The Birmingham age-herald., 1913-08-29
A. Barton Hepburn's Influ-
ence Still Felt in Attitude
Toward This Section
STATEMENTS ARE
RECKLESSLY MADE
How Judge Gary Called Secretary
Bryan's Attention to Unjust AS
sertion About Steel Cor
poration Organization
By HOLLAND.

New York, August 2S.-(Special)-A
Barton Hepburn retired from the office
of comptroller of the currency at Wash
ington in March, 1898, to take the office
of president of one of the national banks
of New York city. The bank is no longer
in existence. 1t was liquidated every OBJ
1gauon having been met, the stockhold-
ers having been paid in full and a consid-
cradle line of deposits having been trans
ferred, almost in bulk. to another national
bank of New York. In fact, the brilliantly
successful manner In which the affairs of
this national bank were terminated added
to an already high reputation not only as
practical banker. but as one who had
profound knowledge of the history and
science of banking. The bank which
passed out of existence had among it's cor
respondents large number of banks in
the south, and relations of that kind were
always deemed by Mr.. Hepburn specially
advantageous not only for a bank In
large financial center which possessed
abundant resources and capital, but also
for what are colloquially called country
or interior banks.
Mr.. Hepburn owes in part the high rep
rare ability whose achievements have been
very great to his belief in the expediency
and mutual profit to be found in establish
ing large relations with the so-called coun-
try banks He was always in favor of cul-
tiyating friendly relations with the banks
throughout the south, and one reason for
the great increase in olientage furnished
by the banks of the south in New York
city banks is to be traced to the example
and influence of Mr.. IJepburn
Senator TilIman's Statement
He must have read with astonishment
statements recently made, and a particu-
lar one by Senator Tillman of South Caro-
lima, charging the banks of New York city
with an attempt to strangle the agricul-
tural interests of the south by refusing TO
make loans or advances to the southern
banks, thereby occasioning serious none
tary stringency.
There probably never was a time when,
relatively speaking, the banks of New
York city were more disposed to grant or
have granted in greater amounts accom-
nodations to the banks of the south than
during the present season. The reasons
for that are easy to set forth. From the
purely selfish point of view it is expedent
for the banks of the large financial CEN.
ters not only in New York city, but also
In Chicago and in st. Louisa city toward
dations in the harvesting season-that ag-
ricultural interests should be fostered well
cared for and provided with all reasonable
facilities. so far as it is in the power OF
the banks to furnish these facilities for
the speedy movement of crops from the
fields to the markets
The Reason for 1t
Movements of that kind mean business
fctivity. They mean increased earnings
for the railroads. They mean that great
number of buyers from the retail shops of
the United States will be prepared to visit
the large mercantile centers so that they
may buy goods for the fall and winter
trade. This means. also reasonable ac-
tiyity and prosperity for the banks
In 1907 at the time of the money panic
New York banks announced that notwith-
standing the desperate crisis they would
be able through the facilities of the clear
ing house association to buy or discount
cotton bills. They did buy bills of that
kind within few days in great amounts
One bank discounted in a single day about
sS,000,000 face value of these bills. 1t was
In part because of these bills of exchange
that the New York banks were able to
secure immediate expectation of gold from
London, so that in the course of few
weeks approximately s1000,000 of gold
came into this country
1t is matter of history that almost ev-
cry dollar of this gold was advanced by
the New York banks to their correspond
ents In the south and In the west, al
Though by so doing these banks We're COM
PEELED to face for some time a deficiency
In the legal reserve which. for the clearing
house banks. amounted in the aggregate
to nearly s5o0O0,000
How the Story Started
In what gossip or ignorant accusation
the report started and spread that the
New York banks at this time were declin-
Ing to furnish much needed accommoda-