Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-04-07
MCCOY PROTESTS
AGAINST REGIONAL
BANKING LOCATION
With futile, Asks Jersey Del
egation TO Get Newark Into
New York District.
[From a star Correspondent. !

WASHINGTON, April Protests
are piling in on the members of the
New Jersey congressional delegation
against the selection of Philadelphia
as the location for the regional bank
for Newark and other cities in New
jersey. Congressman Mccoy has re-
ce1ved so many protests of the kind
not to be ignored that he has Joined
with his office colleague Representa-
tive futile, in sending a letter to
Congressman James A. Hamill, the
dean of the New Jersey delegation,
asking him to call a meeting of the
delegation to afford them a chance to
make formal protest.
Representative Walter l. Mccoy
said to the Evening Star correspond
ent today: When the announcement
was made the other day of the selec-
ton of Philadelphia as the regional
bank for Newark and other cities in
our State, it struck me as rather alb
surd. The great majority of our sub
urban population is made up of men
who do business in New York. The
great bulk of the banking business of
Newark, Elizabeth, Orange, Paterson,
Passaic, Plainfield and the other cities
in the northern part of our State has
g. New York end to 1t. A large num-
Der of the directors of these banks,
while they make their homes in New
Jersey, have their places of business
IN New York.
':It strikes me as being out of all
reason to say to these men they must
go to Philadelphia. 100 miles away,
to do business, when we can do 1t
where we are doing IL now, within
eight or ten miles of our cities. 1t
may look all right on paper to sit
with a geographical map spread out
before you and begin to draw circles.
1t may look all right geographically
to have New Jersey in a circle that
takes in Pennsylvania. That is very
pretty for Pennsylvania. But it Is
not in accordance with the logic of
business. / do not believe 1t is good
business to ask men who are now do
ing business in a banking line to take
1t away from New York and travel all
the way to Philadelphia with 1t.
"I do not believe it is within the
meaning of the law which provided
for the establishment of these federal
reserve banks. That law very dis
tinctly states that the federal reserve
districts shall be apportioned with
due regard to the convenience and
customary course of business, and
shall not necessarily be contentious
with any State
II contend that in naming the city
of Philadelphia as the federal reserve
city for New Jersey due regard mas
not been shown for the convenience
and customary course of business If
that provision of the act had been
followed out, New York would be
named as the federal reserve city for
Northern New Jersey | am willing
to concede Camden and Atlantic City
TO Philadelphia, but all the other
cities from Lakewood to Paterson
should be in the New York district
In the joint letter of congressman
Mccoy and futile to the dean of tho
delegation they write:
"Dear Congressman Hamill:
you probably have received pro-
tests against the arrangement OF the
federal reserve districts by which
Northern New Jersey is placed in the
Philadelphia district. 1t would seem
that a serious mistake has been made
In this respect, for, as you know, the
northern part of New Jersey has for
business and banking purposes been
so intimately associated with the city
of New York as to be practically part
of il. We, therefore, suggest that a
meeting of our New Jersey delegation
be called to consider the matter and
to decide whether we do not owe 1t
to our constituents to endeaYor to
have the arrangement changed.
(SigneD
WALTER I. MCCOY,
CIVILIAN +. FUTILE, JR."
. Congressman Hamill has made 1t
known that he is not favorably dis
posed to Philadelphia as the reserve
district for his congressional district.