The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-05
NO ORGANIZED FIGHT
HERE ON BANK PLANS
Financial Leaders Deny That
Clearing House and Cham
Der Will Protest.
CAN'T INJURE NEW YORK
Walter +. Frew. Head Of Corn
Exchange Bank, Says system
Is a Blessing.


yesterday that the Clearing House and
the Chamber Of Commerce were TO take
action against the plan Of Federal reserve
bank districts as announced by the or
ganisation committee. II was reported
that special meetings Of these bodies were
to be held to frame protests.
Albert H. Wiggin. president of the
Chase National Bank and chairman Of
the Clearing House committee, said last
night that there was nothing In the re-
port lie said he had heard of no move
ment Of the kind in the Clearing House
and he was sure that he would have
been informed Of 1t II there was. He
had likewise heard OF no move on the
part OF "A New York bank to protest and
did not consider that any protest was
needed.
John Claim. president of the Chamber
OF Commerce. said that he had heard
OF no movement to protest.
The obvious efforts of the organization
committee OF the Federal reserve bank
to reduce New York az a financial centre
in the districting of the country drew
smiles from New York bankers yester-
day. The natural course of money
toward New York cannot be artfcisily
changed, said bankers. nor can trade
trends be turned
Something OF boomerang upon the
commute 10 10 SHotl W llfnlt new 1OrK
| by cutting off northern New Jersey and
western Connecticut, asserted bankers. Il.
will hardly he felt by New York in tn.
matter of resources taken from IT thereby.
Injury to Nearby cities.
Great injury and loss. however. will
be caused TO the institutions and COM
munities Of Jersey city. Hoboken, New
ark. Stamford Bridgeport and New
Haven, which it is held should have had
all the assistance and facility that the
committee could give to them.
Walter h. Frcw. president 6, the Corn
Exchange Bank. which is not a national
bank, said yesterday that the Limitation
OF New York is far from being bad
thing for this centre.
1T Is really a blessing in disguise. so
far as New York is concerned" said Mr.
Frew. Il think that whea New York
banks begin to think IL over they will
recognize that the organization committee
did them a better turn than II realized
at the time. BY not including the wide
territory New York city stands "A better
chance OF retaining its supremacy In the
banking field.
The banks in the New Jerse" and Con-
necticut districts excluded from New York
VIII continue to do business with New
York and VIII continue to require banking
facilities here. II these banks had been
~, nd - "ai'n
h.I.,oas ~ ~ - - W u'e tl'lF
TO- Co.. ',,,, .'ScrNt '"s,.tu-
would not, therefore. have to keep special
balances with New York individual banks
'But as now their affiliation will be
49, 49, .'e rrue.sI reserve oahK OF fhila-
u ,..i,,.' VI poe'on the,r balances IN these
,.u,. 's a'e u'la' at,aoie lot New lorR
"'poses anu 'ney VIII De compelled TO
, nai''',in sepaIa'e balances mere with
'''u'' 'ahAs'
IN" ""ucr'
Thus the smaller the New York dis.
trict the greater are the chances ,h,, "a.
terror hnuk balances v,ll H.. r,.,,,,,d -,
individual banks here. ~ TOO h,d ,nr
New York CITY banks mat ,hc FnJs-.l ~,
serve district for New York co,,Ia ,o, t.,,.,
been confined to Manhattan TsI.r,I
Max May. v!ce-prrsidcni Of Tie Guar.
anty Trust COMPANY. !, leading a,,.bo,it..
in New York on foreign exchor,, ,,,l -.
position of New York in thr I,uro,e.,
markets. said;
This division into MANY r.d,,,, So
serve banks cannot destroy tho ar,rci,
supremacy Of New York as NOVA, n,ar
ket no matter what tho r,a,rye hanLs
may do New York 10 tho eroo, val,
FOR foreign exchange and ber. i, ,,tti ~,
main. Europe could no, shin cold 70
Boston or 10 Chicago without serious loss
t ,aihs ~ moi 10 compete WIN me banks