The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-12-23
BANKERS GIVE VIEWS
ON CURRENCY BILL
Salt Lake Financiers Discuss
Principal Provisions of
the Measure.
MANY WILL SUBSCRIBE
National Copper First in Line;
San Francisco Favored for
Regional Bank.
MANY WILL SUBSCRIBE

in the progress of the currency legis-
lation which is expected TO be passed
by the senate this afternoon and to
receive the signature of President Will
son before night. The general opinion
seems to be that the new law will prove
of general benefit TO the country and
will be especially helpful to this re-
giop.
Officials of the national banks be-
lieve that those institutions will ac-
cept the provisions Of the new measure
and will forward their applications to
the secretary of the treasury Tor SUP,
scriptions to the stock OF the regional
bank in this territory. The general
consensus of opinion IS that the re-
gional bank, with which Salt Lake in
stitutions would be affiliated, should be
located in San Francisco.
The National Copper bank is the
ONLY one Of the local institutions which
has 90 far made its application to the
treasury department, but it is expect
ed that the other institutions VIII take
similar action as soou as the Dill pc
comes law.
The opinions expressed by various
local bankers last night were as fol
lows:
W. w. plcoAOOte "a cA'S
National Copper bank-We have
been heartily in favor OF the cur
rency measure aud some days ago
sent our application 10 the secretary
Of the treasury, who we believe re-
ceived il this morning. We believe
that the law will be particularly
helpful IN this section of the country.
We favor San Francisco as the loca-
ton for the regional bank IN this
territory and sincerely hope that it
will be located there. San Francisco
is lde natural location and assuredly
is the best one for Salt Lake, outside
Of this city itself. y city should be-
come affiliated with stronger city
and not with weaker one and San
francisco is the strongest banking
center west of Chicago or ST, Louis.
When the new plan is put into opera
tion we hope that Salt Lake will Sc
cure one member Of the federal re.
serve board.
JOHN C. CUTLER, president Of the
Deseret National bank-This 6 per
cent proposition is an improvement
on the original one of 90 per cent
subscribed and 20 per cent to be
paid. With the subscription reduced
to Is per cent and some other provi-
sions of the bill modified. | believe
most of the national banks will take
part in the movement. IL was
good idea to strike out the provision
guaranteeing deposits. AS TO the 10.
cation of the regional bank, ! would
favor San Francisco and Denver.
Salt Lake ought to have one, but
there does not appear TO be much
chance Of our getting it. 1t is doubt
ful if state banks join i'll the plan
until they see how it is working out.
Six per cent of our capital and sur
plus is 100000. A valuation feature
in the proposed legislation is that it
will operate strongly against posi-
bility of future panics.
FRANK KNOX, president Of the Ma
tional Bank of the Republic be-
licve that the currency bill will be a
beneficial measure. For the time be-
ing, or until the country has had an
opportunity TO adjust itself TO the
new conditions, it is possible that
business may be little slow. How
ever, | believe that the government
will cooperate with the bankers to
bring about the proper adjustment.
am of the opinion that San Fran
cisco wonld be the proper place for
the regional bank as pertaining to
the Salt Lake Institutions. We have
not yet made application and shall
await the receipt OF copy Of the
Law before doing so.
J. E. COSGRIFF, president of the Con-
tinental National bank believe
that il would nave been better il
The subscriptions had been open TO
the general public. This | think
would have becu Of especial benefit
to this western country where there
is a scarcIty of money and where
capital is needed for development,
AIN Of the opinion that most, if not
AL OF the national banks viii comply
with the provisions of the law and
will not give up their national char
teIs. | have favored one central
bank with a smaller number of reg
ional banks because this would in
volrc less expense. We have not ap-
plied for admission, but probably Will
do so when we have received copy
Of the law. ] am Of the opinion that
tbe measure is largely an e1pcrimen-
tai one aud that eventually it will be
changed TO SUI conditions. The mat
Ger of location for a regional bank
has not been seriously considered by
me and / do not feel that ] can state
my preference III that regard.
w. F. ADAMS. managing director of
the National City bank-When the
proper time arrives our board of
directors will take up the matter of
making application. In my opinion
tie state banjis will all make appli-
cation Just as soon as the national
banks have taken action. | am not
prepared to say what effect the new
legislation Will have, but 7 do be
lieyc that San Francisco will be the
best location for the regional bank
under whose jurisdiction Salt Lake
will fall, 1t would seem to me, even
with the regional bank in San Fran
cisco, that there should be some sort
Of local organization to pass on
the credits which will arise here.
RODNEY BADGER, cashier of the
Utah National bank have hardly
had opportunity Of giving the bill
sufficient thought. OF course ] an
not in a position to indicate what
action our board Of directors might
take, but as | understand it, the only
option national bank has is either
to make application or lose its char
ter. l should like to reserve my
opinion until the bill has been fnally
made law, and until in that shape
| have had chance to study it.
L. H. FARNsWoRTH, vice president
of Walker Brothers bankers-As Il
the provision requiring nationa
l.. q It