cause
no doubt is the fact that holders profited from painful
experience this year and met the market right along,
without making a stand for higher prices. The re
sult is that mills diverted from Egyptian to sea
islands, and now want more of the latter than can be
obtained.
So far as can be foreseen now, the prospect is for
a continuance of the demand next season. A well
known peculiarity of the Egyptian long staple is that
of deterioration after a year or two.
First one
variety comes to view, then plays out, and then
another appears. The staple is said to be inferior
this year, and is not likely to be any better next
season; much more probably, worse. It is said that
the planting of many varieties in Egypt has led
to hybridizing. Perhaps a new variety will be pro
duced to compete with sea island, but for next season
at least it would seem that American sea island will
have the advantage.
The uses for sea islands or some similar staple
have increased enormously and are still increasing.
The demand for strong fabric in the manufacture of
28,
1914
vol. 8
automobile tires has widely broadened the market,
and obviously this demand will not only continue,
but will increase indefinitely. Before the days of
automobiles the world had no use for more than
about 100,000’ bales of sea, island a year. Now auto
mobile tires alone require several times that amount.
As to prices, that is dependent on Egyptian com
petition. If the foreign staple does equally as well as
sea islands, then the price of sea islands cannot be
maintained at a higher level. But if the sea island is
materially superior, the demand will pa.y more.
When the total cost of an automobile tire is con
sidered, it is plain that an increase of 5 cents a
pound in the price of the raw cotton would cut no
figure. At 5 pounds of cotton per tire, it would
come to only 25 cents, an inconsiderable increase.
Prospects certainly warrant a liberal expansion of
acreage over last year. There is a practical cer
tainty of a broad demand and there will be no sur
plus carried over as so much dead weight. The world
wants the cotton, and we should supply it. But
care must be taken to use the best seed obtainable,
as maintenance of staple and general quality is of
prime importance.
The New' York
an article in our
visions, put as a
of the Committee
Journal of Commerce in reprinting
last issue on New York grade re
heading “ Criticism of the Failure
to Increase Low Grades.”
The New York editor would not have used such
a heading had he read our article carefully. We
did not criticize the action of the revision committee;
on the contrary we said that “ in our judgment the
committee was not at fault in the action taken; pres
ent differences seeming to be quite wide enough.”
What we criticized was the system which compels
contract differences to remain fixed for the rest of
the year, regardless of possible wide changes in
actual spot differences.
A New York View.
The “ fixed” difference system must go. There
comes a time in every sphere of life when the limit
of human endurance has been reached. This applies
to commerce and finance as well as to politics. Has
this limit been reached in the ease of the New York
Cotton Exchange 1 That body should bear in mind
that “ per se” they are not indispensable to the cot
ton trade of the country. If unwilling to conform
to. the demands of Washington, which after all are
only in line with the requirements of the time, surely
the Federal authorities can find some way to make
them close their doors, especially as their tactics are
not in accord with the object for which their charter
was granted them. Trading in futures then either
for “ hedging” purposes or speculatively, will find
its way to New Orleans, which has adopted the Gov
ernment’s plans, or if for some geographical reason,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
K . J . P E R R Y , P r e s id e n t
,
J . W . C A L L A H A N , V ic e -P r e s id e n t
C ° Bhier
-« J . W A L T E R S , A s s t . C a s h ie r
DESIGNATED STATE DEPOSITARY
B jy p iB iiiD ^ ! S t a t e B u m
CAPITAL $100,000.00
SAINBRIDOI,
<SA.»
Des> '3141913,
Secretary of the Treasury,
Washington, D* 0.
Dear Sir:I am informed that you are one of the committee
to select the location of the several regional reserve banks
authorized by the regent currency law, known as the
Glass-Owens currency law#
I have been engaged in the
banking business in this section for twenty~three years
and have observed the current of commerce in the states
of Georgia, Alabama, South Carolina and Florida, and in
iny opinion Savannah, Ga. is the commercial center for
the states mentioned as it is a port that handles al
most the entire output of cotton, turpentine, lumber
naval stores, and. farm products of the states mentioned*
Savannah is noted for itfs conservatism^in
matters of finance* and I beli^fe that it bears
notable
record of never having had a bank failure in the history
of its existence, certainly not since the Civil War.
I trust that you will give Savannah, Ga. the*
consideration(and I believe that you will) that its
commercial advaAiages would suggest, and I beliif^ that
the location of a regional reserve bank in that city
would serve the requirements of the interior banks
in the states mentioned more adequately and conveniently
than, perhaps, any other place in the states mentioned*
Begging your pardon/by intrusion, I remain,
Yours very
ANSWERED
ejp-jir
JAM 3
1914
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Y , President
H A N . Vice-President
. V A R N E R . Cashier
W A L T E R S , A sst. Cashier
DESIGNATED STATE DEPOSITARY
B a in b r id o k S t a t b B a n k
CAPITAL SI00.000.00
Bainbridok, Qa .,
Deo, 31,1913.
Comptroller of the Currency,
Washington, T . C,
)
Dear Sir:I am informed that you are one of the committee
to select the location of the several regional reserve banks
, kno?r as the
n
authorized by the recer/
Glass-Owens currency law*^?
'p engaged in the
i
/ears
banking business in t}'4|^yfotion for' ^ rrenty three 2
and have observed th^Miafent of commel ?e in the states
of Georgia, Flcrida^pBouilh Carolina an< .Alab&ma, and in
center for
my opinion ^gj^ann^^gi^ m b the commarai;
the states meir!T?ffl
a port t t hr.ndles &1'
moat the entire mtputJKT cotyn, turpe; bine, lumber
;&tes mentioned.
naval stores, arm farigiproducA of the
[servatism in
Savanri Lh is noted
matters of fin* 56, and I JjpR-ieve thdi it bears
ne'^ijLjpvin^ had Jr bank failure in the
notable re<
30rd
history of it3
Listenoe, certa'nJy not dince the Civil War,
I trust t h a ^ ^ o ^ ^ t ^ P f i v e Savannah Ga* the
consideration(and I believe that *you will) that its
commercial advantages would suggest, and I believe that
the location of a regional reserve bank in that city
'would serve the requirements of the interior banks
in the states mentioned more adequately and conveniently
than, pprhaps, any other place in the states mentioned.
~— —
~
lA N S v w r
pardon for intrusion, I remain,
>- !. • i“i
•
i \ u « HmM* }
i
_
_
Yours ver
Reproduced from the Unclassified I Declassified Holdings of the National Archives
R . J . P E R R Y , P r e s id e n t
J* W . C A L L A H A N , V ic e -P r e s id e n t
VARNJ^as,
DESIGNATED STATE DEPOSITARY
B ainbridce
S tate
CAPITAL $100,000.00
B A M B M D O E j © a ., _
Deo.
'i-,q_ •
■
Commissioner of Agriculture,
Washington, D. 0.
Dear Sir:I am informed that you are one of the committee
to select the location of the several regional reserve banks
authorized by ^he recent currency law, known as the
„ Glass-Owens currency law. I have been engaged in the
banking business in this secHon for twenty three years
and have observed the current of commerce in the states
of Georgia, Alabama, South Carolina and Flouida, and in
my opinion Savannah, Ga. is the commercial center for
the states mentioned, as it is a pert that handles
almost the entire output of cotton, turpentine, lumber,
naval stores, and farm products of the states mentioned.
Safrannah is noted for its conservatism in
matters of finance, and I believe that it bears
A/
notable record of never having had a bank failure in
the history of its existence, certain
not since the
Civial War.
I trust that you will give Savannah Ga. the
consideration(and I believe that you will) that its
commercial advantages would suggest, and I believe that
the location of a regional reserve bank in that city
would serve the requirements of the interior banks
in the states mentioned more adequately and conveniently
than, perhaps, any other place in the states mentioned.
Begging your pardon for intrusion, X remain,
i
Reproduced from the Unclassified I Declassified Holdings of the National Archives
M w * y 3* W M *
3t&t# Mmfc#
■
'
*tr fa m
B a i i b r i d a * # G**
ds*t
I Tmm r o w
no** i f
S la t*
Cfei C o n a i t t * * w i n
l i t tf&ul i t # m t Sa*3cxGS&*fi olA fcna c a r e f u Z
m m m tsJ »t
w tU %«
a t t h # p i» o p « r U o # * p a w i f c l jr
lift Atfcurta.
I
VwT
S cor^ tery *
Reproduced from the Unclassified I Declassified Holdings of the National Archives
/&
#/
SAVANNAH A O C N C Y :
SO B a y S t r e e t - , E a s t
We have every facility for
executing large ord ers in
the interior and aft+ie ports
Cable A d d r e s s :
“ BRANTLEY, BlacHshear”
'Q'-ett/e-Kf.t/n'
Salary
’“ Pis 0
'.U
Jan, 14th, 19X4.
To the Honorable Comptroller of the Currency,
Washington, 3 . C.
)
Dear Sir:We wish to endorse Savannah
Georgia, as the location of one of the Regional
Reserve Banks.
We are located in the Sea Island
cotton district
rd, or more,
of the crop, andjwe cajL-gtate if as a fact that
Savannah Banks finance prmctieAly all of this
crop, and we t h ^ k it is a.^ict that Savannah Banks also
finance a greater proportion of the Upland cotton crop,
2sTaval Stores crop and Lumber Mills than other Banks in any cit:
located Bast of the Mississippi River.
We are,
Yours truly,
APB-OR
THE A. P ^ R A I T ^ B Y
By
ANSWERED
* x
President.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
/9
#/
/<$57
We have eve ry faciiity for
executing large orders In
rhe interior and atttiepoi+s
SAVANNAH A G E N C Y :
20 Bay SfreetEast.
Cable A d d r e s s ’
.
"BR A N TLE Y , Blackshear”
tilery
Jan. 14th, 1914.
To* the Honorable S e cre ta ry o f the Treasury,
vjy
«£?
Washington, 3D C.
.
0f i
Dear S i r : wish to endorse Savannah,
Georgia, as the l o c a t i o n o f one o f the -Regional
Reserve Banks.
W are l o c a t e d in the Sea
e
Isla n d c o tto n d i s t r i c t and handle o n e - t h ir d ,
or more, o f the c ro p , and we can s t a t e i t as
a f a c t that Savannah Banks fin a n c e p r a c t i c a l l y
a l l o f t h is c ro p , and we think i t i s a f a c t
that Savannah Banks a ls o fin a n c e a g r e a te r
p r o p o r tio n o f the Upland c o tto n cro p , Naval
S to re s crop and Lumber F i l l s than oth er banks in any c i t y
lo c a t e d East o f the M is s is s ip p i R iv e r.
We are,
Yours t r u ly ,
APB-OR
THE A. P. ^ATITMY Op.
By _____
/
P r e s id e n t.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
/9
&/
SAVANNAH A G E N C Y :
20 B a y St r e et , E as t .
We have e very faciI ity for
executing large orders in
the interlorandattheports
Cable A d d r e s s :
“ BRANTLEY, Biackshear”
^ycHc€€3Kaft.e\try*", ’LZetv^try.
% >££?
Jan. 14 th,‘1914.
M
To t h e ' Honorable JJrecretaj
^PJ^^rvcnlT
Washing
Dear Sir:We wish to ^hftoxse Savannah,
Georgia, as the location of one of the Regional
Reserve Banks.
We are located in the Sea Island
cotton district and handle one-third, or more,
of the crop, and we can state it as a fact that
Savannah Banks finance practically all of this crop,
and we think it is a fact that Savannah Banks also
finance a greater proportion of the Upland cotton
crop, Naval Stores crop and Lumber Mills than other banks in any
city located last of the Mississippi River.
We are,
APB-OR
■- : ~ 777~~zr~1:
— r~m
.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
D 'A .S M I LEY,
P re s id e n t.
A.
1
_. T l P P J N S , V i c e - P r e s .
J . B. B R E W T O N , C a s h i e r .
OF C LA X TO N
10333
C
i
,A X T O K ,G
a
iir.
#
Jan.- 12th, 1914.
C Ucadoo, Sect. of t?ie f rv &s.,
r«
^
tfashington, D. 0 .
IDear £ ir jW want to express our deep interest in the
e
matter of Savannah securing one o f the Regional Stoics to
be established under the To?; Currency 2 i l l just enacted
,
into law. One of these baafcs located
Kould
serve, not only «. vast nuivber o f people^WPPWHPLi f i l l
a loae fe lt v;*nt in one o f the finest regions between..
I.C ? York and the '^ost southerly port o f Florida, along
7
the Atlantic H
aodt Coast.
iTative
;3avanniLh is the outlet and inlet for more SSfcfriaa& and
I
Foreign products th&r a^y city south of Baltimore ?;long
the £~reat i^rlantic Coast.
Savannah. furnishes more funds to handle the ^ro^uce o f the
country than any city south o f Terr York,
w therefore ask your serious considerations in behalf o f
e
Savannah’ s application fo r the establishment of a Hegion&l
Sank. W hor>© to see the change in our Currency system
e
changed to the mutual benefit of bothe, the producer and
the money men.
^
J
Yours veiy truly,
/\5r- &L
I resident.
/ / / V A
X
Reproduced from the Unclassified I Declassified Holdings of the National Archives
W. W. A B B O T ,
PRESIDENT.
W.R. SINQUEFIELD,
THO S. H A R D E M A N , .
C A S H I E R.
VICE-PRESIDENT.
6207.
L o u is v ille ,C A a .,
Jan* 16, 1914*
Hon. David F. Houston
* .....;..
Secretary of Agriculture,
Washington,
D. C.
j•
Bear Sir:want to urge upon you the consideration
of Savannah,
eorgia as being a good location for one
of the Regional Reserve Banks.*
Savannah is the most
important port on the Atlantic Coast in the way of
handling exports, with the single exception of the
City of ^ew York, handling over two and a half million
bales of cotton each year.
In addition to this, the
Banks in Savannah have been very liberal indeed in
taking care of the business of the country
tributary
to Savannah, and while we are patriotic enough to wish
Atlanta to get this Bank if Savannah can’t have it, we
think it would be to the best interest of this section
of the country, which includes South Carolina, Georgia,
Alabama and Florida, to have this B ank locatedin Savannah,
and we urge upon you the earnest consideration of this
point.
Your8 very truly
PRSSIDENT
Reproduced from the Unclassified I Declassified Holdings of the National Archives
w .w . A B B O T ,
PRESIDENT.
W, R . S I N Q U E F I ELD,
THOS.HARDEMAN,
CASH IER ,
V IC E -P R E S ID EN T.
6207.
x
a
t
i
o
^v
a i j
b
m
r
L o u is v ille 'C x a * Jan* 16, 1^ 14•
Hon. T. P. Kane,
Aoting Comptroller,
Washington,
Dear Sir:-
D. C
/
Wi want to urge upon you the consideration
of Savannah,/Georgia as being a good location for one of
TfusRegional Reserve -anka.
Savannah ie the most important
port on the Atlantic Coast in the way of handling exports,
with the single exception of the City of «ew *ork, handling
over two and a half Million hales of cotton each year*
In addition to this, the Banks in Savannah have been very
liberal indeed in taking care of the business of the country
tributary to Savannah, and while we are patriotic ehough to
wish Atlanta to get this Bank if 3avannah can*t have it, we
think it would be to the best interest of this section of
the country, which includes South Carolina, Georgia, Alabama
and Florida, to have this Bank located in Savannah, and we
urge upon you the earnest consideration of this point.
Yours very truly,
P R E S ID E N T
WWA: S
Reproduced from the Unclassified I Declassified Holdings of the National Archives
w. w . AB B OT,
PRESIDENT
j EFI E L D ,
T H O S . HAI
;
F O R M / 3 ■ /;
H R § T m
H O K M
B M
lAmjti s i H l e ,G a *
CASH IER ,
/ f
R
16, 1|14.
Hon. Ha. G. HcAdoo,
Secretary of the Treasury
Washington,
B. C.
Ve want to urge upon you the consideration of
Savannah,# Georgia as being a good location for one of the
Regional Reserve Banks*
Savannah is the most important
port on the Atlantic Coast in the way of handling exports
with the single exception of the City Of Hew York, handling
over two and a half million bales of cotton eaoh year.
In addition to this, the **anks in Savannah have been very
liberal indeed in taking care of the business of the country
tributary to Savannah, and while we are patriotic enough to
wish Atlanta to get this Bank if Savannah can’t have it, we
think it would be to the best Interest of this section of
the country, ??hich includes South Carolina* Georgia, Alabama
and Florida, to have this Bank located in ^avannah, and we
urge upon you the earnest consideration of this point*
Yours very truly,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
C. E. A T T A W A Y ,
president
W. R . TU R NER. cashi er .
J. F. B A T E S ,
asst, cashie
^
\
O F M 1L L E N .
C A P ITA L $ 2 5 ,0 0 0 .0 0 .
Jan.17th 191"
Secretary ef Agriculti
Washington ♦
.
Dear Sir:You ar* ef course aware that cotton is ef prime imperatce
in keeping the trade balance between this country and Europe
in favor ef this country. We presume .that the section raising
such an important crop will be favored with the lecatien
"ef ene ef the regional reserve bpirtSS. iF^suclf'HB the case we wish
to lend our endorsement ta/*favannjflf*s claim lor thv location of
e
this bank. Certainly xyr 3*ly
South, and east of the Misss-
ippi river, can subs/aimat^tts claims witly such convincing
facts as c a n ^ 8 w a M j / P h y s i c a l l y ,/its loo^ticm on the Atlantic
seaboard is ideal. Cmr.eraraii^r tt ia/tfh* very he?rt of the
cotton States.
y
As Secretary ef Agriculture we trust and believe yeu will
see that, the cotton growers ef th«j South are given every advantage
that can come to them from the new bonking law, end we sincerely
believe that they can get this only by having one ef these banks
at savannah.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
W.R.TURNER, cashier.
J. F. B A T E S , A s s t .
N . 9088.
O
Cash ie r
r tf
C A P ITA L $ 2 5 ,0 0 0 .0 0 .
Jan.17th 1914.
Cemptreiler ef trie Currency
Washinten, B.C.
Dear S i r : Please pa men a small country bank fur presuming t@ m
a&e
any suggest i&ns/ebeut se important a matter as locatin g the
new regiensl reserve banfca. W merely Fish t e •
e
speafc a werd
f er S a v a n n a h f e r any le c a l rtasen, but purely because we
b e l i k e this sectien ef the ceuntry can b© best served by
having ene e f the : snka ir Savannah. By this sectien- e f the
ceuntry we mean the eetten growing states east e f the Missippippi
riv er.
W are aware that the cemmits® having this matter in charge
e
is being besieged by the claimants ef the vafcieus■c i t i e s , Mest
e f th«se are meved by le o a l pride in sera® particular city #r small
s e c tie n . 'You s r e -e f ceurse in pessessien e f ths facts supperting Savannah's claims, and when these are ca re fu lly weighed we
de net rc? hew any seuthern e
Savannah.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
C . E. A T T A W A Y ,
President
T. Z . 6 AN I f L, P R E S ID E N T .
H
W .R . TURNER, c a s h i e r .
J . F. B A T E S , A s s t . . . C a s h j e r
NO. 9088.
C A P ITA L $ 2 5 ,0 0 0 .0 0 .
Jan.17th 1914
Secretary ®f the Treasury,
W a s h in g to n ,
Penr Sir:-
B .C
Form
L
We presume that at least ons «f the regional 'reserve banks
t® be established will be lecated in the Seuth, and we wish.give'
®ur strongest endorsement t® Savannah's claim fer this bank.
Frem a cernmercial standpoint, Savannah is t© the' Seuth what
New Yerk is te the. entire ceuntry. Of the citi«s ®n the Atlantic
ceast it is second e-nly te New Y®r& in experts. This is due net
enly t® th© advantage it has in leefctien, but t® the fact that
it has always bsan financially able and willing t® furnish the
necessary funds t® raise and handle' the cetten crep, the main
cernmedity which is exported frem the Seuth,
We trust the cemraitfcee that has bean selected te determine
the pr®per plac® f®r the location ®f these banks will give the
facts supperting. Savnnah's claim the oereful censiderat i®n
that they deserve
Reproduced from the Unclassified I Declassified Holdings of the National Archives
JU L IU S MORGAN, PRESIDENT
J . O; STRICKLAND, V ICE-PRESIDENT
V. C. LANIER, C A SH IE R
NO. 8 6 8 0
Jrmbrnfep National Hank
Jrt
f n hrnk*, $a.
B i W i e t O f U 1 IS d e t iH g *
S T A T E D E P O S IT A R Y
Jaan 14, 1914.
On mot ton duly
•n t s « e ' l and ftarjpied, th*i following 'pream
#iod-.
bles afod r«is*oXt*tion wojm WfmniwioutiXy adopted*'
^hereaa ,
United State*
not lesss than
be Irnmted In
unde? the f^toral RfiyMtrve A#t reoerrtly adopted by I M
Cttniippe-«» and approved by the l?re»id*mt Boo* Z$9-1913,
eierht new? s k m than t l s i s fodoml Hmmuxvm: Itanfca will
sms
fwiw
various* eeetiona of the United state® ; attd
•
*fN«3P®att, the need -Pov elaetlaity I x our eurrenoy ay-atem. wm ttm
x
•ant to 111 t g saotlv© in the eriaotrs^rit of t M a le/rielation;. and
i
Wh#reai*>the ureat port of the South At Iantics,, fm m wfji^h reserves
of our tonay rouat mttmtXly flow to all joints in the oowth-esaot, and
to <ahloh the most valuable and liiport&nt prodaota of the noath-eaet
tnu»t ant will
for ?mrlc«tinrr and ehl ^sswmt abroad,, 1» the Xo^ioaX
point for the ioaatiori of one of the? Fodert*! B c u e w 7
%i,nke; therefore,.
I t JB 4im d>L .o.lyi»r
the hoard o f d lre o to re o f fh© Penhrokci n a t i o n
a l 3artJt, o f Pembroke Gteu a.- t-Hat wo re s p e c tfu lly roquoftt and urt& the
•
Or-mnX2a 1 1 on Committoo uader %hm Sfede m l Steeerve Apt. to dcrB.i.« ?!&
* t©
0 oo^|ia# an the oit^r in shioh a hall be loaatad the Pederal
H e W P w ^ t i i k that wilX serve the m>uth~ea&texn amotion of the eoimtry#
X« W. C. Lanier, Cashier of The Pembroke National Bank, of Pem
broke Ga.f hereby certify that the above and foregoing is a true copy
of oertain preambXes and resolution unanimousXy adopted by the Board
of Directors of said Bank at a meeting duly oaXled and held at Pembroke
Ga., on the X4th day of January, 1914* aXl the members of the Board be
ing present.
In witness whereofI have hereunto set my hand and affixed the seal
of said Bank, at Pembroke Ga., this Jan* 14, 1914*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
BBJCtCB THB 3K 08RA1. HBtiSHVS BMBC (fflflAMgAlTinr nnvwrTTiat
AT a
a s o B o iA .
w m m xt
Sfnramiah should 1m aalactod a« location to*
yad^ral Rft^tyyt Bnnk o f tlM &outhoaat«
B*iof of
and pro*satad to m
.XuJBBU
flx a o u tlv O f f !o a t;
Savannah Cimafear o f Co m — roo.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
m m tom
The territory sslected by Savannah to bo served lay * federal
Reserve Barik comprises Georgia; Jlorida,AlabamatSouth Carolina and Horth
Carolina,
M introduced
ap
at the hearing shows the railway transportation
fa c ilit ie s o f the States named and the ooastwise steamship fa c ilit ie s o f
th*
South A tlantic sen»ports and the Gulf porta in flo rid * and Alabama.
Zt shows also the porta o f the United Kingdom and Continent o f j&urope
with wtoich Savannah has direot coxenunioatlon by freight steamships,
i»svannah;of a ll the important porta of the A tlantic Coaat;llea farthest
westward,and i s , therefore; oloaeet to the heart o f this contlnsnt, I t ia
on the w atern rim of the great curve of the South A tlantic shore.
e
Savannah** geographical looation, together with the fa c ilit ie s
afforded 1Q trunk-line railways,enable her to o ffs e t the apparent non*
3T
csn trslity o f location with relation to the territory selected for the
federal Hsserve Bank,
Whether two banks doing business with one
another are fift y m iles; or three hundred miles apart, the handling o f
the mails i s what you might c a ll an M
over-night* or twelve hour proposi
tion ,
Statsmsnt introduced at the hearing shows diatanoea from
Savannah in hours to the prinoipal o itie e in the selected territo ry .
Savannah is within twelve hours,or over-night m il-d ista n c e , o f a ll the
territory selected9with the exception o f a few points oflPthe frontiers •
thirteen to eighteen hours away,
Savannah i s in about as easy reach o f
the territory as any other city in i t ,
Under the law ,in order for th is southeast section to have one of
the banks, the territory to be served mast esterase eeversl S tates,
Within ths section named is available the minimum capitalisation
required,The ooaublned capital and surplus o f the National banks o f
Georgia; j&orlda, Alabama,South Carolina and north Carolina * t June 14;
1 9 1 Z was $ 66 , 686 , 1 1 6 *- six per cent, o f which would more than exceed
the #4,000,000 minimum capitalisation required by the law, The to ta l
Reproduced from the Unclassified I Declassified Holdings o f the National Archives
ro^vuveaa # capital;*urplu« and dapoait* • o f tha ©tat* bank* of
a^or«ia#71oridA#Aia^u*R,bouth Carolina and Horth Carolina • «v« about
$4$0fm Q p < m 9
ftm ©▼•rwh«lBdn«ly oiiiof industry Of the fcouthaaat i* find w ill
alway* ba agrioultura. 7h# larg*»t paroantaga of lt « population i * on*
gagad in agrioulXurol purauita. Tha tarritory aalaotad givaa aa wall
balanoad
a ••otion from tha *tand-point of rariad indu*tria» a« can ba
found in tha anti ifa aouth.
gmnrrmgtt
n J » y 55f {> f f ii
Ay
w SSm m —
T H T H m im 'SbH X m W n l t i ,
2£H X O Y
LBCTBD
mSZ
Tha aaoond nap intro duoad at th* hearing ahowa tha baaio oomraaro#
o f tho territory •alaotad,- ohiofly octt on; lumbar and natal 9tora»#in
tha orda* na»ad«
Bolow tha rad lin a on this nap nra produced about 7i ?00#000
balai of ootton Taluad at about $47 J; 000,000,
Balow th« black Una ara produoad Haval Stora* to tha aggragata
▼alua of about #3£9QO$»0&O»
Balow tha blua lina ara produead approximataly
faat of luabar “ luai #t about |120f 000,000,
m
H R H Q A M M M i tha bulk o f Horth Carolina1• ooran«roof in and out*
OT
i a with the north and or\«tt and with foraign countrtao, Tha larga*t to Iu m o
o f i t ia handlad through tha porta o f Norfolk and Wilmington* btranga
aa i t zaay eoam,h o w * v a r#b ^rnnnah gats
mm cotton froa Horth Carolina.
Haitha* Wilmington aor Horfolk ara comparable with Satannah in axporto.
SO TH
O
§»buth Carolina*« Qownaro*,!** and out* i» with tht
north and aaat and ab#oad£aisd tha largaiit voluaa o f i t ia handlad through
tha porta. Tha northara part of South Carolina i« doubtloo* aarvad by
tha port* o f Norfolk and ViIraingtonfwhila U&minmfo diTid##iirith
Chari# aton gtha Qonn*rca o f tha Iowa* h alf o f south Carolina. In. axporta;
Chmrlatton doaa not canpaya with Savannah.
IXUHIGA: Horid«t*a ootton orop i* oonfin«d ohiafly to aan
Ialand,a larga part of which ia markatad at £*Yannahfiwhara tha largav
Reproduced from the Unclassified / Declassified Holdings of the National Archives
paroantaga o f tha antlra orop o f Mm laland ootton o f tho Uni tad
Btataa la narkatad«
N twlthatandlng Tlorlda produoaa tha fearal i|yarta
o
o f tha aottthaastgthla Important orop la mrlcatad through Savannah, for
tha raaaon that tiatnnnah la a t l l l tha prImary Haval btoraa aankat o f tha
world and flxaa tha prioaa on
atoraa for *3.1 tbs vorld*
Savannah
la tha aaoond ootton port o f tha Ufcltad Btataa and “e r raaaon o f thla
tg
fa a t,la praparad to furalah tha tonnaga for 71orlda*a naval atoraa*and .
tharafora* Bavannah controls tha axporta o f naval atoraa from n o rld a .
Sha ooianoroa o f Jlorlda la largaly Inbound and outboimdtwlth
tho north and aaat and foreign, *md aovas through tha porta o f Jaokaon*
v illa , Tanp^Panaaoola and Savannah*
Florida1a fr u it and truok crops
Mora out Inrgaly north tgr r a i l. Thla wovaraant to tha groat o ltlo a o f Hui
north and aaat la isuoh largar ttmn to th* waat,
Tha paoullar outline o f Slorid* - panlnaular In form - whioh
oonflnaa Jaofcaonvillo«a a o tlrltla a largaly to tha Btato o f Slorldaiand
Savannah’ a looatlon on tha highway fcotwaon tha north and aaat and
Slorldft# maka Savannah tha logloal point to aarva F lo rid ia n s wa Tw*
H aro that our Florida frlanda w ill9upon raflaotion , agraa *nth ua In
thla viaw*
Tha aaporta o f any or a ll o f tha porta o f Tlorlda ara oonaldaratly
laaa than thoaa o f Savannah*
A A A A X an *fitiofiod i t w ill b« found,upon »naly*i«,that
LBM:
tb* IxiXk of A&itlMiMta ootsM»oo 1« «l*o with tha north,oaot «nd foroign.
7hl« aoav»*oo 1* dlvidod Isotwooa tha Oulf ports o f H OTlannBiUoMl*
ow
•nd p«mo*ool»fond tha Atliintlo port* of &*v*nua^ChftYlo«toa «ad poooife&jr
Bovfolk.
X h*TO no flfuros to w
fcov to « i» t oxton* Savannah handloo tho
ttaM tM of AlaHam.Hut X do know that b«Tannah goto * world of oottoa
from Alalwaa .-Mont^msyiOpoXUcaiarfManJAndaiuoiaiCoXtartiaiDotlMuU
O vuftiinjr *to .
Ootton oooko tha port wbav* tomutoo to mT»il«T>l*.B»n»nn»h auppXlaa
tho toanago.
Tho export* of SfoblXOjAlabiuM* • ohlof port^nvo not ooapavalO*
with thoao of Savannah.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Ttom statement has fcaan and# to as in writing hy a fartiX isar
afcanoyt% ooapany o f Savannah that p ractically fift y par cant o f tha
foraign fsrtiX iaar aatarlaXs usad in Alahaaa aovas through tha port
o f Savannah*
OBOHOIA:
Agrioulturs 1* Qaorgia1# principal induatry, aaploying
thr« •• fifth s o f har population;and ootton i s har ohiof orop. Gaorgia;
In ootton ;is away ahaad of any o f tho othar Statas nnraad. Xn lumbar
produets Oaorgia rank* only fourth; th* lumbar industry bating moved
largely to IXorida and Alabama* In th is oonneotioni however, i t might
1 stated that there is a vary large aeviagc o f hardwood tiaber in
m
northeast Georgia,which must soon ho aut and find i t a way to tha
aarkst* o f tha worii* Xn aaval store* Soorgia reaves naxt to florida*
X have already explained that while Florida produeaa tha naval stores
oropiieorgia1s port, Savannah,finanoa% and aarksts i t . Xn oapitaX
invest#* in ootton m ills, Cieorgta ranks third* Xn ootton oiX milXa
products Georgia ranks fir s t* Xn expenditures for fertiX i*#rs Georgia
is orarwhaXaingXy ahaad of any of tha othar four State a* Georgia*# ooa»
aeroa i s vary auoh aora largely with tha north and aast and foreign*
than i t i* with tha west*
m
r m
m
m m m l
llhilo i t i s true that a part o f th is ooamerc# novas through
tha ports of Norfolk find Charleston, the overwhelming voXtiaa o f i t
is handXad through tha ports o f Savannah and Brunswiok* With her
aagnifioant tle e t o f ooasVwis# steai*ships,and with har diraot freight
staaashipa pXying between Savannah and tha ports o f tha Uni tad Kingdom,
and tha Oontinant o f Europe; and not infraquantXy with tha ports o f Latin
Aaarioa and tha Orient,Savannah has b u ilt up an axport business whioh
at Jtons 30«19X2;aggragatad ovar #104,000,000, and whioh pXaoaa Savannah;
among tha ports o f tha Atlantia in tho aattar of #xport#,n#xt to ITsv
York,and among tha antira ports o f tha tlnitad Btat#s, Savannah ranks
fourth in axports* fhe figuras givan do not inoXuda sxporta aoving
through Savannah indiraot via tha Bast#rn ports o f Haw TorkfBoston|
Reproduced from the Unclassified I Declassified Holdings of the National Archives
'» a itli* # ija a d m iIi* i| M a ;fo r w h la li w a d lt i« not d<raa Bn-ntmuih to
SoT«rna*nt
Bor do thasa figure* laoluda »ny o f tha doaaatie
eomwraat noTing through L>»Ytinnah batwaan Ui« Uouthaast *»nd tha north. and
Bast,
Savannah M ortw * oottoa from not only a«0rgia;3'i0Ti&*;AX*1>*a*;
*o»th Carolina and South O arollna.U tt from Arkaaftaa; Oklahoma, Ui a«1 aalppl
Samasaaa and aran aa ( m waat
m
Saxaa.
Of tha antira aaetloa sal«otad ley Bvntnah aa th* «a«lea to 1M
aarrad lay * Vadaral Saaarra
with haadq,U*rtara at Savannah -
(1) Oaorgla is tha *oat iawortast so t n l r ft w tha standpoint
o f Irn li aosna*oa,tttt praotioally la ovary stha* raapaat.
(2) bavairaah aa a port handlaS for tha M otion » lar«ar voluass
not only e f tha feaaio comaroailsut asmaraa o f svsry othsr kind, than iqr
othar port that 'arras th* a«otloa,na& rawlly nova than noat o f tha
othar porta sonblnsd,
(5) Uavnnnah through ha* to*nks,hsr oottoa and naval storsa
faatora,h«r lmal»ar narohnntaihar fa r t ili *ar Manufacturers and ha*
tualnas* nan «aaarally( doaa aora than any othar port that aarraa tha
saotlon.or than any othar individual o lty looatad in tha saotion ,ta
financs tha Baking aad aarkatlnc o f tha basis ooonaroa o f tha saotion.
Tha finanola* a f ootton;iuMbay and aaval atoraa koA othar oon»
aaroa « export* and doaaatlo,nnd iwporta jaaoing through tha port of
Savannah * la and out » la dona in nony variad w*y<»— Ts tha Im R*
*r
M
la shiplants.of curranoy **nd loana to Interior 'tetik* and indiviAunla,
la purahaaaa and aalaa o f domaatlo and fovoiga axolvui«a;loans to fnatoaa
(oottoa,naval atoraa and lunbar) aad fa rtlllsa r nonufactttraros sad Tv
tha faotor* In capital iavaatad and in m a*r 1»orrowod which la advaaooA
to tha produoara,and Iqr oaqjortara through oradit aHtn^iilahad for thaa
la tha in terior
-tha iinvanaah 'banko,or through Imnn oft toaafcinf
faoilitlaa.w ad ftp tha fa r tilis o v nauufaotwara ia o w ita l invastad and
la tha value o f aanuai output,whi ah. la aold to tha produooro oa tlM
to ba paid for whoa tha orop io aafketad.
Savaaaah'a oottoa teeoipt»|ttala* tha fig u res fo r 1911-13 U W
Reproduced from the Unclassified / Declassified Holdings of the National Archives
feolstg ft ohort orop you*) woro 2 , 3 9 2 ,18 1 balee. The value o f thio cotton « t
thla yoft**# pri ooo, approxiraately $70 .0 0 ft h a le ,is in round figuree
# 16 8 , 000, 000 .
W know that liavannah financed elth e* with aotual oaoh or
o
oredlt,or otherwlee^tha largeat port o f tho raoney noeded to »ako »nd
m rket thie cotton,
Savannah*e fo r tilia o r icanufacturero do m w * than any interior
iM tiC 0? o ity . or prohahly mny o f thorn combined, to finance tho cotton crop.
X
X m relia b ly inform* I t In ft ffcot thftt Savannah ra^nufaoturoe not only
sore fo r till* o r » than any port op c ity In tho eouth,but novo fe rtllia o ro
thftn la manufactured nt Wty othor on* point In tho i*orld,with tho poaalble
exception o f Baltiiaoro.
Tha aggrogato capacity o f her fe r tilis e r
factories i t approximately 4-50,000 tona annually,ivhlch lit $25.00 per
ton,givce a value o f #11, 2JO,000 * - largo figure a whan i t 1ft considered
that tho to ta l expenditure* for f e r t lli aero in Oeorgift9S0uth Carolina,
Horth C*rolina,Alabai»a and Slorida aggrogato about 068,000,000.
Apparently, k^vannah furniaha* and flnanooa wore than one»aixth o f tho
fe r tilise r a uaod in tho antiro aection,and thoeo figuree to not inolude
largo iwporta o f fo r tillso r e that sroto through tho port o f Savannah
diraot to interior laanufacturera.
The value of tho naval atoroo orop whioh Savannah flnanooa
annually la about $1 2 , 500 , 000,-«* atriking figure a whon taken into con*
aideration with tho foot that tho aggrogato navftl ato re a production o f
iforth Carolina,t>outh Carolina,Georgia,Alabama and Florida lo ft l i t t l o
over $ 52 , 000 , 000. liavannah flnanooa ovor one-third o f tho naval atoroft
orop o f tho Uouthoaat.
The purchaaos o f dome*tie and foroign exchange T p Savannah banka
a
aggrogato about #250,000,000 annually.
The moot aati afactory way, however, o f determining tho extant to
whioh bavannah flnanooa tho commerce o f thla eection la to conaidor how
Male clearinga.In thla oonneotion,it ahould lie d e a r ly undaratood thftt
in arriving at tho figuree givon aa tho bank oloarlnga of Savannah,at
thla tim e,#28o, 538i % 2 m annually;
00,
only looal tranoaotlona between
tho beiike in &avannaih9iftambera o f tho Clearing A*aooiatlon,are includod.
Reproduced from the Unclassified / Declassified Holdings of the National Archives
The out-of-town item# are not included,**# 1# done In Atlanta, In verlflo*
tion of this statement,attention ie 0*112< d to the tn o t that In 1906
5
Atlanta arrived at her bank clearing# apparently in the aame manner a#
Savannah now compute# her#,and that Atlanta9# hank clearings in 1906
wot# § 23 5#997#^96 a# againat b«*vannahf# #242, £24,626, xt eeems that In
recent years Atlanta adopted the practice of Including out-of-town items
in her clearing#, Savannah1a ol earing# at the preeent M m -on the
Atlanta baai# - that is .out-of-town items included*would anount to
t903*8 2 J ,
> 796,annually,
The differenoe between Savannah*# clearing#,
not inoluding out-of-town Item#,approximately #280,000,000 and what
Savannah1# clearing# would be with out-of-town Item# included,approximate ly §900,000,000,1a $630,000,000,which latter amount oan be fairly conaidered a# the aggregate amount of money finanoed l y Savannah in the
a
making and moving of the crop# and other ooxraeroe of thi# section,
&avann*h*s finanoial transaction# are peculiar and distinctive,
and a# they aggregate,a# we have already ahown more than the finanoial
tranaaetlone of any other city or any other port in
hi* eectioa,Savannah
i# clearly entitled atrictly on her merit# to the federal Be#erve Bank
for thi# aeotion.
It 1 # at £avattnahtmore than at anjr other port In thi# aeotion,
that the commerce of tha section fUtuaelllses,## it were, X% i# at Savannah
more than at any other port or city in thi# aeotion that thi# commerce i#
finanoed. It i i at fciavannah that the physical preeaure and the finanoial
*
preeeure of thi* commerce are the #tronge#t.It i# at Savannah that export#
meet the ocean,and intporn# meet the land.lt i# at tsavaimah that rail
transportation and water transportation unite for the handling of commerce
of thi# aeotion. It i# at thi# great funnel of coameree -bavannah - that
thi# magnificent finanoial power plant -the federal Keaerve Bank -should
be established,
The point may be made that the foreign commerce of the Southeast
should not be given a# much weight in the consideration of thi# matter m
m
purely domeetio commerce,
I have no way of determining juat how the
Reproduced from the Unclassified / Declassified Holdings of the National Archives
aggregate o f purely domestic commerce cowparee with tha aggregate of
foreign ooam m ^
X m y be mistaken, but l think so far as the baalc
commsrce is concerned, eotton9Itimber mid naval stores9th* aggregate
value o f foreign business w ill exceed that o f dorastlo business. Be that
as i t iwty9i t Is all tlx# same to tha producers of thi* section whether i t
be domestic oonmaras or foreign commerce; as la n il financed practically
in tha same m y.
£ am not here to any that tha purely domsstic commerce
doaa not require large anna o f moncy9but I t doaa not require that money
in tha same way aa tha so-called foreign coimerce . She m*mufactur«r9tha
wholesaler c rtha retailer la in a position to determine hia financial
a
needs vail in advance.
naada are more or less ataxia and continuoua
and uniform. Cottont however9i « a cash crop. It is cash from tha timt
i t leaves tha producer until i t gata to tha eastern m ills or aoroaa tbs
Atlantic. Wh<m ootton begins to move tha raoney necessary for it s
expeditious transportation must be forthcoming at once. i t ia not an
infrequent ooourranca for Bavaimah to receive in excess o f £1,5601G O
O
in cotton drafta par day during tha ootton movement. It ia not an in*
frequent occurrence for Savannah baj&s to have to wire lTaw York from day
to day to plac* vast sums to their credit with which to wove the crop.
When the market ia dull tha Bavaunah banka are required to finance the
cotton which accumulates at tha port awaiting renewed market activity.
Mfival atoraa ia alao a caah crop as between factor® and eacporters9
and practically ao between factor a and producers, the factors advancing
money to tha producers to make the crop and settlin g fin a lly with the
producers im adiately after sales have been made to the exporters.
Thi* law was designed primarily to promote commerce -basis commercethat la 9ths products of th« a oili o f the forests and o f tha mines -the
sub*structure,as i t were9o f the wealth o f this entire section -the
fountetlon upon which has been raised that superstructure which ooapriues
our manufacturing, jobbing,retailing and other businesses. I f w want to
e
increase tha basic wealth of this eeotion9w must devote our energies and
e
our money to the s o il; the forests and ths mines. Manufacturing and other
industries w ill naturally and inevitably take care o f tliamselvea9and
Reproduced from the Unclassified I Declassified Holdings of the National Archives
therefore; do not have to be
w y auoh into account in the
eetabliehaent o f :*ederftl B i t i m Bank**
I t ie an economic truth thet the agricultural industry ie th*
meeeure of th* ‘banking intereete o f thie South-Eastern eection9and that
e ll other Industrie* are o f secondary importance. frhould the question
Ini raiaed that in a Tory largely agricultural d i* tr ic t9a JNderal Heeerve
Bank would ho active only * part o f th# year9n*»ely 9during the period*
e o m i a i the aovemant o f the crope9and that* therefore*the location o f
the bazale at a point where industries would he wore varied, eeouriug aor«
oontimaoue a c tiv itie s for the bank,would he preferafcle,the anewer on the
pert o f Savannah would he that there ie scarcely » day throughout the
entire year when In*** <*im o f money *re not borrowed either for producing
#
the orope or xeidBg thma* Savannah ie now borrowing from Hew York more
largely for the purpose mentioned than *sy other port or city in the
eeotion. Utvler the champed condition* to he inaugurated by the new law.
Savannah w ill borrow from the federal Bank, and naturally 9beoauae of the
reaeone «tated9Bav*anah feele that she M o u l d hare the head<mft*tere
, bank for thie eeotion,
&avanaah does not now loan money in every part o f the territory
•elected. Savannah doe* lonn noney.however* largely in South Caroline#
Georgia, Florida and Alnlzmm. fcavannah borrow* greatly in order to loan
greatly9and th ie condition ie a acre or leae continuous one throughout
the year9 for the purpoee either o f making or marketing the products o f
th ie eeotion. Large borrowing ie eeeential to the rapid and expansive
development o f a d istin ctively agricuotural eeotion.
That part of the Southeast naturally tributary to Savannah ie
increasing in importanee agriculturally end every other way by leape
and bounde#imd Gavannah#s importance a* « port ie inoreaeing proportion
ately therewith. 3»arge ae ie the extent to which bavannah finanoee the
baeie owope of thie a c tio n at preeeat9she w ili be e je c te d to do9and
w e t do.vaetly nore in the future*
With the rapidly developing agricultural and manufacturing
importance o f the eeotion to be aerved by thie federal Beeerve 3ank9and
Reproduced from the Unclassified I Declassified Holdings of the National Archives
w ith the cowpletion of the Pna*im Csrml ead the bringing nearer
«o*!*ft*toi«lly to this m otion of the countries of l* t in A*t*riee • the
e«teblieftment of pneee&tger etenmhipa between S*!venneh *tnd the port#
o f ^uropo ?md Letin Amrioe enn be eeeily foreseen,
A Seder**! Stoeevr*
Benk looted « t B*ivfum«*h would then be in convenient end ready
eonmmieetion with it** branches in Burope end X,?*tin Amricn.
In the entire eeotion propoeed to lie served by the 3ed«r*l
Reserve B s l at l>^r*inn<ih the trend of n^ricultural development ie
efe
toward the conet#**nd not towerd th& noiratata range,which extends from the
Hortheeet toward the iiouthweet
through the weetern pert of thin section.
I t hme been diecovered that the eoile ne»r the comet ere euitnble not
only for the production of the staple orope#oottontc c m #atc. hut n%~.o
for truck crope. In t o n litnte o f (feorgi* the trend of population ie
tr
toward the southern p*rt of the Stet# below a line drewn eaet *r>d weet
through Mncon. Whet does this lasen* kiiaply Vm% the not very distent
future will eee the lerger part of the wealth of the proposed F«d*r«tl
Eeeerve Benk region concentrated in the coeetml section.
The Hetionel Government hee recognised in a very signal wey the
euprem comerciel isiportnnee of the port of fcev«nn«hfin th*»t it hee
expended neerly $9,000,000 on the improvement of the bsvennnh river mid
hmrbor*
Ibr every dollsr that has been expended on the B ^ w n n e h River
find Harbor end for every inare*s«d foot of depth of ohsnnel, there hsv*
been corresponding benefits in greater tonnage c^peaity of veeeel# end
redueed oeeen freight retee,which benefits h*ive been p^rtlcipeted in by
ell consumers in tha w e t territory tributary to th» port of Bevemmh.
Gowaeroe roves through the port of Bnvnnnali «e fir west es the Bocky
Mount mine - Pueblo #])enver #Ool. und Belt take City,Utsh,*t«.
The etetemnt should not he os&tted here that the reilwey end
iteemship linee at ttavannah have expended millions of dollar* in pro-*
viding munificent port terwiml*,- that they have now under eont«s»»
pietion expenditure* for iisproversente aggregating over e half a U l i o n
dollere,*nd that thane terrains! facilities have contributed very largely
in attracting to the port of bavannah a large part of the comeroe of the
fcoutheset.
m ltU
Reproduced from the Unclassified I Declassified Holdings of the National Archives
mmmmm
StJHIIAKSf
mmmmrn
Th# *#©tion ##l#ot#d Isy bavannah 1« readily aoo###!*!# to
Savannah.
Th# ire?*! o f ©oigsaors# from th#
a c tio n i * to and from
tint north and #a#t and foreign through th# ports.
Q#o*£iaY #upr#ra# confercl %1 linportimo# *# conp«r«d with tint
#
•tin ? Stat## o f th# propo##d section h»* fc*#n «hown.
ftavannah hand!#* a larg#? volui** o f th# ooraiwc* o f till# n a tio n
than any oth#r w>rt.
kavannah handl## a larger voltaaa o f financial transactions
ba##d on th# ooiawro* o f thin section then sny oth#r port or c ity .
Savannah flnanoa* th® oofm***## o f th i* cotton to a largor #xt®nt
*
than nay othar port or o lty .
Tho purpose o f th* law in to do tha greatest good to tine c?«at««it
nu»b*rtto b*n #fit th# p#opX# o f th# country
a#
* whol#9to promote
oo»«#ro#f particularly feaaie ooransro« 9whi oh ooaiprinou eh i#fly the
product# o f the « o il9th« fov««t«# m
ud
idiM i,
Thi# 0ow*ltt## i# laaklng m thoroughly con*ci«smtiou% e ffo rt to
arrivw at conclusion# In th# m tt# * o f #«t*hllahlng th### f#d#ral
£###**# Banka, fron a broadly p atriotic *tandpoint9whlch correctly
int«rp?#t#d Man# a *ound9**artepsi# standpoint.
Thi# Com itt## w ill looat# th# 3t#a#vv# Bank for thia $#otion at
#ueh a point and in auoh a olty a# w ill h##t #nabl# that hank to
«afe##rv# th# public %t*odf to **t#t th# #oonmio n#o#a#iti#« o f th#
*#otlon.
Savannah i# £u*t «mah a plao# and raeata with taath#rtatioal
#xaotn*a«i th# Tmqui?im*n%* o f th# situation.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
BEFORE THE FEDERAITRBSERVE B M K ORGANIZATION COmilTTBB
AT ATLANTA, GEORGIA, FEBRUARY 13-14, 1914.
Brief of argument why Savannah should be
selected as location for federal Reserve
Bank of the Southeast.
—
exhibit
noT*
Hearing at
Prepared and presented by Joseph f . Gray,
f
Executive Officer,
Savannah Chamber of Commerce.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I have read carefully the stenographic reports of the hear
ings of this Committee at Herr York, Boston and Washington.
I
believe I understand the character of information this Committee
needs in passing on Savannah*s claims for a federal Reserve Bank*
I am satisfied Savannah’s representatives here will not bur
den or bore you with detailed statistics or irrelevant informa
tion.
You know that Savannah is on the map. You know her com-ip
mercial importance.T The problem which confronts you is to divide
the country into not less than eight aaad not more than twelve
sections or regions, and to select in each section a city which
shall be the head-quarters of the Federal Reserve Banl: for that
section.
You are to consider in reaching your conclusions every
important factor that enters into the problem,- the relation of
each section to its neighbors and to the system as a whole, the
convenience of banking, the customary course of business, and the
promotion of commerce.
Expressed in different language - you are
to ascertain what are the real, pressing economic necessities
of each and every section, and so locate the Federal Reserve Bank
that it will best meet those necessities.
ghts-
Savannah under-
stands, as every other city should understand, that her claims
for a Federal Reserve Bank must .stand or fall strictly on their^ '
merits.
Savannah does not come before this Committee hAmirny as
the rival, in any sense, of any other city, either in or out of
Georgia.
Savannah is not here in response to the inspiration
or impetus of local pride.
Savannah asks for a Federal Reserve
Bank at the hands of this Committee, because the economic
*
necessities of thi^section demand that the Federal Reserve Bank
-
1
-
Reproduced from the Unclassified / Declassified Holdings of the National Archives
lor this section shall he located at Savannah.
confidently expect to prove.
This is
Shis is what re
our entire case.
Before entering upon the main argument, permit me, h *m , to
clear the deck, as it were of a number of things which, from my
point of view, are of minor i m p o r t a n c e oomoMcg&tion o£^~•
It has been argued very plausibly that centrality of loca
tion should determine this question.
Bow, if all other things
were equal, this argument would be conclusive, but all other
things are not equal in this section, as we will show later on.
In the light of the economic necessities of this section, the
argunent for geographical centrality for the Reserve Bank falls
- to the ground.
It has been contended for a city located, we will say, to
ward the north, that it should not be hooked up with a bank
south of it, because the trend of banking is toward the northy
and a delay of one day in the handling of checks would result.
This, to me, seems to be purely the argument of a few bankers,
,
who, apparently, have no other conception of the law than that :
/ j,
Jmm designed solely to make banking more convenient, forgetting
entirely that the great, fundamental purpose of the law is to
meet the economic necessities of the country.
Moreover, the ar
gument as to a day's delay in the handling of checks, and inciMentally the loss of one day's interest on exchanges, is only
partly correct, and, besides, is not of
You can scarcely locate any of these ban
delay in the handling of checks from one-half of the section.
This delay, however, is offset by the day saved on checks from
the other half of the section.
This answers with equal force
Reproduced from the Unclassified / Declassified Holdings of the National Archives
the point raised as to interest on exchanges.
In this connection
it might he well to ask what practical difference does it make
if there is one day1s delay on checks from a certain part of the
territory.
how.
The member hank gets its credit in minimum time, any
The day*s delay does not hurt or inconvenience it.
Besides
it might as well he remembered that at present the paramount con
sideration with banks in the collection of checks is not so much
the saving of time as to the saving of expense - to collect at
par, isBap*aaiM£, and to accomplish this, checks are right now
moving via very circuitous routes, regardless of time, to the
banks on which they are drawn.
So it seems to me,
11 j rriTT-*- nvi*
1
that
this entire question of handling of checks ^CLl^olve itself
satisfactorily, and that this question'should give 3^ou very lit
tle concern or trouble.
Mr. Sprague, at the Boston hearing said:
"I don’t see how it is possible to attach any weight to existing
methods of making settlements between banks in determining re
gional areas.”
I agree with Mr. Sprague.
__
The argument that the location of a Federal Bank should be
determined
by the financial ability of a city
applying for it, is a fallacious one.
The mere financial
ability of a city is no index to the extent or measure of the
assistance that it may render im developing and marketing the
/\
CJ
commerce of the entire territory that a Federal Bank would be
expected to serve.
Not by any means.
A smaller city, with less
financial resources, but with long established and practically
unlimited credit in the great centers of finance, may, and in
some instances does, do vastly more to promote basic commerce the products of the soil and forests and mines^upon which all our
other commerce rests, than many another city with
superior
Reproduced from the Unclassified / Declassified Holdings of the National Archives
financial ability,- measured by capital, surplus and deposits.
It is the financial necessities - the economic necessities
of a section,- the volume and character of those necessities,
and the point at which the pressure of those necessities is the
greatest and strongest that should be the chief and^mm^esamem
considerations in fixing the location of a Federal Reserve Bank.
The question has been raised as to the inadvisability of a
Federal Beserve Bank a y t o w
States.
0
ye
region comprising all borrowing
So far as the Southeast is concerned, that question is
flTfgWWl to
o
1 WtEl31 umirtrM me ,o#ff!rg10
.
o
purely an academic one.
\ are all borrowing States, and we are
?e
going to be borrowing States for all time to come, because our
chief industry is agriculture.
Georgia has become the fourth
agricultural State of the Union.
Georgia is the biggest borrow
ing State east of the Mississippi.
I don11 imagine that any city in the Southeast will be pre
sump tifeus enough to claim to control the over?;helming share of
either the bank transactions or of the commerce of the entire
absurd
Southeast. Certainly Savannah does not make any such/claim.
Savannah simply claims that the trend of the basic commerce of
the Southeast is to the North and East and abroad through the
ports,- th%t she handles.through her port
more of
this commerce than any other South Atlantic port, and that she
does vastly more in the financing of this basic commerce than
any other port or eity in the Southeast.
There is one remaining question of minor importance.
We
will assume that you have mapped out in your minds the States
oatefceass±&o£?> that will comprise the Southeastern Federal Reserve
Bank section.
As already stated, the trend of commerce is very
«•
1mm
Reproduced from the Unclassified I Declassified Holdings of the National Archives
largely to and from the North #^abrpad, and this commerce moves
largely through the South Atlantic ports from, we will say, Nor
folk to Jacksonville.
Draw a line through the centre of this
section from the coast, its eastern boundary, to its western
boundary.
One-half of the section then lies south of the line;
no complaint rill come from this half of the section^provided it
is connected with a reserve bank: to the Uorth.
of the section lies north of the line.
The other half
That part of this section
lying to the extreme north, because of its close commercial and
financial affiliations with the Korth and Bast, will object to
being connected with a Federal Reserve Bank to the South.
ever
i&etfmmp&zr
Wher
you draw the boundary linest in establishing the
region, there must necessarily be an extreme northern part of
it.
In mapping out these federal Reserve Bank sections, it is
going to be impossible for - i_ iri frhimttTf irf it t ■rf-t l I t b to
—
i
n ~
ii r i h t i
connect every part of a certain section with a Federal Reserve
Bank in such a way as not to reverse to some extent the trend of
financial transactions.
What are you going to do about it?
I
think you are going to do the very best that you can do, and that,
in my opinion, is this;
You are going to ascertain in what part#
of the selected section the largest volume of basic commerce is
produced.
Yoti are going to find out whether
part# the
opportunities and possibilities for largely increased development
of basic coiamerce in the future are the greatest.
You are going
to deterraine what port handles to a larger extent than any other
port the basic commerce of the section and sends it on its way
to the consumers of the world.
You are going to ascertain what
city finances to a larger extent than any other city the basic
commerce of the section,- what city will be required to finance
it to the same extent in the future.
Then you are going to
select that city as the logical and inevitable location for
Federal Bank.
And then you are going to say to the objecting
—
5
**'
a
Reproduced from the Unclassified I Declassified Holdings of the National Archives
part of the section located at the extreme North: ,v e have done
rT
the best that we could do under the law and under the economic
necessities of the case."
And your decision will be accepted,
I think, gracefully and cheerfully by all concerned.
The territory selected by Savannah to be served by a Federal
Reserve Bank, with Savannah as head-quarters, comprises the
•States of Georgia, Florida, Alabama, South Carolina and
Carolina.
North
It has been suggested that Southeast Tennessee, in
cluding' the cities of Chattanooga and Knoxville, might properly
be included in this territory, but we understand it is desirable
to recognize State lines as boundaries wherever it is possible
to do so.
u e introduce here a map of the selected section, specially
'
. prepared for this hearing.
This map shows the railway transportation facilities of the
States named and the coastwise steamship facilities of the South
Atlantic sea-ports and the Gulf ports in Florida and Alabama^ —
serving those States.
It shows also the ports of the United
Kingdom and Continent of Europe with which Savannah has direct
communication by freight steamships, with frequent sailings.
It is interesting to note £B8Bs£bS5889 that Savannah of all the
important ports of the Atlantic Coast lies farthest westward and
is therefore closest to the heart of this continent.
It is on
the western rim of the great curve of the South Atlantic shore.
Savannah1s geographical location, together with the facilities
afforded by trunk-line railways, enable
her to
offset
the apparent non-centrality of location with relation to the
territory selected for a Federal Reserve Bank at Savannah.
Yhether two banks doing business with one another are fifty miles
or three hundred miles apart, the handling of the mails is what
you might call an rover-nightf or twelve hour proposition.
r
y
— 0 *■*
■
Right
Reproduced from the Unclassified I Declassified Holdings of the National Archives
here we introduce a statement showing distances from Savannah in
hours to the principal cities in the selected territory,
With
out going into details, we invite your attention to the fact that
Savannah is within twelve hours, or over-night mail-distance, of
all the territory selected, with the exception of a few points on
the frontiers - thirteen to eighteen hours away.
So, for all
practical hanking or other purposes, Savannah is in about as easy
and ready reach of the territory as any other city in it.
Savannah’s selection of the territory mentioned^
m b g b SQr
Georgia, Florida, Alabama, South Carolina and Korth Carolina is for the following reasons, namely:
(1)
Under the law which requires the establishment of
eight of these banks and permits the establishment of not more
than twelve,- in order for this Southeast section to have one of
the banks, the territory to be served must embrace several
States.
(2}
Y.'ithin the section named is available the minimum
capitalization rec-uired by the law for a Federal Reserve Bank.
The combined capital and surplus of the National banks of
Georgia, Florida, Alabama, South Carolina and Horth Carolina
at June 14, 1912 was $66,686,116,- six per cent, of which would
more than exceed the $4,000,000 minimum capitalization required
by the law.
Statistics .as of this date,which are not available
for ttta^hearing, covering combined capital and surplus of the
national banks in the selected territory/would exceed the figures
would, of course, increase proportionately the capiA
“
~Tr~>
talisation of the Federal Reserve Bank for this territory. My
information is that the total resources - capital, surplus and
deposits - of the State banks of Georgia, Florida, Alabama, South
Carolina and Horth Carolina - are about $450,000,000.
The
consensus of opinion among bankers of this section seems to be
that sooner or later all the State banks will come into the
Reproduced from the Unclassified / Declassified Holdings of the National Archives
Federal Bank System, because of the supreme advantage to the
State "banks in doing so would be the privilege of being taken care
of in times of stress.
It is evident, therefore, that the
Federal Reserve Bank of the Southeast would in a comparatively
short time after its establishemnt have great resources and ex
ert a tremendous financial influence.
(3)
Bearing in mind always that the overwhelmingly chief
industry of the Southeast is and will always be agriculture,
and that by far the largest percentage of its population is en
gaged in agricultural pursuits,- the territory selected gives
as well balanced a section from the stand-point of varied indus
tries as can be found in the entire South.
This will appear
later on.
To show in a general way the basic commerce of the section
Savannah has outlined, we introduce here another map.
The States
of lorth Carolina, South Carolina, Georgia, Florida and Alabama
are shown in yellow.
The basic commerce of these States comprises
cotton, lumber and naval stores, in the order named.
-
8
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Below the red line on this map, extending from
above Greensboro, southwest through Charlotte, Greenville,
Athens, Newnan and Anniston, to the/Mississippi line, are
V
produced ahout 7,500,000 hales of cotton valued at about
$475,000,000.
Below the black line, which extends from above
Baleigh, southeast through Washington and West Point, Ga.,
and Goodwater, to the Alabama-Mississippi line, are produced
Naval Stores to the aggregate value of about $35,000,000.
Below the blue line, which extends from above
Goldsboro, southeast through Columbia, Augusta, Macon, West
Point and Montgomery to the Alabama-Mississippi line, are
produced approximately 6,500,000,000 feet of lumber valued
at about $120,000,000 •
_ ,_
__
The overwhelming bulk of this basic commerce moves
to points of consumption in the north or east, or abroad^— *
AU UkvOU
p o « « .
Speaking generally^the^ommercial importance of
the South Atlantic ports of Norfolk, Wilmington, Charleston,
Savannah, JBrunsiyick and Jacksonville^ and tj^e Gulf ports of^
Tampa, Pensacola and Mobile^the/port of Savannah aggregates
in her exports (year ended June 30, 1912 - |104,286,925),
nearly the combined exports of all of the other ports mentioned.
m
C&
h l
Speaking generally of the^com-nercial importance of
Georgia (of which Savannah is the great sea-port) as compared
with the other four states of the section selected, suffice
it to say here, that Georgia in all of the following particu
lars, namely, square miles of area, population, mileage of
- 9 -
Reproduced from the Unclassified / Declassified Holdings of the National Archives
railroads, factory capital, factory products, mineral products
farm capital and farm products, exceeds each and every one of
the states named, with the exception of mineral products, in
which Alabama leads because of her deposits of coal and iron
ore, and of factory capital and products, in which Georgia
yields the palm to North Carolina.
Analyzing
the varied industries of the
several states selected as the region for a Federal Beserve
Bank with Savannah as headquarters, we find the following:
NOBTH CAROLINA - Agriculture is the largest industry,
about
640o
of the population being employed therein.
North
Carolina1s cotton crop is considerably less than that of
Georgia, South Carolina, or Alabama.
lumber products
The aggregate of her
/.q :yprt^ss is larger than
yi.
that of any of the other four States, due to hardv/ood timber,
of which there is a great quantity in North Carolina.
This
StatesTs production of Naval Stores, at this time, is prac
tically nil, this industry being confined now practically to
Georgia, Florida and Alabama, with Florida very much in the
ascendency, and with Georgia next in importance.
North
Carolina ranks next to South Carolina in capital invested in
cotton manufacturing.
She ranks third in the value of pro
ducts of cotton oil mills, and third in expenditures for ferti
lizers.
North Carolina ranks Georgia in factory capital and
in factory products, but she takes second rank in farm capital
and farm products, - Georgia being far ahead in farm capital
and farm products of any of the other States in the proposed
district.
It would probably be accurate to say that the bulk
of North CarolinaTs commerce, in and out, is with the north and
Reproduced from the Unclassified I Declassified Holdings of the National Archives
east, and with foreign countries, and that the largest volume
of it is handled through the ports of Norfolk and Wilmington.
_ _ _ J U D I» ....... .
W II'I|
'...- - |>
- • |r
-
, |„- |
‘|,-( ...................................................... I' ......... .
r
■«*.*...*.,<•
’>
#
>I' i r
' --» »
•*
........ V . --
Strange as it may seem, however, Savannah gets some cotton
x-j*'
**>»**(*
from Borth Carolina.
neither Wilmington nor Norfolk are
comparable with Savannah in exports.
SOUTH CAROLINA - Cotton is South Carolina*s most
valuable crop.
South Carolina ranks third in cotton, Georgi
and Alabama leading her in the order named.
South Carolina
ranks fifth in the projects of the forest.
In naval stores,
South Carolina has become practically eliminated.
In capital
invested in cotton mills, South Carolina takes first rank.
In
cotton oil mill products South Carolina takes second rank.
In
expenditures for fertilizers South Carolina takes second rank.
It would be accurate to say that the bftlk of South Carolina's
commerce, in and out, is, like North Carolina's, with the
north, and east and abroad, and that the largest volume of it
is handled through the ports.
The northern part of South
Carolina is AaoMflnM served by the ports of Norfolk and Wil
mington, while Savannah divides, with Charleston, the commerce
of the lower half of South Carolina.
Statistics show that,
in exports, Charleston does not compare with Savannah.
FLORIDA. - FloridaTs cotton crop is confined chief1
to sea island, a large part of which is marketed at Savannah,
where the larger percentage of the entire crop of sea island
cotton of the United States is marketed.
Florida1s product
ion of sea island cotton is practically nil^as compared with
the other four States* production of upland cotton.
In pro
ducts of the forest — — lumber and timber — « Florida has
Reproduced from the Unclassified I Declassified Holdings of the National Archives
forged to the front in recent years, being exceeded now only
by Horth Carolina, among the five states in question.
Florida
in the matter of naval stores, now ranks first of the five
States named, Georgia coming second, with Alabama as a close
third.
Bight here, it might be interesting to state, that
.................................................. .............* ..............................
notwithstanding Florida produces the naval stores of the south"
.......
n
il I —mu....MUM ,I
........,
east, this important crop is marketed through Savannah, for
..i.e
.*..**,-;
r -^ , —
__ ^ ^
^
^
the reason that Savannah is still the primary Haval Stores
..............— * ll, * ltl
1 1,1
. « < « * ( « > ' ' v v v - s t* .
w V W ^ .w v.»
- •i
r-» »• ~ r A\~ •
market of the world and fixes the prices on naval stores for
all the world.
It might be asked why Florida does not ex~
port naval stores through Jacksonville?
Savannah has the tonnage*
The
answer is that
It would be unprofitable, as a
general thing, to export naval stores in solid cargoes.
.........................................................« ■ » * » " ' * * * '
'’*<***»>
. ....^
^
.
Cotton takes a higher ocean raxe than naval stores, and there
fore, the logical thing to do is to load a vessel largely with
cotton and fill out with naval stores, and thereby secure a
lower ocean rate on the naval stores than could be secured €£
solid cargoes of naval stores***■»>
Savannah is the
second cotton port of the United States and by reason of this
fact, is prepared to furnish
Utm
tonnage for Florida’s naval
stores, and therefore, Savannah controls the experts of naval
—
—
.................... ____________________
stores from Florida.
Our information is that Florida has
practically no cotton mills.
Florida’s products of cotton
oil mills are scarcely large enou^i to be considered here.
Florida ranks in expenditures for fertilizers last of the five
States of the proposed district.
Agriculture and horticult
ure are the two principal occupations in Florida, 44$ of the
population being engaged therein.
Fruits - oranges, bananas,
pine apples, grape fruit, etc. and truck constitute the princi
pal crops.
Considerable tobacco is grown in Florida.
Figures
which we have indicate the value of the tobacco crop grown in
Reproduced from the Unclassified I Declassified Holdings of the National Archives
South Georgia ana north. Florida at over f2,OOO,OOO.
While
manufacturing in Florida is on the increase, it is relatively
very small as compared with the other States of the district#
The manufacture of cigars in Tampa and Hey Wes#, from imported
tobaccos, runs into very large figures.
Large quantities of
phosphate rock are mined in Florida and shipped to the ferti**
lizer factories of the South; a considerable quantity of it,
also, is exported.
The commerce of Florida, not unlike that
of the other four States in this section, is largely i
m
Um m B S S W , with the Horth and east and foreign, and moves
through the ports of Jacksonville, Tampa, Bensacola and
Savannah*
I Jiave already called attention to the movement
of naval stores from Florida through the port of Savannah.
Florida’s fruit and truck crops i t v out largely north by rail.
joe
'm oY^SSSTfTX^T'VES'^^^t
I am satisfied that this
_________
cities of the
north and east is much larger than to the west. ..
£he peculiar outline of
Florida - peninsular in form - which confines Jacksonville’s
« activities largely to the State of Florida, and Savannahfs lo**
cation on the high~way between the north and east and Florida,
make Savannah the logical point to serve Florida, and we be~
lieve that our Florida friends will, upon reflection, agree
with us in this view.
Statistics will show that the exports
J
------------------------------------
---------------------------------_
of any or all of the ports of Florida are considerably less
than those of Savannah.
ALABAMA. - Alabama is an agricultural State - 67$
of her population being employed therein.
crop and the principal source of wealth.
-
13
-
Cotton is the chief
In cotton Alabama
Reproduced from the Unclassified I Declassified Holdings of the National Archives
ranks third.
Florida and Georgia^ in the order named^are
both ahead of Alabama in naval stores products.
South
Carolina, lorth Carolina and Georgia^in the order named^/
outrank Alabama in capital invested in cotton mills.
Alabama
seems to have third place in products of cotton oil mills.
In expenditures for fertilizers Alabama ranks fourth.
In
value of mineral products Alabama, of course, leads the
Southeast.
I an satisfied it will be found, upon analysis, that
Alabama’s commerce is also with the north, east and foreign
*-—
.............. .........-.... 1
------------_ -----
^ ^
.....
^
^
This commerce is divided between the Gulf ports of Hew Orleans,
—
_
................................ ....
Mobile and PensacoraT^W^^Ee^Tantic ports of Savannah,
Charleston and possibly Norfolk.
I have no figures to show
to what extent Savannah handles »the, commerce of Alabanm, but
I do know that Savannah getsAacan32f £ of cotton from Alabama —
c
A
Montgomery, Opelika, Euf&ula, Andalusia, Columbia, Dothan,
Ozark, Troy, etc.
available.
Savannah supplies the tonnage.
^
i'1
"
Cotton seeks the port where tonnage is
n r m ^ -n g -w *
nr fl q n t !
....... 1,1 ■l , f
^ **
+
™
F V T T P ^ r y n * ± - * * * y ~ iY
#1‘
mmA ^
r
The exports of Mobile, Alabama’s chief
port, are not comparable with those of Savannah.
i* '
$
J *"
— Bid ~ * * - 1 *\— m k t
i
.«
QJ
prCbtleally
fin ,
p .r c . M of th.
foreign fertilizer materials used in Alabama moves through the
port of Savannah.
GEORGIA. - Of the five States that Savannah has se
lected as her Federal Reserve Bsnklsection, I have reserved
Georgia for discussion last, becuase of her par amount import-Tw
3C
ance from practically every standpoint from i h i c h e n t i r e
g tt+f can be considered.
—
Agriculture is Georgia’s principal
-
14
-
*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
industry* employing three-fifths of her population, and cotton
is her chief crop.
the South”.
Georgia is indeed the "Empire State of
Georgia, in cotton, is aiay ahead of any of
the other States named.
jm to f
In lumber products Georgia ranks
fourth, the lumber industry having moved largely to
Florida and Alabama*
In this connection, however, it might
be stated that there is a very large acreage of hardwood
timber in northeast Geprgia - a condition similar to that which
exists in North Carolina - and this timber must^spon be out and
«
find its way to the markets of the world| wlaiwti^will increase
Georgians products of the forssts.
ranks next to Florida.
In naval stores Georgia
I have already explained that while
Florida produces the naval stores crop, Georgia*s port,
Savannah, finances and markets it.
In capital invested in
ootton mills, Georgia ranks third.
In cotton oil mills
products Georgia ranks first.
In expenditures for fertiliz
ers Georgia is overwhelmingly ahead of any of the other four
States.
Georgia’s commerce, again like the commerce of the
other four States of the proposed section, is very much more
largely with the north and east and foreign, than it is with
the west.
While it is true that a part of this commerce
moves to and from the north and east and abroad through the
ports of Norfolk and Charleston, the overwhelming volume of it
is handled through the ports of Savannah and Brunswick.
With
her magnificent fleet of coast-wise xteam~shipsf and with her
direct frei^it steam-shipe plying between Savannah and the
ports of the United Kingdom* and the Continent of Europe, and
not infrequently with the ports of Latin America and the Orient,
Savannah has built up an export business which at June 30,1912,
aggregated over f104,000,000. and which places Savannah, among
the ports of the Atlantic in the matter of exports, next to
-
15
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Hew York*
6^aong the entire ports of the United States,
Savannah, ranks fourth in exports-
Bear in mind that the
figures given do not include exports moving through Savannah
indirect via the Eastern ports of New York, Boston, Baltimore
and Philadelphia, for which credit is not given Savannah in
Government statistics.
Nor do these figures include any of
the domestic commerce moving through Savannah between the
Southeast and the North and last.
It .might be interesting to the gentlemen of this
Qommittee to learn that Savannah receives cotton from not
onlynGeorgia, Florida, Alabama, North Carolina and South
Carolina, but from Arkansas, Oklahoma, Mississippi, Tennessee
and even as far west as Texas.
In discussing one branch of this subject it is al
most impossible to avoid reference to another branch of it or
to the subject as a whole and vice versa, and therefore, more
or less repetition is inevitable.
Everything that I have
said up to this time was for the purpose of laying the founda
tion for the following statement, namely:
Of the entire
section selected by Savannah as the region to be served by a
Federal Reserve Bank, with headquarters at Savannah, (1)
Georgia is the most important not only from
the stAhdpoint of basic commerce, but practically in every other
respect.
(2)
Savannah as a port handles for the section a
larger volume not only of the basic commerce, but commerce of
every other kind, than any other port that serves the section,
and realty more than most of the other ports combined.
(3)
Savannah through her banks, her cotton and naval
stores factors, her lumber mercha&ts, her fertilizer manufact
urers amd her business men 'generally, does more than any other
port that serves the section, or than any other individual city
-
16
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
I n a M
in the section, to finance the making and marketing
of the basic commerce of the section.
The question may be asked here, to what extent does
Savannah finance the basic commerce of this section»iMttiiMrise
The question is certainly a pertinent one.
The financing of cotton, lumber and naval stores and
other commerce - export and domestic, and imports^passing through
the port of Savannah - in and out - is done in so many varied
ways — - by the banks in shipments of currency and loans to
interior banks and individuals, in purchases and sales of
domestic and foreign exchange, lisans to factors (cotton, naval
stores and lumber) and fertilizer manufacturers; and by the
factors in capital invested and in money borrowed which is ad**
vanced to the producres, and by exporters through credit es
tablished for them in the interior by the Savannah banks, or
through loans or banking-facilitieBy and by the fertilizer man
ufacturers in capital invested and in the val^ie of annual out
put, which is sold to the producers on time to be paid for
when the crop is marketed ,- that we have found it impossible
to secure detailed statistics without d|iplication or possibly
triplication, covering the amount of money turned over annually
in each class of business or in ea '
in which the business is actually
never had occasion, except for the purposes of the present
hearing, to need statistics of this character.
We are in a
position, however, to determine with approximate accuracy, the
extent to which Savannah finances the basic commerce of this
section.
Savannah’s ootton receiptsousing the figures for
1911-12 (1915 being a short crop year) were 2,392,181 bales.
-
17
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
The value of this cotton at this yearSs prices, approximately
$70,00 a bale, is in round figures, §168,000,000•
We know
that Savannah financed either with actual cash or credit, or
otherwise,
t
market this cotton.
.nf the money needed to make ana
./\
Savannah*s fertiliser manufacturers - to say nothing
of SS&sr&anah's banks or cotton factors or exporters - do more
than any interior bank or city, or probably many of them com
bined, to finance the cotton crop.^ I am reliably infomed
tt^trrrr
t&at Savannah manufactures not only more ferti—
lizers than any port or city in the South, but more fertiliz
ers than is manufactured et-any other one point in the world.
(
The aggregate capacity of her fertilizer factories is approxi
mately 450,000 tons annually, which at $25 .00 per ton, gives
a value of 111,250,000. - very large figures when it is con
sidered that the total expenditures for fertilizers in the
five states of Georgia, South Carolina, North Carolina,
Alabama and Florida aggregate about $68*000,000.
Apparently,
Savannah furnishes and finances more than one-sixth of the
fertilizers used in the entire section, and these figures do
feot include large imports of fertilizers that move through the
port of Savannah direct to interior manufacturers.
As nearly as we can ascertain it, the value of the
naval stores crop which Savannah finances annually is about
$12,500,000, -—
striking figures when taken into considera
tion with the fact that the aggregate naval stores production
of the fi^e States of North Carolina, South Carolina, Georgia,
Alabama an& Florida is a little over f32,000,000.
Savannah
finances .over < n third of the naval stores crop of the South5e
A
last.
-
1 8
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
The purchases of domestic and foreign exchange by
Savannah banks aggregate about $250,000,000. annually.
The most satisfactory ana conclusive way, however,
of determining the extent to which Savannah finances the com
merce of this section is to insider her bank clearings.
**mm |,|
,T
8
this connection, it should be
In
understood that in ar
riving at the figures given as the bank clearings of Savannah,
at this time^ f280,538,512.00, annually, only local transactions
between the banks in Savannah, members of the Clearing Asso
ciation, are included.
The out-of-town items are not in
cluded, as is done ih Atlanta.
In verification of this state **
"
ment, attention is called to the fact that in 1906 Atlanta
arrived at her bank clearings apparently in the same manner as
Savannah now computes hers, and that Atlanta's bank clearings
in 1906 were $235,997,896 as against Savannah’s $242,524,626.
It seems that in recent years Atlanta adopted the practice of
including out-ot-town items in £er clearings.
Savannahfs
clearings at the present time - on the .Atlanta basis - that
is, out-of-town items included, would amount to $903,825,796.
annually.
The difference between Savannah1s clearings, not
including out-of-town items, approximately $280,000,000. and
what Savannah1s clearings would be with out-of-town items in
cluded approximately $900,000,000. is f620,000,000., which
latter amount can be fairly considered as the aggregate
amotLnt of money financed by Savannah in the making and moving
of the crops and other commerce of this section.
The question will Boubtless be asked whether in
view of the fact that the law contemplates the establishment
of branches o“
be needed, an
"
“
~
lerever branches may
i proposed system a
A
branch bank should be able to provide the same facilities and
-
19
-
Reproduced from the Unclassified / Declassified Holdings of the National Archives
and the same aec omodati ons aw the heal qm&rter s “
bank, why a
branch bank should not answer Savannahfs purposes fully as
well as a headquarters bank.
We have several, to our minds, oomplete answers to
this question.
In the first place, theory is one thing and
practice is another.
These banks have not yet been established «
they have not yet become accomplished facts, and these discus«
sions, therefore, are somewhat theoretical.
Assuming^ me rely
for the sake of^gpttiiMfcM^ that a branch bank furnishes the
same facilities and the same accomodations as a headquarters
bank, then of course, the answer to the question would be that
a branch bank should be ae acceptable as a headquarters bank.
It has been a recurrent question, however, with us, as to how
a branlS^bank would operate and what authority it would have.
The law is silent, I understand itjas to the authority of a
branch bank.
Certainly the managers of a branch bank cannot
have the same powers of initiative and of decision and of dis**
f
cretion as the directors of its parent bank.
It is our un
derstanding t hat while a headquarters bank would have a local
board, the branch bank might have a foreign board.
Naturally
we are anxious that the directors of the bank, with which we
will have to deal under thenew law, shall have an intimate
acquaintance with out condition and our necessities.
It is
uncuestionahlfr that Savannah has the greatest familiarity
with the financ^aj^of the basic commerce of this eection, and
is, therefore, best qualified to pass on financial paper based
on this commerce.
In other words, Savannah's financial trans
actions are peculiar and distinctive, and as they aggregate,
as we have already shown more
'than
the financial transactions
of any other city or any other port in the s section, Savannah
is clearly entitled strictly on her merits to the Federal
-
20
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Reserve Bank for this section.
The situation might he Illustrated this way:
wouia you locate a^Hydro-Electric Power Plant?
Where
Would you not
locate the main plant at a point on a stream where the hanks
c$me closely together forming a funnel, as it were, and where
a dam with the greatest headway and fall could he securely
constructed, and where the volume of the water passing over
the dam and coming $ot only from the main stream, hut fro&
a n its tranches ana tributaries, wo ula I. such a s to give
the main plant at the location described the maximum amount
of power?
You certainly would not locate this power plant,
which in this case we will call the headquarters "bank, higher
up either on the main stream or on one 6f its tributaries,
where its power would be reduced to a minimum, or certainly
would be considera bly less than that of a plant located at
the favprable point which I have described?
Or to state the proposition in another way:
Let
us suppose that this section,i^iich Savannah has selected for
a Federal Reserve Bank, with headquarters in Savannah, to be
an independent country.
has a standing army.
Let us suppose that that country
Let us suppose that the point at which
invasion by a foreign foe is always ieminent is at Savannah.
Y/ould you concentrate your army in the center of this^jposed
country simply beouase it is the center; or would you concen
trate it where the danger of invasion is always imminent?
It is at Savannah, more than at any other^yfltefr
in this section, that the commerce of the section
funnellizes, as it were.
It is at Savannah, more than at
any other pottior city in this section that this commerce is
financed.
It is at Savannah tha*i the physical pressure and the
financial pressure of this commerce are the strongest.
- El -
It is
Reproduced from the Unclassified / Declassified Holdings of the National Archives
at Savannah that exports meet the ocean, and imports meet
the.land.
It is at Savannah that rail transportation and
tc
water transportation unite for the handling o f commerce of
A
this section.
Savannah
It is at this great funnel of commerce ~
that this magnificent financial power plant - the
Federal Reserve Bank - should he estchiished.
To give Savannah
a branch "bank would simply mean that the branch would ovexv*
shadow in importance itfparent - the’
-headquarter s hank - that
the ’tail would wag the dogT
’
T
The point may be made that relatively speaking, the
foreign commerce of the Southeast should not be given a s much
weight in ite^onsi derat ion of this matter as purely domestic
commerce.
I have no way of determining just how the aggre^
gate of purely domestic commerce compares with the aggregate
of foreign commerce.
I may be mistaken, hut I think so far
a s# basic commerce is concerned, cotton, lumber and naval
stores, the aggregate value of foreign business will exceed
that of domestic business.
Be that as it may, it is all
the same to the producers of this section whether it be dom«
estic commerce or foreign commerce, it is all financed practi
cally in the s^ime way.
I am not hgre to say that the purely
domestic commerce^does not require4Large sums of mcmey, but'
it does not require that money in the same way as the &&*. '
.f q
q*
n f t r n n i f l r f t f l _ which comprises largely cotton, naval
A
stores and lumber.
The manufacturer, the wholesaler or the
retailer is in a position to determine his financial needs
well in advance.
These needs are more or less stable and con
tinuous and uniform.
Cotton, however, is a cash crop.
It
is cash - absolutely cash - from the time it leaves the pro
ducer until it gets to the eastern mills or across the Atlantic.
When cotton begins to move the money necessary for its expedit
ious transportation must be forthcoming at once, otherewise, m
Reproduced from the Unclassified I Declassified Holdings of the National Archives
physical congestion will occur on the terminals at the ports,
and • financial congestion will paralyze the hanking system
of this section, and particularly of Savannah, which so
largely finances the crop.
It is not an infrequent occur
rence for Savannah to receive-*4n excess of*l ,500,000 in cotton
drafts per day during the cotton movement.
It is not an in
frequent occurrence for Savannh banks to have to wire New York
from day to day to place 1?ast sums to their credit with which
to move thecrop.
When the market is dull the Savannah banks
are required to finance the cotton which accumulates at the
port^awaiting renewed market activity*
Let me add here in passing tfrat naval stores is
also a cash crop as between factors and exporters, and practi
cally so between factors and producers, the factors advancing
money to the producers to make the crop and settling finally
with the producers ia&BB&±8±ae&gr after sales have been made
to the e&porters.
I am not entirely familiar with the manner
in which lumber is financed, but I understand that sales are
made either on a cash basis or on very short credits.
Jm
As I understand it, this law was designed primarily
to promote commerce - basic commerce - that is, the products
of the soil, of the forefets and of the mines - the sub-structuret as it were, of the wealth of this entire section - the
foundation upon which h* s been raised tjiat superstructure which
comprises our manufacturing, jobbing, retailing and other
businesses.
If we want to increase the basic wealth of this
section* we must devote our energies and our money to the soil,
the forests and the mines.
Manufacturing and other industries
will naturally and inevitably take care of themselves,and
therefore, do not have to be taken very much into account in
consideration of this law and the establishment of Federal
leserve Banks thereunder.
-
23
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
It is an economic truth and it cannot be success
fully controverted that the agriculture! industry is the
measure of the banking interests of this South-Eastern section,
and that all other industries are Af secondary importance.
Should the question be raised that in a very largely agri
cultural district, a Federal Reserve Bank would be active only
a part of the year, namely, during the periods covering the
movement of the crops, and that, therefore, the location of
the bank at a point where industries would be more varied ,
securing more continuous activities for the bank, would be
preferable, the answer on the part of Savannah would be that
there is scarcely a day^tfesMfce throughout the entire year^when
large sums of are not borrowed either for producing the crops
or moving them.
Savannah is now borrowing from ITew York
more largely for the purposes mentioned than any other port
to city in the section.
Under the chugged conditions to be
inaugurated by the new law, Savannah will borrow from the
Federal Bank, and natlfcralLy, because of the reasons stated,
Savannah feels that she should have the headquarters bank for
this section.
The question would be a pertinent one as to whether
Savannah loans money in all parts of the territory that the
Federal Reserve Bank at Savannah would serve.
The answer to
the question would be that Savannah does not now loan money in
every part of this territory.
Savannah does loan money, how
ever, largely in South Carolina, Georgia, Florida and Alabama.
Savannah borrows greatly in order to loan greatly, and this
condition is a more or less continuous one throughout the year,
for the purpose either of making or marketing the products of
this section.
Large borrowing is essential to the rapid and
expansive development of a distinctively agricultural section.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
That part of the Southeast naturally tributary to
Savannah is increasing in importance agriculturally and efcery
other way by leaps and bounds* and Savannah's importance as a
port is increasing proportionately therewith.
Large as is
the extent^ to which Savannah finances the basic crops of
this section at present, she will be expected to do, and
must do, vastly more in the future.
Savannah occupies a unique position with respect
to thrsA
«e**er, in that she is able to prove that the location
A
of a Federal Beserve Bank at Savannah would redound vastly to
the interests of basic commerce, and -would also prove of in
estimable convenience to the banks through and by which this
commerce is financed.
I understand the law provides that a Federal Beserve
Bank may establish branches in foreign countries, and in this
oonnection, I should like to say this:
!Ehat with the trend
of commerce to the ports, as it unmistakably is, and with the
rapidly developing agricultural and manufacturing importance
of the section to be served by this Federal Beserve Bank, and
with the completion of the Panama Canal and the bringing near
er commercially to this section of the countries of LatinAmerica, - the establishment of passenger steam-ships between
Savannah and the ports of Europe and Latim America can be easily
foreseen.
A federal Beserve Bahk located at Savannah would
then be in convenient and ready communication with its
branches in lurope and Latin Imerica.
I understand it is
the practice under the presett systen for drafts for products
sold in the interior of Germany and France to be drawn on
the banks located at the ports of these countries.
-
25
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
The above reference to the Panama Canal suggests
these thoughts:
The world recognizes that preeminently
over and ©hove all other sections, the South will reap the
largest profit from the Canal.
The trend of the worldfs
commerce will he largely toward the Canal.
I am not one of
those wfco believe that the benefits from the Canal will come
itnstontaneously upon the opening thereof.
I am satisfied,
however, that as the facilities for commerce through the
Canal are developed, the South Atlantic ports will rank
among the great commercial centers of the world.
Savannah
combining as it does the railway facilities with which to
attract the agricultural products end manufactures of the
SoutnSast and the water facilities with which to distribute
these products throughout the entire world* is unquestion
ably the logical port for the concentration of commerce from
and to the South East and the west coast of the United States
Latin America, and the Orient, through the Panama Canal.
It is mere tautology to say at this time that the
Southfs development, rap id as it has been, is only begun, and
that the record of the past quarter of a century will be far
exceeded by that of the nest twenjry five years.
In the entire section proposed to be served by the
Federal Reserve Bak at Savannah the trend of agricultural de
velopment is toward the coast, and not toward the mountain
range, which extends from the North East toward the South
West through the western part of this section.
dAiBe8¥Bi«g4 fhat ^ e
r
soils near the coast are suitable not
only for the production of the staple crops, cotton, corn,
etc., but also for truck crops.
In the State of Georgia^ the
trend of population is toward the southern part of the State
below a line drawn east and west through Macon.
T/hat does
> a*
this mean?
Simply that
T ^ not very distant future will
-
26
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
see the larger part of the wealth of the proposed Federal
Reserve Bank region concentrated in the coastal section.
It is delightful to live on the Piedmont Plateau —
sonally, I M M
per
like it very much — - but it is a fact,
from which there is no escape, that the wealth of this section
comes now and must in the future come from th^TM.a&8 iaiiifar
*rirn
‘ 1i - — * “ t■ that lies nearer the Atlantic Ocean than
M‘ ~
t "
‘
the Piedmont Plateau,
In my analysis of this situation I have met some
striking things, one of which is, that while Savannah act
ually finances through her banks and her cotton factors£rand
her cotton brokers and her fertilizer manufacturers end
business men generally, more 4* largely than any other port
or individual city in the South East, the tremendous volume
of commerce which moves through Savannah * and which is larger
•
than the volume of commerce which moves through anjpther port
on the South Atlantic - Savannah’s percentage of profit for the
financing and marketing of this commerce is relatively very
small as compared with the large percentage of profit which
accrues to the interior producers and which is used by the^^f/^
1r ftr* tr
t1
in building up and .developing in every
way this vast interior section.
So that the^territori^
tributary to Savannah scarcely realize^, and therefore,
doqp not appreciate the extent to ^hich the progress and
prosperity of this interior territory is due to Savannah’s
port ana to the financial ability and financial credit and
activity of Savannah's bankfand business men.
The National Government has recognized in a very
signal way the supreme commercial importance of the porti:of
Savannah, in that it has expended nearly |9,000,000. on
improvement of
Savannah/^iver and Harbor.
Do the bene
^
Reproduced from the Unclassified I Declassified Holdings of the National Archives
x
fits flowing from this vast expenditure of money by Unole
Sam accrue to Savannah alone?
Rot by any means.
For
every dollar that has been expended on i i e Savannah River
fa
and Harbor^ «5# for every increased foot of depth of channel,
there have been corresponding benefits in greater tonnage^
capacity of vessels and reduced ocean freight rates, which
benefits have been participated
%n by
a n cons-umers in the
vast territory tributary to the portbof Savannah*
mA
W'lf
H
may interest you to know that commerce moves through the
port of Savannah as far west as the Rocky Mountains *
*
Pueblo, Denver, Col., otf Salt Lake City, Utah, etc.,
The statement should not be omitted here that the
railway and steam- ship lines at Savannah have expended
millions of dollars in providing magnificent port terminals*that they have now under contemplation expenditures for improve ments aggregating over a half million dollars, and that these
terminal facilities have contributed very largely in attract
ing through the portbof Savannah, a large partbof the commerce
of the Southeast.
There
ally.
zt& w s things,
I wish to mention incident
a*
l
One-ip.that Savannah has^wie reputation for conserva
tive banking; Savannah never has bank failures; Savannah never
has had a bank failure.
m
1in ntTi
er t» ttirt nt
"r t f i1 nt
—rnrr*Wt^m HiiniTT^1
B w im frr jiw n ii-n -p in il ffiiri,, y w u
How, Mr.Chairman and Gentlemen, to summarize; have outlined the district which a Federal Bank at Savannah
should satisfactorily serve.
-
28
-
Reproduced from the Unclassified I Declassified Holdings of the National Archives
We have ehovm thg^ the distriot is readily acoessible to Savannah.
We have shorn that the questions sMafcniafc.collect~
A
ion of checks, interest on exchanges, centrality of location,
reversal of trend of financial transactions, etc. are of
minor importance^ and should control to very little or no ex
tent yourcconclusions.
We have analyzed the commerce of eachand every St&te
in the proposed district.
We have shown that the trend of commerce from the
entire section is to and from the north and east and foreign ^
through the ports.
We have shown Georgia's supreme commercial import
ance as compared with the other States of the proposed sectiom.
We have shown that Savannah handles a larger vol
ume of the commerce of this section than any other port serving
the section.
J/e have shown that Savannah handles a larger vol**
ume of financial transactions based on the commerce of the
section than any other port or city in the section.
We have shown that Savannah finances the commerce
of the section to a larger extent than any other port or city
in the section.
We have shown t&at thenmere financial ability of
a city is not a paramount consideration, — — ~ that the economic
necessities of the section should determine this question.
In conclusion, our understanding of the purpose of
the law, is that it is intended to do the greatest good to
the greatest number, to benefit the people of the country as
a whole,to promote commerce ana particularly basic commerce,
~
29
~
Reproduced from the Unclassified I Declassified Holdings of the National Archives
which comprises oMWlfcgr the products of the soil, the forests,
and the mines#
We ere satisfied that you are making a thoroughly
A
conscientious effort to arrive at your conclusion#in t W
'*
*
-
matter of establishing these Federal Reserve Banks, from a
broadly patriotic standpoint, which correctly interpreted
means a sound, economic standpoint*
You will locate the
Resreve Bank for this section at such a point and in such
a city as v/ill best enable that bank to subs
3 the public
good, to meet the economic necessities of 1 a Asection.
d»
We contend that Savannah is just such a place and
fulfills with mathematical exactness the requirements of the
situation*
COTTON CROP OF STATES NAMED BELOW:
1912 - 1913
1911 - 1912
1910 - 1911
Bales
Value
Bales
Value
Bales
Value
GEORGIA
1,889,000
$118,062,500
2,867,000
$179,187,500
1,894,000
$118,375,000
South Carolina
1,260,000
78,750,000
1,729,000
108,062,500
1,241,000
77,562,500
North Carolina
935,000
58,437,500
1,156,000
72,250,000
775,000
48,437,500
Florida
60,000
3,750,000
96,000
6,000,000
68,000
4,250,000
Alabama
1,367,000
85.437,500
1,736.000
108,500,000
1.222.000
76.375,000
5,511,000
$344,437,500
7,584,000
$474,000,000
5,200,000
$325,000,000
Totals
E X H I B I T
1 G 1
1
1
NUMBER OF COTTON MILLS WITH CAPITAL INVESTED IN THE STATES NAMED BELOW:
Number
of mills
Capital
_______
GEORGIA
150
$ 39,520,500
North Carolina
322
55,622,505
South Carolina
152
89,476,700
58
15,265,000
682
$199,884,705
Alabama
Total
E X H I B I T
"D"
NUMBER OF COTTON OIL MILLS, APPROXIMATE CAPITAL, AVERAGE CRUSH FOR TWO YEARS, 1911-1912
AND 1913-1913, COST OF SEED, COST TO CRUSH AND VALUE OF PRODUCTS OBTAINED.
Number
of mills
Approximate
Capital Stock
Tons of
Seed Crushed
Cost
of Seed
Cost to
Crtsh
Value of
Products
$20,049,000
GEORGIA
158
$9,195,600
722,450
$15,820,000
$3,973,500
South Carolina
100
4,520,000
364,250
8,230,500
2,003,000
10,525,000
North Carolina
63
3,490,200
320,300
7,126,675
1,761,300
9,287,000
4
400,000
22,600
483,700
124,290
378,750_______8.066.000
2.083.000
10,130,000
$9,945,090
$50,596^700
Florida
Alabama
Totals
79__________5,419.400
404
$23,025,200
1,808,350
$39,726,875
605,700
EXPENDITURES FOR FERTILIZERS BY STATES NAMED BELOW:
1900
1910
1912
$ 5,739,000
$ 16, 819,000
$ 22,044,060
South Carolina
4,494,000
15, 130,000
17,119,000
North Carolina
4,479,000
12, 245,000
13,651,264
Florida
753,000
3, 601,000
5,043,545
Alabama
2,599,000
000,627
10,480.000
$54, 795,627
$68,337,867
GEORGIA
Totals
$18,064,000
__________
Gain 1910 over 1900 —
$36,731,627
or 204#
Gain 1912 over 1910 —
13,542,242
or
Gain 1912 over 1900 —
50,273,869
pr 278$
24£#
« F "
'
TIMBER BUSINESS OF STATES MAMED BELOff, GIVING NUMBER OF MILLS AND NUMBER OF FEET GUT
WITH VALUATIONS OF SAME.
Number
of mills
Feet
Valuations
GEORGIA
952
941,191,000
$ 16,941,438
South Caxolina
541
816,930,000
14,704,740
North Carolina
3,071
2,193,308,000
39,479,544
295
1,067,525,000
19,215,450
Florida
Alabama
Totals
1,112_____________1.378.151.000_______________24.806.718
4,971
6,397,105,000
$115,147,890
Reproduced from the Unclassified I Declassified Holdings of the National Archives
E X H I B I T
" G "
NAVAL STORES PRODUCTION FOR STATES NAMED BELOW
Number of
Barrels of
Turpentine
Number of
Barrels of
Rosin
154,000
532,000
$ 9,213,960
23,000
81,000
1,393,930
Florida
313,000
1,063,000
18,516,390
Alabama
53,188
187,517
3,225,831
543,188
1,863,517
$32,350,111
GEORGIA
South Carolina)
and
)
North Carolina)
Totals
Total Value
Reproduced from the Unclassified I Declassified Holdings of the National Archives
E X H I B I T
» H "
S
STATISTICAL DATA COVERING RESOURCES OF : TATES NAMED BELOW:
GEORGIA
North Carolina
Florida
Alabama
Total
58,725
48,740
54,861
51,279
213,605
2,685,000
2,270,000
794,000
2,200,000
7,949,000
7,442
5,574
5,107
5,421
23,544
Factory Capital$202,778,000
$ 217,186,000
$65,291,000
$173,180,000
$658,435,000
202,863,000
216,656,000
72 ,890,000
145,962,000
638,371,000
6,048,000
2,616,000
9 ,285,000
47,751,000
65,700,000
Farm Capital
580,546,000
537,716,000
143 ,183,000
370,138,000
1,631,583,000
Farm Products
269,220,000
188,665,000
43 ,659,000
184,186,000
685,730,000
Area, Square Miles
Population
Railroads, Miles
"
Products
Minarai
"
Owing to the fact that reliable statistics for South Carolina were not obtainable, the statistics for
that State have beem left out of the above table.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
E X H I B I T
E X H I B I T
"I"
CONDENSED STATEMENT OF ALL REPORTING BANKS FOR FISCAL YEAR ENDING JUNE 4th, 1913. INCLUDING
NATIONAL. STATE. SAVINGS AND PRIVATE BANKS AND LOAN AND TRUST COMPANIES.
COMPILED FROM REPORT OF COMPTROLLER OF CURRENCY. 1913.
Caoital Stock
Number of Banks
Surplus and undivided profits
Individual and
other deposits
$ 43,892,658.67
$ 29,788,643.83
$ 125,468,859.63
South Carolina
19,065,636.90
11,000,141.12
64,706,840.18
473
North Carolina
19,436,968.52
10,673,645.56
100,275,818.02
236
Florida
13,444,285.20
7,319,405.46
76,881,288.18
357
Alabama
23.540.956.19
14,985.663.36
88.466.235.90
$119,380,505.48
$73,767,499.33
$455,799,041.91
786
GEORGIA
383
2,235
T o t a l s
Surplus ---------
$ 42,886,786.64
Capital and Surplus
$162,267,292.12
INCREASE IU RAILROAD MILEAGE IN STATES NAMED BELOW
from 1880 to 1912
M i l e s
1880
1890
1900
1910
1912
GEORGIA
2,459
4,601
5,730
7,196
7,442
South Carolina
1,42?
2,289
2,919
3,330
3,598
North Carolina
1,486
3,128
3,733
5,299
5,574
Florida
518
2,490
3,256
4,727
5,107
Alabama
1,843
3,422
4,197
5,176
5,421
7,733
15,930
19,835
25,728
27,162
Totals
E X H I B I T
P A N A M A
"K"
CAN
A.L
Every reference made to the Panama Canal in this or other countries is either directly or indirectly an
advertisement of the South, for the world recognizes that pre-eminently over and above all other sections the
South will reap the largest profit from the construction of this canal.
Every important railroad in America must inevitably seek an outlet through Southern ports or a connection
with Southern railroads having their termini at Southern ports.
The trend of the world's thought and business will be towards this, the most gigantic material work that ma
has ever achieved.
The benefits from the canal may not come instantaneously upon the passage of the first ship
through it, but gradually as the facilities for trade are developed and the world's shipping interests more and
more axe concentrated in and around the Panama Canal, will the South Atlantic Coast, due to its geographical
position and freedom from ice and snow, which during the winter months are the greatest hindrances to quick
despatch, become the center of the world's greatest commercial activities.
Savannah, combining as it does the
railroad facilities with which to draw to it the agricultural products and manufactures of the South, and the
water transportation by which to disseminate these products throughout the whole world, is, undoubtedly the
logical point for the concentration of business that must go through the Panama Canal.
The South's development, rapid as it has been, is only begun.
We have merely started the work of material
advancement, and even though adverse legislation by States and the National Government may at times temporarily
halt the full utilization of the South's boundless resources and its vast opportunities, yet it will ever go
forward.
The record of the past quarter of a century will be fax exceeded by that of the next 25 years.
(The above statement can be verified by reference to map hereto attached, marked "Exhibit A")
E X - H ............... ......- .................................. -T— ....
I B I T
"L"
.........
A T L A N T I C
C O A S T
EXPORTS OF DOMESTIC AND FOREIGN MERCHANDISE BY CUSTOM DISTRICTS.
NOTE.
Owing to the reorganization of custom districts, effective July 1st, 1913, comparative
figures by districts can not be shown for periods prior to that date.
¥
District
HeadQuarters
July
August
New York
New York
$67,773,977
$77,631,498
$74,479,787
$84,386,657
$72,388,425
$376,610,344.
GEORGIA
SAVANNAH
1,966,086
1,092,695
13,997,041
26,694,934
19,980,147
63,730,903
Connecticut
Bridgeport
2,090
2,402
Me. and N. H.
Portland
220,886
197,015
260,857
385,068
257,405
1,321,231
Maryland
Baltimore
8,647,244
11,275,516
10,046,662
10,588,861
8,429,389
48,987,672
Mass.
Boston
5,744,442
7,119,032
6,226,380
6,522,990
4,637,952
30,250,796
North Carolina
Wilmington
2,112,000
9,013,000
5,635,000
16,768,662
Philadelphia
Phila.
Porto Rico
San Juan
Rhode Island
Providence
South Carolina
Charleston
Virginia
Norfolk
Totals
8,662
September
October
Uovember
4,125
Total
8,61?
5,530,100
6,471,312
5,683,822
5,718,746
5,066,874
28,470,854
550,021
218,163
2S5,7S1
491,772
1,407,804
2,963,521
4,866
4,866
221,490
5,625
2,553,138
6,884,638
5,491,901
15,156,792
1,479,873
1,148,021
1,570,686
3,235,920
2,422,921
9,857,421
$92,144,871 $105,161,279 $117,226,134 $153,931,577 $125,667,818
$594,131,679
" M"
FOREIGN COMMERCE OF THE ATLANTIC PORTS - EXPORTS OF DOMESTIC MERCHANDISE
YEAR ENDING JUNE 30.
1912
New York,
N.Y.
SAVANNAH
Baltimore,
1911
1910
$ 817,945,803
$ 772,552,449
$ 651,986,356
GA.
104,286,925
72,076,045
63,428,155
Md;
92,210,877
85,120,843
77,381,507
Boston & Charlestown, Mass
69,692,171
71,534,082
70,516,789
Philadelphia,
Pa.
69,069,730
69,956,380
73,266,343
Wilmington,
N.C.
28,705,448
28,812,543
20,992,398
Brunswick,
Ga.
19,889,838
14,138,847
14,592,614
Charleston,
S.C.
12,423,035
8,950,359
8,104,821
11,998,504
9,628,932
8,155,818
7,114,350
5,441,609
5,177,406
29,342.650
28,256,800
24,541,274
Norfolk & Portsmouth, Va.
Portland & Falmouth,
Me.
All other ports ----Totals -------------
$1,262,679,331 $1,166,468,889 $1,618,143,541
Reproduced from the Unclassified I Declassified Holdings of the National Archives
E X H I B I T
" S »
FOREIGN COMMERCE OF THE UNITED STATES - EXPORTS OF DOMESTIC MERCHANDISE YEAR
ENDING JUNE 30
New York,
N.Y.
Galveston,
Tex.
La.
New Orleans,
SAVANNAH,
GA.
Md.
Baltimore,
Boston & Charlestown, Mass.
Philadelphia,
Pa.
Puget Sound,
Wash.
Mich.
Detroit,
Buffalo Creek,
N.Y.
Cal.
San Francisco,
Huron,
Mich.
Ala.
Mobile,
Wilmington,
N.C.
Niagara,
N.Y.
Champlain,
N.Y.
Minnesota,
Minn.
Pensacola,
Fla.
Tex.
Sabine,
Vt.
Memphremagog,
Brunswick,
Ga.
S.C.
Charleston,
Norfolk & Portsmouth, Va.
Pearl River,
Miss.
Corpus Christi,
Tex.
Other Customs District;s
Totals
1912
$ 817
218
149
104
92
69
69
63
55
55
49
32
31
28
26
25
25
23
22
20
19
12
11
10
10
157
945 803
146 097
160 910
286 925
210 877
692 171
069 730
745 572
911 967
016 025
249 734
199 443
230 117
705 448
526 794
506 796
128 304
886 645
964 280
223 921
889 838
423 035
998 504
849 483
404 250
949, 740
$2,204, 322,,409
1911
1910
449
917
293
045
843
082
380
303
833
245
903
038
037
543
506
959
476
873
681
661
847
359
932
490
107
398
$ 651
173
140
63
77
70
73
30
38
34
31
23
27
20
20
17
12
22
20
14
14
8
8
8
11
129
$2,049,,320,,199
$1,744,
$ 772
220
172
72
85
71
69
39
42
46
40
27
30
28
21
22
20
20
23
17
14
8
9
11
12
143
552
504
835
076
120
534
956
361
233
182
624
305
154
812
096
103
425
505
981
014
138
950
628
368
876
975
986 356
178 992
376 560
428 155
381 507
516 789
266 343
121 004
368 872
788 677
180 760
645 699
526 245
992 398
320 186
608 720
601 853
644 987
215 873
472 885
592 614
104 821
155 818
393 210
581 111
534 ,285
CD
00
Customs District
720
Reproduced from the Unclassified I Declassified Holdings of the National Archives
E X H I B I T
Reproduced from the Unclassified I Declassified Holdings of the National Archives
LEOPOLD
ADLER
CHARLES
ELLIS
P r e s id e n t
A. B. M O O R E
JOSEPH
T h ir d V ic e -P r e s id e n t
F.
WILLIAM
F i r s t V ic e -P r e s id e n t
GRAY
Dl RECTORS :
LEOPOLD ADLER
F. G . B E L L
R. M. B E Y T A S H
t . A . BRYSON
J . F. C A N N
J . S. C O L L I N S
D R . J . W. D A N I E L
C HAR LE S ELLIS
H . I. FRANK
H. H. G E F F K E N
G. A . G O R D O N
J . F. GRAY
W .J . HARTY
D. J . H O G AN i
C O. H U N T E R
WILLIAM K E H O E
W.D. KRENSON
O . S. KULMAN
Alabama
Florida
*JO SEPH F. (JK A Y ,
E x e c u tiv e
O ffic e r an d
S e c re ta ry
Distant from Savannah, in round figures.
Hours
Bi risingham
15
Mobil#
18
13
Mentgornery
Jacksonville
Pensacola
Tallahassee
Tampa
4 l/2
18
11
13
11
7
10
10
10
11
11
South Carolina Chariest on
Jfc&lumbia
Florence
Georgetown
Greenville
Spartanburg
4
4
7
7
9
7
Chattanooga
Knoxville
14
15
S e c o n d V ic e -P re s id e n t
T re a s u re r
DIRECTORS:
North Carolina Asheville
Charlotte
Fayetteville
Greensboro
Raleigh
Wilmington
Winston Saleia
Tennessee
KEHOE
W M . F. M c C A U L E Y
F o u r t h V ic e -P r e s id e n t
B . H.LEVY
H . H . LIVINGSTON
J . C. M A N N I N G
A .B . MOORE
W . F . McCAULEY
LEE ROY MYERS
S IGO MYERS
M. J . O ' L E A R Y
D . U. R O S E N H E I M
R . E . SAUL
L . G . S CH WARZ BAUM
A.W .SOLOMON
P . A . STOVALL
G EO .W .T I E DE M AN
H . S . TRAU B
L . M . W H I T El
W. W . W I L D E R
W . W . WI LLIAMSON
„
*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
EX ECU TIV E COMMITTEE
SIGO M Y ER S, Chairman
RICHARD J . DAVANT
M ILLS B . LANE
w. p. M c C a u l e y
LEOPOLD A D LER
JA C O B S. COLLINS
JO S E P H HULL
HENRY BLUN
THOS. PU R SE, Committee Secreta
[j
S a v a n n a h C l e a r i n g A s s o c ia tio n
S A V A N N A H , GA.
\
/
{< ■ :
pet. 28tHr- 1914.
i
Mon* ¥• G. McAdoe 9 Chairman,
Organizati on Committee f
Federal Beserve Bank*
Waging ton, P. C.
£
( "
I
• £LJ
Sir:
Enclosed herewith Is a condensed briefj^
of the claims of Savainah tbr one of the Federal Beserve Banfea*
We are, of course, very desirous that the
Committee sliall carefully examine the claims of Savannah as set
out in the brief, and we have therefore endeavored to so con
dense it as to eliminate every thing except such infozmation as
the Committee will need in arriving at a conclusion*
Yours Bes
O
MAR 4
13:01.
J9I I
Reproduced from the Unclassified I Declassified Holdings of the National Archives
one
Sarch 3rd, 1914.
S in
0» behalf o f the C oiaiaitteo* I beg
to acknowledge tho receipt of your lot tar
o f February 28th enclosing a brief of tho
claim* of Savannah to bo named as tho lo~
oation for one of tho Federal Resonre Banfc«
to bo e s t a b l i s h e d and shall bo glad to c a l l
same to t h o a t t e n t i o n of tho Committee whoa
i t i s a b o u t to determine t h i s question*
Respectfully,
Secretary*
Reserve Bank Organisation Committoa*
Ur* Sigo Myers*
Savannah Clearing House Association*
Savannah* G e o r g ia *
Reproduced from the Unclassified I Declassified Holdings of the National Archives
EXECU TIV E COMMITTEE
SIGO M Y ER S, Chairman
RICHARD J . DAVANT
M ILLS B . LANE
W. P. M cCAULEY
LEOPOLD A D LER
JA C O B S. COLLINS
JO S E P H HULL
HENRY BLUN
THOS. P U R SE, Committee Secretary
i u
S a v a n n a h C l e a r i n g A s s o c ia tio n
S A V A N N A H , GA,
nfM.RO V'Vir
Feb. 28th- 1914
hob.
d. j . Houston, Member,
*
Organisation Committee 9
Federal Reserve J a i c
Brf*
Washington, v. c*
Sir:
We are sending today to tno Chairman*
of the committee, Hon* W. G. McAdoot three copies of a brief
setting out the claims of Savannafc for one of the federal Heserve Banka*
We are very desirous, of course, that
the Committee should carefully examine the claims of Savannah
and we have endeavored therefore to so condense the brief as
to eliminate everything except such information as the committee
will need in arriving at a conclusion*
FBtCIi
AHSWEHjrr,
IAR
Reproduced from the Unclassified I Declassified Holdings of the National Archives
March 5th* 1914.
•Iff.
Tour letter of February 28th* addreeeed
te Honorable David F# Heueton* haa beea referred
to ilits office for attention and 1 bog to aeeure
yoa that the copies of the brief la support ef
the eXaiae of 8av:*anah ae the location for a Fed
eral Reserve Rank* which you mention ae having
forwarded to Secretary Mo Adoo, will he examined
by the Coemittee when It has thle subject under
eons ideration♦
Respectfully*
Seoretary*
Reeerve Bank Organ!satloa Committee*
Mr. Sigo Myore* Chairman,
Savannah Clearing Houee Association*
Savannah, Georgia*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
JQHT L E T T E R
UNION TELEGRAPH COMPANY
THE Wl
Ffj____ __
it
INCORPORATED
T IC
2 5 .0 0
IN A M E R IC A
CABLE S E R V IC E T O ALL T H E W O R LD
_________ _____ _
SixtJdf.vs after the meaAfrS^Ts filed iiffh the Company for transmission.
i Is an I T N R E M L V T E D M R J H T L E T T E R , and ia delivered by request of the sender, under the conditions named above.
BCLVIDERE BROOKS,
G E N E R A L M AN A G ER
R c o m w e d 'a t
tll2
i A iy f iy 51 NL 1 EXA
SAVANNAH GA DEC 2 9 1913
HON WM G MCADOO
SECY OF THE TREASURY iVASHNDC
Ju
lAfN^W EREDj
IK S)
1° J JAi'I G 1314
THE BANKERS AND PEOPLE OF
T H IS C IT Y WISH ME ___________
CALL TO YOUR ATTEN TIO N THE
ADVANTAGES OF THE CUSTOM HOUSE
R£SERVE BANK W ,TH FEW
OF O FFICES
SPLENDID QUARTERS FOR SUCH SANK COULD BE ESTABLISHED t h f
IS Sot m
.... . .
T A B llo H E O THE ^' -. t t D I N G
»o o O L IO GRANITE AND c .i T i M T c n
-n
HEART
IS on, lft on
.IT A E IN
UTD
™
JV
.
OAVI O 0 BARROW
^ ,nuuoncu lrlt 3U D G T||i
M -IN »
ni
O B S E S O R pr'_ 0 $
F U IN S IST IC
COLLECTOR
-
835PM
Uo
r}
Reproduced from the Unclassified / Declassified Holdings of the National Archives
W ESTE
DAY
UNIOH
'T E R
THEO. N. VAIL, PRESID ENT
RECEIVED A T
133AN PA
/
71 BLUE < % EX
0 94
/
19Y3
s a v a n n a h ga dec 17
HON
W G MCA000
SECY
TREASURY
WASHN 00
KNOWING THAT SAVANNAH IS THE
r e g io n a l
reserve
bank
o w in g
TO THE FACT THAT GEORGIA
WE STRONGLY URGE THAT T H IS
to
it s
vast
c o m m e r c ia l
*
in t e r e s t s
and
FLO RIDA SOUTHCAROLINA ALABAMA TENNESSEE AND
A PART OF NORTHCAROLINA W IL L
LOCATION FOR ONE OF THE
LOG I GAL P O IN T TO PLAGE A
BE BEST SERVED FROM SAVANNAH
C IT Y BE SELECTED AS THE
REGIONAL RESERVE BANKS
SAVANNAH
SAVANNAS
SAVANNAH
SAVANNAH
CHAM8ER OF COMMERCE
BOARD OF TRADE
COTTON EXCHANGE
CLEARING ASSN C IT Y OF SAVANNAH
7
ORM
1914
Reproduced from the Unclassified I Declassified Holdings of the National Archives
W. J, O L I V E R , P b e s i d e n
I.
Vi
J A M E S M. W O O T E N , Vi.c e
Pr e st.
T H O S . R. A R T H U R , C a s h i e r
GRADY THOMPSON, A s s t . C a s h i e r
SlIE LLMAN, CtA
J
aft. °3nd*1914
oeacetary of Agriculture
■Vashington, D. C
Dear Sir
In locating one of the Regional Banks for the South Eastern
Sates
our opinion "being the most logical place in
Georgia we would very much appreciate your selection of that place f o
ir
one. She furnishes practally all the cash for handling the cotton crop,
also Naval stor^business. Thanking you in advance for any favora shown
her, we are,
Very truly yours,
Shellman Banking Go
JAN 2 7 1914
Reproduced from the Unclassified / Declassified Holdings of the National Archives
/V J . O L I V E R , P r e s . d e n
.
J A M E S M. W O O T E N , V i c e
THOS.R. ARTHUR, Ca shier
GRADY TH OM PS ON, A s s t . Ca s h i e r
Pre st
IN C O R P O R A T E D S E P T E M B E R 1 5 ™ 1 8 9 0
Sh
bllm an
, Ga ,
Jan, 22nd.1914.
a? V *
Oomptroller of the Currency,
'Washington, D. 0
'A N S W E R S
JAN 2 4 1914
Dear Sir:-
FOR
In locating on© ot the Regional Banks W
States and Savannah in our opinion being the most logical place in
Georgia we would very much atrpreciate your selection of that place for
one. She furnishes praotally all the cash for handling the cotton crop,
also Naval stores business. Thanking you in advance for any favors
shown her, we are,
Yours truly,
She!limn Banking Co.
Per/
/o/7//\,.
Cashier.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
W. J. OLIVER, P r e s i d e n t
THOS.R. ARTHUR,
Cashier
Dear Sir:In locating one of the Regional Banks for the South Eastern
States and Savannah in our opinion being the most logical place in
Georgia we would very much appreciate your selection of that place for
one. She furnishes practally all the cash for handling the cotton crop,
also Naval store "business. Thanking you in advance for any favors shown
her, we are,
Very truly ^ours,
Shel lman Banking Co.
Per.
Cashier.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
C H A S . A . H O R N E , P R E S ID E N T
W. L. W IL L IA M S, V i c e - P r e s i d e n t
T . S P R A D L E Y . C A S H IE R
UNITED STATES DEPOSITARY
CAPITAL. $30,000.00
InaittUa, (Sjporgia.
A
Deo. 31st. 1013
Mr* William o. MoCadoo
Secretary of The Treasury
Washington D.C
/
My Hon. Sir;*
We write you asking that the regional reserve Batik for this
section be located at savannah Ga. taking in consideration that
practicaly all of the commerce handled throughout Georgia, Alabama,
Florida, and South Carolina, is exported, and imported through the ports
o t Savannah, the exports of the port of Savannah are the largest of
d
any port on the Atlantic Coast, with the exception of New ^ork City,
and the transportation facilities are such that Savannah is much better
situated
to serve this territory than any other City, and will be more
accessible in the crop moving season, thereby serving the greatest
number, and doing the most good than any other place in this section,
your careful consideration, and approval will be very much appreciated.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
ja
m
/ m
D E S IG N A T E D DEPOSITARY OF THE UNITED STATES
D. C. A S H L E Y ,
T. M. S M I T H ,
P R E S ID E N T
V ic e -P r e s id e n t
J . Y . B L I T C H , VICE-PRESIDENT
A B l A L w i n n , Ca
s h ie r
Pel). 11, 1914-
S . A . S M I T H , ASST.CASHIER
/
Hon. David P. Houston,
Secretary of Agriculture, V
Washington, D.C.
Dear Sir:**
In the matter of selecting a location for
federal Reserve Bank to serve this district, our first
choice is Savannah, second Atlanta, and third Richmond.
^RespeHSHT'T'flfly submitted.
VALDOSTA CLEARING ASSOCIATION,
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Comptroller of the Currj^iey,
Washington, D.C
Bear Sir:**
In the m atte/ of selecting a location for
Federal Reserve BankJEo serve th is d is tr ic t, our f i r s t
choice is Savannah,Vsecond A tlanta, and th ird Richmond#
Respectfully submitted#
VALDOSTA CLEARING ASSOCIATION.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
D. C. A S H L E Y ,
P R E S ID E N T
T. M. S M I T H , V i c e - P r e s i d e n t
J . Y. B L I T C H , V i c e - P r e s i d e n t
A B I A L W I N N , C A S H IE R
Feb. 11 , 1914
S . A . S M I T H , AS S T . C A S H I E R
Hon. U 1. G. McAdoo,
fo
Secretary of the Treasury,
Washington, B.C.
Bear S irsIn the matter^bf selecting a location for
Federal Reserve Bank
wo
serve this d is tr ic t our f i r s t
choice is Savannah, ^second Atlanta, and third Richmond.
Respectfully submitted.
VALDOSTA CLEARING ASSOCIATION.
