The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-10-17

ditions are so different that such a
thing in Worcester is very improbable"
One of the local men seen was Col.
Samuel u. Winslow, we'll known as one
OF the leading bankers in this city. Col.
Nlnslow is man whose opinion is
sought for on all monetary matters,
but when approached upon the subject
Oh bank consolidation, Col. Winslow
smiled significant smile and replied:
i have nothing to say"
But you surely have some opinion
on the matter?" queried the reporter.
NO" replied the colonel, Il have no
opinion to Offer l don't know any
thlng about this matter" and he add
ed, II don't think the people who are
Undertaking it do either"
When asked what he thought of the
possibilities Of bank consolidation in
worcester, Col. Winslow sagely re-
marked that it is not wise to GROSS
pfldges until one comes to them.
Il. Woodward the treasurer of the
worcester Mechanics Bank, said that
no decisive action has yet been taken
by that institution upon the matter of
pank consolidation, and he was unable
10 say what the investment board
would do. Personally, Mr.. Woodward
IS not fayorably inclined toward the
Boston scheme.
This attempt to force the solid, re-
liable banks in the list into liquida-
ton in this manner is an outrage"
said Mr.. Woodward "If there is too
much banking capital in Boston, why
not have the weaker banks liquidated
by the stronger ones? This can al
ways be done without expense, as a
bank will gladly liquidate neighbor
Tor the business it can get"
Mr.. Woodward considered the prop
osition of Kidder, Peabody & Co., of
Sl2 per share above the market price
for the bank stocks of the marked
banks, an indication that they have
reason to believe that the stocks value
IN liquidation would be considerably
more. He said that he understood that
so far the syndicate has been able to
get only about one-half of the total
stocks. Any action on the part of
Worcester to follow in Boston's foot
steps is improbable.
Nathaniel Paine, of the City National
Bank, had no opinion upon the subject
of bank consolidation to express. He
considered that the big banks growing
out of the liquidation of the other Bos-
ton banks would stand a good chance
of success. With proper business. man
agement he could see no reason why
it should not retain the business of the
present banks. On the merits or de-
merits of the liquidation of several
banks to form one large one, he had no
opinion he cared to express, preferring
to await developments. He had heard
of no plan to initiate the Boston move
ment in this city, and did not consider
it at all likely that anything of that
sort would develop.
DR.. George McAleer, president of the
Bay State Savings Bank, said: "a
combination such as is intended will
obviously not be considerate with the
small borrower, the merchant
Il feel sure that if the banks Hqui-
date they will not go out OF business.
They can't afford it. They have Gus
toners that will refuse to do business
with the syndicate, and the banks can
not afford the loss.
Il have given these opinions as the
youngest bank man in Worcester and
with due Difference to my seniors. l
will state that the Fay State Bank is
so slightly involved that the consolida-
ton does net concern it,"