The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-10-17
BELIEVES IN 1T.
Addison W. Barr Thinks Consolidation
a Step in the Process Of Evolution.

a step IN the Process OF EVOLUTION,
The views of the leading socialist of
Worcester, Addison w. Barr on the
subject of bank consolidation, are ap-
pended Mr.. Barr was asked by The
Spy man to express his views on the
subject, and sent in the following
statement:
THE proposed bank consolidation
scheme, which is at present largely
discussed in Boston and Worcester,
brings into startling relief a variety of
opinion and a diversity of interests
which are perhaps worthy of careful
classification and analysis from the
various standpoints of the parties
more or less interested
1 will briefly classify the various
interests as: First, stockholders; sec
ond, officers and dependents; third,
depositors; fourth, borrowers; fifth,
the public.
From the position of the stockhold-
ers, there would appear to be much in
favor of and little to urge against the
proposed consolidation, allowing that
the methods pursued provided for the
exchange upon an equitable basis of
stocks of liquidating institutions for
shares in the more colossal enterprise
designed to replace them.
That there should be dissenting
opinions upon the part of the more
conservative among them is not at all
surprising when we reflect that man
kind is 10th to change established Gus
toms and as rule, yields only to force
OF circumstances, However, the aver
age hnancier rarely carries his CON
serYatlsm to an illogical extreme, and
for that reason they will probably
eventually conclude that their interests
will be best served by pursuing the
course suggested in the plan for con-
solidation.
From the officials of the various in
stltutons, however, we may look with
a reasonable degree of certainty for a
vigorous opposition, as their interests
as men are sure to come into direct con-
illet with their interests as bankers in
many instances. The positions of prom
lnence with the resulting popularity
and the accompanying income will, IN
many instances, be sacrificed to the
more economical workings of the syn
dicated form of banking, and it is not
strange that the interests Of the man
should gain ascendancy and find ex-
preston in vigorous opposition to the
new innovation
That these men are in a measure de-
--N~AAN 1PClA NAE plG6GllI UlOu6 Oh DfO-
cedure for continuance of a rather de-
sirable public career is perfectly clear
and a change sufficient to necessitate
the forming of new habits and associ-
ations is naturally distasteful to the
man accustomed to the routine of a
bankers life.
The business man who deposits his
working capital subject to check is not
n Qg~tir alear. 4 N
long as his deposit is properly safe
guarded and no objection is to be ex-
pected from the commercial world. in
deed it is rather 10 be expected that
they will appreciate the added security
of larger institution and welcome the
innovation.
With borrowers, however, the propo-
slt1on appears in quite an uncertain
light. Whether the syndicated bank will
pc inclined to share its increased faciii-
ties with its patrons in this class in the
form of more favorable loans or a de-
creased rate of interest is a matter OF
conjecture met by the superstition that
the tendency arising from the centraliz.
alton of financial power may be to re-
quire still greater security and to ex
act an increased price for accommoda-
tons. In the opinion Of the writer both
conditions will prevail in the order
The relation of the scheme to the gen
eral public is more real than apparent
1t might be urged that the problem was
one which concerned financiers alone
but if this were true. the subject would
be of too little interest for a newspaper
article
There is no one important develop
ment in the industrial or commercial
world that Is not of moment to the gen
eral public, and the thinking man
! draws useful lessons from such incl
dents.
The tendency Of evolution is today
manifesting itself in a series Of con-
solicitations which is both necessary and
logical. inasmuch as the advanced
methods possess elements of greater eff
ficiency and economy and operate with
far less friction while the service rem
dered is of a superior order as a result
OF the foregoing conditions.
Anything which savors Of more per