Daily Kennebec journal., 1914-01-08

in this connection were New York,
Boston, Baltimore and Atlanta. Wash
ington ard Philadelphia were alluded
to often, but it was the opinion or
majority of the witnesses that Balti-
more was entitled to preference over
any of these cities. Washington was
objected to because no large CONNER
cial interests center in the city, al
though some of the witnesses said 1t
would be of advantage to establish
bank there to be in close touch with
the Federal Board. Arguments In IA
vor of Baltimore rather than Phila-
delphia were based on the supposed
advissability of more equal geo
graphical distribution of the regional
banks.
AS for the remainder OF the coun-
try, the most commonly expressed
opinion was. that banks should be es-
tablished at Chicago, st. Louis, San
Francisco and New Orleans.
Todays hearing brought out the
same trend of opinion among New
York bankers as was evident from
the outset. that the New York dis
trict should embrace large section
of the Northeast, including New Eng
land Some of the bankers said that
the New York territory should extend
south to the Potomac river and west
to the Alleghanies, or beyond. The
reasons most often advanced were
New Yorl's financial pre-eminence and
the necessity of having bank OF SUI
ficient size to handle the large pusl-
ness of this territory and command
the respect of Europe.
Secretary McAdoo's reply was that the
new banking system OF the country
would be co-ordinated under the federal
hoard which would stand behind each re-
gional bank and that the regional banks
would assist each other In times or need
Viewing each bank as an integral part
of the SYSTEM with its huge total of re-
sources, he said, the mere matter OF the
capital of the New York was not entitled
70 the emphasis which had been laid
upon it.
-Four DAYS were allotted originally to
the New York hearings, but today's near
ing exhausted the list of witnesses. Sec
retaries McAdoo and Houston VIII devote
the time intervening before the Boston
hearing to study of the mass OF testi-
mony obtained here.
From the long list of New Yorks lead
ing financers who have appeared before
the committee one conspicuous name
missing 1t was that of George n
Baker, who is director of more I'M
portant corporations than any other man
in the country. Mr.. Bakers public ap-
pearances have been rare, and instead OF
coming before the committee in person
he was represented today by his son
George +. Baker, Jr., vice president Of
the First National Bank, of which his
father is the head.
Mr.. Baker sided emphatically with the
majority of his predecessors before the
committee.
1.-THE eastern district" he said, should
be as large as it could be made to com
ply with the requirements of making
eight districts. I don't know that my
suggestion meets with general favor
but it would be better to have the New
York district include New England and
go far enough west to include Pittsburg
my theory is that this is the CONNER
cial center of the country and whenever
there have been large things to do it has
complish them"
Don't you think" asked Secretary NC
Adood, that it would be better to have
eight banks than one strong bank and
seven weak ones?'
..I wouldn't call the others weak" said
Mr.. Baker, "but ] wouldn't have the